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, 2025 was an annual nominal rate of 0.00%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2020:
+Added: The interest rate in effect as of June 30, 2025 was an annual nominal rate of 0.00%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2020:
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, 2025.
+Added: The Trust did not make any distributions during the quarter ended June 30, 2025.
Critical Accounting Estimates
4 unchanged sentences
Results of Operations
−Removed: During the three months ended March 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2025, which are considered to be unusual or infrequent events.
−Removed: Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three months ended March 31, 2025 and 2024, 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 Swiss Franc (CHF/USD) posted strong gains in the first quarter of 2025 due to significant US dollar weakness and rising safe haven demand.
−Removed: The greenback was pressured by mounting US recession and stagflation concerns, and the resulting equity market meltdown triggered a flight to safety;
−Removed: the Swiss Franc is seen as a haven currency given Switzerland’s economic and political stability.
−Removed: In addition, while Swiss inflation remains at four-year lows, the US is still dealing with inflation risk skewed to the upside and a seemingly slowing economy.
−Removed: The Swiss Franc (CHF/USD) posted a loss in the first three months of 2024.
−Removed: While some of this was driven by gains in the USD – the Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for rate cuts, supporting US yields – the pair was heavily pressured after the Swiss National Bank (“SNB”) became the first major central bank to start cutting its interest rates in March.
+Added: During the three and six months ended June 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US economic concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events.
+Added: Although the full and direct impact of global tariffs, US economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and six months ended June 30, 2025 and 2024, 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 Swiss Franc (CHF/USD) continued to post strong gains throughout the second quarter of 2025, largely due to its safe-haven appeal.
+Added: As sentiment toward American assets worsened, investors increasingly turned to the Swiss franc as a more stable alternative.
+Added: Despite inflation in Switzerland turning negative in May, the currency still appreciated, driven by global risk aversion and a broadly weaker U.S.
+Added: The Swiss Franc (CHF/USD) posted a gain in the second quarter of 2024.
+Added: While the pair was initially pressured by US dollar
+Added: gains on delayed Fed rate cut expectations, CHF saw strong gains mid-quarter.
+Added: The pair even managed to move higher despite positive
+Added: moves in the US dollar as Swiss inflation came in above estimates causing speculation that the Swiss National Bank (SNB) would
+Added: need to put a pause on their easing plans.
+Added: The Swiss Franc (CHF/USD) has delivered strong gains year-to-date through the second quarter of 2025, supported by ongoing U.S.
+Added: dollar weakness and steady demand for safe-haven assets.
+Added: In the first quarter, the pair benefited from rising concerns about a U.S.
+Added: recession and stagflation, which triggered a sharp selloff in risk assets and pushed investors toward more stable currencies like the Swiss Franc.
+Added: That momentum carried into the second quarter, as confidence in U.S.
+Added: markets continued to decline.
+Added: Despite Swiss inflation turning negative in May, the pair remained resilient, with investors favoring its stability amid heightened global uncertainty.
+Added: The Swiss Franc (CHF/USD) posted a loss in the first half of 2024, with the pair down nearly 7%.
+Added: While some of this was
+Added: driven by gains in the US dollar – the Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations
+Added: for rate cuts, supporting US treasury yields – the pair was heavily pressured after the Swiss National Bank (SNB) became the first
+Added: major central bank to start cutting its interest rates in March.
Lower interest rates reduce the appeal of the country’s currency.
−Removed: Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 0.00%, as set forth in the FXF Rate Chart above.
+Added: Additionally, the interest rate paid by the Depository has generally trended downward over the past year with the current interest rate of 0.00%, as set forth in the FXF Rate Chart above.
As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.
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.