2 unchanged sentences
The Trust does not hold securities and does not invest in derivative instruments.
−Removed: FINA NCIAL STATEMEN TS AND SUPPLEMENTARY DATA
+Added: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Financial Statements
2 unchanged sentences
Statements of Financial Condition at December 31, 2020 and 2019
−Removed: Statements of Comprehensive Income for the Year Ended December 31, 2019, the Two Months Ended December 31, 2018 and the Year Ended October 31, 2018
−Removed: Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2019
−Removed: Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Two Months Ended December 31, 201 8
−Removed: Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended October 31, 201 8
−Removed: Statements of Cash Flows for the Year Ended December 31, 2019, the Two Months Ended December 31, 2018 and the Year Ended October 31, 2018
+Added: Statements of Comprehensive Income for the Years Ended December 31, 2020 and 2019
+Added: Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2020
+Added: Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2019
+Added: Statements of Cash Flows for the Years Ended December 31, 2020 and 2019
Notes to Financial Statements
5 unchanged sentences
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: We, Daniel Draper, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2019.
+Added: We, Anna Paglia, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2020.
In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013).
1 unchanged sentence
The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the Trust’s internal control over financial reporting as of December 31, 2020, as stated in their report on page 16 of the Trust’s Annual Report on Form 10-K.
−Removed: /S/ DANIEL DRAPER
−Removed: Daniel Draper
+Added: /S/ A NNA P AGLIA
Principal Executive Officer
−Removed: /S/ KELLI GALLEGOS
+Added: /S/ K ELLI G ALLEGOS
Kelli Gallegos
2 unchanged sentences
Report of Independent Registered Public Accounting Firm
−Removed: To the Board of Managers and Shareholders of Invesco CurrencyShares Swiss Franc Trust
+Added: To the Board of Managers of Invesco Specialized Products, LLC (as Sponsor of Invesco CurrencyShares Swiss Franc Trust) and Shareholders of Invesco CurrencyShares Swiss Franc Trust
Opinions on the Financial Statements and Internal Control over Financial Reporting
−Removed: We have audited the accompanying statements of financial condition of Invesco CurrencyShares Swiss Franc Trust (the “Trust”) as of December 31, 2019 and 2018, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for the year ended December 31, 2019, the two months ended December 31, 2018 and for the year ended October 31, 2018, including the related notes (collectively referred to as the “financial statements”).
+Added: We have audited the accompanying statements of financial condition of Invesco CurrencyShares Swiss Franc Trust (the “Trust”) as of December 31, 2020 and 2019, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for each of the two years in the period ended December 31, 2020, including the related notes (collectively referred to as the “financial statements”).
We also have audited the Trust's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
−Removed: In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the year ended December 31, 2019, the two months ended December 31, 2018 and for the year ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
+Added: In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019 , and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
19 unchanged sentences
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
+Added: Critical Audit Matters
+Added: Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments.
+Added: We determined there are no critical audit matters.
