Company Quick10K Filing
Invesco CurrencyShares Australian Dollar Trust
Price67.50 EPS1
Shares1 P/E128
MCap101 P/FCF180
Net Debt-145 EBIT1
TEV-44 TEV/EBIT-56
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-10-31 Filed 2019-01-11
S-1 2018-10-15 Public Filing
10-Q 2018-07-31 Filed 2018-09-07
10-Q 2018-04-30 Filed 2018-06-11
10-Q 2018-01-31 Filed 2018-03-12
10-K 2017-10-31 Filed 2018-01-11
10-Q 2017-07-31 Filed 2017-09-11
10-Q 2017-04-30 Filed 2017-06-09
10-Q 2017-01-31 Filed 2017-03-13
10-K 2016-10-31 Filed 2017-01-12
10-Q 2016-07-31 Filed 2016-09-09
10-Q 2016-04-30 Filed 2016-06-09
10-Q 2016-01-31 Filed 2016-03-11
10-K 2015-10-31 Filed 2016-01-14
10-Q 2015-07-31 Filed 2015-09-09
10-Q 2015-04-30 Filed 2015-06-09
10-Q 2015-01-31 Filed 2015-03-12
10-K 2014-10-31 Filed 2015-01-14
10-Q 2014-07-31 Filed 2014-09-08
10-Q 2014-04-30 Filed 2014-06-09
10-Q 2014-01-31 Filed 2014-03-12
10-K 2013-10-31 Filed 2013-12-20
10-Q 2013-07-31 Filed 2013-09-06
10-Q 2013-04-30 Filed 2013-06-07
10-Q 2013-01-31 Filed 2013-03-08
10-K 2012-10-31 Filed 2012-12-21
10-Q 2012-07-31 Filed 2012-09-10
10-Q 2012-04-30 Filed 2012-06-11
10-Q 2012-01-31 Filed 2012-03-12
10-K 2011-10-31 Filed 2011-12-23
10-Q 2011-07-31 Filed 2011-09-09
10-Q 2011-04-30 Filed 2011-06-09
10-Q 2011-01-31 Filed 2011-03-11
10-K 2010-10-31 Filed 2010-12-29
10-Q 2010-07-31 Filed 2010-09-09
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-12
10-K 2009-10-31 Filed 2010-01-14
8-K 2020-05-18
8-K 2020-03-27
8-K 2019-05-07
8-K 2019-01-09
8-K 2018-08-27
8-K 2018-06-04
8-K 2018-05-24
8-K 2018-04-19
8-K 2018-04-06

FXA 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Background
Note 2 - Organization
Note 3 - Summary of Significant Accounting Policies
Note 4 - Australian Dollar Deposits
Note 5 - Concentration Risk
Note 6 - Service Providers and Related Party Agreements
Note 7 - Share Purchases and Redemptions
Note 8 - Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 fxa-ex311_8.htm
EX-31.2 fxa-ex312_9.htm
EX-32.1 fxa-ex321_6.htm
EX-32.2 fxa-ex322_7.htm

Invesco CurrencyShares Australian Dollar Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1058463422102012201420172020
Assets, Equity
4.13.32.51.60.80.02012201420172020
Rev, G Profit, Net Income
354-27-58-89-1202012201420172020
Ops, Inv, Fin

fxa-10q_20200630.htm
false Q2 Invesco CURRENCYSHARES AUSTRALIAN DOLLAR TRUST 0001353614 --12-31 Accelerated Filer P2D 0001353614 2020-01-01 2020-06-30 xbrli:shares 0001353614 2020-06-30 iso4217:USD 0001353614 2019-12-31 iso4217:USD xbrli:shares 0001353614 2019-04-01 2019-06-30 0001353614 2019-01-01 2019-06-30 0001353614 2020-04-01 2020-06-30 0001353614 fxa:RedeemableCapitalSharesMember 2020-03-31 0001353614 fxa:RedeemableCapitalSharesMember 2020-04-01 2020-06-30 0001353614 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001353614 fxa:RedeemableCapitalSharesMember 2020-06-30 0001353614 fxa:RedeemableCapitalSharesMember 2019-03-31 0001353614 fxa:RedeemableCapitalSharesMember 2019-04-01 2019-06-30 0001353614 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001353614 fxa:RedeemableCapitalSharesMember 2019-06-30 0001353614 fxa:RedeemableCapitalSharesMember 2019-12-31 0001353614 fxa:RedeemableCapitalSharesMember 2020-01-01 2020-06-30 0001353614 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0001353614 fxa:RedeemableCapitalSharesMember 2018-12-31 0001353614 fxa:RedeemableCapitalSharesMember 2019-01-01 2019-06-30 0001353614 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001353614 2018-12-31 0001353614 2019-06-30 iso4217:AUD fxa:Account 0001353614 fxa:SponsorMember fxa:ProfessionalFeesLiabilityMember 2020-01-01 2020-06-30 0001353614 fxa:SponsorMember fxa:ProfessionalFeesLiabilityMember 2020-04-01 2020-06-30 xbrli:pure 0001353614 2019-01-01 2019-12-31 0001353614 fxa:SponsorMember fxa:AccruedProfessionalFeesMember 2020-01-01 2020-06-30

