Invesco CurrencyShares Singapore Dollar Trust (FXSG) 10-Q 7 Sep 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Jul. 31, 2018shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	FXSG
Entity Registrant Name	Invesco CurrencyShares Singapore Dollar Trust
Entity Central Index Key	1,433,994
Current Fiscal Year End Date	--10-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jul. 31, 2018	Oct. 31, 2017
Current Assets:
Singapore Dollar deposits, interest bearing	$ 3,611,160	$ 3,609,729
Singapore Dollar deposits, non-interest bearing	0	0
Receivable from accrued interest	2,569	1,467
Total Current Assets	3,613,729	3,611,196
Current Liabilities:
Accrued Sponsor's fee	1,227	1,226
Total Current Liabilities	1,227	1,226
Commitments and Contingent Liabilities (note 8)
Redeemable Capital Shares, at redemption value, no par value, 15,150,000 authorized - 50,000 issued and outstanding	3,612,502	3,609,970
Shareholders' Equity:
Retained Earnings	0	0
Cumulative Translation Adjustment	0	0
Total Liabilities, Redeemable Capital Shares and Shareholders' Equity	$ 3,613,729	$ 3,611,196

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - $ / shares	Jul. 31, 2018	Oct. 31, 2017
Statement of Financial Position [Abstract]
Redeemable Capital Shares, no par value	$ 0	$ 0
Redeemable Capital Shares, shares authorized	15,150,000	15,150,000
Redeemable Capital Shares, shares issued	50,000	50,000
Redeemable Capital Shares, shares outstanding	50,000	50,000

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2018	Jul. 31, 2017
Income
Interest Income	$ 6,155	$ 2,126	$ 13,076	$ 2,707
Total Income	6,155	2,126	13,076	2,707
Expenses
Sponsor's fee	(3,671)	(3,587)	(11,008)	(10,485)
Total Expenses	(3,671)	(3,587)	(11,008)	(10,485)
Net Income/(Loss)	$ 2,484	$ (1,461)	$ 2,068	$ (7,778)
Basic and Diluted Earnings per Share	$ 0.05	$ (0.03)	$ 0.04	$ (0.16)
Weighted-average Shares Outstanding	50,000	50,000	50,000	50,000
Cash Dividends per Share	$ 0.02		$ 0.05
Other Comprehensive Loss:
Currency translation adjustment	$ (20)	$ (27)	$ (37)	$ (86)
Total Comprehensive Income/(Loss)	$ 2,464	$ (1,488)	$ 2,031	$ (7,864)

Statements of Changes in Shareh

Statements of Changes in Shareholders' Equity - USD ($)	Total	Retained Earnings [Member]	Cumulative Translation Adjustment [Member]
Beginning of Period at Oct. 31, 2016		$ 0	$ 0
Net Income/(Loss)		(8,241)
Currency translation adjustment			(84)
Adjustment of redeemable capital shares to redemption value		8,241	84
End of Period at Oct. 31, 2017		0	0
Net Income/(Loss)	$ 2,068	2,068
Currency translation adjustment	$ (37)		(37)
Distributions Paid		(2,480)
Adjustment of redeemable capital shares to redemption value		412	37
End of Period at Jul. 31, 2018		$ 0	$ 0

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2018	Jul. 31, 2017	Oct. 31, 2017
Cash flows from operating activities
Cash received for accrued income			$ 11,974	$ 1,514
Cash paid for sponsor's fee			(11,008)	(10,483)
Net cash provided by/(used in) operating activities			966	(8,969)
Cash flows from financing activities
Cash paid for distributions			(2,480)
Net cash used in financing activities			(2,480)
Adjustment to period cash flows due to currency movement			2,945	90,270
Increase in cash			1,431	81,301
Cash at beginning of period			3,609,729	3,542,992	$ 3,542,992
Cash at end of period	$ 3,611,160	$ 3,624,293	3,611,160	3,624,293	$ 3,609,729
Reconciliation of net income/(loss) to net cash provided by/(used in) operating activities
Net Income/(Loss)	$ 2,484	$ (1,461)	2,068	(7,778)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Receivable from accrued interest			(2,569)	(1,202)
Prior period receivable from accrued interest			1,467
Currency translation adjustment			(1)	(20)
Accrued sponsor's fee			1,227	1,231
Prior period accrued sponsor's fee			(1,226)	(1,200)
Net cash provided by/(used in) operating activities			$ 966	$ (8,969)

Background

Background	9 Months Ended
	Jul. 31, 2018
Accounting Policies [Abstract]
Background	1. Background 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.

