Item 1A. Risk Factors
Item 1A. Risk Factors
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. 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.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.