Except as set forth below, 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, 2024, filed with the Securities and Exchange Commission on February 19, 2025:
+Added: The Trust may be negatively impacted by the effects of geopolitical events on the global economy and markets for certain commodities, including energy, precious metals, agriculture and other sectors.
+Added: Geopolitical events, including the continuation of the Russian war in Ukraine, conflict in the Middle East and other hostilities, and trade conflicts, could disrupt and adversely impact the global economy and markets for certain commodities.
+Added: For example, the Russian war in Ukraine has led to disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors, as well as for certain commodity futures contracts that make up the S&P GSCI-ER due to actual and potential disruptions in the supply of commodities underlying such contracts.
+Added: The United States, other countries and certain international organizations have imposed broad ranging economic sanctions on Russia and certain Russian corporations and individuals.
+Added: In 2022, the United States banned imports of oil, natural gas and coal from Russia.
+Added: As a result, the invasion of Ukraine and related events have contributed to backwardation (i.e., when current prices are higher than future prices) in the market for energy futures contracts such as crude oil, heating oil and natural gas.
+Added: The continued impact on commodities and futures prices of the U.S.
+Added: ban, as well as the extent and duration of the military action, resulting sanctions and associated market disruptions, are impossible to predict and depend on a number of factors.
+Added: The continued impact of these events and other geopolitical events could be significant and may have a severe adverse effect on the performance of the Index and the value of the Shares.
The market values of the investments by the Trust may be negatively impacted by changes in interest rates, and, as a result, the value or liquidity of the cash equivalents and marketable securities of the Trust could decline, which could adversely affect the performance of the Trust.
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