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 March 31, 2021 was an annual nominal rate of -0.50%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2016:
+Added: The interest rate in effect as of June 30, 2021 was an annual nominal rate of -0.65%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 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 March 31, 2021.
+Added: The Trust did not make any distributions during the quarter ended June 30, 2021.
Critical Accounting Policies
4 unchanged sentences
Results of Operations
−Removed: 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.
+Added: During the six months ended June 30, 2021, an additional 1,000,000 Shares were created in exchange for 93,761,912 euro and 1,200,000 Shares were redeemed in exchange for 112,503,301 euro.
In addition, 1,244,359 euro were withdrawn to pay the Sponsor’s fee and the interest expense on currency deposits, due to the negative interest rate.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 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.
+Added: As of June 30, 2021, the number of euro owned by the Trust was 247,893,983, resulting in a redeemable capital Share value of $293,727,749.
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 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.
−Removed: 2235 at December 31, 20 20 to 1.1753 at March 31, 2021 .
−Removed: 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.
+Added: A de crease in the Trust’s redeemable capital Share value from $ 327,516,510 at December 31, 2020 to $ 293,727,749 at June 30, 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 2,650,000 at June 30, 2021 coupled with a decrease in the Closing Spot Rate from 1.2235 at December 31, 20 20 to 1.1859 at June 30, 2021 .
+Added: No interest income was earned during the three and six months ended June 30, 2021 and 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.
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 $269,446 for the three months ended March 31, 2020 to $329,203 for the three months ended March 31, 2021.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Due primarily to an increase in the weighted-average euro in the Trust, the Sponsor’s fee increased from $233,262 for the three months ended June 30, 2020 to $287,530 for the three months ended June 30, 2021, and increased from $502,708 for the six months ended June 30, 2020 to $616,733 for the six months ended June 30, 2021.
+Added: Because the annual interest rate paid by the Depository remained below 0.00% at the end of June 30, 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 $296,567 for the three months ended June 30, 2020 to $474,079 for the three months ended June 30, 2021, and increased from $639,507 for the six months ended June 30, 2020 to $892,426 for the six months ended June 30, 2021.
+Added: The only expenses of the Trust during the three and six months ended June 30, 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 June 30, 2021 was $(761,609) due to the Sponsor’s fee of $287,530 and interest expense on currency deposits of $474,079 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the three months ended June 30, 2020 was $(529,829) due to the Sponsor’s fee of $233,262 and interest expense on currency deposits of $296,567 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the six months ended June 30, 2021 was $(1,509,159) due to the Sponsor’s fee of $616,733 and interest expense on currency deposits of $892,426 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the six months ended June 30, 2020 was $(1,142,215) due to the Sponsor’s fee of $502,708 and interest expense on currency deposits of $639,507 exceeding interest income of $0.
+Added: Cash dividends were not paid by the Trust for the three and six months ended June 30, 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.