6 unchanged sentences
Investors should keep in mind that electronic markets are not exempt from failures, as the experiences of the initial public offerings of Facebook and BATS Global Markets illustrate.
−Removed: As of the date of this filing, the LBMA Silver Price has been subjected to the test of actual trading markets for over ten years.
+Added: As of the date of this filing, the LBMA Silver Price has been subjected to the test of actual trading markets for over 11 years.
As with any innovation, it is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability of the system to produce, an LBMA Silver Price on any given day.
1 unchanged sentence
In any of these circumstances, the intervention of extraneous events disruptive of the normal interaction of supply and demand of silver at any given time, may result in distorted prices and losses on an investment in the Shares that, but for such extraneous events, might not have occurred.
−Removed: Other effects of disruptions in the determination of the LBMA Silver Price or any inaccuracies in setting of the auction prices on the operations of the Trust include the potential for an incorrect valuation of the Trust’s silver, an inaccurate computation of the Sponsor’s fee, and the sales of silver to cover Trust expenses at prices that do not accurately reflect the fundamentals of the silver market.
+Added: Other effects of disruptions in the determination of the LBMA Silver Price or any inaccuracies in setting of the auction prices on the operations of the Trust include the potential for an incorrect valuation of the Trust’s silver, an inaccurate computation of the Sponsor’s fees, and the sales of silver to cover Trust expenses at prices that do not accurately reflect the fundamentals of the silver market.
Each of these events could have an adverse effect on the value of the Shares.
1 unchanged sentence
The LBMA Silver Price is regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”).
−Removed: As of the date of this filing, the Sponsor has no reason to believe that the LBMA Silver Price (used by the Trust since August 15, 2014 for the daily valuation of its silver and the determination of the Sponsor’s fee and the price of silver sold to cover Trust expenses) will not fairly represent the price of the silver held by the Trust.
+Added: As of the date of this filing, the Sponsor has no reason to believe that the LBMA Silver Price (used by the Trust since August 15, 2014 for the daily valuation of its silver and the determination of the Sponsor’s fees and the price of silver sold to cover Trust expenses) will not fairly represent the price of the silver held by the Trust.
Should this situation change, the Sponsor expects to use the powers granted by the Trust’s governing documents to seek to replace the LBMA Silver Price with a more reliable indicator of the value of the Trust’s silver.
14 unchanged sentences
An investment in Shares should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated with an investment in the Trust.
−Removed: Investors should review closely the objective and strategy and redemption provisions of the Trust, as discussed herein, and familiarize themselves with the risks associated with an investment in the Trust.
+Added: Investors should review closely the objective and strategy of the Trust and redemption rights, as discussed herein, and familiarize themselves with the risks associated with an investment in the Trust.
The demand for silver may temporarily exceed available supply that is acceptable for delivery to the Trust, which may adversely affect an investment in the Shares.
51 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’s fees 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.
3 unchanged sentences
Any legal fees and expenses in excess of the amount required under the Trust Agreement will be the responsibility of the Trust.
−Removed: 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.
+Added: Because the Trust does not have any income, it needs to sell silver to cover the Sponsor’s fees and expenses not assumed by the Sponsor.
The Trust may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor.
The only source of funds to cover those liabilities will be sales of silver held by the Trust.
−Removed: Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust, the Trustee will still need to sell silver to pay the Sponsor’s fee.
+Added: Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust, the Trustee will still need to sell silver to pay the Sponsor’s fees.
The result of these sales is a decrease in the amount of silver represented by each Share.
97 unchanged sentences
The Trust may incur substantial costs in order to resolve or prevent cyber incidents.
−Removed: The Sponsor, an indirect subsidiary of BlackRock, is responsible for the oversight and overall management of the Trust.
+Added: The Sponsor, a consolidated subsidiary of BlackRock, is responsible for the oversight and overall management of the Trust.
The Sponsor relies on BlackRock’s enterprise risk management (“ERM”) framework for the Trust’s cybersecurity risk management and strategy.
8 unchanged sentences
The Sponsor and the Trustee may agree to amend the Trust Agreement without the consent of the Shareholders .
−Removed: The Sponsor and the Trustee may agree to amend the Trust Agreement, including to increase the Sponsor’s fee, without Shareholder consent.
+Added: The Sponsor and the Trustee may agree to amend the Trust Agreement, including to increase the Sponsor’s fees, without Shareholder consent.
The Sponsor shall determine the contents and manner of delivery of any notice of any Trust Agreement amendment.
−Removed: If an amendment imposes new fees and charges or increases existing fees or charges, including the Sponsor’s fee (except for taxes and other governmental charges, registration fees or other such expenses), or prejudices a substantial right of Shareholders, it will become effective for outstanding Shares 30 days after notice of such amendment is given to registered owners.
+Added: If an amendment imposes new fees and charges or increases existing fees or charges, including the Sponsor’s fees (except for taxes and other governmental charges, registration fees or other such expenses), or prejudices a substantial right of Shareholders, it will become effective for outstanding Shares 30 days after notice of such amendment is given to registered owners.
Shareholders that are not registered owners (which most shareholders will not be) may not receive specific notice of a fee increase other than through an amendment to the prospectus.
43 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.