What changed in this filing

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Item 1. Financial Statements

2021-05-05 compared with 2021-02-03 · 250 added, 272 removed, 147 unchanged (78% of the section changed)

1 unchanged sentence

of Assets and Liabilities

December 31, 2020 (unaudited) and June 30, 2020

March 31, 2021 (unaudited) and June 30, 2020

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

December 31, 2020

March 31, 2021

June 30, 2020

9 unchanged sentences

of Investments

December 31, 2020 (unaudited) and June 30, 2020

March 31, 2021 (unaudited) and June 30, 2020

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

December 31, 2020 (unaudited)

March 31, 2021 (unaudited)

Total investment

4 unchanged sentences

Notes to the Financial Statements

of Operations (Unaudited)

the three months ended December 31, 2020 and 2019

of Operations (uaudited)

the three and nine months ended March 31, 2021 and 2020

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

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

March 31, 2021

March 31, 2020

March 31, 2021

March 31, 2020

Total expenses

Net investment loss

Net realized and unrealized gains (losses)

Net realized and unrealized gain (loss)

Net realized gain (loss) from:

10 unchanged sentences

of Changes in Net Assets (unaudited)

the three and six months ended December 31, 2020 and 2019

the three and nine months ended March 31, 2021 and 2020

Amounts in 000’s of US$

Three Months Ended December 31, 2020

Three Months Ended December 31, 2019

Six Months Ended December 31, 2020

Six Months Ended December 31, 2019

March 31, 2020

Net Assets –

5 unchanged sentences

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

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

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

Net Assets –

3 unchanged sentences

Highlights (unaudited)

the three and six months ended December 31, 2020 and 2019

the three and nine months ended March 31, 2021 and 2020

Per Share Performance

(for a Share outstanding throughout each period)

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

March 31, 2020

Net asset value per Share at beginning of period

Net investment gain (loss) (1)

Net investment loss (1)

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

10 unchanged sentences

GraniteShares

Platinum Trust (the “Trust”) is an investment trust formed on January 11, 2018 under New York law pursuant to a trust

The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing

the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers,

including the preparation of financial statements.

Platinum Trust (the “Trust”) is an investment trust formed on January 11, 2018 under New York law pursuant to a trust indenture.

The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance

of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation

of financial statements.

The Trustee is responsible for the day-to-day administration of the Trust.

objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust

at that time less the Trust’s accrued expenses and liabilities as of that time.

The Shares are intended to constitute a

simple and cost-effective means of making an investment similar to an investment in platinum.

objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that

time less the Trust’s accrued expenses and liabilities as of that time.

The Shares are intended to constitute a simple and cost-effective

means of making an investment similar to an investment in platinum.

March 11, 2019, the Trust announced a 10-for-1 Share split for all shareholders of record as of March 21, 2019.

The ticker symbol

for the Trust did not change, and the Trust continues to trade on the NYSE Arca.

The split was applied retroactively for all periods

presented, increasing the number of Shares outstanding for the Trust, and resulted in a proportionate decrease in the price per

Share and per Share information of the Trust.

Therefore, the split did not change the aggregate net asset value of a shareholder’s

investment at the time of the split.

The ticker symbol for

the Trust did not change, and the Trust continues to trade on the NYSE Arca.

The split was applied retroactively for all periods presented,

increasing the number of Shares outstanding for the Trust, and resulted in a proportionate decrease in the price per Share and per Share

information of the Trust.

Therefore, the split did not change the aggregate net asset value of a shareholder’s investment at the

time of the split.

fiscal year end for the Trust is June 30.

2 unchanged sentences

Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting

Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting

purposes, the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under the Investment

Company Act of 1940 and is not required to register under such act.

preparation of financial statements in accordance with accounting principles generally accepted in the United States of America

requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts

and disclosures.

Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes,

the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under the Investment Company Act

of 1940 and is not required to register under such act.

preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires

those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures.

Actual results could differ from those estimates.

2 unchanged sentences

Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”).

ASC 820 provides guidance for determining

fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United

Kingdom vaulting premises.

The cost of platinum is determined according to the average cost method and the fair value is based

on the London Bullion Market Association (“LBMA”) Platinum Price PM.

ASC 820 provides guidance for determining fair

value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

ASC 820 defines fair

value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants

at the measurement date.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom

vaulting premises.

The cost of platinum is determined according to the average cost method and the fair value is based on the London

Bullion Market Association (“LBMA”) Platinum Price PM.

