10 unchanged sentences
Interest Rate Risk
−Removed: We invest our corporate cash in short-term interest earning assets, primarily in our WisdomTree ETFs, federal agency debt instruments, money market instruments at a commercial bank and other securities which totaled $33.9 million and $36.0 million as of December 31, 2019 and December 31, 2020, respectively.
+Added: We invest our corporate cash in short-term interest earning assets, primarily in WisdomTree fixed income ETFs, federal agency debt instruments, corporate bonds, money market instruments at a commercial bank and other securities which totaled $36.0 million and $138.3 million as of December 31, 2020 and December 31, 2021, respectively.
We do not anticipate that changes in interest rates will have a material impact on our financial condition, operating results or cash flows.
−Removed: In addition, our Convertible Notes bear interest at a fix rate of interest of 4.25%.
+Added: In addition, our Convertible Notes bear interest at a fixed rate of 3.25% to 4.25%.
Therefore, we have no direct financial statement risk associated with changes in interest rates.
2 unchanged sentences
We are subject to currency translation exposure on the results of our non-U.S.
−Removed: operations, primarily in the U.K and Europe.
+Added: operations, primarily in the U.K.
Foreign currency translation risk is the risk that exchange rate gains or losses arise from translating foreign entities’ statements of earnings and balance sheets from functional currency to our reporting currency (the U.S.
5 unchanged sentences
Exchange rate risk associated with the euro is not considered to be significant.
−Removed: Commodity Price Risk
−Removed: Fluctuations in the prices of commodities that are linked to certain of our ETPs could have a material adverse effect on our AUM and revenues.
−Removed: In addition, a portion of the advisory fee revenues we receive on our ETPs backed by gold are paid in gold ounces.
+Added: Commodity and Cryptocurrency Price Risk
+Added: Fluctuations in the prices of commodities and cryptocurrencies that are linked to certain of our ETPs could have a material adverse effect on our AUM and revenues.
+Added: In addition, a portion of the advisory fee revenues we receive on our ETPs backed by gold, other precious metals and cryptocurrencies are paid in the underlying metal or cryptocurrency.
In addition, we pay gold ounces to satisfy our deferred consideration obligation (See Note 10 to our Consolidated Financial Statements).
−Removed: While we may readily sell the gold that we earn under these advisory contracts, we still may maintain a position.
−Removed: We currently do not enter into arrangements to hedge against fluctuations in the price of gold and any hedging we may undertake in the future may not be cost-effective or sufficient to hedge against this gold exposure.
+Added: While we readily sell the gold, precious metals and cryptocurrencies that we earn under these advisory contracts, we still may maintain a position.
+Added: We currently do not enter into arrangements to hedge against fluctuations in the price of these commodities and cryptocurrencies and any hedging we may undertake in the future may not be cost-effective or sufficient to hedge against this exposure.
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.