−Removed: Except for the risk factor set forth below, there have been
−Removed: no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year
−Removed: ended December 31, 2020.
−Removed: Effects of COVID-19
−Removed: The COVID-19 pandemic has caused major disruptions to economies and markets around the world, including the markets in which the Trust
−Removed: invests, and which has and may continue to negatively impact the value of certain of the Trust’s investments.
−Removed: Although vaccines
−Removed: for COVID-19 and variants thereof are becoming more widely available, the COVID-19 pandemic and impacts thereof may continue for an extended
−Removed: period of time and may vary from market to market.
−Removed: To the extent the impacts of COVID-19 continue, the Trust may experience negative impacts
−Removed: to its business that could exacerbate other risks to which the Trust is subject.
−Removed: Policy and legislative changes in countries around the
−Removed: world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout
−Removed: the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.
+Added: for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed in the Trust’s
+Added: Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
+Added: Risks Related to Platinum
+Added: On April 8, 2022, in response to Russia’s invasion of Ukraine, LPPM suspended two government-owned Russian platinum and palladium
+Added: New productions by such refiners will no longer be accepted as “Good Delivery” by the LPPM until further notice.
+Added: The bars and sponges these refiners previously produced will still be considered Good Delivery, consistent with past suspensions of refiners
+Added: Fewer suppliers to the LPPM may lead to a lower supply of Good Delivery platinum and further volatility in the price of platinum.
+Added: General Risks
+Added: conflict can result in significant disruptions to the commodities markets and could adversely affect the price of the Shares.
+Added: On February 24, 2022, Russia commenced an invasion of Ukraine.
+Added: In response to such conflict or for other reasons, governments have imposed
+Added: and may impose additional economic sanctions against Russia, certain other countries, entities and/or individuals.
+Added: Economic sanctions
+Added: and other similar governmental actions could, among other things, prevent or prohibit certain entities or individuals from participating
+Added: in the bullion and commodities markets or otherwise impact the functioning of those markets.
+Added: Such actions could affect the value of platinum
+Added: held by the Fund.
+Added: Sanctions could also result in countermeasures or retaliatory actions, which may impact the value of platinum.
+Added: it is not possible to predict the impact that any sanctions and retaliatory actions may have on the Fund, such events could significantly
+Added: harm the value of the Fund's shares.
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.