Platinum Price PM is the price per troy ounce of platinum, stated in U.S.

dollars, determined by the LME, following an auction

process starting after 2:00 p.m.

(London time), on each day that the London platinum market is open for business, and announced

by the LME shortly thereafter.

per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Platinum

Price PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made,

and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and

liabilities and any losses that may have occurred.

dollars, determined by the LME, following an auction process

starting after 2:00 p.m.

(London time), on each day that the London platinum market is open for business, and announced by the LME shortly

per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Platinum Price

PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made, and represents

the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any

losses that may have occurred.

820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value.

The three levels of inputs

are as follows:

The three levels of inputs are

Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly

or indirectly.

These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments

and similar data.

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing

the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,

and that would be based on the best information available.

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.

These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s

own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based

on the best information available.

Trustee categorizes the Trust’s investment in platinum as a level 1 asset within the ASC 820 hierarchy.

Expenses, realized gains and losses

Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized

rate equal to 0.50% of the adjusted daily net asset value of the Trust, paid monthly in arrears.

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly

fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing

fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs,

audit fees and certain legal expenses.

of December 31, 2020, the fees payable to the Sponsor were $8,248.

Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate

equal to 0.50% of the adjusted daily net asset value of the Trust, paid monthly in arrears.

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and

out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United

States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain

legal expenses.

of March 31, 2021, the fees payable to the Sponsor were $17,707.

As of June 30, 2020, the fees payable to the Sponsor were $3,601.

2 unchanged sentences

When selling platinum to pay expenses, the Trustee will endeavor

to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets

other than platinum.

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

31, 2020 and 2019.

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

PM Platinum Price.

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects

to receive the most favorable price and execution of orders.

The Custodian may be the purchaser of such platinum only if the sale

transaction is made at the next LBMA PM Platinum Price or such other publicly available price that the Sponsor deems fair, in

each case as set following the sale order.

A gain or loss is recognized based on the difference between the selling price and

the cost of the platinum sold.

Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any

gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade

date basis as the difference between the fair value and cost of platinum transferred.

Gain or loss on sales of platinum bullion

is calculated on a trade date basis using the average cost method.

to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets other

than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2021 and

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

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the

most favorable price and execution of orders.

The Custodian may be the purchaser of such platinum only if the sale transaction is made

at the next LBMA PM Platinum Price or such other publicly available price that the Sponsor deems fair, in each case as set following

the sale order.

A gain or loss is recognized based on the difference between the selling price and the cost of the platinum sold.

the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade date

basis as the difference between the fair value and cost of platinum transferred.

Gain or loss on sales of platinum bullion is calculated

on a trade date basis using the average cost method.

Receivable and Payable

receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption

of Shares respectively, where the platinum has not yet been transferred to or from the Trust’s account.

Generally, ownership

of the platinum is transferred within two business days of the trade date.

receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption of Shares

respectively, where the platinum has not yet been transferred to or from the Trust’s account.

Generally, ownership of the platinum

is transferred within two business days of the trade date.

Creations and Redemptions of Shares

Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only

to Authorized Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust

or the distribution by the Trust of the amount of platinum represented by the Baskets being created or redeemed, the amount of

which will be based on the combined ounces represented by the number of shares included in the Baskets being created or redeemed

determined on the day the order to create or redeem Baskets is properly received.

Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized

Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution

by the Trust of the amount of platinum represented by the Baskets being created or redeemed, the amount of which will be based on the

combined ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order

to create or redeem Baskets is properly received.

to create and redeem Baskets may be placed only by Authorized Participants.

An Authorized Participant must:

(1) be a registered

broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion

from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant

in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated

account meeting the standards described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant

Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and

redemption of Baskets and for the delivery of the platinum required for such creations and redemptions.

The Authorized Participant

Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any

investor or Authorized Participant.

A transaction fee of $500 will be assessed on all creation and redemption transactions.

Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is

able to allocate platinum to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 192 ounces

of platinum at the close of a business day.

(1) be a registered broker-dealer

or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration,

would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have

an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards

described herein.

To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor

and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the

delivery of the platinum required for such creations and redemptions.

The Authorized Participant Agreement and the related procedures

attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant.

A transaction

fee of $500 will be assessed on all creation and redemption transactions.

Multiple Baskets may be created on the same day, provided each

Basket meets the requirements described below and that the Custodian is able to allocate platinum to the Trust Allocated Account such

that the Trust Unallocated Account holds no more than 192 ounces of platinum at the close of a business day.

Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation

or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the

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

or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor

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

Trust is classified as a “grantor trust”

for United States federal income tax purposes.

