The CurrencyShares® Singapore Dollar Trust (the “Trust”) is
a grantor trust that was formed on August 7, 2008. The Shares began trading
on NYSE Arca Inc. (“NYSE Arca”) under the ticker symbol “FXSG”
on February 13, 2013. The Trust issues shares (the “Shares”) in
blocks of 50,000 (a “Basket”) in exchange for deposits of Singapore
Dollars and distributes Singapore 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 Singapore Dollar plus accrued interest, less the expenses of the
Trust’s operations. The Shares are intended to offer investors an opportunity
to participate in the market for the Singapore 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 Singapore 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 Singapore 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.currencyshares.com, each business day.
The Trust holds Singapore Dollars and, from time to time, issues Baskets in
exchange for deposits of Singapore Dollars and distributes Singapore Dollars
in connection with redemptions of Baskets. The Singapore Dollars held by the
Trust will be sold only (1) if needed to pay Trust expenses, (2) in the event
the Trust terminates and liquidates its assets or (3) as otherwise required
by law or regulation.
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 Singapore Dollars in the Trust at the end of the preceding
day accrued but unpaid interest, if any, Singapore Dollars receivable under
pending purchase orders and the value of other Trust assets, and subtracts the
accrued but unpaid Sponsor’s fee, Singapore Dollars payable under pending
redemption orders and other Trust expenses and liabilities, if any. The NAV
is expressed in U.S. Dollars (“USD”) based on the Singapore Dollar/USD
exchange rate as determined by The WM Company, as of 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.
Each Share represents a proportional interest, based on the total number of
Shares outstanding, in the Singapore Dollars owned by the Trust, plus accrued
and unpaid interest, if any, less accrued but unpaid expenses (both asset-based
and non-asset based) of the Trust. All Shares are of the same class with equal
rights and privileges. Each Share is transferable, is fully paid and non-assessable
and entitles the holder to vote on the limited matters upon which Shareholders
may vote under the Depositary Trust Agreement.
