What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-03-01 compared with 2020-02-28 · 27 added, 150 removed, 8 unchanged (96% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Trust’s Shares are listed on the NYSE Arca under the symbol PPLT since its initial public offering on January 8, 2010.

The following tables set out the range of high and low closing prices for the Shares that have been reported for NYSE Arca transactions for each of the quarters during the fiscal years ended December 31, 2019 and 2018 :

Fiscal Year Ended December 31, 2019:

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Trust’s Shares are listed on the NYSE Arca under the symbol PPLT since its initial public offering on January 8, 2010.

following tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each

of the quarters during the years ended December 31, 2020 and 2019:

Year Ended December 31, 2020:

Quarter Ended

March 31, 2019

June 30, 2019

September 30, 2019

December 31, 2019

Fiscal Year Ended December 31, 2018:

Year Ended December 31, 2019:

Quarter Ended

March 31, 2018

June 30, 2018

September 30, 2018

December 31, 2018

The number of outstanding Shares of the Trust as of February 26 , 2020 was 8,100,000 .

Monthly Share Price

The following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported for NYSE Arca transactions.

September 2019

November 2019

December 2019

Issuer Purchase of Equity Securities

The Trust issues and redeems Shares only with Authorized Participants in exchange for platinum, only in aggregations of 50,000 Shares or integral multiples thereof.

A list of current Authorized Participants is available from the Sponsor or the Trustee and is included in Item 7.

Although the Trust does not purchase Shares directly from its Shareholders in connection with the redemption of Baskets, the Trust redeemed as follows during the years ended December 31, 2019 and 2018 :

Total number of Shares redeemed

Average ounces of platinum per Share

February 2019

September 2019

November 2019

December 2019

Total number of Shares redeemed

Average ounces of platinum per Share

February 2018

September 2018

November 2018

December 2018

number of outstanding Share of the Trust as of February 24, 2021 was 13,600,000.

following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported

for NYSE Arca transactions.

Purchase of Equity Securities

Trust issues and redeems Shares only with Authorized Participants in exchange for platinum, only in aggregations of 50,000 Shares

or integral multiples thereof.

A list of current Authorized Participants is available from the Sponsor or the Trustee and is included

Although the Trust does not purchase Shares directly from its Shareholders in connection with the redemption of Baskets,

the Trust redeemed as follows during the years ended December 31, 2020 and 2019:

number of Shares redeemed

ounces of platinum per Share

number of Shares redeemed

platinum per Share

Selected Financial Data

The following selected financial data for the reporting periods should be read in conjunction with the Trust’s financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations .

December 31, 2019

December 31, 2018

December 31, 2017

December 31, 2016

December 31, 2015

(Amounts in 000's of US$, except for Share and per Share data)

Total gain / (loss) on platinum

Change in net assets from operations

Weighted average number of Shares

Net increase / (decrease) in net assets per Share

Net cash provided by operating activities

Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to the financial statements included with this report.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward-looking statements can be identified by terminology such as “may,”

“should,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

“potential”

or the negative of these terms or other comparable terminology.

We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Introduction.

The Aberdeen Standard Platinum ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York.

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and Aberdeen Standard Investments EFTs Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets.

The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust and responsible only to the Trustee.

The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of the platinum bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally for accrued operating expenses), divided by the number of outstanding Shares.

The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of platinum.

The Trust issues and redeems Shares only in exchange for platinum, only in aggregations of 50,000 Shares or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants not required to register as broker-dealers such as banks or other financial institutions) who (1) are participants in the DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”).

As of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co.

LLC, HSBC Securities (USA) Inc., J.P.

Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co.

Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial BD, LLC.

Shares of the Trust trade on the NYSE Arca under the symbol “PPLT.”

Investing in the Shares does not insulate the investor from certain risks, including price volatility.

The following table illustrates the movement in the NAV of the Shares against the corresponding platinum price (per 1/10 of an oz.

of platinum) since inception:

NAV per Share vs.

1/10 th Platinum Price from December 30, 2009 (the Date of Inception) to December 31, 2019

The divergence of the NAV per Share from the platinum price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

Critical Accounting Policy

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America.

The preparation of these financial statements relies on estimates and assumption that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

Below we describe the valuation of platinum bullion, a critical accounting policy that we believe is important to the understanding of our results of operations and financial position.

In addition, please refer to Note 2 to the financial statements for further discussion of our accounting policies.

Valuation of Platinum

Platinum is held by JPMorgan Chase Bank, N.A.

(the “Custodian”) on behalf of the Trust, at its London, England vaulting premises.

Platinum may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s platinum in the Trust’s allocated account in the firm’s Zurich vault premises and whose appointment has been approved by the Sponsor, at its Zurich, Switzerland vaulting premises.

Platinum is recorded at fair value.

The cost of platinum is determined according to the average cost method and the fair value is based on the LME PM Fix.

Realized gains and losses on transfers of platinum, or platinum distributed for the redemption of Shares, are calculated on a trade date as the difference between the fair value and cost of platinum transferred.

December 31, 2019

following selected financial data for the reporting periods should be read in conjunction with the Trust’s financial statements

and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations .

December 31, 2020

December 31, 2019

(Amounts in 000's of US$)

Investment in platinum - cost

Unrealized loss on investment in platinum

Investment in platinum - fair value

Inspection of Platinum

Under the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian or the Zurich Sub-Custodian for the purpose of examining the Trust’s platinum and certain related

records maintained by the Custodian.

Visits by auditors and inspectors to the Zurich Sub-Custodian’s facilities will be arranged through the Custodian.

