−Removed: for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed in the Trust’s
−Removed: Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
−Removed: respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies
−Removed: and markets around the world, including the United States.
−Removed: Financial markets have experienced extreme volatility and trading in
−Removed: many instruments has been disrupted.
−Removed: Liquidity for many instruments has been greatly reduced for periods of time.
−Removed: Some interest
−Removed: rates are very low and in some cases yields are negative.
−Removed: Some sectors of the economy and individual issuers have experienced
−Removed: particularly large losses.
−Removed: These circumstances may continue for an extended period of time, and may continue to affect adversely
−Removed: the value and liquidity of the Trust’s investments.
−Removed: The ultimate economic fallout from the pandemic, and the long-term impact
−Removed: on economies, markets, industries and individual issuers, including Shares of the Trust, are not known.
−Removed: The information technology
−Removed: and other operational systems upon which the Trust’s service providers rely could be impaired and the ability of employees
−Removed: of the Trust’s service providers to perform essential tasks on behalf of the Trust could be disrupted.
−Removed: Governments and central
−Removed: banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global
−Removed: economies and the financial markets.
−Removed: The impact of these measures, and whether they will be effective to mitigate the economic
−Removed: and market disruption, will not be known for some time.
+Added: Except for the risk factor set forth below, there have been
+Added: no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year
+Added: ended December 31, 2020.
+Added: Effects of COVID-19
+Added: The COVID-19 pandemic has caused major disruptions to economies and markets around the world, including the markets in which the Trust
+Added: invests, and which has and may continue to negatively impact the value of certain of the Trust’s investments.
+Added: Although vaccines
+Added: for COVID-19 and variants thereof are becoming more widely available, the COVID-19 pandemic and impacts thereof may continue for an extended
+Added: period of time and may vary from market to market.
+Added: To the extent the impacts of COVID-19 continue, the Trust may experience negative impacts
+Added: to its business that could exacerbate other risks to which the Trust is subject.
+Added: Policy and legislative changes in countries around the
+Added: world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout
+Added: the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.
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.