24 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
−Removed: 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 country in other countries);
changes in balances of payments and trade;
42 unchanged sentences
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
−Removed: 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 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.
85 unchanged sentences
Any such rejection could adversely affect a redeeming Shareholder.
−Removed: For example, the resulting delay would adversely affect the value of the Shareholder’s redemption distribution if the NAV were to decline during the delay.
+Added: For example, the resulting delay would adversely affect the value of the Shareholder’s redemption distribution if the
+Added: NAV were to decline during the delay.
In the Depositary Trust Agreement, the Sponsor and the Trustee disclaim any liability for any loss or damage that may result from any such rejection.
8 unchanged sentences
COVID-19 PANDEMIC
−Removed: 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 2021 and continues to spread in 2022.
−Removed: This pandemic has had material adverse effects on the global economy, including lower levels of economic activity and widespread unemployment.
−Removed: The economic turmoil has led to unprecedented amounts of stimulus in regional and national economies by central banks and other governmental authorities.
−Removed: Despite massive intervention, the humanitarian and economic crisis continues, and financial markets have generally experienced heightened volatility.
−Removed: No assurance can be given that the disruption will end soon or that the value of the Shares will not be affected materially and adversely by the pandemic and its consequences.
+Added: The ongoing COVID-19 pandemic continues to impact global, regional and national economies in unexpected and unpredictable ways that could materially and adversely affect the value of the Shares.
+Added: The ongoing COVID-19 pandemic continues to have material adverse effects on the global economy and has increased economic uncertainty and financial market volatility and caused a decline in consumer and business confidence.
+Added: No assurance can be given that the disruption will end soon or that the value of the Shares will not be affected materially and adversely by the pandemic and its ongoing global economic impact.
Escalation or prolonged continuation of the pandemic could exacerbate other risk factors identified in this Report and materially and adversely affect the value of the Shares.
11 unchanged sentences
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
−Removed: 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 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.