There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022, except for the following:
−Removed: (1) The subsection below is added to the risk factor entitled “Regulatory developments with respect to the futures and over-the-counter derivatives markets, and in particular, with respect to speculative trading in futures contracts and over-the-counter derivatives involving commodities and commodity indices, could adversely affect the value of your Shares”:
+Added: (1)    The subsection below is added to the risk factor entitled “Regulatory developments with respect to the futures and over-the-counter derivatives markets, and in particular, with respect to speculative trading in futures contracts and over-the-counter derivatives involving commodities and commodity indices, could adversely affect the value of your Shares”:
In addition to federal position limits adopted by the CFTC, the CME has established position limits applicable to the Index Futures held by the Trust.
3 unchanged sentences
From August 24, 2009 to April 26, 2010, the Trust suspended the issuance of new Shares because the Trust could not invest the proceeds of new issuances in additional Index Futures positions due to restrictions on speculative position limits imposed by the CME.
−Removed: The liquidity of the Shares and the correlation between the value of the Shares and the level of the S&P GSCI-ER may be adversely affected in the event of any such suspension of issuance.
−Removed: (2) A risk factor entitled “Russia’s invasion of Ukraine, and sanctions brought by the United States and other countries against Russia, have resulted in significant disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors” is added as follows:
+Added: The liquidity of the Shares and the correlation between the value of the Shares and the level of the S&P GSCI-ER may be adversely affected in the event of any such suspension of issuance.
+Added: (2)    A risk factor entitled “Russia’s invasion of Ukraine, and sanctions brought by the United States and other countries against Russia, have resulted in significant disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors”
+Added: is added as follows:
Russia launched a large-scale invasion of Ukraine on February 24, 2022.
6 unchanged sentences
The impact of these events or any related developments could be significant and may have a severe adverse effect on the performance of the Index and the value of the Shares.
−Removed: (3) A risk factor entitled “The Trust’s performance could be adversely affected if the Clearing FCM reduces its internal risk limits for the Trust”
+Added: (3)    A risk factor entitled “The Trust’s performance could be adversely affected if the Clearing FCM reduces its internal risk limits for the Trust”
is added as follows:
5 unchanged sentences
These consequences could have an adverse impact on the Trust’s performance.
−Removed: (4) A risk factor entitled “The Trust relies on the information and technology systems of the Custodian, the Trustee and, to a lesser degree, the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions which could have a material adverse effect on our record keeping and operations” is added as follows:
+Added: (4)    A risk factor entitled “The Trust relies on the information and technology systems of the Custodian, the Trustee and, to a lesser degree, the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions which could have a material adverse effect on our record keeping and operations”
+Added: is added as follows:
The Trustee, the Trust Administrator, the Advisor, the Clearing FCM and, to a lesser degree, the Sponsor, depend upon information technology infrastructure, including network, hardware and software systems to conduct their business as it relates to the Trust.
2 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.