Invesco CurrencyShares Swedish Krona Trust (FXS) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	FXS
Entity Registrant Name	Invesco CurrencyShares Swedish Krona Trust
Entity Central Index Key	0001353616
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	150,000

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Swedish Krona deposits, interest bearing	$ 15,100,265	$ 15,862,762
Total Current Assets	15,100,265	15,862,762
Current Liabilities:
Accrued Sponsor’s fee	5,127	5,385
Accrued interest expense on currency deposits	16,256	17,077
Total Current Liabilities	21,383	22,462
Commitments and Contingent Liabilities (note 8)
Redeemable Capital Shares, at redemption value, no par value, 7,500,000 authorized – 150,000 issued and outstanding, respectively	15,078,882	15,840,300
Shareholders’ Equity:
Retained Earnings	0	0
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$ 15,100,265	$ 15,862,762

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Redeemable Capital Shares, no par value	$ 0	$ 0
Redeemable Capital Shares, shares authorized	7,500,000	7,500,000
Redeemable Capital Shares, shares issued	150,000	150,000
Redeemable Capital Shares, shares outstanding	150,000	150,000

Statements of Comprehensive Inc

Statements of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income
Interest Income	$ 0	$ 0
Total Income	0	0
Expenses
Sponsor’s fee	(15,068)	(23,088)
Interest Expense on currency deposits	(47,778)	(73,204)
Total Expenses	(62,846)	(96,292)
Net Comprehensive Income (Loss)	$ (62,846)	$ (96,292)
Basic and Diluted Earnings per Share	$ (0.42)	$ (0.48)
Weighted-average Shares Outstanding	150,000	200,000

Statements of Changes in Shareh

Statements of Changes in Shareholders' Equity and Redeemable Capital Shares - USD ($)	Total	Retained Earnings [Member]	Redeemable Capital Shares [Member]
Balance at Dec. 31, 2017			$ 23,255,297
Net Comprehensive Income (Loss)	$ (96,292)	$ (96,292)
Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings	96,292	96,292	(96,292)
Adjustment of Redeemable Capital Shares to Redemption Value			(517,140)
Balance at Mar. 31, 2018			22,641,865
Balance at Dec. 31, 2018			15,840,300
Net Comprehensive Income (Loss)	(62,846)	(62,846)
Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings	$ 62,846	$ 62,846	(62,846)
Adjustment of Redeemable Capital Shares to Redemption Value			(698,572)
Balance at Mar. 31, 2019			$ 15,078,882

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited)	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Cash flows from operating activities
Net Comprehensive Income (Loss)	$ (62,846)	$ (96,292)
Adjustments to reconcile net comprehensive income (loss) to net cash provided by operating activities:
Accrued Sponsor’s fee	(258)	(208)
Accrued interest expense	(821)	(664)
Net cash used in operating activities	(63,925)	(97,164)
Cash flows from financing activities
Effect of exchange rate on cash	(698,572)	(517,140)
Net change in cash	(762,497)	(614,304)
Cash at beginning of period	15,862,762	23,288,274
Cash at end of period	$ 15,100,265	$ 22,673,970

Background

Background	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Background	1. On September 28, 2017, Guggenheim Capital, LLC (“Guggenheim”) and Invesco Ltd. entered into a Transaction Agreement (the “Transaction Agreement”), pursuant to which Guggenheim agreed to transfer all of the membership interests of Guggenheim Specialized Products, LLC (the “Sponsor”) to Invesco Capital Management LLC (“Invesco Capital Management”). The Transaction Agreement was consummated on April 6, 2018 (the “Closing”) and immediately following the Closing, Invesco Capital Management changed the name of the Sponsor to Invesco Specialized Products, LLC. On January 9, 2019, the Sponsor changed the Trust’s fiscal year from the period beginning on November 1 and ending on October 31 to the period beginning on January 1 and ending on December 31. Unless otherwise noted, all references to “years” in this report refer to the twelve-month fiscal year, which prior to November 1, 2018 ended on October 31 and beginning after December 31, 2018 ends on December 31 of each year.

