60 unchanged sentences
interest rate volatility;
−Removed: unexpected political, economic, global or regional incidents, including the Israel-Hamas war and the continuation of the war in Ukraine.
+Added: unexpected political, economic, global or regional incidents, including the Israel-Hamas war and the continued of the war invasion of Ukraine.
In February 2022, Russia launched a large-scale invasion of Ukraine.
3 unchanged sentences
Such sanctions and other similar measures could cause volatility in precious metals prices and have a significant impact on Trust performance and the value of an investment in the Shares.
−Removed: On March 7, 2022, the LBMA suspended six Russian gold and silver refiners from its Good Delivery List.
+Added: On March 7, 2022, the LBMA suspended six Russian gold and silver refiners from its Gold Delivery List.
As a result, while existing gold bars from these refiners are considered acceptable, new gold bars are not.
107 unchanged sentences
Nor can there be any assurance that the systems and applications on which the Trust relies will continue to operate as intended.
−Removed: In addition to potentially causing performance failures at, or direct losses to, the Trust, any such unforeseen circumstances and events or operational failures may further distract the service providers, agents or personnel on which the Trust relies, reducing their ability to conduct the activities on which the Trust is dependent.
+Added: In addition to potentially causing performance failures at, or direct losses to, the Trust, any such unforeseen circumstances and events or operational failures may
+Added: further distract the service providers, agents or personnel on which the Trust relies, reducing their ability to conduct the activities on which the Trust is dependent.
These risks cannot be fully mitigated or prevented, and further efforts or expenditures to do so may not be cost-effective, whether due to reduced benefits from implementing additional or redundant safeguards or due to increases in associated maintenance requirements and other expenses that may make it more costly for the Trust to operate in more typical circumstances.
13 unchanged sentences
The Trustee and the Sponsor may amend any provisions of the Trust Agreement without the consent of any person, including any investor, provided that any amendment that imposes or increases any fees or charges (other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices any substantial existing right of the investors, will not become effective as to outstanding Shares until 30 days after notice of such amendment is given to the investors.
−Removed: Notwithstanding the foregoing, the Sponsor may increase or decrease the Sponsor Fee upon
−Removed: three business days’ prior notice being posted on the website of the Trust and upon three business days’ prior notice being given to the Trustee.
+Added: Notwithstanding the foregoing, the Sponsor may increase or decrease the Sponsor Fee upon three business days’ prior notice being posted on the website of the Trust and upon three business days’ prior notice being given to the Trustee.
Every investor, at the time any amendment so becomes effective, will be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby.
55 unchanged sentences
The Trust does not insure its gold.
−Removed: The Custodian maintains insurance on such terms and conditions as it considers appropriate in connection with its custodial obligations under the Custodian Agreement and is responsible for all costs, fees and expenses arising from the insurance policy or policies.
+Added: The Custodian maintains insurance on such terms and conditions as it considers appropriate in connection with its custodial obligations under the Custody Agreement and is responsible for all costs, fees and expenses arising from the insurance policy or policies.
The Trust is not a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or amount of coverage.
Therefore, investors cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the gold held by the Custodian on behalf of the Trust.
−Removed: In addition, the Custodian Agreement does not require any direct or indirect Sub-Custodians to be insured or bonded with respect to their custodial activities or in respect of the gold held by them on behalf of the Trust.
+Added: In addition, the Custody Agreement does not require any direct or indirect Sub-Custodians to be insured or bonded with respect to their custodial activities or in respect of the gold held by them on behalf of the Trust.
Further, investors’ legal recourse against the Trust, the Trustee, the Sponsor, the Custodian, and any Sub-Custodians is limited.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.