22 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.
9 unchanged sentences
Results of Operations
−Removed: During the years ended December 31, 2021 and 2020, 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: Although the full and direct impact of COVID-19 on the Trust’s net comprehensive income (loss) during the years ended December 31, 2021 and 2020 cannot be known, it is believed that COVID-19 has 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: During the years ended December 31, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by
+Added: market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an unusual or
+Added: infrequent event.
+Added: Although the full and direct impact of COVID-19 on the Trust’s net comprehensive income (loss) during the years
+Added: ended December 31, 2022 and 2021 cannot be known, it is believed that COVID-19 has impacted the Closing Spot Rate, the interest
+Added: 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) fell in the first three quarters of 2022 as the dollar rallied aggressively supported by expectations for aggressive U.S.
+Added: Federal Reserve System (the “Fed”) tightening and growing haven demand amid rising recession probabilities.
+Added: The currency pair was further weighed down by the Swiss National Bank’s lagged rate hike plans, given they only meet once a quarter vs the Fed’s bimonthly (every two months) meeting, and the uncertainty over Europe’s macroeconomic outlook as geopolitical turbulence over Ukraine persisted.
+Added: However, prices did rebound quite significantly in Q4 as the dollar weakened on expectations for a dovish pivot in Fed policies.
Contrary to 2020, 2021 was a negative year for the Swiss Franc (CHF/USD).
As the value of the U.S.
−Removed: Dollar strengthened throughout 2021, supported in part by an increasingly hawkish Federal Reserve System (the Fed), and the global economy continued to recover, demand for the Swiss Franc gradually subsided.
+Added: Dollar strengthened throughout 2021, supported in part by an increasingly hawkish Fed, and the global economy continued to recover, demand for the Swiss Franc gradually subsided.
Concerns over possible ‘stagflation’ continued to support the Swiss Franc due to the Swiss National Bank’s strict inflation mandates;
however, this support ultimately failed to provide a significant increase to the value of the Swiss Franc.
−Removed: 2020 was a positive year for the Swiss Franc (CHF/USD).
−Removed: The currency pair appreciated to the highest level since January 2015 amid concerns over higher-than-normal inflation and a plunging U.S.
−Removed: Dollar, resulting from the Fed’s ultra-loose monetary policy.
−Removed: Given the Swiss National Bank’s strict inflation mandates and perceived stability of the Swiss government and financial system, investors flocked to the Swiss Franc as a safe haven currency to weather the market chaos.
Additionally, the interest rate paid by the Depository has generally trended downward over the past several years to the current interest rate of 0.00%, as set forth in the FXF Rate Chart above.
5 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.