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission File Number 001-32911

 

Invesco CurrencyShares® Australian Dollar Trust

Sponsored by Invesco Specialized Products, LLC

(Exact name of registrant as specified in its charter)

 

 

New York

20-4685355

(State or other jurisdiction of

incorporation or organization)

(IRS Employer Identification No.)

 

 

3500 Lacey Road, Suite 700

Downers Grove, Illinois

60515

(Address of principal executive offices)

(Zip Code)

(800) 983-0903

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units of Beneficial Interest

FXA

NYSE Arca

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (d232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer 

 

 

 

 

Non-accelerated filer

   

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  

Indicate the number of outstanding Redeemable Capital Shares as of June 30, 2020: 1,300,000

 

 


 

INVESCO CURRENCYSHARES® AUSTRALIAN DOLLAR TRUST

QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

 

 

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

1

 

 

 

 

 

 

 

 

 

ITEM 1.

 

Financial Statements

 

1

 

 

 

 

Notes to Unaudited Financial Statements

 

8

 

 

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

12

 

 

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

15

 

 

ITEM 4.

 

Controls and Procedures

 

15

 

 

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

16

 

 

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

16

 

 

Item 1A.

 

Risk Factors

 

16

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

16

 

 

Item 3.

 

Defaults Upon Senior Securities

 

16

 

 

Item 4.

 

Mine Safety Disclosures

 

16

 

 

Item 5.

 

Other Information

 

16

 

 

Item 6.

 

Exhibits

 

17

 

 

 

 

 

 

SIGNATURES

 

19

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Invesco CurrencyShares® Australian Dollar Trust

Statements of Financial Condition

June 30, 2020 and December 31, 2019

(Unaudited)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Australian Dollar deposits, interest bearing

 

$

85,948,097

 

 

$

101,919,531

 

Subscriptions receivable

 

 

3,436,869

 

 

 

 

Receivable from accrued interest

 

 

 

 

 

36,521

 

Total Assets

 

$

89,384,966

 

 

$

101,956,052

 

Liabilities

 

 

 

 

 

 

 

 

Redemption Payable

 

$

 

 

$

10,543,357

 

Accrued Sponsor’s fee

 

 

28,251

 

 

 

34,625

 

Total Liabilities

 

 

28,251

 

 

 

10,577,982

 

Commitments and Contingent Liabilities (note 8)

 

 

 

 

 

 

 

 

Redeemable Capital Shares and Shareholders’ Equity

 

 

 

 

 

 

 

 

Redeemable Capital Shares, at redemption value, no par value,

   41,500,000 authorized – 1,300,000 issued and outstanding

 

 

89,356,715

 

 

 

91,378,070

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Retained Earnings

 

 

 

 

 

 

Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity

 

$

89,384,966

 

 

$

101,956,052

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1


 

Invesco CurrencyShares® Australian Dollar Trust

Statements of Comprehensive Income

For the Three and Six Months Ended June 30, 2020 and 2019

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

 

 

$

285,125

 

 

$

84,292

 

 

$

645,776

 

Total Income

 

 

 

 

 

285,125

 

 

 

84,292

 

 

 

645,776

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sponsor’s fee

 

 

(83,620

)

 

 

(106,352

)

 

 

(168,820

)

 

 

(212,711

)

Interest Expense on currency deposits

 

 

(4,050

)

 

 

 

 

 

(18,141

)

 

