Risk factors

The Trust dropped COVID-19 risks while updating U.S. tariff policies, global armed conflicts, and Australian Dollar interest-to-expense margins.

The Trust dropped pandemic risks while tightening focus on U.S. tariff policies, Brexit developments, and global armed conflicts.

Expenses can reduce Canadian dollars backing each Share, although 2025 interest income exceeded expenses significantly.

The risk profile centers on macroeconomic shocks, tariff policies, and interest-to-expense ratios eroding share value.

Trust termination due to depositary resignation now carries a standalone risk of significant shareholder currency conversion fees. Pandemic risk was dropped entirely. Tariff risk was updated to highlight specific U.S. actions under the Trump administration.

Trust termination events and associated shareholder currency conversion fees are now consolidated into a single risk warning.

AI use adds disruption, confidentiality, intellectual-property, cybersecurity, regulatory, and compliance risks for GECC and portfolio companies.

RYTELO is now approved in the EU, adding EU commercialization, reimbursement, orphan-exclusivity, and regulatory risks.

The trust's risk section is dominated by the volatility of physical precious metals prices and market conditions. Investors face risks related to basket creation, redemption mechanics, and regulatory compliance for physical metal storage. The trust depends heavily on its authorized participants and custodian banks to maintain operations and share values.

The company added a $2,065 million goodwill impairment risk and expanded disclosures on IT disruptions, capital project budgets, and portfolio optimization.

Granite Point Mortgage Trust removed subsidiary asset test and takeover defense risks, updated ESG disclosure expenses, and highlighted office property concentration risks.

Tariffs are added as a new trade policy risk to material costs and international product sales. LIFO reserve figures updated from $100.2 million to $104.6 million. Potential LIFO tax repayment increased from $21.0 million to $22.0 million.