What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2023-08-14 compared with 2022-08-12 · 117 added, 96 removed, 413 unchanged (34% of the section changed)

79 unchanged sentences

by KPMG in Paris as a senior

and by the Ernst and Young Corporate Finance.

and by Ernst and Young Corporate Finance.

Autier holds a Masters in Finance from London Business School.

is 47 years old.

48 years old.

Executive Compensation

13 unchanged sentences

for services performed by Tait, Weller & Baker, LLP, for the fiscal years ended June 30, 2023 and 2022 respectively:

June 30, 2022

June 30, 2021

Audit fees – Tait, Weller & Baker

Fees are fees paid by the Sponsor to Tait Weller & Baker LLP for professional services for the audit of the Trust’s

financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are

normally provided by the accountants in connection with regulatory filings or engagements.

Audit fees – Tait, Weller

Fees are fees paid by the Sponsor to Tait Weller & Baker LLP for professional services for the audit of the Trust’s financial

statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally

provided by the accountants in connection with regulatory filings or engagements.

Policies and Procedures

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Executive Officer and Chief Financial Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley

Section 1350, as adopted pursuant to Section

906 of the Sarbanes-Oxley Act of 2002*

Accounting Officer’s Certificate, pursuant to 18 U.S.C.

1 unchanged sentence

XBRL Instance Document

Taxonomy Extension Schema Document

Taxonomy Extension Calculation Document

Taxonomy Extension Definitions Document

Taxonomy Extension Labels Document

Taxonomy Extension Presentation Document

Cover Page Interactive Data File (embedded within the Inline XBRL document)

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Document

XBRL Taxonomy Extension Definitions Document

XBRL Taxonomy Extension Labels Document

XBRL Taxonomy Extension Presentation Document

Page Interactive Data File (embedded within the Inline XBRL document)

Filed herewith.

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STATEMENTS AS OF JUNE 30, 2023

Report of Independent Registered Public Accounting Firm (PCAOB ID:

Statements of Assets and Liabilities at June 30, 2022 and 2021

Schedules of Investments at June 30, 2022 and 2021

Statements of Operations for the fiscal period ended June 30, 2022, 2021 and 2020

Statements of Changes in Net Assets for the fiscal period ended June 30, 2022, 2021 and 2020

Financial Highlights for the years ended June 30, 2022, 2021 and 2020

Notes to the Financial Statements

of Independent Registered Public Accounting Firm (PCAOB ID:

of Assets and Liabilities at June 30, 2022 and 2021

of Investments at June 30, 2022 and 2021

of Operations for the fiscal period ended June 30, 2022, 2021 and 2020

of Changes in Net Assets for the fiscal period ended June 30, 2022, 2021 and 2020

Highlights for the years ended June 30, 2022, 2021 and 2020

to the Financial Statements

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

62 unchanged sentences

of Assets and Liabilities

June 30, 2022 and 2021

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

Investment in platinum, at fair value (1)

June 30, 2023 and June 30, 2022

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

in platinum, at fair value (1)

Fees payable to Sponsor

9 unchanged sentences

of Investments

June 30, 2022 and 2021

June 30, 2023 and June 30, 2022

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

June 30, 2022

Total investment

Liabilities in excess of other assets

June 30, 2021

Ounces of platinum

Liabilities in excess

of other assets

Total investment

Liabilities in excess of other assets

Liabilities in excess

of other assets

Notes to the Financial Statements

3 unchanged sentences

the years ended June 30, 2023, 2022 and 2021

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

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

June 30, 2023

3 unchanged sentences

Net investment loss

Net realized and unrealized gains (losses)

Net realized gain (loss) from:

Platinum sold to pay expenses

Platinum distributed for the redemption of Shares

Net realized and unrealized

gains (losses)

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

Platinum bullion sold to

bullion distributed for the redemption of Shares

Net realized gain (loss)

change in unrealized appreciation (depreciation)

realized and unrealized gain (loss)

