What changed in this filing

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Item 1. Financial Statements

2020-11-06 compared with 2020-05-08 · 71 added, 133 removed, 323 unchanged (39% of the section changed)

1 unchanged sentence

of Assets and Liabilities

March 31, 2020 (unaudited) and June 30, 2019

September 30, 2020 (unaudited) and June 30, 2020

Amounts in 000’s of US$ except share and per share data

March 31, 2020

September 30, 2020

June 30, 2020

9 unchanged sentences

of Investments

March 31, 2020 (unaudited) and June 30, 2019

September 30, 2020 (unaudited) and June 30, 2020

in 000’s of US$, except for ounces and percentages

March 31, 2020 (unaudited)

September 30, 2020 (unaudited)

Total investment

5 unchanged sentences

of Operations (Unaudited)

the three and nine months ended March 31, 2020 and 2019

in 000’s of US$, except per share data

March 31, 2020

March 31, 2019

March 31, 2020

March 31, 2019

the three months ended September 30, 2020 and 2019

Amounts in 000’s of US$, except per share data

Three Months Ended September 30, 2020 (unaudited)

Three Months Ended September 30, 2019 (unaudited)

Total expenses

Net investment

Net realized and

unrealized gains (losses)

Net realized gain

bullion sold to pay expenses

bullion distributed for the redemption of Shares

Net realized gain

change in unrealized appreciation (depreciation)

realized and unrealized gain (loss)

(decrease) in net assets resulting from operations

Net increase (decrease) in net assets

$ (0.04 ) (1)

Net investment loss

Net realized and unrealized gains (losses)

Net realized gain (loss) from:

Platinum bullion sold to pay expenses

Platinum bullion distributed for the redemption of Shares

Net realized gain (loss)

Net change in unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Net increase (decrease) in net assets per share

Weighted average number of shares (in 000’s)

for effects of stock split.

The stock split was effective on March 21, 2019.

Notes to the Financial Statements

of Changes in Net Assets (Unaudited)

the nine months ended March 31, 2020

Amounts in 000’s of US$

Net Assets at July 1, 2019

Net investment gain (loss)

Net realized gain (loss) from platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in platinum

Net Assets at September 30, 2019

Net investment gain (loss)

Net realized gain (loss) from platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in platinum

Net Assets at December 31, 2019

Net investment gain (loss)

Net realized gain (loss) from platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in platinum

Net Assets at March 31, 2020

the nine months ended March 31, 2019

the three months ended September 30, 2020 and 2019

Amounts in 000’s of US$

Net Assets at July 1, 2018

Net investment gain (loss)

Net realized gain (loss) from platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in platinum

Net Assets at September 30, 2018

Net investment gain (loss)

Net realized gain (loss) from platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in platinum

Net Assets at December 31, 2018

Net investment gain (loss)

Net realized gain (loss) from platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in platinum

Net Assets at March 31, 2019

Three Months Ended September 30, 2020 (unaudited)

Three Months Ended September 30, 2019 (unaudited)

Net Assets –

beginning of the period

Creation of 600,000 and 2,500,000 shares respectively

Redemption of 0 and 0 shares respectively

Net investment loss

Net realized gain (loss) platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemption

Net Change in unrealized appreciation (depreciation) on in investment in platinum bullion

Net Assets –

end of period

Notes to the Financial Statements

Highlights (Unaudited)

the three and nine months ended March 31, 2020 and 2019

the three months ended September 31, 2020 and 2019

Per Share Performance

a Share outstanding throughout each period)

March 31, 2020

March 31, 2019 (1)

March 31, 2020

March 31, 2019 (1)

(for a Share outstanding throughout each period)

Ended September

Ended September 30, 2019

Net asset value per Share at beginning of period

investment income (loss) (2)

Net realized and unrealized gain (loss) on investment

Net investment gain (loss) (1)

Net realized and unrealized gain (loss) on investment in platinum bullion

Net change in net assets from operations

Net asset value per Share at end of period

Total return, at net asset value (3)

Total return ratio, at net asset value (2)

Net assets ($000’s)

1 unchanged sentence

Net investment loss (3)

for effects of stock split.

Stock split was effective on March 21, 2019.

using the average shares outstanding method

71 unchanged sentences

audit fees and certain legal expenses.

of March 31, 2020, the fees payable to the Sponsor were $3,923.

of September 30, 2020, the fees payable to the Sponsor were $6,202.

As of June 30, 2020, the fees payable to the Sponsor were

4 unchanged sentences

other than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three months and nine months ended

March 31, 2020 and 2019.

Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended September

30, 2020 and 2019.

otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LBMA

45 unchanged sentences

Sponsor or the Trust to effect any sale or resale of shares.

in the Shares for the nine months ended March 31, 2020 and 2019 were:

Nine Months Ended

(Amounts in 000’s)

Activity in Number of Shares Created and Redeemed:

Net change in Number of Shares Created and Redeemed

Nine Months Ended

(Amounts in 000’s of US$)

Activity in Value of Shares Created and Redeemed:

Net change in Value of Shares Created and Redeemed

Trust is classified as a “grantor trust”

6 unchanged sentences

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of March 31, 2020 and June 30, 2019.

that no reserves for uncertain tax positions are required as of September 30, 2020 and June 30, 2020.

Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine

5 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of March 31,

As of September

30, 2020, the 2020, 2019 and 2018 tax years remain open for examination.

