Risk factors

EFSC added a specific risk regarding New Markets Tax Credit compliance and dropped its core operating system conversion risk from October 2024.

Shareholders approved a Plan of Sale and Liquidation on October 30, 2025, to sell all remaining properties by mid-year 2026.

New risks detail U.S. trade policies, steel tariffs, rights-of-way access, and acquisition integration challenges. Tax and debt risks were restructured or dropped.

Escalade added risks regarding artificial intelligence adoption and updated disclosures for leadership changes and international trade tariffs.

Establishment Labs is scaling US commercialization of Motiva Implants following FDA approval in September 2024. International expansion exceeds 100 countries while ongoing losses persist. Artificial intelligence and ESG compliance introduce new operational risks and costs.

Added focus on digital asset treasury companies and un-capped ether supply dynamics impacting the Trust. Highlighted potential regulatory developments such as the CLARITY Act of 2025 and broker-dealer in-kind creation rules.

Elite Express Holding Inc. is entirely dependent on FedEx as its sole customer and data source under the Independent Service Provider arrangement. The company faces immediate delisting pressure from Nasdaq due to its Class A common stock closing bid price falling below $1.00. Operations are concentrated in California, carrying high exposure to driver labor availability and fuel costs.

East West Bancorp expanded risk disclosures regarding inflation expenses, China data restrictions, and stablecoin competition. Controls and ESG risks were removed.

Exponent added new risk disclosures addressing artificial intelligence threats to service demand, operational liability, and IT system security. The company updated climate risks to include client sustainability expectations.

Customer consolidation and energy transition trends threaten traditional oil and gas product demand.

First Hawaiian added a new goodwill impairment risk, reporting $995.5 million in goodwill as of December 31, 2025 and 2024.

Strategic-transaction risk now covers partnerships, investments and integration, not just acquisitions.