1 unchanged sentence
of Assets and Liabilities
−Removed: September 30, 2025 (unaudited) and June 30, 2025
+Added: December 31, 2025 (unaudited) and June 30, 2025
Amounts in 000’s of US$, except share and per share data
+Added: December 31, 2025
June 30, 2025
Investment in platinum, at fair value (1)
−Removed: Platinum receivable for fund shares sold
+Added: Platinum receivable for
+Added: fund shares sold
Payable for platinum purchased
3 unchanged sentences
Net asset value per Share
−Removed: Cost of investment in platinum:
+Added: of investment in platinum:
$ 159,805 and $ 65,762 , respectively.
−Removed: No par value, unlimited
−Removed: amount authorized.
+Added: par value, unlimited amount authorized.
Notes to the Financial Statements
of Investments
−Removed: September 30, 2025 (unaudited) and June 30, 2025
+Added: December 31, 2025 (unaudited) and June 30, 2025
in 000’s of US$, except for ounces and percentages
−Removed: September 30, 2025 (unaudited)
+Added: December 31, 2025 (unaudited)
Total investment
6 unchanged sentences
of Operations (Unaudited)
−Removed: the three months ended September 30, 2025 and 2024
+Added: the three and six months ended December 31, 2025, and 2024
Amounts in 000’s of US$, except per share data
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: December 31, 2025
+Added: December 31, 2024
+Added: December 31, 2025
+Added: December 31, 2024
Total expenses
Net investment loss
−Removed: Net realized and unrealized gains (losses)
+Added: Net realized and unrealized gain (loss)
Net realized gain (loss) from:
9 unchanged sentences
of Changes in Net Assets (Unaudited)
−Removed: the three months ended September 30, 2025 and 2024
+Added: the three and six months ended December 31, 2025 and 2024
Amounts in 000’s of US$
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: Net Assets – beginning of the period
+Added: December 31, 2025
+Added: December 31, 2024
+Added: December 31, 2025
+Added: December 31, 2024
+Added: Net Assets – beginning of period
Creations of 3,550,000 , 1,000,000 , 5,600,000 and 1,000,000 shares respectively
7 unchanged sentences
Highlights (Unaudited)
−Removed: the three months ended September 30, 2025 and 2024
+Added: the three and six months ended December 31, 2025 and 2024
Per Share Performance
(for a Share outstanding throughout each period)
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: December 31, 2025
+Added: December 31, 2024
+Added: December 31, 2025
+Added: December 31, 2024
Net asset value per Share at beginning of period
−Removed: investment loss (1)
+Added: Net investment income (loss) (1)
Net realized and unrealized gain (loss) on investment in
3 unchanged sentences
Market value per Share at end of period
−Removed: Total return ratio, at net asset value (2)
+Added: return ratio, at net asset value (2)
Total return ratio, at market price (2)
2 unchanged sentences
Net investment loss (3)
−Removed: Calculated using the average
−Removed: shares outstanding method.
−Removed: Percentage not annualized.
−Removed: Percentage annualized.
+Added: using the average shares outstanding method.
+Added: not annualized.
Notes to the Financial Statements
31 unchanged sentences
vaulting premises.
−Removed: 99.99 % and 99.97 % of platinum is in the form of good delivery platinum bars as of September 30, 2025 and 2024, respectively.
+Added: 99.88 % and 99.95 % of platinum is in the form of good delivery platinum bars as of December 31, 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: The following table summarizes the Trust’s investments at fair value:
+Added: following table summarizes the Trust’s investments at fair value:
Schedule of Trust Investments Fair Value
(Amounts in 000’s of US$)
−Removed: September 30, 2025
+Added: December 31, 2025
Investment in Platinum
−Removed: The following table summarizes the Trust’s investments at fair value:
+Added: following table summarizes the Trust’s investments at fair value:
(Amounts in 000’s of US$)
1 unchanged sentence
Investment in Platinum
−Removed: were no transfers between Level 1 and other Levels for the period ended September 30, 2025 and the year ended June 30, 2025.
+Added: were no transfers between Level 1 and other Levels for the period ended December 31, 2025 and the fiscal year ended June 30, 2025.
Expenses, realized gains and losses
5 unchanged sentences
legal expenses.
−Removed: 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
−Removed: to the Sponsor were $ 29,422 .
+Added: of period ended of December 31, 2025, the fees payable to the Sponsor were $ 76,745 .
+Added: As of the fiscal year ended June 30, 2025, the fees
+Added: payable 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 months ended September 30, 2025 and 2024.
+Added: Other than the Sponsor’s Fee, the Trust had no expenses during the three months and six months ended December 31, 2025
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: Authorized Participants who make deposits with
−Removed: the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either
−Removed: 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
+Added: Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation
+Added: or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor
+Added: or the Trust to effect any sale or resale of shares.
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 September 30, 2025 and June 30, 2025.
+Added: that no reserves for uncertain tax positions are required as of December 31, 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 September 30, 2025, the 2025, 2024,
+Added: As of December 31, 2025, the 2025, 2024
and 2023 tax years remain open for examination.
−Removed: Recently Issued Accounting Pronouncement
+Added: Segment Reporting
Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures
9 unchanged sentences
within the Trust’s financial statements.
+Added: 2.7 Recently Issued Accounting Pronouncement
+Added: In December 2023, the FASB issued Accounting
+Added: Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends
+Added: quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax
+Added: information by jurisdiction and remove information that is no longer beneficial.
+Added: ASU 2023-09 is effective for annual periods
+Added: beginning after December 15, 2024, and early adoption is permitted.
+Added: The Trust’s Management is evaluating the impacts of these
+Added: changes on the Trust’s financial statements.
Investment in Platinum
−Removed: in ounces of platinum and their respective values for the period ended September 30, 2025:
+Added: in ounces of platinum and their respective values for the period ended December 31, 2025:
Schedule of Investment in Platinum
3 unchanged sentences
Platinum distributed
+Added: ( 1,617.443 )
Change in unrealized appreciation (depreciation)
−Removed: Ending balance as of September 30, 2025
−Removed: in ounces of platinum and their respective values for the year ended June 30, 2025:
+Added: Ending balance as of December 31, 2025
+Added: in ounces of platinum and their respective values for the fiscal 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.