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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