What changed in this filing

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Item 1. Financial Statements

2024-02-02 compared with 2023-11-03 · 81 added, 81 removed, 203 unchanged (44% of the section changed)

1 unchanged sentence

of Assets and Liabilities

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

December 31, 2023 (unaudited) and June 30, 2023

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

September 30,

Investment in platinum, at fair value (1)

8 unchanged sentences

of Investments

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

December 31, 2023 (unaudited) and June 30, 2023

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

September 30, 2023 (unaudited)

December 31, 2023 (unaudited)

Total investment

5 unchanged sentences

of Operations (Unaudited)

the three months ended September 30, 2023 and 2022

the three and six months ended December 31, 2023 and 2022

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

September 30, 2023

September 30, 2022

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Total expenses

Net investment loss

Net realized and unrealized gains (losses)

Net realized and unrealized gain (loss)

Net realized gain (loss) from:

9 unchanged sentences

of Changes in Net Assets (Unaudited)

the three months ended September 30, 2023 and 2022

the three and six months ended December 31, 2023 and 2022

Amounts in 000’s of US$

September 30, 2023

September 30, 2022

Net Assets – beginning of the period

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Net Assets – beginning of period

Creations of 50,000 , 100,000 , 500,000 and 100,000 shares respectively

Redemptions of 50,000 , 100,000 , 450,000 and 500,000 shares respectively

Net investment income (loss)

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

Net investment loss

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

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

3 unchanged sentences

Highlights (Unaudited)

the three months ended September 30, 2023 and 2022

the three and six months ended December 31, 2023 and 2022

Share Performance

a Share outstanding throughout each period)

Net asset value per Share at beginning of period

Net investment gain (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 period

asset value per Share at beginning of period

investment gain (loss) (1)

realized and unrealized gain (loss) on investment in platinum

change in net assets from operations

asset value per Share at end of period

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)

Ratio to average net assets

Net investment loss (3)

return ratio, at net asset value (2)

return ratio, at market price

assets ($000’s)

to average net assets

investment loss (3)

using the average shares outstanding method.

31 unchanged sentences

at the measurement date.

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.

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

vaulting premises.

99.84 % and 99.94 % of platinum is in the form of good delivery platinum bars as of December 31, 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

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

15 unchanged sentences

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

of Trust Investments Fair Value

Schedule of Trust Investments Fair Value

(Amounts in 000’s of US$)

September 30, 2023

December 31, 2023

Investment in Platinum

3 unchanged sentences

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.

were no transfers between Level 1 and other Levels for the period ended December 31, 2023 and year ended June 30, 2023.

Expenses, realized gains and losses

5 unchanged sentences

legal expenses.

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

of period ended of December 31, 2023, the fees payable to the Sponsor were $ 15,759 .

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,

sell the Trust’s platinum as necessary to pay these expenses.

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 months ended September 30, 2023 and 2022.

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

discretion, sell the Trust’s platinum as necessary to pay these expenses.

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 six months and 3 months

ended December 31, 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

16 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 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.

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 proceeds, 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 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

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 September 30, 2023, the 2023, 2022,

2021 and 2020 tax years remain open for examination.

that no reserves for uncertain tax positions are required as of December 31, 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 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 December 31, 2023, the 2023, 2022 and 2021 tax years remain open for examination.

Investment in Platinum

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

of Investment in Platinum

in ounces of platinum and their respective values for the period ended December 31, 2023:

Schedule of Investment in Platinum

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

4 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of September 30, 2023

Ending balance as of December 31, 2023

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

21 unchanged sentences

Concentration of risk

The Trust’s sole business activity is the investment in platinum.

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;

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;

(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

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)

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