What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2026-02-04 · 38 added, 38 removed, 63 unchanged (55% of the section changed)

49 unchanged sentences

Fee through in-kind transfers of platinum to the Sponsor.

At September 30, 2023 the Trust did not have any cash balances.

At March 31, 2026 the Trust did not have any cash balances.

Sheet Arrangements

10 unchanged sentences

of Operations

Quarter Ended December 31, 2025

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

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

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,

2025, to 12,000,000 on December 31, 2025.

The net 3,450,000 shares increase was the result of 71 creation orders and 2 redemption orders

(50,000 shares per creation and redemption).

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

related to the 29.0% increase in the price of platinum.

Trust’s net asset value per share increase slightly less than the price of platinum on a percentage basis due to the Sponsor’s

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.

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 $14.64 on November 21, 2025.

net increase in net assets resulting from operations for the quarter ended December 31, 2025, was $39,182,189, resulting primarily from

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

orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $194,905.

Other than the Sponsor’s fees the Trust had no expenses

during the quarter.

Months Ended December 31, 2025

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.

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

on December 31, 2025.

The net 5,450,000 shares increase was the result of 112 creation orders and 3 redemption orders (50,000 shares

per creation and redemption).

The Trust’s net asset value was also positively impacted by the price of platinum, which increased

50.1% from $1,350.00 on June 30, 2025, to $2,027.00 on December 31, 2025.

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

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

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.

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.

increase in net assets resulting from operations for the six-month period ended December 31, 2025, was $54,959,128, resulting primarily

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

orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $311,766.

Other than the Sponsor’s fees

the Trust had no expenses during the period.

Quarter Ended March 31, 2026

Trust’s net asset value decreased from $233,824,339 on December 31, 2025 to $220,738,196 on March 31, 2026, a 5.60% decrease.

Trust’s net asset value decreased due to the negative change in the price of platinum, which moved from $2,027.00 on December 31,

2025 to $1,908.00 on March 31, 2026, or -5.87%.

The impact of the change in platinum price was reduced by a positive change in the number

of shares outstanding from 12,000,000 to 12,050,000, or 0.42%.

The 50,000 shares increase was the result of 51 creation orders and 50

redemption orders (50,000 shares per creation order).

6.00% decrease in the Trust’s net asset value per share, from $19.49 on December 31, 2025, to $18.32 on March 31, 2026, is

directly related to the 5.87% decrease in the price of platinum.

Trust’s net asset value per share decreased more than the price of platinum on a percentage basis due to the Sponsor’s

fees, which were $351,389 for the quarter, or 0.123% of the Trust’s average weighted net assets of $284,883,201 during the

The net asset value per share of $27.02 on January 26, 2026, was the highest during the quarter, compared with a low during

the quarter of $17.75 on March 27, 2026.

net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $25,689,957, resulting from an unrealized

loss on investment in platinum bullion of $35,376,043, decreased by a gain of $10,037,475 on metal sold to cover the redemption orders

and the Sponsor’s fees and decreased by the Sponsor’s fees of $351,389.

Other than the Sponsor’s fees the Trust had

no expenses during the quarter.

Months Ended March 31, 2026

Trust’s net asset value increased from $85,206,010 on June 30, 2025 to $220,738,196 on March 31, 2026, a 159.06% increase.

Trust’s number of shares outstanding increased from 6,550,000 to 12,050,000 over this period, or +83.97%.

The 5,500,000 shares

increase was the net result of 163 creations orders and 53 redemption orders (50,000 shares per creation and redemption order).

impact in the number of shares outstanding was increased by the price of platinum, which increased 41.33% from $1,350.00 on June 30,

2025, to $1,908.00 on March 31, 2026.

40.81% increase in the Trust’s net asset value per share, from $13.01 on June 30, 2025, to $18.32 on March 31, 2026, is

directly related to the 41.33% increase in the price of platinum.

Trust’s net asset value per share increased less than the price of platinum on a percentage basis due to the Sponsor’s fees,

which were $663,154 for the period, or 0.375% of the Trust’s average weighted net assets of $177,184,645 during the period.

net asset value per share of $27.02 on January 26, 2026 was the highest during the period, compared with a low during the period of $12.54

on August 01, 2025.

increase in net assets resulting from operations for the 9 months period ending March 31, 2026, was $29,269,172, resulting from an unrealized

gain on investment in platinum bullion of $19,246,386, increased by a gain of $10,685,940 on metal sold to cover the redemption orders

and the Sponsor’s fees, but reduced by the Sponsor’s fees of $663,154.

Other than the Sponsor’s fees the Trust had

no expenses during the quarter.

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis