12 unchanged sentences
The Trust does not have any officers, directors or employees.
−Removed: The Trust’s net asset value decreased from $11,160,084,971 at December 31, 2022 to $10,389,177,775 at December 31, 2023, the Trust’s fiscal year end.
−Removed: Outstanding Shares of the Trust decreased from 506,550,000 Shares outstanding at December 31, 2022 to 477,000,000 Shares outstanding at December 31, 2023.
+Added: The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $13,401,259,004 at December 31, 2024, the Trust’s fiscal year end.
+Added: Outstanding Shares of the Trust increased from 477,000,000 Shares outstanding at December 31, 2023 to 508,950,000 Shares outstanding at December 31, 2024.
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.
63 unchanged sentences
The Custodian has agreed that it will only retain sub-custodians if they agree to grant to the Trustee and the independent registered public accounting firm of the Trust access to records and inspection rights similar to those set forth above.
−Removed: During the period covered by this report, Bureau Veritas Commodities UK Ltd., acting as authorized representative of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on May 15, 2023 issued their report summarizing their findings.
+Added: During the period covered by this report, Bureau Veritas Commodities UK Ltd.
+Added: and Bureau Veritas Commodities & Trade, Inc., acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on April 18, 2024 issued their report summarizing their findings.
Such report is posted by the Sponsor on the Trust’s website.
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., 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, Coins ’N Things Inc., DRW Investments, LLC, Goldman Sachs International plc, HSBC Bank USA NA, Jane Street Global Trading, LLC, JPMorgan Chase Bank, N.A.
London Branch, Koch Supply and Trading LP, Marex Financial Limited, Morgan Stanley, Standard Chartered Bank, StoneX Financial Ltd., Toronto-Dominion Bank and Virtu Financial Global Markets, LLC.
27 unchanged sentences
LLC, HSBC Securities (USA), Inc., J.P.
−Removed: Morgan Securities, Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.
+Added: Morgan Securities, LLC., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.
LLC., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants.
149 unchanged sentences
ERISA AND RELATED CONSIDERATIONS
−Removed: The Employee Retirement Income Security Act of 1974 (“ERISA”) and/or Section 4975 of the Code impose certain requirements on:
−Removed: (i) employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section 4975 of the Code (collectively, “Plans”); and (ii) persons who are fiduciaries with respect to the investment of assets treated as “plan assets” within the meaning of U.S.
+Added: The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Section 4975 of the Code impose certain requirements on:
+Added: (i) employee benefit plans and certain other plans and arrangements, including IRAs and annuities, Keogh plans and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to Part 4 of Subtitle B of Title I of ERISA and/or Section 4975 of the Code (collectively, “Plans”); and (ii) persons who are fiduciaries with respect to the investment of assets treated as “plan assets” within the meaning of U.S.
Department of Labor (“DOL”) regulation 29 C.F.R.
2 unchanged sentences
“Governmental plans” within the meaning of Section 3(32) of ERISA, certain “church plans” within the meaning of Section 3(33) of ERISA and non‑U.S.
−Removed: plans” described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S.
−Removed: or other law or regulation that is substantially similar to the foregoing provisions of ERISA and the Code.
+Added: plans described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, or non-U.S.
+Added: law or regulation that is substantially similar to the foregoing provisions of ERISA and the Code.
Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in the Shares.
1 unchanged sentence
The Plan fiduciary should consider, among other issues, whether:
−Removed: (1) the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt prohibited transaction with a “party in interest” or a “disqualified person” within the meaning of ERISA and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan’s funding objectives; and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking into account the overall investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s need for sufficient liquidity to pay benefits when due.
+Added: (1) the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt prohibited transaction with a “party in interest” or a “disqualified person” within the meaning of Section 3(14) of ERISA and Section 4975(e)(2) of the Code respectively; (3) the investment is in accordance with the Plan’s funding objectives; and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking into account the overall investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s need for sufficient liquidity to pay benefits when due.
When evaluating the prudence of an investment in the Shares, the Plan fiduciary should consider the DOL’s regulation on investment duties, which can be found at 29 C.F.R.
3 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.