As a result, the Trust itself

will not be subject to United States federal income tax.

As a result, the Trust itself will

not be subject to United States federal income tax.

Instead, the Trust’s income and expenses will “flow through”

to the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue

Service on that basis.

the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue Service

on that basis.

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 December 31, 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

whether the tax positions are “more-likely-than-not”

that no reserves for uncertain tax positions are required as of March 31, 2021 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 whether

the tax positions are “more-likely-than-not”

to be sustained by the applicable tax authority.

Tax positions

not deemed to meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open

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

As of December

31, 2020, the 2020, 2019 and 2018 tax years remain open for examination.

Tax positions not deemed to

meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open tax years.

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

As of March 31, 2021, the 2020, 2019 and

2018 tax years remain open for examination.

Emerging Growth Company qualification

Trust is an “emerging growth company”

as defined in the JOBS Act, and as such, is permitted to meet reduced public

company reporting requirements.

as defined in the JOBS Act, and as such, is permitted to meet reduced public company

reporting requirements.

Investment in platinum

in ounces of platinum and their respective values for the six months ended December 31, 2020.

in ounces of platinum and their respective values for the nine months ended March 31, 2021.

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

2 unchanged sentences

Platinum distributed

Change in unrealized appreciation (depreciation)

Ending balance as of December 31, 2020

Change in unrealized appreciation

Ending balance as of March 31, 2021

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

3 unchanged sentences

Platinum distributed

Change in unrealized appreciation (depreciation)

Change in unrealized depreciation

Ending balance as of June 30, 2020

2 unchanged sentences

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

In exchange for the Sponsor’s

fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s

fee and out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees,

SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.

The Sponsor’s fee is payable at an annualized rate of 0.50% of the Trust’s Net Asset Value, accrued on a daily basis

computed on the prior Business Day’s Net Asset Value and paid monthly in arrears.

Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period

In exchange for the Sponsor’s fee,

the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s fee and

out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration

fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.

The Sponsor’s

fee is payable at an annualized rate of 0.50% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business

Day’s Net Asset Value and paid monthly in arrears.

Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of

Presently, the Sponsor does not intend to waive any part of its fee.

of the Trustee, may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account,

as agent for their customers and for accounts over which they exercise investment discretion.

of the Trustee, may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as

agent for their customers and for accounts over which they exercise investment discretion.

Concentration of risk

accordance with Statement of Position No.

94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole

business activity is the investment in platinum.

94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business

activity is the investment in platinum.

Several factors could affect the price of platinum, including:

(i) global platinum

supply and demand, which is influenced by factors such as production and cost levels in major platinum-producing countries, recycling,

autocatalyst demand, industrial demand, jewelry demand and investment demand;

(i) global platinum supply and

demand, which is influenced by factors such as production and cost levels in major platinum-producing countries, recycling, autocatalyst

demand, industrial demand, jewelry demand and investment demand;

(ii) investors’

expectations with respect

to the rate of inflation;

expectations with respect to the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(v) investment and trading activities of hedge funds

and commodity funds;

and (vi) global or regional political, economic or financial events and situations.

In addition, there is

no assurance that platinum will maintain its long-term value in terms of purchasing power in the future.

In the event that the

price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

Each of these

events could have a material effect on the Trust’s financial position and results of operations.

(v) investment and trading activities of hedge funds and commodity funds;

global or regional political, economic or financial events and situations.

In addition, there is no assurance that platinum will maintain

its long-term value in terms of purchasing power in the future.

In the event that the price of platinum declines, the Sponsor expects

the value of an investment in the Shares to decline proportionately.

Each of these events could have a material effect on the Trust’s

financial position and results of operations.

Indemnification

the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents

and affiliates) and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified

against any liability, loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance

on its part in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any

actions taken in accordance with the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard

on its part of its obligations and duties under the Trust Agreement or any such other agreement.

Such indemnity shall also include

payment from the Trust of the reasonable costs and expenses incurred by the indemnified party in investigating or defending itself

against any such loss, liability or expense or any claim therefor.

In addition, the Sponsor may, in its sole discretion, undertake

any action that it may deem necessary or desirable in respect of the Trust Agreement and in such event, the reasonable legal expenses

and costs and other disbursements of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled

to reimbursement by the Trust.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future

claims that may be made against the Trust that have not yet occurred.

the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates)

and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability,

loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection

with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with

the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties

under the Trust Agreement or any such other agreement.

Such indemnity shall also include payment from the Trust of the reasonable costs

and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any

claim therefor.