Organization and Description of

Organization and Description of the Trust	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of the Trust	2. The Invesco CurrencyShares ® The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S. Dollars (“USD”) of the Swedish Krona plus accrued interest, if any, less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Swedish Kronor. The Trust’s assets primarily consist of Swedish Kronor on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in the Form 10-K transition report as filed on March 11, 2019.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	3. A. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance date of the financial statements. Actual results could differ from those estimates. B. For Net Asset Value (“NAV”) calculation purposes, Swedish Krona deposits (cash) are translated at the Closing Spot Rate, which is the Swedish Krona/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading. The Trust maintains its books and records in Swedish Kronor. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Swedish Kronor to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. The redeemable capital Shares are adjusted to redemption value and these adjustments are recorded against retained earnings. C. The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders. Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder. The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes. The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Swedish Kronor. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Swedish Kronor by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. D. Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense on currency deposits. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in market conditions or based on the Depository’s liquidity needs. Interest charged on the primary deposit account will be disclosed as interest expense on currency deposits. E. To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Swedish Kronor effective on the first business day of the subsequent month. The Trustee will direct that the excess Swedish Kronor be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

Swedish Krona Deposits

Swedish Krona Deposits	3 Months Ended
	Mar. 31, 2019
Cash And Cash Equivalents [Abstract]
Swedish Krona Deposits	4. Swedish Krona principal deposits are held in a Swedish Krona-denominated, interest-bearing demand account. The interest rate in effect as of March 31, 2019 was an annual nominal rate of -1.25%. For the three months ended March 31, 2019, there were no Swedish Krona principal deposits, no Swedish Krona principal redemptions and Swedish Krona withdrawals (to pay expenses) of 577,382, resulting in an ending Swedish Krona principal balance of 140,059,485. This equates to 15,100,265 USD. For the two months ended December 31, 2018, there were no Swedish Krona principal deposits, no Swedish Krona principal redemptions and Swedish Krona withdrawals (to pay expenses) of 392,664, resulting in an ending Swedish Krona principal balance of 140,636,867. This equates to 15,862,762 USD. Net interest, if any, associated with creation and redemption activity is held in a Swedish Krona-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

Redeemable Capital Shares

Redeemable Capital Shares	3 Months Ended
	Mar. 31, 2019
Federal Home Loan Banks [Abstract]
Redeemable Capital Shares	5. 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 Swedish Kronor. 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 the 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 two-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. 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 directly to redeemable capital shares and retained earnings. Activity in redeemable capital Shares is as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Shares U.S. Dollar Amount Shares U.S. Dollar Amount Opening Balance 150,000 $ 15,840,300 200,000 $ 23,255,297 Shares issued — — — — Shares redeemed — — — — Adjustment of Redeemable Capital Shares to Redemption Value — (761,418 ) — (613,432 ) Ending Balance 150,000 $ 15,078,882 200,000 $ 22,641,865 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 Swedish Kronor held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Swedish Kronor 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 Swedish Kronor, 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.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Parties	6 The Sponsor is a related party of the Trust. The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Swedish Kronor in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly. The Sponsor assumes and pays the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees. In certain exceptional cases the Trust will pay for some expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from negative interest rates, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $100,000 per year.

Concentration Risk

Concentration Risk	3 Months Ended
	Mar. 31, 2019
Risks And Uncertainties [Abstract]
Concentration Risk	7. All of the Trust’s assets are Swedish Kronor, which creates a concentration risk associated with fluctuations in the price of the Swedish Krona. Accordingly, a decline in the Swedish Krona to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the Swedish Krona include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of Swedish Kronor by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Swedish Kronor as part of their reserve assets) could adversely affect an investment in the Shares. All of the Trust’s Swedish Kronor are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. The Trust’s organizational documents provide for the Trust to indemnify the Sponsor and any affiliate of the Sponsor that provides services to the Trust to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Sponsor or such an affiliate. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Further, the Trust has not had prior claims or losses pursuant to these contracts. Accordingly, the Sponsor expects the risk of loss to be remote.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	A. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance date of the financial statements. Actual results could differ from those estimates.
Foreign Currency Translation	B. For Net Asset Value (“NAV”) calculation purposes, Swedish Krona deposits (cash) are translated at the Closing Spot Rate, which is the Swedish Krona/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading. The Trust maintains its books and records in Swedish Kronor. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Swedish Kronor to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. The redeemable capital Shares are adjusted to redemption value and these adjustments are recorded against retained earnings.
Federal Income Taxes	C. The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders. Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder. The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes. The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Swedish Kronor. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Swedish Kronor by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.
Revenue Recognition	D. Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense on currency deposits. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in market conditions or based on the Depository’s liquidity needs. Interest charged on the primary deposit account will be disclosed as interest expense on currency deposits.
Dividends	E. To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Swedish Kronor effective on the first business day of the subsequent month. The Trustee will direct that the excess Swedish Kronor be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