 

 

Total Expenses

 

 

(87,670

)

 

 

(106,352

)

 

 

(186,961

)

 

 

(212,711

)

Net Comprehensive Income (Loss)

 

$

(87,670

)

 

$

178,773

 

 

$

(102,669

)

 

$

433,065

 

Basic and Diluted Earnings (Loss) per Share

 

$

(0.07

)

 

$

0.12

 

 

$

(0.08

)

 

$

0.29

 

Weighted-average Shares Outstanding

 

 

1,186,264

 

 

 

1,523,626

 

 

 

1,243,132

 

 

 

1,514,917

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

2


 

Invesco CurrencyShares® Australian Dollar Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Three Months Ended June 30, 2020

(Unaudited)  

 

 

Retained Earnings

 

 

Total Shareholders' Equity

 

 

Shares

 

 

Redeemable Capital Shares

 

Balance at March 31, 2020

 

$

 

 

$

 

 

 

1,300,000

 

 

$

79,524,232

 

Purchases of Shares

 

 

 

 

 

 

 

 

150,000

 

 

 

10,397,595

 

Redemption of Shares

 

 

 

 

 

 

 

 

(150,000

)

 

 

(9,243,732

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

 

1,153,863

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Comprehensive Income (Loss)

 

 

(87,670

)

 

 

(87,670

)

 

 

 

 

 

 

 

Adjustment of Redeemable Capital Shares to

   Redemption Value related to Retained Earnings

 

 

87,670

 

 

 

87,670

 

 

 

 

 

 

 

(87,670

)

Adjustment of Redeemable Capital Shares to Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

8,766,290

 

Balance at June 30, 2020

 

$

 

 

$

 

 

 

1,300,000

 

 

$

89,356,715

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

3


 

Invesco CurrencyShares® Australian Dollar Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Three Months Ended June 30, 2019

(Unaudited)

 

 

Retained Earnings

 

 

Total Shareholders' Equity

 

 

Shares

 

 

Redeemable Capital Shares

 

Balance at March 31, 2019

 

$

 

 

$

 

 

 

1,500,000

 

 

$

106,626,773

 

Purchases of Shares

 

 

 

 

 

 

 

 

100,000

 

 

 

7,146,281

 

Redemption of Shares

 

 

 

 

 

 

 

 

(150,000

)

 

 

(10,432,983

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

(50,000

)

 

 

(3,286,702

)

Distributions

 

 

(214,141

)

 

 

(214,141

)

 

 

 

 

 

 

 

Net Comprehensive Income (Loss)

 

 

178,773

 

 

 

178,773

 

 

 

 

 

 

 

 

Adjustment of Redeemable Capital Shares to

   Redemption Value related to Retained Earnings

 

 

35,368

 

 

 

35,368

 

 

 

 

 

 

 

(35,368

)

Adjustment of Redeemable Capital Shares to Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

(1,511,268

)

Balance at June 30, 2019

 

$

 

 

$

 

 

 

1,450,000

 

 

$

101,793,435

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

4


 

Invesco CurrencyShares® Australian Dollar Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Six Months Ended June 30, 2020

(Unaudited)  

 

 

Retained Earnings

 

 

Total Shareholders' Equity

 

 

Shares

 

 

Redeemable Capital Shares

 

Balance at December 31, 2019

 

$

 

 

$

 

 

 

1,300,000

 

 

$

91,378,070

 

Purchases of Shares

 

 

 

 

 

 

 

 

150,000

 

 

 

10,397,595

 

Redemption of Shares

 

 

 

 

 

 

 

 

(150,000

)

 

 

(9,243,732

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

 

1,153,863

 

Distributions

 

 

(25,880

)

 

 

(25,880

)

 

 

 

 

 

 

 

Net Comprehensive Income (Loss)

 

 

(102,669

)

 

 

(102,669

)

 

 

 

 

 

 

 

Adjustment of Redeemable Capital Shares to

   Redemption Value related to Retained Earnings

 

 

128,549

 

 

 

128,549

 

 

 

 

 

 

 

(128,549

)

Adjustment of Redeemable Capital Shares to Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

(3,046,669

)

Balance at June 30, 2020

 

$

 

 

$

 

 

 

1,300,000

 

 

$

89,356,715

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 


5


 

Invesco CurrencyShares® Australian Dollar Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Six Months Ended June 30, 2019

