Risk factors

Risk 49 was updated to generalize geopolitical conflicts in the Middle East and Ukraine affecting the Trust and its service providers.

Oxford Industries faces new risks regarding activist shareholder pressure, expanding tariff regulations, and heightened acquisition scrutiny following prior impairment charges.

Legal action by Unit holder SoftVest seeks to lower voting requirements to modify the Trust indenture.

Phunware stripped out specific digital asset and Nasdaq annual meeting risks while updating executive turnover and bitcoin price volatility.

Severe reserve developments in insurance subsidiaries required capital injections, equity sales, and restructuring. Large shareholder Clarkston Ventures controls over 40 percent of voting shares, creating potential governance friction. Anti-takeover provisions and potential equity dilution added as new risks.

Praetorian Acquisition Corp. is a blank check company with $10.00 per unit in trust and a combination deadline of January 26, 2028. Key risks involve potential dilution to $7.23 per share, share redemptions from combination extensions, and sponsor investments totaling $4,695,000.

QuickLogic faces dilution from a $20 million ATM offering, new tariff threats, and compliance risks in government contracting.

Quantum X Labs Inc. added core risks related to its early-stage quantum computing and networking technology, scaling capabilities, and market adoption.

Auditors issued a going concern warning following net losses of $12.5 million in 2025 and an accumulated deficit of $72.9 million. Financial restatement risks were dropped. Disclosures on orphan drug designation for product candidate HT-KIT and accumulated deficits were updated.

Geopolitical conflict is newly identified as a threat to component and finished-goods availability and cash flows.

Space Asset Acquisition Corp is a blank check company targeting the global space economy, defense, and technology sectors.

Internal control weaknesses persisted into fiscal year 2025 despite remediation plans.