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 -0.75%.
−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 -0.75%.
+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 2,150,000 Shares were created in exchange for 197,268,857 Swiss Francs and 1,050,000 Shares were redeemed in exchange for 96,359,052 Swiss Francs.
+Added: During the three months ended March 31, 2021, an additional 550,000 Shares were created in exchange for 50,085,403 Swiss Francs and 550,000 Shares were redeemed in exchange for 50,038,103 Swiss Francs.
In addition, 777,116 Swiss Francs were withdrawn to pay the Sponsor’s fee and the interest expense on currency deposits, due to the negative interest rate.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 Swiss Francs owned by the Trust was 228,692,864, resulting in a redeemable capital Share value of $248,684,193.
+Added: As of March 31, 2021, the number of Swiss Francs owned by the Trust was 259,226,423, resulting in a redeemable capital Share value of $275,157,164.
During the year ended December 31, 2020, an additional 2,500,000 Shares were created in exchange for 229,209,797 Swiss Francs and 1,050,000 Shares were redeemed in exchange for 96,359,052 Swiss Francs.
In addition, 2,082,480 Swiss Francs were withdrawn to pay the Sponsor’s fee and the interest expense on currency deposits, due to the negative interest rate.
−Removed: As of December 31, 2019, the number of Swiss Francs owned by the Trust was 129,187,974, resulting in a redeemable capital Share value of $133,273,946.
−Removed: An increase in the Trust’s redeemable capital Share value from $133,273,946 at December 31, 2019 to $ 248,684,193 at September 30, 2020 , was primarily the result of an increase in the number of Shares outstanding from 1,400,000 at December 31, 2019 to 2,500,000 at September 30, 2020 coupled with an increase in the Closing Spot Rate from 1.033 at December 31, 2019 to 1.088 at September 30, 2020 .
−Removed: No interest income was earned during the three and nine months ended September 30, 2020 and the three and nine months ended September 30, 2019, due to an annual nominal interest rate which remained at or below 0.00% through those periods, as set forth in the FXF Daily Rate chart above.
+Added: December 31, 20 20 , the number of Swiss Francs owned by the Trust was 259,956,239 , resulting in a redeemable capital Share value of $ 293,802,451 .
+Added: A decrease in the Trust’s redeemable capital Share value from $293,802,451 at December 31, 2020 to $275,157,164 at March 31, 2021, was primarily the result of a decrease in the Closing Spot Rate from 1.131 at December 31, 2020 to 1.063 at March 31, 2021.
+Added: No interest income was earned during the three months ended March 31, 2020 and the 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 FXF Daily Rate chart above.
The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Swiss Francs in the Trust.
−Removed: Due primarily to an increase in the weighted-average Swiss Francs in the Trust, the Sponsor’s fee increased from $147,814 for the three months ended September 30, 2019 to $220,015 for the three months ended September 30, 2020, and increased from $451,236 for the nine months ended September 30, 2019 to $539,842 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 Swiss Francs in the Trust, interest expense on currency deposits increased from $285,889 for the three months ended September 30, 2019 to $419,638 for the three months ended September 30, 2020, and increased from $863,705 for the nine months ended September 30, 2019 to $1,030,391 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 $(639,653), due to the Sponsor’s fee of $220,015 and interest expense on currency deposits of $419,638 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (loss) for the three months ended September 30, 2019 was $(433,703), due to the Sponsor’s fee of $147,814 and interest expense on currency deposits of $285,889 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (loss) for the nine months ended September 30, 2020 was $(1,570,233), due to the Sponsor’s fee of $539,842 and interest expense on currency deposits of $1,030,391 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (loss) for the nine months ended September 30, 2019 was $(1,314,941), due to the Sponsor’s fee of $451,236 and interest expense on currency deposits of $863,705 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 Swiss Francs in the Trust, the Sponsor’s fee increased from $138,512 for the three months ended March 31, 2020 to $300,619 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 Swiss Francs in the Trust, interest expense on currency deposits increased from $263,896 for the three months ended March 31, 2020 to $571,812 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 $(872,431), due to the Sponsor’s fee of $300,619 and interest expense on currency deposits of $571,812 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the three months ended March 31, 2020 was $(402,408), due to the Sponsor’s fee of $138,512 and interest expense on currency deposits of $263,896 exceeding interest income of $0.
+Added: Cash dividends were not paid by the Trust for the three months ended March 31, 2020 and the three months ended March 31, 2021 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.