(Unaudited)

 

 

Retained Earnings

 

 

Total Shareholders' Equity

 

 

Shares

 

 

Redeemable Capital Shares

 

Balance at December 31, 2018

 

$

 

 

$

 

 

 

1,650,000

 

 

$

116,248,970

 

Purchases of Shares

 

 

 

 

 

 

 

 

200,000

 

 

 

14,241,193

 

Redemption of Shares

 

 

 

 

 

 

 

 

(400,000

)

 

 

(28,225,546

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

(200,000

)

 

 

(13,984,353

)

Distributions

 

 

(482,786

)

 

 

(482,786

)

 

 

 

 

 

 

 

Net Comprehensive Income (Loss)

 

 

433,065

 

 

 

433,065

 

 

 

 

 

 

 

 

Adjustment of Redeemable Capital Shares to

   Redemption Value related to Retained Earnings

 

 

49,721

 

 

 

49,721

 

 

 

 

 

 

 

(49,721

)

Adjustment of Redeemable Capital Shares to Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

(421,461

)

Balance at June 30, 2019

 

$

 

 

$

 

 

 

1,450,000

 

 

$

101,793,435

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 


6


 

Invesco CurrencyShares® Australian Dollar Trust

Statements of Cash Flows

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net Comprehensive Income (Loss)

 

$

(102,669

)

 

$

433,065

 

Adjustments to reconcile net comprehensive

   income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Receivable from accrued interest

 

 

36,521

 

 

 

50,742

 

Accrued Sponsor’s fee

 

 

(6,374

)

 

 

(4,094

)

Accrued interest expense

 

 

 

 

 

(194

)

Net cash provided by (used in) operating activities

 

 

(72,522

)

 

 

479,519

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Distributions paid to shareholders

 

 

(25,880

)

 

 

(482,786

)

Proceeds from purchases of redeemable capital Shares

 

 

6,980,444

 

 

 

14,241,193

 

Redemptions of redeemable capital Shares

 

 

(19,787,089

)

 

 

(28,225,546

)

Net cash provided by (used in) financing activities

 

 

(12,832,525

)

 

 

(14,467,139

)

Effect of exchange rate on cash

 

 

(3,066,387

)

 

 

(421,461

)

Net change in cash

 

 

(15,971,434

)

 

 

(14,409,081

)

Cash at beginning of period

 

 

101,919,531

 

 

 

116,161,281

 

Cash at end of period

 

$

85,948,097

 

 

$

101,752,200

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

18,141

 

 

$

194

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

7


 

Invesco CurrencyShares® Australian Dollar Trust

Notes to Unaudited Financial Statements

June 30, 2020

Note 1 – Background

On September 28, 2017, Guggenheim Capital, LLC (“Guggenheim”) and Invesco Ltd. entered into a Transaction Agreement (the “Transaction Agreement”), pursuant to which Guggenheim agreed to transfer all of the membership interests of Guggenheim Specialized Products, LLC (the “Sponsor”) to Invesco Capital Management LLC (“Invesco Capital Management”).

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.

Note 2 – Organization

The Invesco CurrencyShares® Australian Dollar Trust (the “Trust”) was formed under the laws of the State of New York on June 8, 2006 when the Sponsor deposited 100 Australian Dollars in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “Depository”). The Sponsor is a Delaware limited liability company whose sole member is Invesco Capital Management.

The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S. Dollars (“USD”) of the Australian Dollar plus accrued interest, if any, less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Australian Dollars. The Trust’s assets primarily consist of Australian Dollars on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2020 and 2019. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 28, 2020.

Note 3 – Summary of Significant Accounting Policies

A.

Basis of Presentation

The financial statements of the Trust have been prepared using U.S. GAAP.

B.

Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

C.

Foreign Currency Translation

For Net Asset Value (“NAV”) calculation purposes, Australian Dollar deposits (cash) are translated at the Closing Spot Rate, which is the Australian Dollar/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading.

The Trust maintains its books and records in Australian Dollars. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Australian Dollars to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. The redeemable capital Shares are adjusted to redemption value and these adjustments are recorded against retained earnings.

8


 

D.

Interest Income

Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense on currency deposits. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in market conditions or based on the Depository’s liquidity needs.

E.

