1 unchanged sentence
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.
−Removed: 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.
−Removed: 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: Geopolitical events have had, and may continue to have, disruptive and adverse impacts on the global economy and on markets for certain commodities.
+Added: Such events include the U.S.
+Added: and Israel military action against Iran that began in February 2026 and Iran’s responses thereto, the U.S.
+Added: military operation in Venezuela that started in January 2026, the Israel-Hamas conflict, and Russia’s continued military actions against Ukraine that began in February 2022 and the U.S.
+Added: Hostilities in the Middle East have resulted in, and could continue to result in, disruptions to the production, transportation and pricing of crude oil, natural gas and other commodities;
+Added: attacks on or damage to critical infrastructure, including refining facilities, maritime ports and international commercial marine vessels;
+Added: increased shipping costs;
+Added: and broader supply chain disruptions.
+Added: The potential for a broader or prolonged conflict in the region could materially and adversely affect global supply and demand for oil, natural gas and other commodities, increase commodity price volatility, and adversely affect the liquidity, pricing and value of the commodity futures contracts underlying the Index.
+Added: Additionally, 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.
The United States, other countries and certain international organizations have imposed broad ranging economic sanctions on Russia and certain Russian corporations and individuals.
3 unchanged sentences
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.
−Removed: 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.
−Removed: 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.
−Removed: The Trust will hold cash or cash equivalents such as U.S.
−Removed: Treasury securities and thus is subject to interest rate risk, which refers to fluctuations in the value of a fixed-income security or other instrument due to changes in the general level of interest rates.
−Removed: An increase in interest rates generally will cause the value of fixed-income securities to decline.
−Removed: Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in value.
−Removed: Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened market volatility and lower liquidity for certain instruments, all of which may adversely affect the Trust’s performance.
−Removed: Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities.
−Removed: A failure of Goldman Sachs & Co.
−Removed: LLC, the clearing futures commission merchant (the “ Clearing FCM ” ) to segregate assets or a default of the Clearing FCM, its customers or other market participants may cause losses for the Trust.
−Removed: The Commodity Exchange Act requires clearing futures commission merchants (“FCMs”) to segregate all funds received from customers from such clearing FCM’s proprietary assets.
−Removed: If the Clearing FCM fails to segregate customer assets as required, the assets of the Trust might not be fully protected in the event of the Clearing FCM’s distress, impairment or bankruptcy.
−Removed: Furthermore, in the event of the Clearing FCM’s distress, impairment or bankruptcy, the Trust could be delayed in recovering its assets.
−Removed: The Trust also could be limited to recovering its pro rata share of all available customer funds held by the Clearing FCM, or the Trust may not recover any assets at all, even though certain property specifically traceable to the Trust was held by the Clearing FCM.
−Removed: In addition, the Commodity Exchange Act requires an approved derivatives clearing organization to segregate all funds and other property received from an FCM on behalf of the FCM’s customers in connection with U.S.
−Removed: futures and options contracts from any funds held at the clearing organization to support the FCM’s proprietary trading.
−Removed: Nevertheless, customer funds held at a clearing organization in connection with futures or options contracts may be held in a commingled omnibus account, which may not identify the names of the FCM’s individual customers.
−Removed: With respect to futures and options contracts, a clearing organization may use the assets of a non-defaulting customer held in an omnibus account at the clearing organization to satisfy the payment obligations of a defaulting customer of the FCM to the clearing organization.
−Removed: In the event of a default of another client of the Clearing FCM or the Clearing FCM’s failure to extend its own funds in connection with any such default, the Trust may not be able to recover the full amount of assets deposited by the Clearing FCM with the clearing organization on the Trust’s behalf.
−Removed: In the event of a bankruptcy or insolvency of any exchange or clearing house, the Trust could experience a loss of the funds deposited through the Clearing FCM as margin with the exchange or clearing house, a loss of any unrealized profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchange.
+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 and liquidity of the Shares.
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.