77 unchanged sentences
Consequently, there is a risk that the value of your investment in the Fund could decrease significantly due to rapid and substantial changes in the prices of futures contracts held by the Fund.
−Removed: The Index’s average annual volatility is 7.98%.
+Added: The Index’s average annual volatility since inception is 7.93%.
Average annual volatility is the average of the Index’s volatility each year since its inception.
34 unchanged sentences
For example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea.
−Removed: The United States has sought to deter these attacks.
The Red Sea is an important maritime route for international trade.
As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea.
−Removed: The possibility of a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global markets.
+Added: While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved.
+Added: The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global markets.
Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, Australia, Canada, the United Kingdom, Switzerland, Germany, France, and Japan, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus.
2 unchanged sentences
Impacts from the conflict and related events may result in increased volatility in the value of Index Currencies and may have an adverse effect on the performance of the Fund and value of the Shares.
−Removed: Pandemics and Other Public Health Emergencies, Including the Emergence of New COVID-19 Variants, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.
−Removed: The impact of the COVID-19 pandemic was extensive in many aspects of society.
−Removed: The outbreak resulted in a significant number of deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the global economy and financial markets.
−Removed: Many countries reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues.
−Removed: Businesses also implemented similar precautionary measures.
−Removed: While restrictions have eased, it is possible that they may be reinstated in the future in response to new variants or new public health emergencies.
−Removed: Such measures, as well as the general uncertainty surrounding the dangers and impact of a future public health crisis, may result in significant disruption in supply chains and economic activity.
−Removed: Consumer, corporate and financial confidence may be materially adversely affected by a future outbreak.
−Removed: Such erosion of confidence may lead to or extend to a localized or global economic downturn.
−Removed: Future pandemics and other public health emergencies could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the performance of the Fund and its investments.
+Added: Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.
+Added: Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate.
+Added: The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures).
+Added: The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial market.
The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.
5 unchanged sentences
The Fund does not borrow from lenders for the purpose of pursuing its investment objective.
−Removed: Nonetheless, restrictions on the availability of credit may adversely
−Removed: affect investors who borrow to purchase Shares and participants in the markets for financial instruments in which the Fund trades, including futures markets.
−Removed: Limitations on the availability of credit, whether in stressed market conditions or otherwise, may have a material adverse effect on investors and financial market participants, which in turn could affect the Fund’s ability to pursue its investment objective.
+Added: Nonetheless, restrictions on the availability of credit may adversely affect investors who borrow to purchase Shares and participants in the markets for financial instruments in which the Fund trades, including futures markets.
+Added: Limitations on the availability of credit, whether in stressed market conditions or otherwise, may have a material adverse effect on investors and financial market participants, which in turn could affect the Fund’s ability to pursue its
+Added: investment objective.
Among other things, fewer prospective investors may adversely affect the Fund’s asset levels, and fewer financial market participants may reduce liquidity and adversely affect pricing for the financial instruments that the Fund seeks to trade.
34 unchanged sentences
The agreement governs the new relationship between the UK and EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement.
−Removed: The complete impact of the new agreement, as well as the full scope and nature of the consequences of the exit, are not at this time known and are unlikely to be known for a significant period of time and may impact the future direction of the value of the Index Currencies included in the USDX® and, in turn, the Shares.
+Added: At this time, it is difficult to predict what the longer-term economic, tax, fiscal, legal, regulatory, and other implications of the UK’s withdrawal from the EU will be for the UK, the EU and the global financial markets generally and for the value of the Index Currencies included in the USDX® and, in turn, the Shares.
These uncertainties could increase volatility in the market prices of the Index Currencies included in the USDX® and, in turn, the Shares.
273 unchanged sentences
Furthermore, the Managing Owner did not conduct an arm’s length negotiation when it retained the Distributor.
−Removed: Lack of Independent Advisers Representing Investors.
+Added: You May Be Adversely Impacted by the Lack of Independent Advisers Representing Investors.
The Managing Owner has consulted with counsel, accountants and other advisers regarding the operation of the Fund.
6 unchanged sentences
If it is so exercised, investors who may wish to continue to invest in a vehicle that tracks the Fund’s Index will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the Fund.
−Removed: See “Description of the Shares;
−Removed: Certain Material Terms of the Trust Agreement – Termination Events” in the Fund’s Prospectus for a summary of termination events.
Such detrimental developments could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio.
76 unchanged sentences
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.