Other than with respect to the Zurich Sub-Custodian, the Trustee has no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.

The Sponsor has exercised its right to visit the Custodian and the Zurich Sub-Custodian in order to examine the platinum and the records maintained by them.

Inspections were conducted by Inspectorate International Limited, a leading commodity inspection and testing company retained by the Sponsor, as of July 2 , 2019 and December 31, 2019 .

The Trust is not aware of any trends, demands, conditions, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trust’s only source of liquidity is its transfers and sales of platinum.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell platinum to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor.

At December 31, 2019 and 2018 , the Trust did not have any cash balances.

Review of Financial Results

Financial Highlights

December 31, 2018

1 unchanged sentence

December 31, 2016

(Amounts in 000's of US$)

Total gain / (loss) on platinum

Net gain / (loss) from operations

Net cash provided by operating activities

The year ended December 31, 2019

The net asset value (“NAV”) of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the platinum owned by the Trust on that day;

the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Trust’s NAV increase d from $ 496,468,881 at December 31, 2018 to $ 712,718,535 at December 31, 2019 , a 43.56% increase for the year.

The increase in the Trust’s NAV resulted primarily from a increase in the price per ounce of platinum, which rose 19.90% from $ 794.00 at December 31, 2018 to $ 952.00 at December 31, 2019 .

There was an increase in outstanding Shares, which rose from 6,600,000 at December 31, 2018 to 7,950,000 at December 31, 2019 , a result of 2,500,000 Shares ( 50 Baskets) being created and 1,150,000 Shares ( 23 Baskets) being redeemed during the year.

The NAV per Share increased 19.18% from $75.22 at December 31, 2018 to $ 89.65 at December 31, 2019 .

The Trust’s NAV per Share rose slightly less than the price per ounce of platinum on a percentage basis due to Sponsor’s Fee, which was $ 3,705,285 for the year, or 0.60% of the Trust’s assets on an annualized basis.

The NAV per Share of $ 92.18 at September 4, 2019 was the highest during the year, compared with a low of $ 74.03 at February 14, 2019 .

The increase in net assets from operations for the year ended December 31, 2019 was $114,085,989 , resulting from a change in unrealized gain on investment in platinum of $ 133,484,194 , offset by a realized loss of $770,511 on the transfer of platinum to pay expenses, a realized loss of $14,922,409 on platinum distributed for the redemption of Shares, and the Sponsor’s Fees of $3,705,285 .

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2019 .

The year ended December 31, 2018

The Trust’s NAV decreased from $565,458,736 at December 31, 2017 to $496,468,881 at December 31, 2018, a 12.20% decrease for the year.

The decrease in the Trust’s NAV resulted primarily from a decrease in the price per ounce of platinum, which fell 14.35% from $927.00 at December 31, 2017 to $794.00 at December 31, 2018.

There was an increase in outstanding Shares, which rose from 6,400,000 at December 31, 2017 to 6,600,000 at December 31, 2018, a result of 1,800,000 Shares (36 Baskets) being created and 1,600,000 Shares (32 Baskets) being redeemed during the year.

The NAV per Share decreased 14.87% from $88.36 at December 31, 2017 to $75.22 at December 31, 2018.

The Trust’s NAV per Share fell slightly more than the price per ounce of platinum on a percentage basis due to Sponsor’s Fee, which was $3,050,913 for the year, or 0.60% of the Trust’s assets on an annualized basis.

The NAV per Share of $97.18 at January 25, 2018 was the highest during the year, compared with a low of $73.28 at September 4, 2018.

The decrease in net assets from operations for the year ended December 31, 2018 was $72,021,333, resulting from a change in unrealized loss on investment in platinum of $31,772,206, a realized loss of $868,864 on the transfer of platinum to pay expenses, a realized loss of $36,329,350 on platinum distributed for the redemption of Shares, and the Sponsor’s Fees of $3,050,913.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2018.

The year ended December 31, 2017

The Trust’s NAV increased from $473,978,472 at December 31, 2016 to $565,458,736 at December 31, 2017, an 19.30% increase for the year.

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 5,450,000 at December 31, 2016 to 6,400,000 at December 31, 2017, a result of 1,650,000 Shares (33 Baskets) being created and 700,000 Shares (14 Baskets) being redeemed during the year and an increase in the price per ounce of platinum, which rose 2.21% from $907.00 at December 31, 2016 to $927.00 at December 31, 2017.

The NAV per Share increased 1.60% from $86.97 at December 31, 2016 to $88.36 at December 31, 2017.

The Trust’s NAV per Share rose slightly less than the price per ounce of platinum on a percentage basis due to Sponsor’s Fee, which was $3,185,762 for the year, or 0.60% of the Trust’s assets on an annualized basis.

The NAV per Share of $98.96 at February 27, 2017 was the highest during the year, compared with a low of $83.61 at December 13, 2017.

The increase in net assets from operations for the year ended December 31, 2017 was $7,074,576, resulting from a change in unrealized gain on investment in platinum of $28,647,006 offset by a realized loss of $873,005 on the transfer of platinum to pay expenses, a realized loss of $17,513,663 on platinum distributed for the redemption of Shares, and the Sponsor’s Fees of $3,185,762.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2017.

Off-Balance Sheet Arrangements

The Trust is not a party to any off-balance sheet arrangements.

in 000's of US$, except for Share and per Share data)

gain/(loss) on platinum

in net assets from operations

average number of Shares

increase / (decrease) in net assets per Share

cash provided by operating activities

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-K

Item 5. Market for Registrant’s Common Equity