34 unchanged sentences
To the extent that demand for silver exceeds the available supply at that time, Authorized Participants may not be able to readily acquire sufficient amounts of silver necessary for the creation of a Basket.
−Removed: Silver deposited with the Custodian must meet the specifications described below under “Deposit of Silver;
−Removed: Issuance of Baskets.” 
+Added: Silver deposited with the Custodian must meet the specifications described below under “Deposit of Silver;
+Added: Issuance of Baskets.”
Baskets may be created only by Authorized Participants, and are only issued in exchange for an amount of silver determined by the Trustee on each day that NYSE Arca is open for regular trading.
14 unchanged sentences
The trading price of the Shares has been highly volatile and could continue to be subject to wide fluctuations in response to various factors.
−Removed: The silver market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to factors such as silver's uses in jewelry, technology, and industrial applications, or cost and production levels in major silver-producing countries such as China, Mexico, and Peru. 
+Added: The silver market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to factors such as silver’s uses in jewelry, technology, and industrial applications, or cost and production levels in major silver-producing countries such as China, Mexico, and Peru.
In particular, supply chain disruptions resulting from the COVID-19 outbreak and investor speculation have significantly contributed to recent price and volume fluctuations.
9 unchanged sentences
a change in economic conditions, such as a recession, can adversely affect the price of silver.
−Removed: Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the Shares;
+Added: Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the Shares;
a significant increase in silver hedging activity by silver producers.
Traditionally, silver producers have not hedged to the same extent that other producers of precious metals (gold, for example) have.
−Removed: Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the Shares;
+Added: Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the Shares;
a significant change in the attitude of speculators and investors towards silver.
−Removed: Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the Shares;
−Removed: global silver supply and demand, which is influenced by such factors as silver’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other silver products, forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major silver-producing countries such as China, Mexico and Peru;
−Removed: global or regional political, economic or financial events and situations, especially those unexpected in nature;
+Added: Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the Shares;
+Added: global silver supply and demand, which is influenced by such factors as silver’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other silver products, forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major silver-producing countries such as China, Mexico and Peru;
+Added: global or regional political, economic or financial events and situations, especially those unexpected in nature;
investors’
−Removed: expectations with respect to the rate of inflation;
−Removed: interest rates;
−Removed: investment and trading activities of hedge funds and commodity funds;
−Removed: other economic variables such as income growth, economic output and monetary policies and;
+Added: expectations with respect to the rate of inflation;
+Added: interest rates;
+Added: investment and trading activities of hedge funds and commodity funds;
+Added: other economic variables such as income growth, economic output and monetary policies and;
investor confidence.
4 unchanged sentences
Furthermore, although silver has been used as a portfolio diversifier due to its historically low-to-negative correlation with stocks and bonds, diversification does not ensure against, nor can it prevent against, risk of loss.
−Removed: The amount of silver represented by each Share will decrease over the life of the Trust due to the sales of silver necessary to pay the Sponsor’s fee and other Trust expenses.
+Added: The amount of silver represented by each Share will decrease over the life of the Trust due to the sales of silver necessary to pay the Sponsor ’
+Added: s fee and other Trust expenses.
Without increases in the price of silver sufficient to compensate for that decrease, the price of the Shares will also decline and you will lose money on your investment in Shares.
2 unchanged sentences
As part of its agreement to assume some of the Trust’s ordinary administrative expenses, the Sponsor has agreed to pay legal fees and expenses of the Trust not in excess of $100,000 per annum.
−Removed: Any legal fees and expenses in excess of that amount will be the responsibility of the Trust.
+Added: Effective January 31, 2022 the Sponsor has agreed to assume up to $500,000 per annum in legal fees and expenses.
+Added: Any legal fees and expenses in excess of the amount required under the Trust Agreement will be the responsibility of the Trust. 
Because the Trust does not have any income, it needs to sell silver to cover the Sponsor’s fee and expenses not assumed by the Sponsor.
35 unchanged sentences
The liquidation of the Trust may occur at a time when the disposition of the Trust’s silver will result in losses to investors in Shares.
−Removed: The Trust will have a limited duration.
−Removed: If certain events occur, at any time, the Trustee will have to terminate the Trust.
−Removed: Otherwise, the Trust will terminate automatically on April 21, 2046.
+Added: The Trust had a limited duration that was scheduled to terminate automatically on January 19, 2045.
+Added: Effective January 31, 2022 the Trust is designed to have a perpetual existence;
+Added: however, if certain events occur, at any time, the Trustee will have to terminate the Trust.
Upon termination of the Trust, the Trustee will sell silver in the amount necessary to cover all expenses of liquidation, and to pay any outstanding liabilities of the Trust.
94 unchanged sentences
law, in which case the ability of the Trust to seek legal redress against the Custodian may be frustrated.
−Removed: The obligations of the Custodian under the Custody Agreements are governed by English law.
+Added: The obligations of the Custodian under the Custodian Agreement are governed by English law.
The Trust is a New York common law trust.
14 unchanged sentences
In these circumstances, it is reasonable to expect that the value at which the Shares trade on NYSE Arca will also be adversely affected.
−Removed: The Trust’s lack of insurance protection and the Shareholders’
−Removed: limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian and any sub-custodian expose the Shareholders to the risk of loss of the Trust’s silver for which no person is liable.
+Added: The Trust’s lack of insurance protection and the Shareholders’ limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian and any sub-custodian expose the Shareholders to the risk of loss of the Trust’s silver for which no person is liable.
The Trust does not insure its silver.
12 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.