44 unchanged sentences
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of September 30, 2020 was an annual nominal rate of -0.50%.
−Removed: The following chart provides the daily rate paid by the Depository since September 30, 2015:
+Added: The interest rate in effect as of March 31, 2021 was an annual nominal rate of -0.50%.
+Added: The following chart provides the daily rate paid by the Depository since March 31, 2016:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
2 unchanged sentences
When the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trustee converts the excess into USD at the prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).
−Removed: The Trust did not make any distributions during the quarter ended September 30, 2020.
+Added: The Trust did not make any distributions during the quarter ended March 31, 2021.
Critical Accounting Policies
4 unchanged sentences
Results of Operations
−Removed: During the nine months ended September 30, 2020, an additional 2,950,000 Shares were created in exchange for 278,446,723 euro and 2,550,000 Shares were redeemed in exchange for 240,874,294 euro.
+Added: During the three months ended March 31, 2021, an additional 650,000 Shares were created in exchange for 61,012,147 euro and 700,000 Shares were redeemed in exchange for 65,672,692 euro.
In addition, 618,732 euro were withdrawn to pay the Sponsor’s fee and the interest expense on currency deposits, due to the negative interest rate.
−Removed: As of September 30, 2020, the number of euro owned by the Trust was 292,061,573, resulting in a redeemable capital Share value of $342,216,609.
+Added: As of March 31, 2021, the number of euro owned by the Trust was 262,600,454, resulting in a redeemable capital Share value of $308,394,596.
During the year ended December 31, 2020, an additional 4,550,000 Shares were created in exchange for 428,947,584 euro and 4,400,000 Shares were redeemed in exchange for 414,936,856 euro.
1 unchanged sentence
As of December 31, 2020, the number of euro owned by the Trust was 267,879,731, resulting in a redeemable capital Share value of $327,516,510.
−Removed: A n in crease in the Trust’s redeemable capital Share value from $ 287,263,846 at December 31, 2019 to $ 342,216,609 at September 30, 2020 , was primarily the result of a n in crease in the number of Shares outstanding from 2, 7 00,000 at December 31, 2019 t o 3,100,000 at September 30, 2020 coupled with an increase in the Closing Spot Rate from 1.1225 at December 31, 2019 to 1.1727 at September 30, 2020.
−Removed: No interest income was earned during the three and nine months ended September 30, 2019 and the three and nine months ended September 30, 2020, due to an annual nominal interest rate which remained at or below 0.00% through those periods, as set forth in the FXE Daily Rate chart above.
+Added: A de crease in the Trust’s redeemable capital Share value from $ 327,516,510 at December 31, 2020 to $ 308,394,596 at March 31, 2021 , was primarily the result of a de crease in the number of Shares outstanding from 2, 850 ,000 at December 31, 2020 t o 2,800,000 at March 31, 2021 coupled with a decrease in the Closing Spot Rate from 1.
+Added: 2235 at December 31, 20 20 to 1.1753 at March 31, 2021 .
+Added: No interest income was earned during the three months ended March 31, 2020 and three months ended March 31, 2021, due to an annual nominal interest rate which remained at or below 0.00% through those periods, as set forth in the FXE Daily Rate chart above.
The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the euro in the Trust.
−Removed: Due primarily to an increase in the weighted-average euro in the Trust, the Sponsor’s fee increased from $236,042 for the three months ended September 30, 2019 to $318,133 for the three months ended September 30, 2020, and increased from $710,680 for the nine months ended September 30, 2019 to $820,841 for the nine months ended September 30, 2020.
−Removed: Because the annual interest rate paid by the Depository remained below 0.00% at the end of September 30, 2020, the Trust incurred interest expense on currency deposits.
−Removed: Due primarily to an increase in the weighted-average euro in the Trust coupled with an increase in the negative annual nominal interest rate paid by the Depository, interest expense on currency deposits increased from $239,411 for the three months ended September 30, 2019 to $404,677 for the three months ended September 30, 2020, and increased from $724,441 for the nine months ended September 30, 2019 to $1,044,184 for the nine months ended September 30, 2020.
−Removed: The only expenses of the Trust during the three and nine months ended September 30, 2020 and 2019 were the Sponsor’s fee and interest expense on currency deposits.
−Removed: The Trust’s net comprehensive income (loss) for the three months ended September 30, 2020 was $(722,810) due to the Sponsor’s fee of $318,133 and interest expense on currency deposits of $404,677 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (loss) for the three months ended September 30, 2019 was $(475,453) due to the Sponsor’s fee of $236,042 and interest expense of $239,411 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (loss) for the nine months ended September 30, 2020 was $(1,865,025) due to the Sponsor’s fee of $820,841 and interest expense on currency deposits of $1,044,184 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (loss) for the nine months ended September 30, 2019 was $(1,435,121) due to the Sponsor’s fee of $710,680 and interest expense of $724,441 exceeding interest income of $0.
−Removed: Cash dividends were not paid by the Trust for the three and nine months ended September 30, 2019 and the three and nine months ended September 30, 2020 as the Trust’s interest income did not exceed the Trust’s expenses during those periods.
+Added: Due primarily to an increase in the weighted-average euro in the Trust, the Sponsor’s fee increased from $269,446 for the three months ended March 31, 2020 to $329,203 for the three months ended March 31, 2021.
+Added: Because the annual interest rate paid by the Depository remained below 0.00% at the end of March 31, 2021, the Trust incurred interest expense on currency deposits.
+Added: Due primarily to an increase in the weighted-average euro in the Trust, interest expense on currency deposits increased from $342,940 for the three months ended March 31, 2020 to $418,347 for the three months ended March 31, 2021.
+Added: The only expenses of the Trust during the three months ended March 31, 2021 and 2020 were the Sponsor’s fee and interest expense on currency deposits.
+Added: The Trust’s net comprehensive income (loss) for the three months ended March 31, 2021 was $(747,550) due to the Sponsor’s fee of $329,203 and interest expense on currency deposits of $418,347 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the three months ended March 31, 2020 was $(612,386) due to the Sponsor’s fee of $269,446 and interest expense on currency deposits of $342,940 exceeding interest income of $0.
+Added: Cash dividends were not paid by the Trust for the three months ended March 31, 2021 and 2020 as the Trust’s interest income did not exceed the Trust’s expenses during those periods.
Quantitative and Qualitative Disclosures About Market Risk
2 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.