In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in

respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions

shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust.

The Trust’s maximum exposure

under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Subsequent events

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.

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

information should be read in conjunction with the financial statements and notes to the financial statements included in Item

1 of Part I of this Form 10-Q.

The discussion and analysis that follows may contain statements that relate to future events or

future performance.

information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part

I of this Form 10-Q.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward-looking statements can be identified by terminology such as “may,”

9 unchanged sentences

or the negative of these terms or other comparable terminology.

Except as required by applicable disclosure laws, neither the Sponsor, nor any other person assumes responsibility for the accuracy

or completeness of any forward-looking statements.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking

statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Except as required by applicable disclosure laws,

neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual

results or to a change in the Sponsor’s expectations or predictions.

Trust is a common law trust, formed under the laws of the state of New York on January 11, 2018.

The Trust is not managed like

a corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the

Trustee pursuant to the Trust Agreement.

The Trust is not registered as an investment company under the Investment Company Act

of 1940 and is not required to register under such act.

It does not hold or trade in commodity futures contracts, nor is it a

commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing

The Trust is not managed like a corporation

or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the Trustee pursuant to

the Trust Agreement.

The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required

to register under such act.

It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation

as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum, and to distribute platinum in connection

with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the

The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s

The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional

means of investing in platinum.

Trust issues and redeems Shares only with Authorized Participants in exchange for platinum and only in aggregations of 50,000

Shares or integral multiples thereof.

Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust.

The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s expenses.

The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of

investing in platinum.

Trust issues and redeems Shares only with Authorized Participants in exchange for platinum and only in aggregations of 50,000 Shares

or integral multiples thereof.

A list of current Authorized Participants is available from the Sponsor or the Trustee.

2 unchanged sentences

each business day, as soon as practicable after 4:00 p.m.

(New York time), the Trustee evaluates the platinum held by the Trust

and determines the net asset value of the Trust and the NAV.

The Trustee values the platinum held by the Trust using that day’s

LBMA Platinum Price PM.

If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s

LBMA Platinum Price AM.

Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and

other liabilities of the Trust from the value of the platinum and other assets of the Trust.

The result is the net asset value

of the Trust.

The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on

the date the computation is made.

(New York time), the Trustee evaluates the platinum held by the Trust and determines

the net asset value of the Trust and the NAV.

The Trustee values the platinum held by the Trust using that day’s LBMA Platinum

If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s LBMA Platinum

Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of

the Trust from the value of the platinum and other assets of the Trust.

The result is the net asset value of the Trust.

The Trustee computes

the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

and Capital Resources

Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material

changes to its liquidity needs.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses

incurred by the Trust.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the

Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell platinum to pay the Sponsor’s Fee

but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor.

At March 31, 2020 the Trust did not

have any cash balances.

Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes

to its liquidity needs.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the Trust’s

expenses not otherwise assumed by the Sponsor.

The Trustee will not sell platinum to pay the Sponsor’s Fee but will pay the Sponsor’s

Fee through in-kind transfers of platinum to the Sponsor.

At March 31, 2021 the Trust did not have any cash balances.

Sheet Arrangements

1 unchanged sentence

Accounting Policies

financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United

States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s

financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting

Below, the Trust describes the valuation of platinum bullion, a critical accounting policy that the Trust believes is

important to understanding its results of operations and financial position.

In addition, please refer to Note 2 to the financial

statements included in this report for further discussion of the Trust’s accounting policies.

financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial

position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

the Trust describes the valuation of platinum bullion, a critical accounting policy that the Trust believes is important to understanding

its results of operations and financial position.

In addition, please refer to Note 2 to the financial statements included in this report

for further discussion of the Trust’s accounting policies.

of Operations

Quarter Ended December 31, 2020

Trust’s net asset value grew from $14,827,671 on September 30, 2020 to $22,247,473 on December 31, 2020, a 50.0% increase.

The growth in the Trust’s net asset value over this period was in part due to an increase in the number of shares outstanding

from 1,700,000 to 2,100,000, or 23.5%.

The 400,000 shares increase was the net result of 11 creation orders and 3 redemption orders

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

Quarter Ended March 31, 2021

Trust’s net asset value grew from $22,247,473 on December 31, 2020 to $41,883,719 on March 31, 2021, a 88.3% increase.

in the Trust’s net asset value over this period was in part due to an increase in the number of shares outstanding from 2,100,000

to 3,600,000, or 71.4%.

The 1,500,000 shares increase was the result of 30 creation orders (50,000 shares per creation and redemption

There were no redemption orders during the period.

