31 unchanged sentences
each business day, as soon as practicable after 4:00 p.m.
−Removed: (New York time), the Trustee values the platinum held by the Trust and determines
+Added: (New York time), the Trustee evaluates the platinum held by the Trust and determines
the net asset value of the Trust and the NAV.
15 unchanged sentences
Fee through in-kind transfers of platinum to the Sponsor.
−Removed: At March 31, 2022 the Trust did not have any cash balances.
+Added: At September 30, 2023 the Trust did not have any cash balances.
Sheet Arrangements
10 unchanged sentences
of Operations
−Removed: Quarter Ended September 30, 2025
−Removed: Trust’s net asset value increased from $85,206,010 on June 30, 2025 to $129,274,099 on September 30, 2025, a 51.7% increase.
−Removed: Trust’s net asset value increased due to the positive change in the price of platinum, which moved from $1,350.00 on June 30, 2025
−Removed: to $1,571.00 on September 30, 2025, or 16.37%, as well as an increase of 2,000,000 shares outstanding, resulting from 41 baskets created
−Removed: and 1 basket redeem (each basket is equal to 50,000 shares) or 30.53%.
−Removed: 16.22% increase in the Trust’s net asset value per share, from $13.01 on June 30, 2025 to $15.12 on September 30, 2025 is
−Removed: directly related to the 2.67% price went up need updated language 16.37% increase in price of platinum decrease in the price of
+Added: Quarter Ended December 31, 2025
+Added: the quarter the Trust’s net asset value increased by 80.9% from $129,274,099 on September 30, 2025, to $233,824,339 on December
+Added: The increase in the Trust’s net asset value was due to (i) an increase in the price of platinum from $1,571.00 on September
+Added: 30, 2025, to $2,027.00 on December 31, 2025, and (ii) an increase in the number of Shares outstanding from 8,550,000 on September 30,
+Added: 2025, to 12,000,000 on December 31, 2025.
+Added: The net 3,450,000 shares increase was the result of 71 creation orders and 2 redemption orders
+Added: (50,000 shares per creation and redemption).
+Added: 28.9% increase in the Trust’s net asset value per share from $15.12 on September 30, 2025, to $19.49 on December 31, 2025, is directly
+Added: related to the 29.0% increase in the price of platinum.
+Added: Trust’s net asset value per share increase slightly less than the price of platinum on a percentage basis due to the Sponsor’s
+Added: fees, which were $194,905 for the period, or 0.13% of the Trust’s average weighted net assets of $154,675,188 during the period.
+Added: The net asset value per share of $22.06 on December 24, 2025, was the highest during the period, compared with a low during the period
+Added: of $14.64 on November 21, 2025.
+Added: net increase in net assets resulting from operations for the quarter ended December 31, 2025, was $39,182,189, resulting primarily from
+Added: an unrealized gain on investment in platinum bullion of $38,888,573, increased by a gain of $488,521 on metal sold to cover redemption
+Added: orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $194,905.
+Added: Other than the Sponsor’s fees the Trust had no expenses
+Added: during the quarter.
+Added: Months Ended December 31, 2025
+Added: Trust’s net asset value increased by 174.4% from $85,206,010 on June 30, 2025, to $233,824,339 on December 31, 2025.
+Added: in the Trust’s net asset value was due to an increase in the number of Shares outstanding from 6,550,000 on June 30, 2025, to 12,000,000
+Added: on December 31, 2025.
+Added: The net 5,450,000 shares increase was the result of 112 creation orders and 3 redemption orders (50,000 shares
+Added: per creation and redemption).
+Added: The Trust’s net asset value was also positively impacted by the price of platinum, which increased
+Added: 50.1% from $1,350.00 on June 30, 2025, to $2,027.00 on December 31, 2025.
+Added: 49.8% increase in the Trust’s net asset value per share from $13.01 on June 30, 2025, to $19.49 on December 31, 2025, is directly
+Added: related to the 50.1% increase in the price of platinum.
Trust’s net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor’s
−Removed: fees, which were $116,861 for the quarter, or 0.5% of the Trust’s average weighted net assets of $93,201,357 during the quarter.
−Removed: The net asset value per share of $15.29 on September 29, 2025 was the highest during the quarter, compared with a low during the quarter
+Added: fees, which were $311,766 for the period, or 0.25% of the Trust’s average weighted net assets of $123,699,082 during the period.
+Added: The net asset value per share of $22.06 on December 24, 2025, was the highest during the period, compared with a low during the period
of $12.54 on August 01, 2025.
−Removed: net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $15,776,940, resulting from an unrealized
−Removed: gain on investment in platinum bullion of $15,733,856, a gain of $159,945 on metal sold to cover redemption orders and Sponsor’s
−Removed: fees, and the Sponsor’s fees of $116,861.
−Removed: Other than the Sponsor’s fees the Trust had no expenses during the quarter.
+Added: increase in net assets resulting from operations for the six-month period ended December 31, 2025, was $54,959,128, resulting primarily
+Added: from an unrealized gain on investment in platinum bullion of $54,622,429, increased by a gain of $648,465 on metal sold to cover redemption
+Added: orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $311,766.
+Added: Other than the Sponsor’s fees
+Added: the Trust had no expenses during the period.
Quantitative and Qualitative Disclosures About Market Risk
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.