Item 1B. Unresolved Staff Comments
Item 1B. Unresolved Staff Comments.
None.
Item 1C. Cybersecurity.
The Trust has no directors or executive officers.
The affairs of the Trust are managed by the Trustee. The Trust falls under the cybersecurity program of The Bank of New York Mellon Corporation
(“BNY Mellon”), the parent corporation of The Bank of New York Mellon Trust Company, N.A. As further described in its 2025 Annual
Report, BNY Mellon maintains a broad range of defenses aimed at remaining abreast of and responding to evolving cybersecurity threats
impacting it, its operations, its clients, its third-party service providers and the broader financial services sector.
Risk Management Strategy and Procedures
BNY Mellon has implemented policies and procedures
designed to detect, prevent and respond to malicious and accidental disruptions to the delivery of critical technology services. BNY Mellon’s
cybersecurity risk management program is embedded in its three lines of defense model.
As part of its first line of defense, BNY Mellon
maintains a dedicated Cybersecurity organization, led by the Chief Information Security Officer (the “CISO”), that is responsible
for the day-to-day management of risks from cybersecurity threats. Cybersecurity’s responsibilities include cybersecurity threat
intelligence, incident response and other cybersecurity operations aimed at enabling BNY Mellon to identify, assess and manage existing
and emerging cybersecurity threats. Cybersecurity monitors for potential threats and communicates relevant risks to the CISO and other
members of executive management. Additionally, Cybersecurity maintains a cybersecurity incident response and reporting process pursuant
to which cybersecurity incidents are classified according to their severity based upon an assessment of multiple factors. Certain cybersecurity
incidents may activate enterprise-wide resiliency processes, which include, among other things, escalation through the management and
Board committee structures described below. In addition, BNY Mellon maintains a preparedness program designed to reinforce cybersecurity
risk management practices and compliance with BNY Mellon’s policies and procedures. The preparedness program includes mandatory
training for all employees, contractors and consultants, enhanced training for those in roles presenting higher risk, calibrated phishing
email simulations, distribution of information security awareness materials and cybersecurity event simulation exercises. In addition,
BNY Mellon leverages both internal and external assessments and engages with third-party assessors, consultants and auditors to evaluate
and test its cybersecurity controls and provide guidance on potential improvements, including design and operating effectiveness. BNY
Mellon’s information security management system is certified to the ISO 27001 standard by an independent, accredited certification
body, and BNY Mellon maintains this certification through periodic external audits and ongoing monitoring.
39
BNY Mellon has a defined third-party governance
framework to help manage the risk posed to it by the use of third-party service providers. BNY Mellon evaluates the risk posed by third-party
service engagements based on multiple factors. BNY Mellon has protocols that seek to mitigate cybersecurity risks associated with third-party
service providers based on the risk level assigned to such third party, which may include mandatory contractual obligations or the implementation
of additional controls by BNY Mellon and/or the applicable service provider.
Cybersecurity is subject to ongoing review and
challenge from Technology Risk Management, which is a part of the independent second line of defense risk function. Technology Risk Management,
together with the broader Risk & Compliance group, is responsible for and manages BNY Mellon’s risk management framework
and establishes guidance for Cybersecurity and management designed to help identify, assess and manage cybersecurity risk.
BNY Mellon’s Internal Audit function serves
as the third line of defense and provides an independent view on how effectively the organization as a whole manages cybersecurity risk.
Risk Management Oversight and Governance
BNY Mellon’s management is responsible for
assessing and managing BNY Mellon’s material risks from cybersecurity threats with oversight provided by its Board of Directors
(the “Board”) and the Board committees. The Risk Committee of the Board has primary responsibility for oversight of the overall
operation of BNY Mellon’s risk management framework, including policies and practices addressing cybersecurity risk, and is
responsible for the oversight of the second line of defense with respect to its cybersecurity risk management responsibilities. The Technology
Committee of the Board and the full Board regularly receive reports and briefings from management concerning cybersecurity matters, including
any significant changes to BNY Mellon’s cybersecurity program. BNY Mellon also has protocols for escalating cybersecurity
threats and incidents to the Technology Committee of the Board and the full Board. In addition, the Audit Committee of the Board monitors
and oversees the performance of Internal Audit, including with respect to its cybersecurity risk management responsibilities.
At the management level, BNY Mellon’s Technology
Oversight Committee, which is the senior management committee responsible for the governance and oversight of BNY Mellon’s significant
technology projects and initiatives, reviews reports from management concerning Cybersecurity and is responsible for, among other things,
escalating issues, including significant cybersecurity threats and incidents, to the Technology Committee of the Board and the full Board
of Directors. The Technology Oversight Committee is chaired by the Chief Information Officer and Global Head of Engineering (the “CIO”).
BNY Mellon’s Technology Risk Committee is
the most senior governance committee primarily focused on cybersecurity and technology risk issues and is a part of the second line of
defense risk function. It is responsible for, among other things, overseeing and reviewing emerging cybersecurity risks, significant cybersecurity
incidents and remediation plans. The Technology Risk Committee receives reports from management and has protocols for escalating certain
issues and risks to the Enterprise Risk Committee and the Risk Committee of the Board. The Technology Risk Committee is chaired by the
Chief Technology Risk Officer. Members include key leaders from the first line of defense, including the CISO.
BNY Mellon’s CIO, CISO and Chief Technology
Risk Officer each have extensive experience in assessing and managing risks from cybersecurity threats. BNY Mellon’s CIO joined
BNY Mellon in 2024 from a large multinational company, where she was responsible for overseeing information technology and cybersecurity
operations. BNY Mellon’s CISO joined BNY Mellon in 2025 and previously led the global assurance function for cybersecurity and technology
controls at a global systemically important financial institution. BNY Mellon’s Chief Technology Risk Officer joined BNY Mellon
in 2024 and has previous experience as Global Head of Cyber, Technology and Information Security Risk Management at a global systemically
important financial institution and over a decade of experience serving the U.S. intelligence community in a variety of cybersecurity-related
positions. BNY Mellon believes that refreshing leadership in the CIO, CISO and Chief Technology Risk Officer roles brings new perspectives
and specialized expertise to enhance cybersecurity practices, while continuity is safeguarded through disciplined succession and transition
planning.
40