What changed in this filing

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Item 1A. Risk Factors

2022-11-04 compared with 2022-08-05 · 26 added, 21 removed, 0 unchanged (100% of the section changed)

for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed in the Trust’s

Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Related to Platinum

April 8, 2022, in response to Russia’s invasion of Ukraine, LPPM suspended two government-owned Russian platinum and palladium

New productions by such refiners will no longer be accepted as “Good Delivery” by the LPPM until further

The bars and sponges these refiners previously produced will still be considered Good Delivery, consistent with past suspensions

of refiners by the LPPM.

Fewer suppliers to the LPPM may lead to a lower supply of Good Delivery platinum and further volatility

in the price of platinum.

conflict can result in significant disruptions to the commodities markets and could adversely affect the price of the Shares .

February 24, 2022, Russia commenced an invasion of Ukraine.

In response to such conflict or for other reasons, governments have

imposed and may impose additional economic sanctions against Russia, certain other countries, entities and/or individuals.

sanctions and other similar governmental actions could, among other things, prevent or prohibit certain entities or individuals

from participating in the bullion and commodities markets or otherwise impact the functioning of those markets.

Such actions could

affect the value of platinum held by the Fund.

Sanctions could also result in countermeasures or retaliatory actions, which may

impact the value of platinum.

Although it is not possible to predict the impact that any sanctions and retaliatory actions may

have on the Fund, such events could significantly harm the value of the Fund’s shares.

Except for the risk factor set forth below, there have been no

material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K and Form 10-K/A for the

fiscal year ended December 31, 2021.

Risks Related to Platinum

On April 8, 2022, in response to Russia’s invasion of

Ukraine, LPPM suspended two government-owned Russian platinum and palladium refiners.

New productions by such refiners will no

longer be accepted as “Good Delivery” by the LPPM until further notice.

The bars and sponges these refiners previously

produced will still be considered Good Delivery, consistent with past suspensions of refiners by the LPPM.

Fewer suppliers to the

LPPM may lead to a lower supply of Good Delivery platinum and further volatility in the price of platinum.

General Risks

Armed conflict can result in significant disruptions to the

commodities markets and could adversely affect the price of the Shares .

On February 24, 2022, Russia commenced an invasion of Ukraine.

In response to such conflict or for other reasons, governments have imposed and may impose additional economic sanctions against

Russia, certain other countries, entities and/or individuals.

Economic sanctions and other similar governmental actions could,

among other things, prevent or prohibit certain entities or individuals from participating in the bullion and commodities markets

or otherwise impact the functioning of those markets.

Such actions could affect the value of platinum held by the Fund.

could also result in countermeasures or retaliatory actions, which may impact the value of platinum.

Although it is not possible

to predict the impact that any sanctions and retaliatory actions may have on the Fund, such events could significantly 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.

What changed 10-Q

Item 1A. Risk Factors