The Trust’s net asset value also increased due to the positive change

in the price of platinum, which moved from $884.00 on September 30, 2020 to $1,075.00 on December 31, 2020, or 21.6%.

21.4% increase in the Trust’s net asset value per share, from $8.72 on September 30, 2020 to $10.59 on December 31, 2020

is directly related to the 21.6% 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 $20,640 for the quarter, or 0.13% of the Trust’s average weighted net assets of $16,455,685 during the

The net asset value per share of $10.59 on December 31, 2020 was the highest during the quarter, compared with a low

during the quarter of $8.35 on October 15, 2020.

increase in net assets resulting from operations for the quarter ended December 31, 2020 was $3,311,906, resulting from an unrealized

gain on investment in platinum bullion of $3,355,984, reduced by (i) a loss of $23,438 on metal sold to cover the redemption orders

and the Sponsor’s fees and (ii) the Sponsor’s fees of $20,640.

Other than the Sponsor’s fees the Trust had no

expenses during the quarter.

Months Ended December 31, 2020

Trust’s net asset value grew from $8,845,503 on June 30, 2020 to $22,247,473 on December 31, 2020, a 151.5% increase.

growth in the Trust’s net asset value was in part due to an increase in the number of shares outstanding from 1,100,000

to 2,100,000 over this period, or 90.9%.

The 1,000,000 shares increase was the net result of 23 creations orders and 3 redemption

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

The growth in the Trust’s net asset value was also the result

of a change in the price of platinum, which increased 32.1% from $814.00 on June 30, 2020 to $1,075.00 on December 31, 2020.

31.7% increase in the Trust’s net asset value per share, from $8.04 on June 30, 2020 to $10.59 on December 31, 2020 is directly

in the price of platinum, which moved from $1,075.00 on December 31, 2020 to $1,182.00 on March 31, 2021, or 9.95%.

9.82% increase in the Trust’s net asset value per share, from $10.59 on December 31, 2020 to $11.63 on March 31, 2021 is directly

related to the 9.95% 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 $41,354 for the quarter, or 0.12% of the Trust’s average weighted net assets of $33,539,244 during the quarter.

The net asset value per share of $12.74 on February 19, 2021 was the highest during the quarter, compared with a low during the quarter

of $10.01 on January 11, 2021.

increase in net assets resulting from operations for the quarter ended March 31, 2021 was $1,978,521, resulting from an unrealized gain

on investment in platinum bullion of $2,015,991, increased by a gain of $3,884 on metal sold to cover the redemption orders and the Sponsor’s

fees but reduced by the Sponsor’s fees of $41,354.

Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Months Ended March 31, 2021

Trust’s net asset value grew from $8,845,503 on June 30, 2020 to $41,883,719 on March 31, 2021, a 374% increase.

The growth in

the Trust’s net asset value was in part due to an increase in the number of shares outstanding from 1,100,000 to 3,600,000 over

this period, or 227%.

The 2,500,000 shares increase was the net result of 53 creations orders and 3 redemption orders (50,000 shares

per creation and redemption order).

The growth in the Trust’s net asset value was also the result of a change in the price of platinum,

which increased 45.2% from $814.00 on June 30, 2020 to $1,182.00 on March 31, 2021.

44.7% increase in the Trust’s net asset value per share, from $8.04 on June 30, 2020, to $11.63 on March 31, 2021

is directly related to the 45.2% 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 $78,234 for the period, or 0.37% of the Trust’s average weighted net assets of $20,841,663 during the period.

The net asset value per share of $10.59 on December 31, 2020 was the highest during the period, compared with a low during the

period of $8.04 on July 05, 2020.

increase in net assets resulting from operations for the 6 months period ending December 31, 2020 was $3,736,419, resulting from

an unrealized gain on investment in platinum bullion of $3,797,114, decreased by (i) a loss of $23,815 on metal sold to cover

the redemption orders and the Sponsor’s fees, and (ii) the Sponsor’s fees of $36,880 Other than the Sponsor’s

fees the Trust had no expenses during the quarter.

The net asset value per share of $12.74 on February 19, 2021 was the highest during the period, compared with a low during the period

of $8.04 on July 05, 2020.

increase in net assets resulting from operations for the 9 months period ending March 31, 2021 was $5,714,940, resulting from an unrealized

gain on investment in platinum bullion of $5,813,105, decreased by (i) a loss of $19,931 on metal sold to cover the redemption orders

and the Sponsor’s fees, and (ii) the Sponsor’s fees of $78,234 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