1 unchanged sentence
of Assets and Liabilities
−Removed: March 31, 2025 (unaudited) and June 30, 2024
+Added: September 30, 2025 (unaudited) and June 30, 2025
Amounts in 000’s of US$ except share and per share data
−Removed: March 31, 2025
June 30, 2025
Investment in platinum, at fair value (1)
+Added: Platinum receivable for fund shares sold
+Added: Payable for platinum purchased
Fees payable to Sponsor
2 unchanged sentences
Net asset value per Share
−Removed: of investment in platinum:
+Added: Cost of investment in platinum:
$ 94,108 and $ 65,762 , respectively.
−Removed: par value, unlimited amount authorized.
+Added: No par value, unlimited
+Added: amount authorized.
Notes to the Financial Statements
of Investments
−Removed: March 31, 2025 (unaudited) and June 30, 2024
+Added: September 30, 2025 (unaudited) and June 30, 2025
in 000’s of US$, except for ounces and percentages
−Removed: March 31, 2025 (unaudited)
+Added: September 30, 2025 (unaudited)
Total investment
1 unchanged sentence
June 30, 2025
+Added: Ounces of platinum
Total investment
2 unchanged sentences
of Operations (unaudited)
−Removed: the three and nine months ended March 31, 2025 and 2024
+Added: the three months ended September 30, 2025 and 2024
Amounts in 000’s of US$, except per share data
−Removed: March 31, 2025
−Removed: March 31, 2024
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Total expenses
Net investment loss
−Removed: Net realized and unrealized gain (loss)
+Added: Net realized and unrealized gains (losses)
Net realized gain (loss) from:
9 unchanged sentences
of Changes in Net Assets (unaudited)
−Removed: the three and nine months ended March 31, 2025 and 2024
+Added: the three months ended September 30, 2025 and 2024
Amounts in 000’s of US$
−Removed: March 31, 2025
−Removed: March 31, 2024
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Net Assets – beginning of the period
1 unchanged sentence
Redemptions of 50,000 and 0 shares respectively
−Removed: Net investment loss
+Added: Net investment income (loss)
Net realized gain (loss) from platinum bullion sold to pay expenses
4 unchanged sentences
Highlights (unaudited)
−Removed: the three and nine months ended March 31, 2025 and 2024
+Added: the three months ended September 30, 2025 and 2024
Per Share Performance
(for a Share outstanding throughout each period)
−Removed: March 31, 2025
−Removed: March 31, 2024
−Removed: March 31, 2025
−Removed: March 31, 2024
−Removed: Net asset value per Share at beginning of
−Removed: Net investment loss (1)
−Removed: Net realized and unrealized gain (loss) on investment in platinum
+Added: September 30, 2025
+Added: September 30, 2024
+Added: Net asset value per Share at beginning of period
+Added: investment loss (1)
+Added: Net realized and unrealized gain (loss) on investment in
+Added: platinum bullion
Net change in net assets from operations
6 unchanged sentences
Net investment loss (3)
−Removed: using the average shares outstanding method.
−Removed: not annualized.
+Added: Calculated using the average
+Added: shares outstanding method.
+Added: Percentage not annualized.
+Added: Percentage annualized.
Notes to the Financial Statements
31 unchanged sentences
vaulting premises.
−Removed: 99.88 % and 99.82 % of platinum is in the form of good delivery platinum bars as of March 31, 2025 and 2024, respectively.
+Added: 99.99 % and 99.97 % of platinum is in the form of good delivery platinum bars as of September 30, 2025 and 2024, respectively.
A current list of all platinum held by the Custodian is available on the sponsor’s website.
17 unchanged sentences
on the best information available.
−Removed: following table summarizes the Trust’s investments at fair value:
+Added: The following table summarizes the Trust’s investments at fair value:
Schedule of Trust Investments Fair Value
(Amounts in 000’s of US$)
−Removed: March 31, 2025
+Added: September 30, 2025
Investment in Platinum
−Removed: following table summarizes the Trust’s investments at fair value:
+Added: The following table summarizes the Trust’s investments at fair value:
(Amounts in 000’s of US$)
1 unchanged sentence
Investment in Platinum
−Removed: were no transfers between Level 1 and other Levels for the period ended March 31, 2025 and year ended June 30, 2024.
+Added: were no transfers between Level 1 and other Levels for the period ended September 30, 2025 and the year ended June 30, 2025.
Expenses, realized gains and losses
5 unchanged sentences
legal expenses.
−Removed: of period ended of March 31, 2025, the fees payable to the Sponsor were $ 21,247 .
−Removed: As of the fiscal year ended June 30, 2024, the fees payable to the Sponsor were $ 17,280 .
+Added: of the period ended September 30, 2025, the fees payable to the Sponsor were $ 41,355 As of the year ended June 30, 2025, the fees payable
+Added: to the Sponsor were $ 29,422 .
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.
−Removed: Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2025, and
+Added: Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended September 30, 2025 and 2024.
otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LBMA PM Platinum
40 unchanged sentences
that the Trust Unallocated Account holds no more than 192 ounces of platinum at the close of a business day.
−Removed: Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation
−Removed: or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor
−Removed: or the Trust to effect any sale or resale of shares.
+Added: Authorized Participants who make deposits with
+Added: the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either
+Added: 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
Trust is classified as a “grantor trust” for United States federal income tax purposes.
5 unchanged sentences
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
−Removed: that no reserves for uncertain tax positions are required as of March 31, 2025 and June 30, 2024.
+Added: that no reserves for uncertain tax positions are required as of September 30, 2025 and June 30, 2025.
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.
−Removed: As of March 31, 2025, the 2024, 2023, 2022 and
−Removed: 2021 tax years remain open for examination.
+Added: As of September 30, 2025, the 2025, 2024,
+Added: 2023 and 2022 tax years remain open for examination.
Recently Issued Accounting Pronouncement
4 unchanged sentences
with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.
−Removed: The Chief Operating Decision Maker (“CODM”)
−Removed: is the Sponsor.
+Added: The Chief Operating Decision Maker
+Added: (“CODM”) is the Sponsor.
The CODM monitors the operating results of the Trust.
−Removed: The financial information the CODM leverages to assess the segment’s
−Removed: performance and to make decisions for the Trust’s single segment is consistent with that presented within the Trust’s financial statements.
+Added: The financial information the CODM leverages
+Added: to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with that presented
+Added: within the Trust’s financial statements.
Investment in Platinum
−Removed: in ounces of platinum and their respective values for the period ended March 31, 2025.
+Added: in ounces of platinum and their respective values for the period ended September 30, 2025:
Schedule of Investment in Platinum
3 unchanged sentences
Platinum distributed
−Removed: ( 3,551.414 )
Change in unrealized appreciation (depreciation)
−Removed: Ending balance as of March 31, 2025
−Removed: in ounces of platinum and their respective values for the fiscal year ended June 30, 2024.
+Added: Ending balance as of September 30, 2025
+Added: in ounces of platinum and their respective values for the year ended June 30, 2025:
Amounts in 000’s of US$, except for ounces data
56 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.