Distributions

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Australian Dollars effective on the first business day of the subsequent month. The Trustee (as defined below) will direct that the excess Australian Dollars be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

The table below shows distributions per Share and in total for the periods presented:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Distributions per Share

 

$

 

 

$

0.14

 

 

$

0.02

 

 

$

0.32

 

Distributions paid

 

$

 

 

$

214,141

 

 

$

25,880

 

 

$

482,786

 

There was no income distribution for the month ended June 30, 2020.

F.

Routine Operational, Administrative and Other Ordinary Expenses

The Sponsor is responsible for all routine operational, administrative and other ordinary expenses of the Trust, including, but not limited to, the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees. The Trust does not reimburse the Sponsor for the routine operational, administrative and other ordinary expenses of the Trust. Accordingly, such expenses are not reflected in the Statements of Comprehensive Income of the Trust.

G.

Non-Recurring Fees and Expenses

In certain cases, the Trust will pay for some expenses in addition to the Sponsor’s fee. 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. The only expenses of the Trust during the three and six months ended June 30, 2020 were the Sponsor’s fee and interest expense on currency deposits. The only expense of the Trust during the three and six months ended June 30, 2019 was the Sponsor’s fee.

H.

Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes.

The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Australian Dollars. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Australian Dollars by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

9


 

A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

Note 4 – Australian Dollar Deposits

Australian Dollar principal deposits are held in an Australian Dollar-denominated, interest-bearing demand account. The interest rate in effect as of June 30, 2020 was an annual nominal rate of 0.00%. For the six months ended June 30, 2020, there were Australian Dollar principal deposits of 14,977,439, Australian Dollar principal redemptions of 14,990,242 and Australian Dollar withdrawals (to pay expenses) of 151,014, resulting in an ending Australian Dollar principal balance of 129,825,675. This equates to 89,384,966 USD (which includes USD subscriptions receivable). For the year ended December 31, 2019, there were Australian Dollar principal deposits of 20,000,018, Australian Dollar principal redemptions of 54,998,678 and Australian Dollar withdrawals (to pay expenses) of 11,848, resulting in an ending Australian Dollar principal balance of 129,989,492. This equates to 91,376,174 USD (which includes USD redemptions payable).

Net interest, if any, associated with creation and redemption activity is held in an Australian Dollar-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

Note 5 – Concentration Risk

All of the Trust’s assets are Australian Dollars, which creates a concentration risk associated with fluctuations in the price of the Australian Dollar. Accordingly, a decline in the Australian Dollar to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the Australian Dollar include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of Australian Dollars by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Australian Dollars as part of their reserve assets) could adversely affect an investment in the Shares.

All of the Trust’s Australian Dollars are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent.

Note 6 – Service Providers and Related Party Agreements

The Trustee

The Bank of New York Mellon (the “Trustee”), a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee. The Trustee is responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records.

The Sponsor

The Sponsor of the Trust generally oversees the performance of the Trustee and the Trust’s principal service providers. The Sponsor is Invesco Specialized Products, LLC, a Delaware limited liability company and a related party of the Trust. The Trust pays the Sponsor a Sponsor’s fee, which accrues daily at an annual nominal rate of 0.40% of the Australian Dollars in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly.

Note 7 – Share Purchases and Redemptions

Shares are issued and redeemed continuously in Baskets in exchange for Australian Dollars. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the two-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded directly to redeemable capital shares and retained earnings.

The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the Australian Dollars held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Australian Dollars in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that

10


 

such price is inappropriate to use as the basis for the valuation. 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 Australian Dollars, they will determine an alternative basis for the valuation. 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; Shares deliverable under a redemption order are not considered outstanding for this purpose.

Note 8 – Commitments and Contingencies

The Trust’s organizational documents provide for the Trust to indemnify the Sponsor and any affiliate of the Sponsor that provides services to the Trust to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Sponsor or such an affiliate. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Further, the Trust has not had prior claims or losses pursuant to these contracts. Accordingly, the Sponsor expects the risk of loss to be remote.

 

 

11


 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking Information

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the price of the Australian Dollar, as the value of the Shares relates directly to the value of the Australian Dollars held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section contained in the Trust’s most recent annual report on Form 10-K for a description of other risks and uncertainties that may affect an investment in the Shares.

Neither Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this report, and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.

