14 unchanged sentences
On June 23, 2016, the citizens of the United Kingdom, a European Union member that had not adopted the euro as its currency, voted to leave the European Union.
−Removed: In March 2017, the British government invoked Article 50 of the Treaty on European Union, which formally triggered a negotiation process with the European Union.
−Removed: In March 2018, the parties agreed to a transition period of 21 months — from March 29, 2019 until the end of 2020 — before the United Kingdom leaves the European Union completely, assuming approval of a withdrawal agreement.
−Removed: Withdrawal from the European Union is controversial in the United Kingdom notwithstanding the 2016 vote.
−Removed: On October 17, 2019, the British government and the European Union announced that a withdrawal agreement had been negotiated, and such withdrawal agreement subsequently received Parliamentary approval.
The United Kingdom withdrew from the European Union on January 31, 2020, and was in a transition period through December 31, 2020, during which time the United Kingdom negotiated and entered into new trade agreements with the European Union and certain trade partner nations;
−Removed: however, trade agreements with other trade partner nations, including the United States, Australia and others, have not yet been negotiated.
+Added: however, trade agreements with other trade partner nations, including the United States and others, have not yet been negotiated.
The consequences for the economies of the European Union members of the United Kingdom exiting the European Union are unknown and unpredictable, as is the future direction of the value of the British Pound Sterling and the Shares.
−Removed: uncertainties could increase volatility in the market prices of the British Pound Sterling and the Shares.
+Added: These uncertainties could increase volatility in the market prices of the British Pound Sterling and the Shares.
Increased volatility could, in itself, decrease the value of the Shares .
60 unchanged sentences
There have been ongoing discussions and commentary regarding potential significant changes to United States trade policies, treaties and tariffs.
−Removed: The current administration, along with Congress, has created significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs.
These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may increase the volatility of foreign exchange rates, including the USD/British Pound Sterling exchange rate.
17 unchanged sentences
changes in the character of investment companies without the consent of investors;
−Removed: and investment companies from
−Removed: engaging in excessive leveraging.
−Removed: To accomplish these ends, the Investment Company Act requires the safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund management.
+Added: and investment companies from engaging in excessive leveraging.
+Added: To accomplish these ends, the Investment Company Act requires the safekeeping and proper
+Added: valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund management.
The Trust is not registered as an investment company under the Investment Company Act and is not required to register under that act.
65 unchanged sentences
The novel coronavirus known as COVID-19 is harming the global, regional and national economies in unexpected, unpredictable ways that could materially and adversely affect the value of the Shares.
−Removed: COVID-19 spread globally throughout 2020 and continues to spread in 2021.
+Added: COVID-19 spread globally throughout 2020 and 2021 and continues to spread in 2022.
This pandemic has had material adverse effects on the global economy, including lower levels of economic activity and widespread unemployment.
23 unchanged sentences
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.