/s/PricewaterhouseCoopers LLP
12 unchanged sentences
Redeemable Capital Shares and Shareholders’ Equity
−Removed: Redeemable Capital Shares, at redemption value, no par value, 29,500,000 authorized – 1,400,000 and 1,850,000 issued and outstanding, respectively
+Added: Redeemable Capital Shares, at redemption value, no par value, 29,500,000
+Added: authorized – 2,850,000 and 1,400,000 issued and outstanding, respectively
Shareholders’ Equity:
4 unchanged sentences
Statements of Comprehensive Income
−Removed: For the Year Ended December 31, 2019, the Two Months Ended December 31, 2018
−Removed: and the Year Ended October 31, 2018
−Removed: Two Months Ended
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: October 31, 2018
+Added: For the Years Ended December 31, 2020 and 2019
Interest Income
7 unchanged sentences
Invesco CurrencyShares ® Swiss Franc Trust
−Removed: Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares
+Added: Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares
For the Year Ended December 31, 2020
4 unchanged sentences
Redemption of Shares
+Added: ( 101,057,034
Net Increase (Decrease) due to Share Transactions
6 unchanged sentences
Invesco CurrencyShares ® Swiss Franc Trust
−Removed: Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares
−Removed: For the Two Months December 31, 2018
+Added: Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares
+Added: For the Year Ended December 31, 2019
Shareholders'
Capital Shares
−Removed: Balance at October 31, 2018
−Removed: Purchases of Shares
−Removed: Redemption of Shares
−Removed: Net Increase (Decrease) due to Share Transactions
−Removed: Net Comprehensive Income (Loss)
−Removed: Adjustment of Redeemable Capital Shares to Redemption
−Removed: Value related to Retained Earnings
−Removed: Adjustment of Redeemable Capital Shares to Redemption
Balance at December 31, 2018
−Removed: See accompanying Notes to Financial Statements which are an integral part of the financial statements
−Removed: Invesco CurrencyShares ® Swiss Franc Trust
−Removed: Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares
−Removed: For the Year Ended October 31, 2018
−Removed: Shareholders'
−Removed: Capital Shares
−Removed: Balance at October 31, 2017
Purchases of Shares
5 unchanged sentences
Adjustment of Redeemable Capital Shares to Redemption
−Removed: Balance at October 31, 2018
+Added: Balance at December 31, 2019
See accompanying Notes to Financial Statements which are an integral part of the financial statements
1 unchanged sentence
Statements of Cash Flows
−Removed: For the Year Ended December 31, 2019, the Two Months Ended December 31, 2018
−Removed: and the Year Ended October 31, 2018
−Removed: Two Months Ended
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: October 31, 2018
+Added: For the Years Ended December 31, 2020 and 2019
Cash flows from operating activities
9 unchanged sentences
Redemptions of redeemable capital Shares
+Added: ( 101,057,034
Net cash provided by (used in) financing activities
25 unchanged sentences
The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.
−Removed: The accompanying audited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
+Added: This Annual Report (the “Annual Report”) covers the years ended December 31, 2020 and 2019.
Note 3 – Summary of Significant Accounting Policies
Basis of Presentation
−Removed: The financial statements of the Trust have been prepared using U.S.
+Added: The financial statements of the Trust have been prepared using accounting principles generally accepted in the United States of America (“U.S.
Accounting Estimates
27 unchanged sentences
These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from negative interest rates, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $ 100,000 per year.
−Removed: The only expenses of the Trust during the year ended December 31, 2019, the two months ended December 31, 2018 and the year ended October 31, 2018 were the Sponsor’s fee and interest expense.
+Added: The only expenses of the Trust during the years ended December 31, 2020 and 2019 were the Sponsor’s fee and interest expense on currency deposits.
Federal Income Taxes
28 unchanged sentences
This equates to 294,084,778 USD (which includes USD subscriptions receivable).
−Removed: For the two months ended December 31, 2018, there were Swiss Franc principal deposits of 18,683,840 , Swiss Franc principal redemptions of 23,343,201 and Swiss Franc withdrawals (to pay expenses) of 345,547 , resulting in an ending Swiss Franc principal balance of 172,708,450 .
−Removed: This equates to 175,196,237 USD.
+Added: For the year ended December 31, 2019, there were Swiss Franc principal deposits of 46,358,107 , Swiss Franc principal redemptions of 88,118,747 and Swiss Franc withdrawals (to pay expenses) of 1,759,836 , resulting in an ending Swiss Franc principal balance of 129,187,974 .
+Added: This equates to 133,410,414 USD (which includes USD subscriptions receivable).
Net interest, if any, associated with creation and redemption activity is held in a Swiss Franc-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.
26 unchanged sentences
If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Swiss Francs, they will determine an alternative basis for the valuation.
−Removed: The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares.
+Added: Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares.
Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share;
7 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.