66 unchanged sentences
Swiss Franc deposits, interest bearing
−Removed: Subscriptions receivable
Accrued Sponsor’s fee
83 unchanged sentences
The Transaction Agreement was consummated on April 6, 2018 (the “Closing”) and immediately following the Closing, Invesco Capital Management changed the name of the Sponsor to Invesco Specialized Products, LLC.
−Removed: On January 9, 2019, the Sponsor changed the Trust’s fiscal year from the period beginning on November 1 and ending on October 31 to the period beginning on January 1 and ending on December 31.
−Removed: Unless otherwise noted, all references to “years” in this report refer to the twelve-month fiscal year, which prior to November 1, 2018 ended on October 31 and beginning after December 31, 2018 ends on December 31 of each year.
Note 2 - Organization
42 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 years ended December 31, 2021 and 2020 were the Sponsor’s fee and interest expense on currency deposits.
+Added: The only expense of the Trust during the year ended December 31, 2022 was the Sponsor’s fee.
+Added: The only expenses of the Trust during the year ended December 31, 2021 was the Sponsor’s fee and interest expense on currency deposits.
Federal Income Taxes
29 unchanged sentences
For the year ended December 31, 2021, there were Swiss Franc principal deposits of 90,781,239 , Swiss Franc principal redemptions of 122,456,452 and Swiss Franc withdrawals (to pay expenses) of 2,872,803 , resulting in an ending Swiss Franc principal balance of 225,408,223 .
−Removed: This equates to 294,084,778 USD (which includes USD subscriptions receivable).
+Added: This equates to 247,388,709 USD.
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: Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares.
+Added: The 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.