Organization and Description of

Organization and Description of the Trust	9 Months Ended
	Jul. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Trust	2. Organization and Description of the Trust The Invesco CurrencyShares ® day-to-day 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 Singapore Dollar 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 Singapore Dollar. The Trust’s assets primarily consist of Singapore Dollars 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 10-K

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jul. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant Accounting Policies A. Use of Estimates 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. Foreign Currency Translation For NAV calculation purposes, Singapore Dollar deposits (cash) are translated at the Closing Spot Rate, which is the Singapore Dollar/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 Singapore Dollars. 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 Singapore Dollar 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. Any currency translation adjustment is included in comprehensive income. C. Federal Income Taxes 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 pro-rata pro-rata 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 USD-equivalent The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Singapore Dollar. A non-U.S. non-U.S. non-U.S. A non-U.S. non-U.S. non-U.S. D. Revenue Recognition 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. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in the Singapore Domestic Interbank Overnight Average Rate, other market conditions or the Depository’s liquidity needs. Interest charged on the primary deposit account will be disclosed as interest expense. E. Dividends 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 Singapore Dollar effective on the first business day of the subsequent month. The Trustee will direct that the excess Singapore Dollar 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 ex-dividend

Singapore Dollar Deposits

Singapore Dollar Deposits	9 Months Ended
	Jul. 31, 2018
Cash and Cash Equivalents [Abstract]
Singapore Dollar Deposits	4. Singapore Dollar Deposits Singapore Dollar principal deposits are held in a Singapore Dollar-denominated, interest-bearing demand account. The interest rate in effect as of July 31, 2018 was an annual nominal rate of 1.33%. For the nine months ended July 31, 2018, there were no Singapore Dollar principal deposits, no Singapore Dollar principal redemptions and Singapore Dollar withdrawals (to pay expenses) of 2,024, resulting in an ending Singapore Dollar principal balance of 4,915,871. This equates to 3,611,160 USD. For the year ended October 31, 2017, there were no Singapore Dollar principal deposits, no Singapore Dollar principal redemptions and Singapore Dollar withdrawals (to pay expenses) of 13,596, resulting in an ending Singapore Dollar principal balance of 4,917,895. This equates to 3,609,729 USD. Net interest, if any, associated with creation and redemption activity is held in a Singapore Dollar-denominated non-interest-bearing

Redeemable Capital Shares

Redeemable Capital Shares	9 Months Ended
	Jul. 31, 2018
Federal Home Loan Banks [Abstract]
Redeemable Capital Shares	5. 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 Singapore Dollar. 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 Activity in redeemable capital Shares is as follows: Nine months ended July 31, 2018 (Unaudited) Year ended October 31, 2017 Shares U.S. Dollar Amount Shares U.S. Dollar Amount Opening Balance 50,000 $ 3,609,970 50,000 $ 3,541,792 Shares issued — — — — Shares redeemed — — — — Adjustment to period Shares due to currency movement and other — 2,532 — 68,178 Ending Balance 50,000 $ 3,612,502 50,000 $ 3,609,970 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 Singapore Dollar held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Singapore Dollar 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 Singapore Dollar, 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 Party Agreements

Related Party Agreements	9 Months Ended
	Jul. 31, 2018
Related Party Transactions [Abstract]
Related Party Agreements	6. Related Party Agreements 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 Singapore Dollars 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 a negative interest rate, 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	9 Months Ended
	Jul. 31, 2018
Risks and Uncertainties [Abstract]
Concentration Risk	7. Concentration Risk All of the Trust’s assets are Singapore Dollars, which creates a concentration risk associated with fluctuations in the price of the Singapore Dollar. Accordingly, a decline in the Singapore Dollar 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 Singapore Dollar 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 Singapore Dollars by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Singapore Dollars as part of their reserve assets) could adversely affect an investment in the Shares. All of the Trust’s Singapore Dollars 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	9 Months Ended
	Jul. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Under the Trust’s organizational documents, the Sponsor is indemnified against any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under this arrangement is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

