15 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 euro and the Shares.
5 unchanged sentences
changing supply and demand for a particular currency;
−Removed: monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries);
+Added: monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a
+Added: country in other countries);
changes in balances of payments and trade;
39 unchanged sentences
It is generally expected that the public trading price per Share will track the NAV per Share closely over time.
−Removed: The relationship between the public trading price per Share and the NAV per Share depends, to a considerable degree, on the ability of Authorized
−Removed: Participants or their clients or customers to purchase and redeem Baskets in the ordinary course.
+Added: The relationship between the public trading price per Share and the NAV per Share depends, to a considerable degree, on the ability of Authorized Participants or their clients or customers to purchase and redeem Baskets in the ordinary course.
If the Trust were to issue all Shares that have been registered or if the Trust does not have an effective registration statement with the SEC with sufficient Shares available, each of which may happen from time to time, the Trust would not be able to create new Baskets until it registered additional Shares and those additional Shares became available for sale.
In addition, the Trust may, in its discretion, suspend the creation of Baskets for any reason and at any time.
−Removed: If the process for creating or redeeming Shares is impaired for any reason, Authorized Participants and their clients or customers may not be able to purchase and redeem Baskets.
+Added: If the process for creating or redeeming Shares is impaired for any reason, Authorized Participants and
+Added: their clients or customers may not be able to purchase and redeem Baskets.
The inability to purchase and redeem Baskets could result in the Shares trading at a premium or discount to the NAV of the Trust.
9 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/euro exchange rate.
23 unchanged sentences
As interests in a grantor trust, the Shares have none of the statutory rights normally associated with the ownership of shares of a business corporation, including, for example, the right to bring “oppression” or “derivative” actions.
−Removed: Apart from the rights afforded to them by federal and state securities laws, Shareholders have only those rights relative to the Trust, the Trust property and the Shares
−Removed: that are set forth in the Depositary Trust Agreement.
+Added: Apart from the rights afforded to them by federal and state securities laws, Shareholders have only those rights relative to the Trust, the Trust property and the Shares that are set forth in the Depositary Trust Agreement.
In this connection, the Shareholders have limited voting and distribution rights.
43 unchanged sentences
If directed by the Sponsor, the Trustee must terminate the Depository.
−Removed: Such a termination might result, for example, if the Sponsor determines that the
−Removed: interest rate paid by the Depository is inadequate.
+Added: Such a termination might result, for example, if the Sponsor determines that the interest rate paid by the Depository is inadequate.
In the event that the Depository was to resign or be removed, the Trust will be terminated.
14 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.
13 unchanged sentences
For instance, it is possible that certain existing risks have not been identified or that new risks will emerge before countervailing measures can be implemented.
−Removed: Furthermore, the Trust cannot control, or even necessarily influence, the cyber security plans and systems put in place by the Trust’s third party service
+Added: Furthermore, the Trust cannot control, or even necessarily influence, the cyber security plans and systems put in place by the Trust’s third party service providers.
Since the Trust is dependent upon third party service providers (including the Sponsor and Trustee) for substantially all of its operational needs, the Trust is subject to the risk that a cyber attack on a service provider will materially impair its normal operations even if the Trust itself is not subject to such an attack.
−Removed: In addition, a service provider that has experienced a cyber security incident may divert resources normally devoted to servicing the Trust to addressing the incident, which would be likely to have an adverse effect on the Trust’s operations.
+Added: In addition, a service provider that has experienced a cyber security
+Added: incident may divert resources normally devoted to servicing the Trust to addressing the incident, which would be likely to have an adverse effect on the Trust’s operations.
UNRESOLVED STAFF COMMENTS
5 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.