4 unchanged sentences

Investment in platinum

in ounces of platinum and their respective values for the period ended March 31, 2020.

in ounces of platinum and their respective values for the period ended September 30, 2020.

Amounts in 000’s of US$, except for ounces data

2 unchanged sentences

Platinum distributed

Change in unrealized depreciation

Ending balance as of March 31, 2020

in ounces of platinum and their respective values for the period ended March 31, 2019.

Change in unrealized appreciation (depreciation)

Ending balance as of September 30, 2020

in ounces of platinum and their respective values for the year ended June 30, 2020.

Amounts in 000’s of US$, except for ounces data

2 unchanged sentences

Platinum distributed

Change in unrealized depreciation

Ending balance as of March 31, 2019

Change in unrealized appreciation (depreciation)

Ending balance as of June 30, 2020

Related parties –

Sponsor, Trustee and Custodian

Sponsor and Trustee

fee is paid to the Sponsor as compensation for services performed under the Trust Agreement.

49 unchanged sentences

Subsequent events

early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally.

As a result, there have been mandates from

federal, state and local authorities resulting in an overall decline in economic activity.

The ultimate impact of COVID-19 on

the financial performance of the Fund’s investments is not reasonably estimable at this time.

has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no

items requiring adjustment of the financial statements or additional disclosures.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

76 unchanged sentences

of Operations

Quarter Ended March 31, 2020

the quarter the Trust’s net asset value decreased 6.53% from $7,693,387 on December 31, 2019, to $7,190,762 on March 31,

The decrease in the Trust’s net asset value was mainly due to the price of platinum which decreased 25.1% from $971.00

on December 31, 2019 to $727.00 on March 31, 2020.

The decrease in the platinum price was compensated by an increase in the number

of shares outstanding from 800,000 to 1,000,000 over this period.

The net 200,000 share increase was a result of 12 creation and

8 redemption orders (50,000 shares per creation and redemption order).

25.26% decrease in the Trust’s net asset value per share from $9.62 at December 31, 2019 to $7.19 at March 31, 2020

is directly related to the 25.1% decrease in the price of platinum.

Trust’s net asset value per share decreased slightly more than the price of platinum on a percentage basis due to the Sponsor’s

Quarter Ended September 30, 2020

the quarter the Trust’s net asset value increased 67.63% from $8,845,503 on June 30, 2020, to $14,827,671

on September 30, 2020.

The increase in the Trust’s net asset value was mainly due to the increase of the number of shares

from 1,100,000 on June 30, 2020 to 1,700,000 on September 30, 2020.

The net 600,000 share increase was a result of 12 creation

and no redemption orders (50,000 shares per creation and redemption order).

Over the period the price of platinum increased 8.60%

from $814.00 on June 30, 2020 to $884.00 on September 30, 2020.

8.46% increase in the Trust’s net asset value per share from $8.04 at June 30, 2020 to $8.72 at September 30, 2020

is directly related to the 8.60% increase in the price of platinum.

Trust’s net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor’s

fees, which were $16,240 for the period, or 0.13% of the Trust’s average weighted assets of $12,886,636 during the period.

The net asset value per share of $10.07 on January 16, 2020 was the highest during the period, compared with a low during the

period of $5.87 on March 19, 2020.

decrease in net assets resulting from operations for the 3-month period ended March 31, 2020 was $3,065,341, resulting

from an unrealized loss on investment in platinum of $2,333,467, a loss of $719,383 on metal sold to cover the redemption orders

and the Sponsor’s fee and finally the Sponsor’s fees of $12,492.

Other than the Sponsor’s fees the Trust

had no expenses during the period.

Nine Months Ended March 31, 2020

Trust’s net asset value increased from $3,654,518, on June 30, 2019 to $7,190,762 on March 31, 2020, a 96.8% increase.

increase was primarily due to an increase in the number of shares outstanding from 450,000 to 1,000,000 over this period.

net 550,000 share increase was a result of 19 creation and 8 redemption orders (50,000 shares per creation and redemption order).

The increase in number of shares was compensated by a decrease on the platinum price, which decreased by 11.12% from $818.00 on

December 31, 2019 to $727.00 on March 31, 2020.

11.45% decrease in the Trust’s net asset value per share from $8.12 at June 30, 2019 to $7.19 at March 31, 2020 is

directly related to the 11.12% decrease in the price of platinum.

Trust’s net asset value per share decreased slightly more than the price of platinum on a percentage basis due to the Sponsor’s

fees, which were $27,064 for the period, or 0.38% of the Trust’s average weighted assets of $7,202,788 during the

The net asset value per share of $10.07 on January 16, 2020 was the highest during the period, compared with a low during

the period of $5.87 on March 19, 2020.

decrease in net assets resulting from operations for the 9-month period ended March 31, 2020 was $2,079,696, resulting from an

unrealized loss on investment in platinum of $1,332,548, a loss of $720,083 on metal sold to cover the redemption orders and the

Sponsor’s fee and finally the Sponsor’s fees of $27,064.

Other than the Sponsor’s fees the Trust had no expenses

during the period.

The net asset value per share of $9.74 on August 10, 2020 was the highest during the period, compared with a low during the period

of $8.03 on July 05, 2020.

increase in net assets resulting from operations for the quarter ended September 30, 2020 was $424,514, resulting primarily from

an unrealized gain on investment in platinum bullion of $441,130, reduced by a loss of $376 on metal sold to cover redemption

orders and Sponsor’s fees and by the Sponsor’s fees of $16,240.

Other than the Sponsor’s fees the Trust had

no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk

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 1. Financial Statements