Overview/Introduction

The Invesco CurrencyShares® Australian Dollar Trust (the “Trust”) is a grantor trust that was formed on June 8, 2006. The Shares began trading on the New York Stock Exchange under the ticker symbol “FXA” on June 26, 2006. The primary listing of the Shares was transferred to NYSE Arca, Inc. (“NYSE Arca”) on October 30, 2007. The Trust issues shares (the “Shares”) in blocks of 50,000 (a “Basket”) in exchange for deposits of Australian Dollars and distributes Australian Dollars in connection with the redemption of Baskets.

The investment objective of the Trust is for the Shares to reflect the price in USD of the Australian Dollar plus accrued interest, if any, less the expenses of the Trust’s operations. The Shares are intended to offer investors an opportunity to participate in the market for the Australian Dollar through an investment in securities. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding the Australian Dollar. The Shares are bought and sold on NYSE Arca like any other exchange-listed security. The Shares are backed by the assets of the Trust, which does not hold or use derivative products. The Trust is a passive investment vehicle and does not have any officers, directors or employees. The Trust does not engage in any activities designed to obtain profit from, or ameliorate losses caused by, changes in the price of the Australian Dollar. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The value of the holdings of the Trust is reported on the Trust’s website, www.invesco.com/etfs, each business day.

Definition of Net Asset Value

The Trustee calculates, and the Sponsor publishes, the Trust’s Net Asset Value (“NAV”) each business day. To calculate the NAV, the Trustee adds to the amount of Australian Dollars in the Trust at the end of the preceding day accrued but unpaid interest, if any, Australian Dollars receivable under pending purchase orders and the value of other Trust assets, and subtracts the accrued but unpaid Sponsor’s fee, Australian Dollars payable under pending redemption orders and other Trust expenses and liabilities, if any. The NAV is expressed in USD based on the Australian Dollar/USD exchange rate as determined by The WM Company at 4:00 PM (London time / London fixing) (the “Closing Spot Rate”) on each day that NYSE Arca is open for regular trading. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate is used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation.

The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding Shares. The NAV of the Trust and the NAV per Share are published by the Sponsor on each day that NYSE Arca is open for regular trading and are posted on the Trust’s website, www.invesco.com/etfs.


12


 

Movements in the Price of the Australian Dollar

The investment objective of the Trust is for the Shares to reflect the price in USD of the Australian Dollar plus accrued interest, if any, less the expenses of the Trust’s operations. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Australian Dollars. Each outstanding Share represents a proportional interest in the Australian Dollars held by the Trust. The following chart provides recent trends on the price of the Australian Dollar. The chart illustrates movements in the price of the Australian Dollar in USD and is based on the Closing Spot Rate:

NAV per Share; Valuation of the Australian Dollar

The following chart illustrates the movement in the price of the Shares based on (1) NAV per Share, (2) the “bid” and “ask” midpoint offered on NYSE Arca and (3) the Closing Spot Rate, expressed as a multiple of 100 Australian Dollars:

 

 

13


 

Liquidity

The Sponsor is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of June 30, 2020 was an annual nominal rate of 0.00%. The following chart provides the daily rate paid by the Depository since June 30, 2015:

In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. Each month the Depository deposits into the secondary deposit account accrued but unpaid interest, if any, and the Trustee withdraws Australian Dollars from the secondary deposit account to pay the accrued Sponsor’s fee for the previous month plus other Trust expenses (including, without limitation, expenses resulting from negative interest rates), if any. 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). The Trust did not make any distributions during the quarter ended June 30, 2020.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies on Form 10-K for the year ended December 31, 2019.

Results of Operations

During the six months ended June 30, 2020, an additional 150,000 Shares were created in exchange for 14,977,439 Australian Dollars and 150,000 Shares were redeemed in exchange for 14,990,242 Australian Dollars. In addition, 151,014 Australian Dollars were withdrawn to pay the portion of the Sponsor’s fee that exceeded interest earned. As of June 30, 2020, the number of Australian Dollars owned by the Trust was 129,825,675, resulting in a redeemable capital Share value of $89,356,715. During the year ended December 31, 2019, an additional 200,000 Shares were created in exchange for 20,000,018 Australian Dollars and 550,000 Shares were redeemed in exchange for 54,998,678 Australian Dollars. In addition, 11,848 Australian Dollars were withdrawn to pay the portion of the Sponsor’s fee that exceeded interest earned. As of December 31, 2019, the number of Australian Dollars owned by the Trust was 129,989,492, resulting in a redeemable capital Share value of $91,378,070.

