56 unchanged sentences
Consequently, there is a risk that the value of your investment in the Fund could decrease significantly due to rapid and substantial changes in the prices of futures contracts held by the Fund.
−Removed: The Index’s average annual volatility is 15.60%.
+Added: The Index’s average annual volatility since inception is 15.64%.
Average annual volatility is the average of the Index’s volatility each year since its inception.
35 unchanged sentences
For example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea.
−Removed: The United States has sought to deter these attacks.
The Red Sea is an important maritime route for international trade.
As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea.
−Removed: The possibility of a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global commodities markets, including, but not limited to, energy markets.
+Added: While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved.
+Added: The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global commodities markets, including, but not limited to, energy markets.
Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, Australia, Canada, the United Kingdom, Switzerland, Germany, France, and Japan, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus.
2 unchanged sentences
Impacts from the conflict and related events may result in increased volatility in the value of Index Commodities and may have an adverse effect on the performance of the Fund and value of the Shares.
−Removed: Pandemics and Other Public Health Emergencies, Including the Emergence of New COVID-19 Variants, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.
−Removed: The impact of the COVID-19 pandemic was extensive in many aspects of society.
−Removed: The outbreak resulted in a significant number of deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the global economy and financial markets.
−Removed: Many countries reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues.
−Removed: Businesses also implemented similar precautionary measures.
−Removed: While restrictions have eased, it is possible that they may be reinstated in the future in response to new variants or new public health emergencies.
−Removed: Such measures, as well as the general uncertainty surrounding the dangers and impact of a future public health crisis, may result in significant disruption in supply chains and economic activity.
−Removed: Consumer, corporate and financial confidence may be materially adversely affected by a future outbreak.
−Removed: Such erosion of confidence may lead to or extend to a localized or global economic downturn.
−Removed: Future pandemics and other public health emergencies could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the performance of the Fund and its investments.
+Added: Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.
+Added: Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate.
+Added: The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures).
+Added: The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial market.
The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.
13 unchanged sentences
The Fund competes with other financial vehicles, including mutual funds, ETFs and other investment companies, other index tracking commodity pools, actively traded commodity pools, hedge funds, traditional debt and equity securities issued by companies in the commodities industry, other securities backed by or linked to commodities, and direct investments in the underlying commodities or commodity futures contracts.
−Removed: Market and financial conditions, and other conditions beyond the Managing Owner’s control, may make it more attractive to invest in other financial vehicles or to invest in such commodities directly, which could limit the market for the Shares and therefore reduce the liquidity of the Shares.
+Added: Market and financial conditions, and other conditions beyond the Managing Owner’s
+Added: control, may make it more attractive to invest in other financial vehicles or to invest in such commodities directly, which could limit the market for the Shares and therefore reduce the liquidity of the Shares.
The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is Not Available on the Date of NAV Calculation.
34 unchanged sentences
Market volatility and economic turbulence that occurred in 2020 led to FCMs increasing margin requirements for certain futures contracts.
−Removed: Some FCMs or futures exchanges may impose trading limitations, whether in the form of limits or prohibitions on trading certain futures contracts.
+Added: Some FCMs and futures exchanges may impose trading limitations, whether in the form of limits or prohibitions on trading certain futures contracts.
If the Fund is subject to increased margin requirements, it will incur increased costs in achieving its investment objective.
71 unchanged sentences
CFTC and exchange rules, as applicable, provide exemptions from this requirement.
−Removed: For example, a trader is not required to aggregate positions in multiple accounts that it owns or controls if that trader is able to satisfy the requirements of an exemption from aggregation of those accounts, including, where available, the independent account controller exemption.
−Removed: Failure to comply with the independent account controller exemption or another exemption from the aggregation requirement could obligate the Managing Owner to aggregate positions in multiple accounts under its control, which could include the Fund and other commodity pools or accounts under the Managing Owner’s control.
−Removed: In such a scenario, the Fund may not be able to obtain exposure to one or more Index Contracts necessary to pursue its investment objective, or it may be required to liquidate existing Index Contract positions in order to comply with a limit.
−Removed: Such an outcome could adversely affect the Fund’s ability to pursue its investment objective or achieve favorable performance.
+Added: For example, a trader is not required to aggregate positions in multiple accounts that it owns or controls if that trader is able to satisfy the requirements of an exemption from aggregation of those accounts.
The CFTC amended its position aggregation rules in December 2016.
140 unchanged sentences
Furthermore, the Managing Owner did not conduct an arm’s length negotiation when it retained the Distributor.
−Removed: Lack of Independent Advisers Representing Investors.
+Added: You May Be Adversely Impacted by the Lack of Independent Advisers Representing Investors.
The Managing Owner has consulted with counsel, accountants and other advisers regarding the operation of the Fund.
6 unchanged sentences
If it is so exercised, investors who may wish to continue to invest in a vehicle that tracks the Fund’s Index will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the Fund.
−Removed: See “Description of the Shares;
−Removed: Certain Material Terms of the Trust Agreement – Termination Events” in the Fund’s Prospectus for a summary of termination events.
Such detrimental developments could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio.
24 unchanged sentences
The credit quality of a government money market fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the government money market fund’s share price.
−Removed: Due to fluctuations in interest rates, the
−Removed: market value of securities held by a government money market fund may vary.
+Added: Due to fluctuations in interest rates, the market value of securities held by a government money market fund may vary.
A government money market fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets.
48 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.