Redeemable Capital Shares (Tabl

Redeemable Capital Shares (Tables)	3 Months Ended
	Mar. 31, 2019
Federal Home Loan Banks [Abstract]
Schedule for Redeemable Capital Shares Activity	Activity in redeemable capital Shares is as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Shares U.S. Dollar Amount Shares U.S. Dollar Amount Opening Balance 150,000 $ 15,840,300 200,000 $ 23,255,297 Shares issued — — — — Shares redeemed — — — — Adjustment of Redeemable Capital Shares to Redemption Value — (761,418 ) — (613,432 ) Ending Balance 150,000 $ 15,078,882 200,000 $ 22,641,865

Organization and Description _2

Organization and Description of the Trust - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019SEK (kr)Depositoryshares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Initial deposits by sponsor, primary deposit account | kr	kr 1,000
Organization formation date	Jun. 8, 2006
Redemptions capital shares, number of shares in each block | shares	50,000
Number of deposits accounts in which trust's assets primarily consist of Swedish Krona | Depository	2

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)
Accounting Policies [Abstract]
Provision for federal income taxes	$ 0
Minimum days required to stay for tax liability	183 days

Swedish Krona Deposits - Additi

Swedish Krona Deposits - Additional Information (Detail)	2 Months Ended	3 Months Ended
	Dec. 31, 2018SEK (kr)	Mar. 31, 2019SEK (kr)	Mar. 31, 2019USD ($)	Mar. 31, 2019SEK (kr)	Dec. 31, 2018USD ($)	Dec. 31, 2018SEK (kr)
Cash And Cash Equivalents [Abstract]
Principal deposits	kr 0	kr 0
Principal redemptions	0	0
Withdrawals (to pay expenses)	kr 392,664	kr 577,382
Deposits, interest bearing			$ 15,100,265	kr 140,059,485	$ 15,862,762	kr 140,636,867
Annual nominal rate		(1.25%)

Redeemable Capital Shares - Add

Redeemable Capital Shares - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019
Temporary Equity Disclosure [Abstract]
Redeemable capital shares, settlement of each creation or redemption period	2 days

Redeemable Capital Shares - Sch

Redeemable Capital Shares - Schedule for Redeemable Capital Shares Activity (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Temporary Equity Disclosure [Abstract]
Opening Balance, Shares	150,000	200,000
Shares Issued, Shares	0	0
Shares Redeemed, Shares	0	0
Ending Balance, Shares	150,000	200,000
Opening Balance, Amount	$ 15,840,300	$ 23,255,297
Shares Issued, Amount	0	0
Shares Redeemed, Amount	0	0
Adjustment of Redeemable Capital Shares to Redemption Value	(761,418)	(613,432)
Ending Balance, Amount	$ 15,078,882	$ 22,641,865

Related Parties - Additional In

Related Parties - Additional Information (Detail) - Sponsor [Member]	3 Months Ended
	Mar. 31, 2019USD ($)
Accrued Professional Fees [Member]
Related Party Transaction [Line Items]
Sponsor's fee accrues daily and paid monthly, annual nominal Rate	0.40%
Professional Fees Liability [Member]
Related Party Transaction [Line Items]
Legal fees and expenses assumed	$ 100,000
Excess amount of assumed audit fees and legal expenses	$ 100,000