Net increase (decrease)

in net assets resulting from operations

Net increase (decrease) in net assets per share

5 unchanged sentences

the years ended June 30, 2023, 2022 and 2021

Amounts in 000’s of US$

in 000’s of US$

June 30, 2023

1 unchanged sentence

June 30, 2021

Net Assets – beginning of year

Creation of 2,550,000 , 2,650,000 and 1,100,000 shares respectively

Redemption of ( 1,100,000 ), ( 150,000 ) and ( 450,000 ) shares respectively

Net Assets – beginning of

Creation of 350,000 , 2,550,000 and 2,650,000

shares respectively

Redemption of ( 1,400,000 ), ( 1,100,000 ) and

( 150,000 ) shares respectively

Net investment income (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 bullion

Net Assets – end of year

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

appreciation (depreciation) on investment in platinum bullion

Net Assets – end

Notes to the Financial Statements

2 unchanged sentences

the years ended June 30, 2023, 2022 and 2021

Per Share Performance

(for a Share outstanding throughout each year)

Share Performance

a Share outstanding throughout each year)

June 30, 2023

1 unchanged sentence

June 30, 2021

Net asset value per Share at beginning of year

Net investment income (loss) (1)

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

Net change in net assets from operations

Net asset value per Share at end of year

Total return ratio, at net asset value

Net asset value per Share at beginning

Net investment

income (loss) (1)

realized and unrealized gain (loss) on investment in platinum

change in net assets from operations

Net asset value per

Share at end of year

Total return ratio, at net

Total return ratio, at market price

Net assets ($000’s)

16 unchanged sentences

capitalized terms shall have the meaning as set forth in the Trust’s registration statement.

Significant accounting policies

Basis of Accounting and Significant Accounting Policies

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

2 unchanged sentences

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.

of 1940, as amended, 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

2 unchanged sentences

following is a summary of significant accounting policies followed by the Trust.

Valuation of Platinum

Custody and Fair Valuation of Platinum

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

6 unchanged sentences

vaulting premises.

99.82 % and 99.80 % of platinum is in the form of good delivery platinum

bars as of June 30, 2023 and 2022, respectively.

A current list of all platinum held by the Custodian is available on the sponsor’s

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

16 unchanged sentences

on the best information available.

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

following table summarizes the Trust’s investments at fair value:

of Trust Investments Fair value

(Amounts in 000’s of US$)

June 30, 2023

Investment in Platinum

(Amounts in 000’s of US$)

June 30, 2022

Investment in Platinum

were no transfers between Level 1 and other Levels for the years ended June 30, 2023 and 2022.

Expenses, Realized Gains and Losses

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than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended June 30, 2022 and 2021.

Other than the Sponsor’s Fee, the Trust had no expenses during years ended June 30, 2023, 2022 and 2021.

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

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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 on an ongoing basis.

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.

20 unchanged sentences

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.

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.

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 proceeds, 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 June 30, 2023 and June 30, 2022.

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 tax years.

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

As of June 30, 2022, the 2021, 2020 and2019

tax years remain open for examination .

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 tax

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

of June 30, 2023, the 2023, 2022, 2021 and 2020 tax years remain open for examination.

Emerging Growth Company qualification

3 unchanged sentences

in ounces of platinum and their respective values for the year ended June 30, 2023.

Schedule of Investment in Platinum

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

of Investment in Platinum

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

Opening balance as of June 30, 2022

2 unchanged sentences

( 13,883.287 )

Change in unrealized appreciation (depreciation)

Change in unrealized

appreciation (depreciation)

Ending balance as of June 30, 2023

in ounces of platinum and their respective values for the year ended June 30, 2022.

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

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

Opening balance as of June 30, 2021

2 unchanged sentences

( 10,975.474 )

Change in unrealized appreciation (depreciation)

Change in unrealized

appreciation (depreciation)

Ending balance as of June 30, 2022

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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.

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;

(iii) currency exchange rates;

currency exchange rates;

(iv) interest rates;

(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.

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

19 unchanged sentences

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-K

Item 9A. Controls and Procedures