FXA 10-Q

Invesco CurrencyShares Australian Dollar Trust (FXA)

10-Q 2021-11-05 For: 2021-09-30

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Added on April 07, 2026

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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)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units of Beneficial Interest	FXA	NYSE Arca


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

			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

	September 30, 2021		December 31, 2020
Assets
Australian Dollar deposits, interest bearing	$	118,436,193	$	157,666,229
Total Assets	$	118,436,193	$	157,666,229
Liabilities
Accrued Sponsor’s fee	$	38,932	$	55,131
Total Liabilities		38,932		55,131
Commitments and Contingent Liabilities (Note 8)
Redeemable Capital Shares and Shareholders’ Equity
Redeemable Capital Shares, at redemption value, no par value, 1,650,000 and 2,050,000 issued and outstanding, respectively		118,397,261		157,611,098
Shareholders’ Equity:
Retained Earnings		—		—
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	118,436,193	$	157,666,229

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Income
Interest Income	$	—		$	—		$	—		$	84,292
Total Income		—			—			—			84,292
Expenses
Sponsor’s fee		(124,292	)		(137,269	)		(429,242	)		(306,089	)
Interest Expense on currency deposits		—			—			—			(18,141	)
Total Expenses		(124,292	)		(137,269	)		(429,242	)		(324,230	)
Net Comprehensive Income (Loss)	$	(124,292	)	$	(137,269	)	$	(429,242	)	$	(239,938	)
Basic and Diluted Earnings (Loss) per Share	$	(0.07	)	$	(0.07	)	$	(0.23	)	$	(0.16	)
Weighted-average Shares Outstanding		1,682,065			1,952,174			1,889,927			1,481,204

	Retained Earnings			Total Shareholders' Equity			Shares			Redeemable Capital Shares
Balance at June 30, 2021	$	—		$	—			1,800,000		$	134,374,488
Purchases of Shares		—			—			—			—
Redemption of Shares		—			—			(150,000	)		(11,005,458	)
Net Increase (Decrease) due to Share Transactions		—			—			(150,000	)		(11,005,458	)
Net Comprehensive Income (Loss)		(124,292	)		(124,292	)					—
Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings		124,292			124,292						(124,292	)
Adjustment of Redeemable Capital Shares to Redemption Value		—			—						(4,847,477	)
Balance at September 30, 2021	$	—		$	—			1,650,000		$	118,397,261

	Nine Months Ended September 30,
	2021			2020
Cash flows from operating activities
Net Comprehensive Income (Loss)	$	(429,242	)	$	(239,938	)
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
Accrued Sponsor’s fee		(16,199	)		17,768
Net cash provided by (used in) operating activities		(445,441	)		(185,649	)
Cash flows from financing activities
Distributions paid to shareholders		—			(25,880	)
Proceeds from purchases of redeemable capital Shares		11,566,005			78,112,056
Redemptions of redeemable capital Shares		(41,798,443	)		(23,331,674	)
Net cash provided by (used in) financing activities		(30,232,438	)		54,754,502
Effect of exchange rate on cash		(8,552,157	)		832,162
Net change in cash		(39,230,036	)		55,401,015
Cash at beginning of period		157,666,229			101,919,531
Cash at end of period	$	118,436,193		$	157,320,546

Supplemental disclosure of cash flow information
Cash paid for interest	$	—		$	18,141

Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
July 1, 2021 to July 31, 2021		100,000	$	73.56
August 1, 2021 to August 31, 2021		50,000	$	73.00
September 1, 2021 to September 30, 2021		—	$	—
Total		150,000	$	73.37


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		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.
4.7		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.
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.


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 September 30, 2021, formatted in Inline XBRL.

Invesco CurrencyShares^® Australian Dollar Trust

By:		Invesco Specialized Products, LLC
		its Sponsor

Dated: November 4, 2021	By:	/s/ Anna Paglia
	Name:	Anna Paglia
	Title:	Principal Executive Officer




Dated: November 4, 2021	By:	/s/ Kelli Gallegos
	Name:	Kelli Gallegos
	Title:	Principal Financial and Accounting Officer, Investment Pools