How do changes in the U.S. dollar / Swiss franc exchange rate affect the Funds Net Asset Value?
The Fund benefits if the U.S. dollar weakens against the Swiss franc because the Funds Net Asset Value (NAV) increases once translated (daily) into U.S. dollars. The market price of the Fund may not react to the same extent because it is by definition exposed to market forces (supply and demand of the stock). The market price movement may not reflect the NAV movements, hence the presence of a market price discount/premium to NAV.
