42 unchanged sentences
Liquidity and Capital Resources
+Added: The Trust does not have any material cash requirements as of the end of the latest fiscal period.
The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs.
1 unchanged sentence
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of March 31, 2022 was an annual nominal rate of -0.65%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2017:
+Added: The interest rate in effect as of June 30, 2022 was an annual nominal rate of -0.65%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2017:
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, 2022.
+Added: The Trust did not make any distributions during the quarter ended June 30, 2022.
Critical Accounting Estimates
4 unchanged sentences
Results of Operations
−Removed: During the three months ended March 31, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an unusual or infrequent event.
−Removed: Additionally, the Trust’s net comprehensive income (loss) during the three months ended March 31, 2022 was, in part, impacted by the Russia-Ukraine conflict, which is also considered to be an unusual or infrequent event.
−Removed: Although the full and direct impact of COVID-19 and the Russia-Ukraine conflict on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2022 and 2021 cannot be known, it is believed that COVID-19 and the Russia-Ukraine conflict 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 e uro (EUR/USD) started 2022 with negative performance as heightened geopolitical tensions over the military conflict in Ukraine boosted investor demand for safe haven currencies like the U.S.
−Removed: D ollar, while simultaneously weigh ing on its European counterparts , including the euro.
−Removed: Uncertainty loomed over Europe’s macroeconomic outlook, given its geographical proximity and strong reliance on Russian commodities, as the Russia-Ukraine conflict escalated throughout the quarter and the call for additional sanctions against Russia grew, threatening to adversely impact the region’s growth.
−Removed: The European Central Bank (ECB) is also trailing other central banks like the U.S.
−Removed: Federal Reserve in its post - pandemic tightening cycle, adding pressure to the euro .
−Removed: The euro (EUR/USD) depreciated sharply against the U.S.
−Removed: Dollar in the first quarter of 2021, pressured by the Eurozone’s struggle in battling another surge of COVID-19 infections amid ongoing challenges in its vaccine rollout.
−Removed: A relatively dovish European Central Bank, given concerns that a rise in bond yields could derail the economic recovery, also adversely impacted the value of the euro.
+Added: During the three and six months ended June 30, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an unusual or infrequent event.
+Added: Additionally, the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2022 was, in part, impacted by the Russia-Ukraine conflict, which is also considered to be an unusual or infrequent event.
+Added: Although the full and direct impact of COVID-19 and the Russia-Ukraine conflict on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2022 and 2021 cannot be known, it is believed that COVID-19 and the Russia-Ukraine conflict 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/USD) fell in the second quarter of the year, reaching close to parity with the U.S.
+Added: dollar, as pressures from the rapidly strengthening greenback mounted – growing recession fears amid expectations for aggressive Federal Reserve (Fed) rate hikes boosted safe haven demand.
+Added: The deepening energy crisis in Europe following its ban of Russian oil and refined products, and decreased Russia natural gas flows raised probabilities for a recession in the region, putting further pressure on European currencies.
+Added: The Euro (EUR/USD) posted a small gain in the second quarter of 2021, largely due to a weakening dollar, given the U.S.’s lagged recovery from COVID-19 lockdowns and falling treasury yields in response to a more dovish Fed.
+Added: However, gains were largely wiped out to end the quarter as the dollar surged on rising COVID-19 cases in Europe, which boosted safe haven demand.
+Added: The Euro (EUR/USD) posted negative performance in the first half of the year as heightened geopolitical tensions in Q1 and rising recession fears in Q2 boosted investor demand for safe haven currencies like the U.S.
+Added: dollar, while simultaneously weighed on its European counterparts.
+Added: The deepening energy crisis in Europe, following its ban of Russia oil and refined products raised probabilities for a recession in the region.
+Added: The Euro (EUR/USD) depreciated against the U.S.
+Added: dollar in the first half of 2021.
+Added: In the first quarter, the pair was pressured by the Eurozone’s struggle in battling yet another COVID-19 wave amid ongoing challenges in its vaccine rollout and a strengthening USD.
+Added: In Q2, while the currency pair rallied initially on a weakening USD, the spike in the greenback on resurging COVID-19 cases at the end of the quarter wiped out all earlier gains.
Additionally, the interest rate paid by the Depository has generally trended downward over the past several years to the current interest rate of -0.65%, as set forth in the FXE Rate Chart above.
4 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.