What changed in this filing

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Item 1. Financial Statements

2023-11-03 compared with 2023-05-05 · 99 added, 98 removed, 185 unchanged (52% of the section changed)

1 unchanged sentence

of Assets and Liabilities

March 31, 2023 (unaudited) and June 30, 2022

September 30, 2023 (unaudited) and June 30, 2023

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

March 31, 2023

June 30, 2022

September 30,

Investment in platinum, at fair value (1)

3 unchanged sentences

Net asset value per Share

Cost of investment in platinum:

of investment in platinum:

$ 40,283 and $ 40,355 , respectively.

No par value, unlimited

amount authorized.

par value, unlimited amount authorized.

Notes to the Financial Statements

of Investments

March 31, 2023 (unaudited) and June 30, 2022

September 30, 2023 (unaudited) and June 30, 2023

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

March 31, 2023 (unaudited)

September 30, 2023 (unaudited)

Total investment

Liabilities in excess of other assets

Assets in excess of liabilities

June 30, 2023

3 unchanged sentences

of Operations (Unaudited)

the three and nine months ended March 31, 2023 and 2022

the three months ended September 30, 2023 and 2022

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

March 31, 2023

March 31, 2022

March 31, 2023

March 31, 2022

September 30, 2023

September 30, 2022

Total expenses

Net investment loss

Net realized and unrealized gain (loss)

Net realized and unrealized gains (losses)

Net realized gain (loss) from:

7 unchanged sentences

Weighted average number of shares (in 000’s)

Amounts do not round to

Notes to the Financial Statements

of Changes in Net Assets (Unaudited)

the three and nine months ended March 31, 2023 and 2022

the three months ended September 30, 2023 and 2022

Amounts in 000’s of US$

March 31, 2023

March 31, 2022

March 31, 2023

March 31, 2022

September 30, 2023

September 30, 2022

Net Assets – beginning of the period

1 unchanged sentence

Redemptions of 400,000 and 400,000 shares respectively

Net investment loss

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

Net investment income (loss)

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

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

1 unchanged sentence

Net Assets – end of period

Amounts do not round to $1.

Notes to the Financial Statements

Highlights (Unaudited)

the three and nine months ended March 31, 2022 and 2021

Per Share Performance

(for a Share outstanding throughout each period)

March 31, 2023

March 31, 2022

March 31, 2023

March 31, 2022

the three months ended September 30, 2023 and 2022

Share Performance

a Share outstanding throughout each period)

Net asset value per Share at beginning of period

Net investment loss (1)

Net investment gain (loss) (1)

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

1 unchanged sentence

Net asset value per Share, at end of period

Total return, at net asset value (2)

Market value per Share at end of period

Total return ratio, at net asset value (2)

Total return ratio, at market price (2)

Net assets ($000’s)

1 unchanged sentence

Net investment loss (3)

Calculated using the average shares outstanding method.

Percentage not annualized.

Percentage annualized.

using the average shares outstanding method.

not annualized.

Notes to the Financial Statements

12 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”).

4 unchanged sentences

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 is held by ICBC Standard Bank Plc (the “Custodian”),

on behalf of the Trust, at the Custodian’s London, United Kingdom vaulting premises.

99.89 % and 99.93 % of platinum is in the form

of good delivery platinum bars as of September 30, 2023 and 2022, respectively.

A current list of all platinum held by the Custodian is

available on the sponsor’s website.

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.

14 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$)

September 30, 2023

Investment in Platinum

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

(Amounts in 000’s of US$)

June 30, 2023

Investment in Platinum

were no transfers between Level 1 and other Levels for the period ended September 30, 2023 and year ended June 30, 2023.

Expenses, realized gains and losses

5 unchanged sentences

legal expenses.

of March 31, 2023, the fee payable to the Sponsor was $ 19,003 .

As of June 30, 2022, the fees payable to the Sponsor were $ 19,453 .

of period ended of September 30, 2023, the fees payable to the Sponsor were $ 14,985 .

As of the year ended June 30, 2023, the fees payable

to the Sponsor were $ 15,441 .

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

3 unchanged sentences

than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2023 and

Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended September 30, 2023 and 2022.

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

10 unchanged sentences

on a trade date basis using the average cost method.

Receivable and Payable

Platinum Receivable and Payable

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

3 unchanged sentences

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.

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

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.

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

2 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 March 31, 2023 and June 30, 2022.

that no reserves for uncertain tax positions are required as of September 30, 2023 and June 30, 2023.

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

4 unchanged sentences

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

As of March 31, 2023, the 2022, 2021, 2020

As of September 30, 2023, the 2023, 2022,

2021 and 2020 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.

Investment in Platinum

in ounces of platinum and their respective values for the nine months ended March 31, 2023.

in ounces of platinum and their respective values for the period ended September 30, 2023:

of Investment in Platinum

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of March 31, 2023

Ending balance as of September 30, 2023

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

21 unchanged sentences

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;

(ii) investors’ expectations with respect to the rate of inflation;

(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;

(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.

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

financial position and results of operations.

Indemnification

(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.

Indemnification footnote

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

16 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-Q

Item 1. Financial Statements