1 unchanged sentence
of Assets and Liabilities
−Removed: December 31, 2024 (unaudited) and June 30, 2024
+Added: March 31, 2025 (unaudited) and June 30, 2024
Amounts in 000’s of US$, except share and per share data
+Added: March 31, 2025
+Added: June 30, 2024
Investment in platinum, at fair value (1)
8 unchanged sentences
of Investments
−Removed: December 31, 2024 (unaudited) and June 30, 2024
+Added: March 31, 2025 (unaudited) and June 30, 2024
in 000’s of US$, except for ounces and percentages
−Removed: December 31, 2024 (unaudited)
+Added: March 31, 2025 (unaudited)
Total investment
−Removed: Assets in excess of liabilities
+Added: Liabilities in excess of other assets
June 30, 2024
3 unchanged sentences
of Operations (unaudited)
−Removed: the three and six months ended December 31, 2024, and 2023
+Added: the three and nine months ended March 31, 2025 and 2024
Amounts in 000’s of US$, except per share data
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: December 31, 2024
−Removed: December 31, 2023
+Added: March 31, 2025
+Added: March 31, 2024
+Added: March 31, 2025
+Added: March 31, 2024
Total expenses
12 unchanged sentences
of Changes in Net Assets (unaudited)
−Removed: the three and six months ended December 31, 2024 and 2023
+Added: the three and nine months ended March 31, 2025 and 2024
Amounts in 000’s of US$
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: Net Assets – beginning of period
+Added: March 31, 2025
+Added: March 31, 2024
+Added: March 31, 2025
+Added: March 31, 2024
+Added: Net Assets – beginning of the period
Creations of 200,000 , 100,000 , 1,200,000 , and 600,000 shares respectively
Redemptions of 150,000 , 0 , 350,000 , and 450,000 shares respectively
−Removed: Net investment income (loss)
+Added: Net investment loss
Net realized gain (loss) from platinum bullion sold to pay expenses
4 unchanged sentences
Highlights (unaudited)
−Removed: the three and six months ended December 31, 2024 and 2023
+Added: the three and nine months ended March 31, 2025 and 2024
Per Share Performance
(for a Share outstanding throughout each period)
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: Net asset value per Share at beginning of period
−Removed: Net investment income (loss) (1)
+Added: March 31, 2025
+Added: March 31, 2024
+Added: March 31, 2025
+Added: March 31, 2024
+Added: Net asset value per Share at beginning of
+Added: Net investment loss (1)
Net realized and unrealized gain (loss) on investment in platinum
42 unchanged sentences
vaulting premises.
−Removed: of platinum is in the form of good delivery platinum bars as of December 31, 2024 and 2023, respectively.
−Removed: A current list of all platinum
−Removed: held by the Custodian is available on the sponsor’s website.
−Removed: The cost of platinum is determined according to the average cost method
−Removed: and the fair value is based on the London Bullion Market Association (“LBMA”) Platinum Price PM.
+Added: 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: A current list of all platinum held by the Custodian is available on the sponsor’s website.
+Added: The cost of platinum is determined
+Added: 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.
17 unchanged sentences
(Amounts in 000’s of US$)
−Removed: December 31, 2024
+Added: March 31, 2025
Investment in Platinum
3 unchanged sentences
Investment in Platinum
−Removed: were no transfers between Level 1 and other Levels for the period ended December 31, 2024 and the fiscal year ended June 30, 2024.
+Added: were no transfers between Level 1 and other Levels for the period ended March 31, 2025 and year ended June 30, 2024.
Expenses, realized gains and losses
5 unchanged sentences
legal expenses.
−Removed: of period ended of December 31, 2024, the fees payable to the Sponsor were $ 19,125 .
−Removed: As of the fiscal year ended June 30, 2024, the fees
−Removed: payable to the Sponsor were $ 17,280 .
−Removed: respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own
−Removed: discretion, sell the Trust’s platinum as necessary to pay these expenses.
−Removed: When selling platinum to pay expenses, the Trustee
−Removed: will endeavor to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings
−Removed: of assets other than platinum.
−Removed: Other than the Sponsor’s Fee, the Trust had no expenses during the six months and 3 months
−Removed: ended December 31, 2024 and 2023.
+Added: of period ended of March 31, 2025, the fees payable to the Sponsor were $ 21,247 .
+Added: As of the fiscal year ended June 30, 2024, the fees payable to the Sponsor were $ 17,280 .
+Added: respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
+Added: sell the Trust’s platinum as necessary to pay these expenses.
+Added: When selling platinum to pay expenses, the Trustee will endeavor
+Added: to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets other
+Added: than platinum.
+Added: Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2025, and
otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LBMA PM Platinum
50 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 December 31, 2024, and June 30, 2024.
+Added: that no reserves for uncertain tax positions are required as of March 31, 2025 and June 30, 2024.
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 December 31, 2024, the 2024, 2023
−Removed: and 2022 tax years remain open for examination .
+Added: As of March 31, 2025, the 2024, 2023, 2022 and
+Added: 2021 tax years remain open for examination.
Recently Issued Accounting Pronouncement
−Removed: The Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting
−Removed: (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).
+Added: Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures
+Added: (“ASU 2023-07”).
The Trust operates in one segment.
−Removed: derives its revenues from Trust investments made in accordance with the defined investment strategy of the Trust, as prescribed in the
−Removed: Trust’s prospectus.
−Removed: The Chief Operating Decision Maker (“CODM”) is the Sponsor.
−Removed: The CODM monitors the operating results of
−Removed: The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single
−Removed: segment, is consistent with that presented within the Trust’s financial statements.
+Added: The segment derives its revenues from Trust investments made in accordance
+Added: with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.
+Added: The Chief Operating Decision Maker (“CODM”)
+Added: is the Sponsor.
+Added: The CODM monitors the operating results of the Trust.
+Added: The financial information the CODM leverages to assess the segment’s
+Added: performance and to make decisions for the Trust’s single segment is consistent with that presented within the Trust’s financial statements.
Investment in Platinum
−Removed: in ounces of platinum and their respective values for the period ended December 31, 2024:
+Added: in ounces of platinum and their respective values for the period ended March 31, 2025.
Schedule of Investment in Platinum
5 unchanged sentences
Change in unrealized appreciation (depreciation)
−Removed: Ending balance as of December 31, 2024
+Added: Ending balance as of March 31, 2025
in ounces of platinum and their respective values for the fiscal year ended June 30, 2024.
57 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.