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 -0.75%.
−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 -0.75%.
+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 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.
+Added: During the six months ended June 30, 2021, an additional 750,000 Shares were created in exchange for 68,217,981 Swiss Francs and 950,000 Shares were redeemed in exchange for 86,334,519 Swiss Francs.
In addition, 1,512,460 Swiss Francs were withdrawn to pay the Sponsor’s fee and the interest expense on currency deposits, due to the negative interest rate.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 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.
+Added: As of June 30, 2021, the number of Swiss Francs owned by the Trust was 240,327,241, resulting in a redeemable capital Share value of $259,744,560.
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In addition, 2,082,480 Swiss Francs were withdrawn to pay the Sponsor’s fee and the interest expense on currency deposits, due to the negative interest rate.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: 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 .
−Removed: 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.
−Removed: 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.
+Added: As of December 31, 2020, 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 de crease in the Trust’s redeemable capital Share value from $ 293,802,451 at December 31, 2020 to $ 259,744,560 at June 30, 2021 , was primarily the result of a decrease in the number of Shares outstanding from 2,850,000 at December 31, 2020 to 2,650,000 at June 30, 2021 coupled with a de crease in the Closing Spot Rate from 1.131 at December 31, 2020 to 1.082 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 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 $138,512 for the three months ended March 31, 2020 to $300,619 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 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.
−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 $(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.
−Removed: 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.
−Removed: 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.
+Added: Due primarily to an increase in the weighted-average Swiss Francs in the Trust, the Sponsor’s fee increased from $181,315 for the three months ended June 30, 2020 to $266,735 for the three months ended June 30, 2021, and increased from $319,827 for the six months ended June 30, 2020 to $567,354 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 Swiss Francs in the Trust, interest expense on currency deposits increased from $346,857 for the three months ended June 30, 2020 to $507,371 for the three months ended June 30, 2021, and increased from $610,753 for the six months ended June 30, 2020 to $1,079,183 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 $(774,106), due to the Sponsor’s fee of $266,735 and interest expense on currency deposits of $507,371 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the three months ended June 30, 2020 was $(528,172), due to the Sponsor’s fee of $181,315 and interest expense on currency deposits of $346,857 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the six months ended June 30, 2021 was $(1,646,537), due to the Sponsor’s fee of $567,354 and interest expense on currency deposits of $1,079,183 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the six months ended June 30, 2020 was $(930,580), due to the Sponsor’s fee of $319,827 and interest expense on currency deposits of $610,753 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.