13 unchanged sentences
The Trust does not have any officers, directors or employees.
−Removed: The Trust’s net asset value grew from $6,540,758,565 at December 31, 2019 to $14,791,792,720 at December 31, 2020, the Trust’s fiscal year end.
−Removed: Outstanding Shares of the Trust grew from 388,100,000 Shares outstanding at December 31, 2019 to 600,950,000 Shares outstanding at December 31, 2020.
+Added: The Trust’s net asset value decreased from $14,791,792,720 at December 31, 2020 to $12,249,234,223 at December 31, 2021, the Trust’s fiscal year end.
+Added: Outstanding Shares of the Trust decreased from 600,950,000 Shares outstanding at December 31, 2020 to 573,800,000 Shares outstanding at December 31, 2021.
The activities of the Trust are limited to (1) issuing Baskets in exchange for the silver deposited with the Custodian as consideration, (2) selling silver as necessary to cover the Sponsor’s fee, Trust expenses not assumed by the Sponsor and other liabilities, and (3) delivering silver in exchange for Baskets surrendered for redemption.
44 unchanged sentences
The owners of Shares do not receive the CEA disclosure document and certified annual report required to be delivered by the registered commodity pool operator with respect to a commodity pool, and the owners of Shares do not have the regulatory protections provided to investors in commodity pools operated by registered commodity pool operators.
−Removed: Custody of the Trust’s Silver
+Added: Custody of the Trust ’
The Custodian is responsible for safekeeping the silver owned by the Trust.
18 unchanged sentences
During the period covered by this report, Inspectorate International Ltd.
−Removed: and Inspectorate America Corporation, acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on March 20, 2020 issued their report summarizing their findings.
−Removed: Such report is posted by the Sponsor on the Trust’s website.
+Added: and Inspectorate America Corporation, acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on August 3, 2021 issued their report summarizing their findings.
+Added: Such report is posted by the Sponsor on the Trust’s website.
Valuation of Silver ;
16 unchanged sentences
As of the date of this report, information publicly available on IBA’s website indicates that the direct participants currently qualified to submit orders during the electronic auctions used for the daily determination of the LBMA Silver Price are Citibank, N.A.
−Removed: London Branch, Coins ’N Things Inc., Goldman Sachs International plc, HSBC Bank USA NA, INTL FCStone, Jane Street Global Trading, LLC, JP Morgan Chase Bank, N.A.
−Removed: London Branch, Koch Supply and Trading LP, Marex Financial Limited, Morgan Stanley, Standard Chartered Bank and Toronto-Dominion Bank.
+Added: London Branch, Coins ’N Things Inc., DRW Investments, LLC, Goldman Sachs International plc, HSBC Bank USA NA, Jane Street Global Trading, LLC, JP Morgan Chase Bank, N.A.
+Added: London Branch, Koch Supply and Trading LP, Marex Financial Limited, Morgan Stanley, Standard Chartered Bank, StoneX Financial Ltd and Toronto-Dominion Bank.
Prior to October 2, 2017, the LBMA Silver Price was determined using an electronic auction administered by CME Group and published by Thomson Reuters.
8 unchanged sentences
the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.
+Added: Effective January 31, 2022 the Sponsor has agreed to assume up to $500,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement.
+Added: To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.
The Sponsor’s fee is accrued daily at an annualized rate equal to 0.50% of the net asset value of the Trust and is payable monthly in arrears.
16 unchanged sentences
Morgan Securities, Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.
−Removed: LLC., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC, Virtu Americas LLC and Virtu Financial BD LLC are the only Authorized Participants.
+Added: LLC., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC, Virtu Americas LLC and Virtu Financial BD LLC are the only Authorized Participants.
The Sponsor and the Trustee maintain a current list of Authorized Participants.
49 unchanged sentences
any taxes and other governmental charges that may fall on the Trust or its property;
−Removed: expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests of holders of Shares;
+Added: expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests of holders of Shares;
any indemnification of the Sponsor as described below.
10 unchanged sentences
Shareholder (as defined below), represents, insofar as it describes conclusions as to United States federal income tax law and subject to the limitations and qualifications described therein, the opinion of Clifford Chance US LLP, special United States federal income tax counsel to the Sponsor.
−Removed: This is based on the United States Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this report and all of which are subject to change either prospectively or retroactively.
+Added: This is based on the United States Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this report and all of which are subject to change either prospectively or retroactively.
The tax treatment of owners of beneficial interests in the Shares (“Shareholders”) may vary depending upon their own particular circumstances.
126 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.