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Redeemable Capital Shares | 12 Months Ended
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Oct. 31, 2014
Equity [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 Canadian 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 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, 2014 |  |  | October 31, 2013 |  |  | October 31, 2012 |
|  | Shares |  |  | U.S. Dollar Amount |  |  | Shares |  |  | U.S. Dollar Amount |  |  | Shares |  |  | U.S. Dollar Amount |
Opening balance |  |  | 3,550,000 |  |  | $ | 338,556,957 |  |  |  | 4,950,000 |  |  | $ | 492,510,069 |  |  |  | 6,350,000 |  |  | $ | 635,831,194 |
Shares issued |  |  | 400,000 |  |  |  | 36,495,266 |  |  |  | 600,000 |  |  |  | 58,495,917 |  |  |  | 150,000 |  |  |  | 14,846,422 |
Shares redeemed |  |  | (1,100,000 | ) |  |  | (100,362,128 | ) |  |  | (2,000,000 | ) |  |  | (194,992,928 | ) |  |  | (1,550,000 | ) |  |  | (153,417,420 | )
Adjustment to period Shares due to currency movement and other |  |  | — |  |  |  | (23,275,125 | ) |  |  | — |  |  |  | (17,456,101 | ) |  |  | — |  |  |  | (4,750,127 | )
Ending balance |  |  | 2,850,000 |  |  | $ | 251,414,970 |  |  |  | 3,550,000 |  |  | $ | 338,556,957 |  |  |  | 4,950,000 |  |  | $ | 492,510,069 |
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 Canadian Dollars held by the Trust (including all unpaid interest accrued, if any, through the preceding day) and calculates the value of the Canadian 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 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 Canadian 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.

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