Significant Accounting Polici15

Significant Accounting Policies (Policies)	9 Months Ended
	Jul. 31, 2018
Accounting Policies [Abstract]
Use of Estimates	A. Use of Estimates 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. Foreign Currency Translation For NAV calculation purposes, Singapore Dollar deposits (cash) are translated at the Closing Spot Rate, which is the Singapore Dollar/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 Singapore Dollars. 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 Singapore Dollar 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. Any currency translation adjustment is included in comprehensive income.
Federal Income Taxes	C. Federal Income Taxes 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 pro-rata pro-rata 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 USD-equivalent The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Singapore Dollar. A non-U.S. non-U.S. non-U.S. A non-U.S. non-U.S. non-U.S.
Revenue Recognition	D. Revenue Recognition 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. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in the Singapore Domestic Interbank Overnight Average Rate, other market conditions or the Depository’s liquidity needs. Interest charged on the primary deposit account will be disclosed as interest expense.
Dividends	E. Dividends 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 Singapore Dollar effective on the first business day of the subsequent month. The Trustee will direct that the excess Singapore Dollar 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 ex-dividend

Redeemable Capital Shares (Tabl

Redeemable Capital Shares (Tables)	9 Months Ended
	Jul. 31, 2018
Federal Home Loan Banks [Abstract]
Schedule for Redeemable Capital Shares Activity	Activity in redeemable capital Shares is as follows: Nine months ended July 31, 2018 (Unaudited) Year ended October 31, 2017 Shares U.S. Dollar Amount Shares U.S. Dollar Amount Opening Balance 50,000 $ 3,609,970 50,000 $ 3,541,792 Shares issued — — — — Shares redeemed — — — — Adjustment to period Shares due to currency movement and other — 2,532 — 68,178 Ending Balance 50,000 $ 3,612,502 50,000 $ 3,609,970

Organization and Description 17

Organization and Description of the Trust - Additional Information (Detail)	9 Months Ended
	Jul. 31, 2018SGD ($)Accountsshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization formation date	Aug. 7, 2008
Initial deposits by sponsor, primary deposit account | $	$ 100
Number of deposits accounts in which trust's assets primarily consist of Singapore Dollars | Accounts	2
Redemptions Capital Shares, Number of shares in each Block | shares	50,000

Significant Accounting Polici18

Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Jul. 31, 2018USD ($)$ / shares
Accounting Policies [Abstract]
Provision for federal income taxes | $	$ 0
Minimum days required to stay for tax liability	183 days
Dividend ex-dividend, income distribution per share | $ / shares	$ 0.02681
Dividend payment date	Aug. 8, 2018

Singapore Dollar Deposits - Add

Singapore Dollar Deposits - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Jul. 31, 2018SGD ($)	Oct. 31, 2017SGD ($)	Jul. 31, 2018USD ($)	Jul. 31, 2018SGD ($)	Oct. 31, 2017USD ($)	Oct. 31, 2017SGD ($)
Cash and Cash Equivalents [Abstract]
Principal deposits	$ 0	$ 0
Principal redemptions	0	0
Withdrawals (to pay expenses)	$ 2,024	$ 13,596
Deposits, interest bearing			$ 3,611,160	$ 4,915,871	$ 3,609,729	$ 4,917,895
Annual nominal rate	1.33%

Redeemable Capital Shares - Add

Redeemable Capital Shares - Additional Information (Detail)	9 Months Ended
	Jul. 31, 2018
Temporary Equity Disclosure [Abstract]
Redeemable capital shares, settlement of each creation or redemption period	2 days

Redeemable Capital Shares - Act

Redeemable Capital Shares - Activity in Redeemable Capital Shares (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Jul. 31, 2018	Oct. 31, 2017
Temporary Equity Disclosure [Abstract]
Opening Balance, Shares	50,000	50,000
Shares issued, Shares	0	0
Shares redeemed, Shares	0	0
Ending Balance, Shares	50,000	50,000
Opening Balance, Amount	$ 3,609,970	$ 3,541,792
Shares issued, Amount	0	0
Shares redeemed, Amount	0	0
Adjustment to period Shares due to currency movement and other, Amount	2,532	68,178
Ending Balance, Amount	$ 3,612,502	$ 3,609,970

Related Party Agreements - Addi

Related Party Agreements - Additional Information (Detail) - Sponsor [Member]	9 Months Ended
	Jul. 31, 2018USD ($)
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