FXY — what changed in the latest 10-Q
A section-by-section comparison of FXY's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +4 | −7 | ~4 | 9 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
During the three months ended March 31, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three …
concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2026 and 2025 cannot be kn…
The Japanese Yen (JPY) weakened during the first quarter of 2026, resulting in negative performance for the Fund, with broad U.S. dollar strength serving as the primary driver. While JPY is traditionally viewed as a safe‑haven currency, its appeal was limited by Japan’s relatively low interest rates…
The Japanese Yen ended the first quarter of 2025 higher, largely thanks to US dollar (USD) weakness. Macroeconomic concerns ignited by shifting global tariff policies and mounting stagflation fears dented consumer, investor, as well as business sentiment in the US, leading to a sharp downturn in dom…
Text removed vs the prior filing · source: 10-Q · 2025-11-07
During the three and nine months ended September 30, 2025 and 2024, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting U.S. economic uncertainty for 2025, and expectations around the Federal Reserve (the “Fed”) …
ended September 30, 2025 and 2024, cannot be known, it is believed that they 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.
The Japanese Yen (JPY/USD) fell in the third quarter of 2025, erasing some of the gains in the first half of the year. The yen benefited from safe haven demand and a weakening U.S. dollar, while the Fed tilt to dovishness was also supportive from a rate differential perspective. However, this was ou…
The Japanese Yen (JPY/USD) rallied significantly in the third quarter of 2024 supported by the surprise hike in Japanese rates in July, and the Fed first rate cut in September. The unexpected hike triggered a sharp unwind of U.S. dollar, Japanese yen carry trades (i.e., borrowing in the Japanese yen…
The Japanese Yen (JPY/USD) posted gains year-to-date through the third quarter of 2025, though earlier strength was partially unwound by its retreat to end the period. The U.S. dollar was pressured by concerns around the Fed independence and dovishness, economic concerns, the growth of the USD debas…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice