What changed in this filing

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Item 1A. Risk Factors

2024-08-15 compared with 2023-08-14 · 41 added, 30 removed, 414 unchanged (15% of the section changed)

8 unchanged sentences

Several factors may affect the price of platinum, including:

platinum supply, which is influenced by such factors as production and cost levels in major platinum producing countries such as

South Africa.

Recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand are also important drivers

of platinum supply and demand;

expectations with respect to the rate of inflation;

and trading activities of hedge funds and commodity funds;

or regional political, economic or financial events and situations.

Global platinum supply,

which is influenced by such factors as production and cost levels in major platinum producing countries such as South Africa.

autocatalyst demand, industrial demand, jewelry demand and investment demand are also important drivers of platinum supply and demand;

Investors’ expectations

with respect to the rate of inflation;

exchange rates;

Interest rates;

Investment and trading

activities of hedge funds and commodity funds;

Global or regional political,

economic or financial events and situations.

addition, investors should be aware that there is no assurance that platinum will maintain its long-term value in terms of purchasing

42 unchanged sentences

factors may have the effect of causing a decline in the prices of platinum and a corresponding decline in the price of Shares.

Autocatalysts,

automobile components that use platinum accounted for approximately 40% of the global demand in platinum in 2018.

Should global automobile

sales decline, the demand for platinum may fall and impact the price of platinum and affect the price of the Shares.

significant change in the attitude of speculators, investors and central banks towards platinum.

Should the speculative community

take a negative view towards platinum or central banking authorities determine to sell national platinum reserves, either event could

cause a decline in world platinum prices, negatively impacting the price of the Shares.

the extent existing exchange traded vehicles (“ETVs”) tracking platinum markets represent a significant proportion of

demand for physical platinum bullion, large redemptions of the securities of these ETVs could negatively affect physical platinum

bullion prices and the price and NAV of the Shares.

widening of interest rate differentials between the cost of money and the cost of platinum could negatively affect the price of platinum

which, in turn, could negatively affect the price of the Shares.

combination of rising money interest rates and a continuation of the current low cost of borrowing platinum could improve the economics

of selling platinum forward.

This could result in an increase in hedging by platinum mining companies and short selling by speculative

interests, which would negatively affect the price of platinum.

Under such circumstances, the price of the Shares would be similarly

Autocatalysts, automobile

components that use platinum accounted for approximately 40% of the global demand in platinum in 2018.

Should global automobile sales

decline, the demand for platinum may fall and impact the price of platinum and affect the price of the Shares.

A significant change in

the attitude of speculators, investors and central banks towards platinum.

Should the speculative community take a negative view

towards platinum or central banking authorities determine to sell national platinum reserves, either event could cause a decline

in world platinum prices, negatively impacting the price of the Shares.

To the extent existing

exchange traded vehicles (“ETVs”) tracking platinum markets represent a significant proportion of demand for physical

platinum bullion, large redemptions of the securities of these ETVs could negatively affect physical platinum bullion prices and

the price and NAV of the Shares.

A widening of interest

rate differentials between the cost of money and the cost of platinum could negatively affect the price of platinum which, in turn,

could negatively affect the price of the Shares.

A combination of rising

money interest rates and a continuation of the current low cost of borrowing platinum could improve the economics of selling platinum

This could result in an increase in hedging by platinum mining companies and short selling by speculative interests, which

would negatively affect the price of platinum.

Under such circumstances, the price of the Shares would be similarly affected.

Trust is a passive investment vehicle.

73 unchanged sentences

but not to emerging public companies, which include, among other things:

from the auditor attestation requirements under Section 404 of the Sarbanes-Oxley Act;

disclosure obligations regarding executive compensation in the Trust’s periodic reports;

from the requirements of holding non-binding shareholder votes on executive compensation arrangements;

from any rules requiring mandatory audit firm rotation and auditor discussion and analysis and, unless otherwise determined by the

SEC, any new audit rules adopted by the Public Company Accounting Oversight Board.

Exemption from the auditor

attestation requirements under Section 404 of the Sarbanes-Oxley Act;

Reduced disclosure obligations

regarding executive compensation in the Trust’s periodic reports;

Exemption from the requirements

of holding non-binding shareholder votes on executive compensation arrangements;

Exemption from any rules

requiring mandatory audit firm rotation and auditor discussion and analysis and, unless otherwise determined by the SEC, any new

audit rules adopted by the Public Company Accounting Oversight Board.

Trust could be an emerging growth company until the last day of the fiscal year following the fifth anniversary after its initial public

285 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.

What changed 10-K

Item 1A. Risk Factors