Item 1A. Risk Factors
Item
1A. Risk Factors
Except
for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed in the Trust’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Effects
of COVID-19
The
respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies
and markets around the world, including the United States. Financial markets have experienced extreme volatility and trading in
many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest
rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced
particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely
the value and liquidity of the Trust’s investments. The ultimate economic fallout from the pandemic, and the long-term impact
on economies, markets, industries and individual issuers, including Shares of the Trust, are not known. The information technology
and other operational systems upon which the Trust’s service providers rely could be impaired and the ability of employees
of the Trust’s service providers to perform essential tasks on behalf of the Trust could be disrupted. Governments and central
banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global
economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic
and market disruption, will not be known for some time.
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