A decrease in the Trust’s redeemable capital Share value from $91,378,070 at December 31, 2019 to $89,356,715 at June 30, 2020, was primarily the result of a decrease in the Closing Spot Rate from 0.7029 at December 31, 2019 to 0.6885 at June 30, 2020.

14


 

Interest income decreased from $285,125 for the three months ended June 30, 2019 to $0 for the three months ended June 30, 2020, and decreased from $645,776 for the six months ended June 30, 2019 to $84,292 for the six months ended June 30, 2020, attributable primarily to a decrease in the weighted-average Australian Dollars in the Trust coupled with a decrease in the annual nominal interest rate paid by the Depository, as set forth in the FXA Daily Rate chart above.

The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Australian Dollars in the Trust. Due primarily to a decrease in the weighted-average Australian Dollars in the Trust, the Sponsor’s fee decreased from $106,352 for the three months ended June 30, 2019 to $83,620 for the three months ended June 30, 2020, and decreased from $212,711 for the six months ended June 30, 2019 to $168,820 for the six months ended June 30, 2020. Because the annual interest rate paid by the Depository fell briefly below 0% at the end of June 30, 2020 (as set forth in the chart above), the Trust incurred interest expense on currency deposits. Due primarily to a decline in the interest rate (below 0.00%), interest expense on currency deposits increased from $0 for the three months ended June 30, 2019 to $4,050 for the three months ended June 30, 2020, and increased from $0 for the six months ended June 30, 2019 to $18,141 for the six months ended June 30, 2020. The only expenses of the Trust during the three and six months ended June 30, 2020 were the Sponsor’s fee and interest expense on currency deposits. The only expense of the Trust during the three and six months ended June 30, 2019 was the Sponsor’s fee

The Trust’s net comprehensive income (loss) for the three months ended June 30, 2020 was $(87,670) due to the Sponsor’s fee of $83,620 and interest expense on currency deposits of $4,050 exceeding interest income of $0. The Trust’s net comprehensive income (loss) for the three months ended June 30, 2019 was $178,773 due to interest income of $285,125 exceeding the Sponsor’s fee of $106,352. The Trust’s net comprehensive income (loss) for the six months ended June 30, 2020 was $(102,669) due to the Sponsor’s fee of $168,820 and interest expense on currency deposits of $18,141 exceeding interest income of $84,292. The Trust’s net comprehensive income (loss) for the six months ended June 30, 2019 was $433,065 due to interest income of $645,776 exceeding the Sponsor’s fee of $212,711.

Cash dividends per Share decreased from $0.14 for the three months ended June 30, 2019 to $0.00 for the three months ended June 30, 2020, and decreased from $0.32 per Share for the six months ended June 30, 2019 to $0.02 per Share for the six months ended June 30, 2020. The decrease in cash dividends per Share was primarily due to a decrease in the annual nominal interest rate paid by the Depository.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Except as described above with respect to fluctuations in the Australian Dollar/USD exchange rate and changes in the nominal annual interest rate paid by the Depository on Australian Dollars held by the Trust, the Trust is not subject to market risk. The Trust does not hold securities and does not invest in derivative instruments.

Item 4. Controls and Procedures

Under the supervision and with the participation of the management of the Sponsor, including Anna Paglia, its Principal Executive Officer, and Kelli Gallegos, its Principal Financial and Accounting Officer, Investment Pools, the Trust carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Anna Paglia, the Principal Executive Officer of the Sponsor, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, concluded that the Trust's disclosure controls and procedures were effective to provide reasonable assurance that information the Trust is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and to provide reasonable assurance that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s quarter ended June 30, 2020 that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

 

15


 

PART II – OTHER INFORMATION

None.

Item 1A. Risk Factors

The following represents a material change from the risk factors as previously disclosed in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2019, filed February 28, 2020 (the “2019 Form 10-K”), and should be read as if it immediately follows the first risk factor disclosed in Part I, Item 1A of the 2019 Form 10-K:

The novel coronavirus known as COVID-19 is harming the global, regional and national economies in unexpected, unpredictable ways that could materially and adversely affect the value of the Shares.

