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 -0.75%.
−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 -0.75%.
+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 Swiss Franc (CHF/USD) performed negatively in the first quarter of 2022, largely due to a rallying U.S.
−Removed: D ollar, as the Russia-Ukraine conflict escalated and boosted investor demand for safe haven currencies, while simultaneously weigh ing on its European counterparts , including the Swiss Franc .
−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.
−Removed: While the Swiss Franc is also generally considered a safe haven currency, growing strength in the U .
−Removed: D ollar , given its status as the global reserve currency, outweighed any advancements in the Swiss Franc .
−Removed: After locking in its largest annual gain since 2010 in 2020, the Swiss Franc (CHF/USD) started off 2021 down sharply.
−Removed: Dollar regained its ground, supported by a more hawkish U.S.
−Removed: Federal Reserve, and global demand recovery was underway amid growing vaccine optimism and easing lockdown restrictions, investors sold safe haven assets like the Swiss Franc to position themselves for the global economic comeback.
−Removed: In addition, the Swiss National Bank’s efforts to keep rates and the national currency low to protect its economy, given its heavy reliance on exports, continued to place downward pressure on the CHF/USD currency pair.
+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
+Added: 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 Swiss Franc (CHF/USD) performed negatively in the second quarter of 2022, largely weighed down by a strengthening U.S.
+Added: dollar, which rallied to a 20-year high.
+Added: Notably, the Swiss franc hit parity with the greenback for the first time since late 2019 in May and then again in June.
+Added: Given expectations for aggressive Fed tightening, the Swiss National Bank’s (SNB) lagging rate hike plans further weighed on the currency pair for most of the quarter.
+Added: However, the SNB’s surprise rate hike in mid-June did lead to the largest advance against the USD in nearly seven years.
+Added: The Swiss Franc (CHF/USD) posted positive performance in the second quarter of 2021, largely due to the weakness in the U.S.
+Added: dollar given its lagged recovery from lockdowns and falling treasury yields in response to a more dovish Fed.
+Added: Concerns over possible ‘stagflation’ continued to support the Swiss Franc, given the Swiss National Bank’s strict inflation mandates.
+Added: The Swiss Franc (CHF/USD) fell against the U.S.
+Added: dollar in the first half of 2022 as the dollar rallied aggressively, supported by expectations for aggressive Fed tightening and growing haven demand amid rising recession probabilities.
+Added: The currency pair was further weighed down by uncertainty over Europe’s macroeconomic outlook as implications of the war in Ukraine and the resulting sanctions unraveled.
+Added: The Swiss Franc (CHF/USD) fell against the U.S.
+Added: dollar in the first half of 2021.
+Added: In Q1, as the dollar regained its ground, supported by a more hawkish Fed, and global demand recovery went underway amid growing vaccine optimism and easing lockdown restrictions, investors dumped haven assets like the Swiss Franc to position themselves for the global economic comeback.
+Added: While the U.S.
+Added: dollar weakened in Q2, boosting the currency pair, the gains weren’t sufficient to offset the losses.
Additionally, the interest rate paid by the Depository has generally trended downward over the past several years to the current interest rate of -0.75%, as set forth in the FXF 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.