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EXCEL - IDEA: XBRL DOCUMENT - CURRENCYSHARES EURO TRUSTFinancial_Report.xls
10-K - FORM 10-K - CURRENCYSHARES EURO TRUSTd449342d10k.htm
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EX-3.2 - AMENDMENT TO CERTIFICATE OF FORMATION - CURRENCYSHARES EURO TRUSTd449342dex32.htm
EX-31.1 - CERTIFICATION - CURRENCYSHARES EURO TRUSTd449342dex311.htm
EX-23.1 - CONSENT OF ERNST & YOUNG LLP. - CURRENCYSHARES EURO TRUSTd449342dex231.htm
EX-32.1 - CERTIFICATION - CURRENCYSHARES EURO TRUSTd449342dex321.htm
EX-31.2 - CERTIFICATION - CURRENCYSHARES EURO TRUSTd449342dex312.htm
EX-32.2 - CERTIFICATION - CURRENCYSHARES EURO TRUSTd449342dex322.htm
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v2.4.0.6
Redeemable Capital Shares
12 Months Ended
Oct. 31, 2012
Redeemable Capital Shares [Abstract]  
Redeemable Capital Shares
4. Redeemable Capital Shares

Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for euro. 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 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 three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded against retained earnings, or, in the absence of retained earnings, by charges against the cumulative translation adjustment.

 

Activity in redeemable capital Shares is as follows:

 

                                                 
    Year ended     Year ended     Year ended  
  October 31, 2012     October 31, 2011     October 31, 2010  
    Shares     U.S. Dollar
Amount
    Shares     U.S. Dollar
Amount
    Shares     U.S. Dollar
Amount
 

Opening balance

    1,850,000     $ 257,096,734       2,800,000     $ 387,741,044       3,900,000     $ 574,795,922  

Shares issued

    12,850,000       1,652,638,909       25,450,000       3,532,613,866       18,800,000       2,527,532,186  

Shares redeemed

    (12,650,000     (1,626,832,329     (26,400,000     (3,664,496,177     (19,900,000     (2,675,163,019
             

Adjustment to period Shares due to currency movement and other

    —         (19,076,201     —         1,238,001       —         (39,424,045
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance

    2,050,000     $ 263,827,113       1,850,000     $ 257,096,734       2,800,000     $ 387,741,044  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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 euro held by the Trust (including all unpaid interest accrued through the preceding day) and calculates the value of the euro 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 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 euro, 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.