COVID-19 spread globally during the first half of 2020. This pandemic has had material adverse effects on the global economy, triggering widespread unemployment and negative revaluation of risk assets. The economic turmoil and market break has led to unprecedented amounts of stimulus in regional and national economies by central banks and other governmental authorities. Despite massive intervention, the humanitarian and economic crisis continues, and financial markets have experienced heightened volatility. No assurance can be given that the disruption will end soon or that the value of the Shares will not be affected materially and adversely by the pandemic and its consequences. Escalation or prolonged continuation of the pandemic could exacerbate other risk factors identified in the Trust’s Form 10-K and materially and adversely affect the value of the Shares.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Trust under equity compensation plans.

(b) Not applicable.

(c) Although the Trust did not redeem Shares directly from its shareholders, the Trust redeemed Baskets from Authorized Participants during the three months ended June 30, 2020 as follows:

Period of Redemption

 

Total Number

of Shares

Redeemed

 

 

Average Price

Paid per

Share

 

April 1, 2020 to April 30, 2020

 

 

150,000

 

 

$

61.62

 

May 1, 2020 to May 31, 2020

 

 

 

 

$

 

June 1, 2020 to June 30, 2020

 

 

 

 

$

 

Total

 

 

150,000

 

 

$

61.62

 

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.


16


 

 

Item 6. Exhibits

 

Exhibit

No.

 

 

Description

3.1

 

Certificate of Formation of the Sponsor dated September 14, 2005, incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-1/A (File number 333‑132362) filed by the Trust on June 9, 2006.

 

3.2

 

Certificate of Amendment to Certificate of Formation of the Sponsor dated March 27, 2012, incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K filed by the Trust on December 21, 2012.

 

3.3

 

Certificate of Amendment to the Certificate of Formation of the Sponsor dated April 6, 2018, incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.

3.4

 

Third Amended and Restated Limited Liability Company Agreement of the Sponsor, incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.

4.1

 

Depositary Trust Agreement dated as of June 8, 2006 among the Sponsor, The Bank of New York Mellon, all registered owners and beneficial owners of Australian Dollar Shares issued thereunder and all depositors, incorporated herein by reference to Exhibit 4.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.

4.2

 

Amendment to Depositary Trust Agreement dated as of November 13, 2008 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on September 9, 2010.

4.3

 

Global Amendment to Depositary Trust Agreements dated as of March 6, 2012 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on March 12, 2012.

4.4

 

Global Amendment to Depositary Trust Agreements dated as of September 5, 2017 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.8 to the Quarterly Report on Form 10-Q filed by the Trust on September 11, 2017.

 

4.5

 

Global Amendment to Depositary Trust Agreements dated as of June 4, 2018 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Trust on June 4, 2018.

 

4.6

 

Form of Participant Agreement among The Bank of New York Mellon, the Sponsor, and the Authorized Participants listed in the Schedule attached thereto pursuant to Instruction 2 to Item 601 of Regulation S-K, incorporated herein by reference to Exhibit 4.6 to the Annual Report on Form 10-K filed by the Trust on January 11, 2019.

 

4.7

 

Global Amendment to Depositary Trust Agreements dated as of January 9, 2019 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Trust on January 11, 2019.

 

10.1

 

Deposit Account Agreement dated as of June 8, 2006 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A., incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.

 

10.2

 

Amendment to Deposit Account Agreement dated as of November 13, 2008 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A., incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by the Trust on September 9, 2010.

 

10.3

 

License Agreement dated as of April 6, 2018 between The Bank of New York Mellon and the Sponsor, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.

 

17


 

31.1

 

Certification by Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

31.2

 

Certification by Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

32.1

 

Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

32.2

 

Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

101.INS

 

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

 

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

 

Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

 

The cover page of the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL.

 

18


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Invesco CurrencyShares® Australian Dollar Trust

 

By:

 

Invesco Specialized Products, LLC

 

 

its Sponsor

 

 

 

 

Dated: August 6, 2020

 

By:

 

/s/ Anna Paglia

 

 

Name:

 

Anna Paglia

 

 

Title:

 

Principal Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dated: August 6, 2020

 

By:

 

/s/ Kelli Gallegos

 

 

Name:

 

Kelli Gallegos

 

 

Title:

 

Principal Financial and Accounting Officer, Investment Pools

 

19