What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-02-03 compared with 2021-11-05 · 35 added, 15 removed, 65 unchanged (43% of the section changed)

49 unchanged sentences

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

At September 30, 2021 the Trust did not have any cash balances.

At March 31, 2020 the Trust did not have any cash balances.

Sheet Arrangements

10 unchanged sentences

of Operations

Quarter Ended September 30, 2021

the quarter the Trust’s net asset value decreased by 7.92% from $37,477,854 on June 30, 2021, to $34,509,877 on September 30, 2021.

The decrease in the Trust’s net asset value was mainly due to the price of platinum which was down 9.07% from $1,059.00 on June

30, 2021, to $963.00 on September 30, 2021.

Meanwhile there was an increase of 50,000 in the number of shares outstanding resulting from

1 creation order.

9.18% decrease in the Trust’s net asset value per share from $10.41 at June 30, 2021 to $9.45 at September 30, 2021 is directly

Quarter Ended December 31, 2021

Trust’s net asset value grew from $34,509,877 on September 30, 2021 to $36,787,481 on December 31, 2021, a 6.6% 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 3,650,000

to 3,900,000, or 6.9%.

The 250,000 shares increase was the net result of 5 creation orders and no redemption orders (50,000 shares per

creation and redemption order).

The Trust’s net asset value slightly decreased due to the negative change in the price of platinum,

which moved from $963.00 on September 30, 2021 to $962.00 on December 31, 2021, or -0.1%.

0.2% decrease in the Trust’s net asset value per share, from $9.45 on September 30, 2021 to $9.43 on December 31, 2021 is directly

related to the 0.1% decrease 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 $45,725 for the period, or 0.13% of the Trust’s average weighted assets of $36,249,355 during the period.

net asset value per share of $11.15 on July 16, 2021 was the highest during the period, compared with a low during the period of $9.14

on September 20, 2021.

decrease in net assets resulting from operations for the quarter ended September 30, 2021 was $3,427,515, resulting primarily from an

unrealized loss on investment in platinum bullion of $3,381,690, increased by a loss of $100 on metal sold to cover redemption orders

and Sponsor’s fees and by the Sponsor’s fees of $45,725.

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 $46,407 for the quarter, or 0.13% of the Trust’s average weighted net assets of $36,822,947 during the quarter.

The net asset value per share of $10.73 on November 16, 2021 was the highest during the quarter, compared with a low during the quarter

of $8.93 on December 16, 2021.

decrease in net assets resulting from operations for the quarter ended December 31, 2021 was $116,290, resulting from an unrealized loss

on investment in platinum bullion of $66,219, increased by (i) a loss of $3,664 on metal sold to cover the redemption orders and the

Sponsor’s fees and (ii) the Sponsor’s fees of $46,407.

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

Months Ended December 31, 2021

Trust’s net asset value decreased by 1.8% from $37,477,854 on June 30, 2021 to $36,787,481 on December 31, 2021.

The decrease in

the Trust’s net asset value occurred despite a 8.3% increase in the number of shares outstanding from 3,600,000 to 3,900,000 over

The 300,000 shares increase was the net result of 6 creations orders and 0 redemption orders (50,000 shares per creation

and redemption order).

The decrease in the Trust’s net asset value was the result of a change in the price of platinum, which decreased

9.2% from $1,059.00 on June 30, 2021 to $962.00 on December 31, 2021.

9.4% decrease in the Trust’s net asset value per share, from $10.41 on June 30, 2021 to $9.43 on December 31, 2021 is directly

related to the 9.2% 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 $92,132 for the period, or 0.25% of the Trust’s average weighted net assets of $36,552,382 during the period.

The net asset value per share of $11.15 on July 16, 2021 was the highest during the period, compared with a low during the period of

8.93 on December 15, 2021.

decrease in net assets resulting from operations for the 6 months period ending December 31, 2021 was $3,543,805, resulting from an unrealized

loss on investment in platinum bullion of $3,447,909, decreased by (i) a loss of $3,764 on metal sold to cover the redemption orders

and the Sponsor’s fees, and (ii) the Sponsor’s fees of $92,132 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 2. Management’s Discussion and Analysis