22 unchanged sentences
The Oil Funds may not be able to achieve their investment objective if they become subject to heightened margin requirements or trading limitations.
+Added: Additionally, public health issues, war and military conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022 and the Israel-Hamas conflict and the ensuing conflict), sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies.
+Added: A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time.
+Added: How long such events will last and whether they will continue or recur cannot be predicted.
+Added: Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly.
Natural Disasters and Public Health Disruptions, such as the COVID-19
2 unchanged sentences
including its variants), have been and may continue to be highly disruptive to economies and markets.
−Removed: These conditions have led, and may continue to lead, to increased or extreme market volatility, illiquidity and significant market losses.
+Added: These conditions have led, and may continue to
+Added: lead, to increased or extreme market volatility, illiquidity and significant market losses.
Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments.
−Removed: To attempt to curb the spread of COVID-19,
−Removed: federal, state, and local governments introduced various forms of vaccine and mask mandates, lockdowns, curfews, and other policy initiatives.
−Removed: However, several of the federal mandates were rolled back or eliminated entirely due to actions taken within the courts.
−Removed: In response to COVID’s shock to the labor market
−Removed: and economy overall.
−Removed: The government drastically increased its federal spending for COVID-related relief packages, which came in the form of increases in unemployment insurance and stimulus packages.
−Removed: A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability potential investment opportunities and accuracy of economic projections.
Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments.
These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures.
−Removed: For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance r make it difficult, or impossible, for a Fund to achieve its investment objective.
+Added: For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance make it difficult, or impossible, for a Fund to achieve its investment objective.
Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses.
2 unchanged sentences
These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market.
−Removed: Additionally, public health issues, war and military conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022 and the Israel-Hamas conflict and the ensuing conflict), sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies.
−Removed: A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time.
−Removed: How long such events will last and whether they will continue or recur cannot be predicted.
−Removed: Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly.
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.