46 unchanged sentences
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of March 31, 2026 was an annual nominal rate of 1.10%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2021:
+Added: The interest rate in effect as of June 30, 2026 was an annual nominal rate of 1.30%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2021:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
10 unchanged sentences
These estimates and assumptions affect the Trust’s application of accounting policies.
−Removed: In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.
+Added: In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.
There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Trust's financial condition, used in the preparation of these financial statements.
Results of Operations
−Removed: During the three months ended March 31, 2026 and 2025, the Trust ’ s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events.
−Removed: For the three months ended March 31, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve.
−Removed: For the three months ended March 31, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy.
−Removed: Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2026 and 2025, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
−Removed: The euro (EUR) generated modest negative performance for the Fund during the first quarter of 2026 as the currency ultimately depreciated against the U.S.
−Removed: The euro strengthened early in the quarter as the U.S.
−Removed: dollar fell sharply in January, pushing the pair higher.
−Removed: However, this move reversed later in the quarter as the U.S.
−Removed: dollar recovered in February and March amid heightened geopolitical tensions and a shift toward risk‑off positioning.
−Removed: Europe’s reliance on imported energy added to downward pressure on the euro, as the effective closure of the Strait of Hormuz raised concerns around energy supply disruptions and higher prices.
−Removed: The euro saw positive performance in the first quarter of 2025, largely supported by US dollar (USD) weakness.
−Removed: Macroeconomic concerns reignited by President Trump’s shifting global tariff policies and growing stagflation fears dented consumer, investor, as well as business sentiment in the US, leading to a sharp downturn in domestic financial markets.
−Removed: In addition, European currencies have been propped up by major defense and infrastructure spending plans which are expected to boost the region’s growth prospects.
−Removed: More specifically, the European Commission announced the ReArm Europe Plan/Readiness 2030 in March, which enables over €800 billion to strengthen the continent’s defense capabilities.
−Removed: Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 1.10%, as set forth in the FXE Rate Chart above.
+Added: During the three and six months ended June 30, 2026 and 2025, the Trust ’ s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events.
+Added: For the three and six months ended June 30, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve.
+Added: For the six months ended June 30, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy.
+Added: Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2026 and 2025, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
+Added: The Euro (EUR) delivered negative performance during the second quarter of 2026 as strength in the USD outweighed support from tighter European monetary policy.
+Added: The conflict in the Middle East drove energy prices higher, increasing inflation pressures across the Euro area while also raising concerns about the economic impact of higher energy costs on a region that remains a significant net energy importer.
+Added: In response, the European Central Bank raised its key policy rates by 25 basis points in June.
+Added: However, concerns over slowing economic growth, combined with significantly higher interest rates in the United States that continued to support the dollar's yield advantage, outweighed the benefits of higher European rates, resulting in Euro weakness against the USD during the quarter.
+Added: The Euro (EUR/USD) continued to strengthen in the second quarter of 2025, despite a series of interest rate cuts by the European Central Bank (ECB), but this was largely thanks to tariff-driven USD weakness.
+Added: The ECB lowered its deposit facility rate by 25 basis points in both April and June, as inflation showed signs of stabilizing and growth remained sluggish.
+Added: While rate cuts typically weigh on a currency, the Euro proved resilient, supported by expectations that the Federal Reserve will likely also ease policy.
+Added: In addition, the EU’s proposed increased budget plan and its “ReArm Europe” initiative to increase defense spending, boosted the outlook for its economy vs the US, further supporting the pair.
+Added: The Euro (EUR) generated negative performance year-to-date through the second quarter of 2026 as persistent USD strength outweighed periods of support from European monetary policy.
+Added: During the first quarter, the Euro initially benefited from a weaker USD but later came under pressure as geopolitical tensions intensified and concerns over energy supply disruptions weighed on investor sentiment.
+Added: In the second quarter, higher energy prices continued to pose challenges for the Euro area's import-dependent economy, while concerns over the impact of elevated energy costs on growth remained a headwind.
+Added: Although the European Central Bank raised interest rates by 25 basis points in June in response to rising inflation pressures, U.S.
+Added: interest rates remained materially higher, preserving the dollar's yield advantage and supporting demand for the currency.
+Added: As a result, the Euro weakened against the USD over the period, leading to negative year-to-date performance.
+Added: The Euro (EUR/USD) posted strong gains in the first half of 2025, driven by broad USD weakness and relative optimism for the EU’s economy amid expanded defense spending and budget plans.
+Added: Deteriorating business and consumer sentiment in the US,sparked by tariff volatility and stagflation concerns, significantly pressured the greenback, increasing demand for de-dollarization trades.
+Added: While the ECB cut interest rates in both April and June, the Euro remained resilient, supported by expectations of potential Fed easing and a relative improvement in Eurozone stability.
+Added: Additionally, the interest rate paid by the Depository has generally trended upward over the past year to the current interest rate at 1.30%, as set forth in the FXE Rate Chart above.
As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.