What changed in this filing

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Item 1. Financial Statements

2021-05-07 compared with 2020-11-06 · 139 added, 157 removed, 207 unchanged (59% of the section changed)

1 unchanged sentence

of Assets and Liabilities

September 30, 2020 (Unaudited) and December 31, 2019

September 30,

March 31, 2021 (Unaudited) and December 31, 2020

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

Investment in platinum (cost:

September 30, 2020:

March 31, 2021:

$ 1,241,278 ;

December 31, 2020:

Platinum receivable

$ 1,181,607 )

Fees payable to Sponsor

1 unchanged sentence

NET ASSETS (1)

(1) Authorized

share capital is unlimited with no par value per Share.

Shares issued and outstanding at September 30, 2020 were 13,150,000 and

Shares issued and outstanding at March 31, 2021 were 13,800,000 and

at December 31, 2020 were 13,300,000 .

Net asset values per Share at September 30, 2020 and December 31, 2019 were $ 82.87 and $ 89.65 ,

Net asset values per Share at March 31, 2021 and December 31, 2020 were $ 110.48 and

$ 99.97 , respectively.

2 unchanged sentences

of Investments

September 30, 2020 (Unaudited) and December 31, 2019

September 30, 2020

March 31, 2021 (Unaudited) and December 31, 2020

March 31, 2021

% of Net Assets

Investment in platinum (in 000’s of

US$, except for oz and percentage data)

in platinum (in 000’s of US$, except for oz and percentage data)

Total investment in platinum

Other assets less liabilities

Less liabilities

December 31, 2020

% of Net Assets

Investment in platinum (in 000’s of

US$, except for oz and percentage data)

Investment in platinum (in 000’s of US$, except for oz and percentage data)

Total investment in platinum

3 unchanged sentences

of Operations (Unaudited)

the three and nine months ended September 30, 2020 and 2019

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

the three months ended March 31, 2021 and 2020

March 31, 2021

March 31, 2020

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

3 unchanged sentences

REALIZED AND UNREALIZED GAINS / (LOSSES)

Realized (loss) on platinum transferred to pay expenses

Realized (loss) on platinum distributed for the redemption of Shares

Change in unrealized gain and loss on investment in platinum

Realized gain / (loss) on platinum transferred to pay expenses

Realized gain / (loss) on platinum distributed for the redemption of Shares

Change in unrealized gain / (loss) on investment in platinum

Total gain/(loss) on investment in platinum

Change in net assets from operations

$ ( 165,107 )

Net increase / (decrease) in net assets per Share

3 unchanged sentences

of Changes in Net Assets (Unaudited)

the three and nine months ended September 30, 2020 and 2019

Three Months Ended

September 30, 2020

Three Months Ended

September 30, 2019

the three months ended March 31, 2021 and 2020

Three Months Ended March 31, 2021

(Amounts in 000’s of US$, except for Share data)

Opening balance

Opening balance at January 1, 2021

Net investment loss

Realized (loss) on investment in platinum

Realized gain on investment in platinum

Change in unrealized gain on investment in platinum

Change in unrealized gain on unsettled creations or redemptions

Closing balance

September 30, 2020

September 30, 2019

Closing balance at March 31, 2021

Three Months Ended March 31, 2020

(Amounts in 000’s of US$, except for Share data)

Opening balance

Opening balance at January 1, 2020

Net investment loss

Realized (loss) on investment in platinum

Change in unrealized (loss)/gain on investment in platinum

Change in unrealized (loss) on investment in platinum

( 1,050,000 )

Closing balance

Closing balance at March 31, 2020

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

the three and nine months ended September 30, 2020 and 2019

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

the three months ended March 31, 2021 and 2020

Three Months Ended

March 31, 2021

Three Months Ended

March 31, 2020

Per Share Performance (for a Share outstanding throughout the entire period)

2 unchanged sentences

Net investment loss

Total realized and unrealized gains or losses on

investment in platinum

Total realized and unrealized gains or losses on investment in platinum

Change in net assets from operations

2 unchanged sentences

Expense ratio (1)

investment loss ratio (1)

return, net asset value (2)

(1) Annualized

Net investment loss ratio (1)

Total return, net asset value (2)

for periods less than one year.

3 unchanged sentences

to the Financial Statements (Unaudited)

Aberdeen Standard Platinum ETF Trust (the “Trust”) is a common law trust formed on December 30, 2009 (the “Date

Standard Platinum ETF Trust (the “Trust”) is a common law trust formed on December 30, 2009 (the “Date

of Inception”) under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed

1 unchanged sentence

The Trust holds platinum bullion and issues Aberdeen Standard Physical Platinum Shares ETF (“Shares”)

in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for deposits of platinum and distributes

platinum in connection with the redemption of Baskets.

Shares represent units of fractional undivided beneficial interest in and

ownership of the Trust which are issued by the Trust.

The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary

of Aberdeen Standard Investments Inc.

ASII is a wholly-owned indirect subsidiary of Standard Life Aberdeen

in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for deposits of platinum

and distributes platinum in connection with the redemption of Baskets.

Shares represent units of fractional undivided beneficial

interest in and ownership of the Trust which are issued by the Trust.

The Sponsor is a Delaware limited liability company and

a wholly-owned subsidiary of Aberdeen Standard Investments Inc.

ASII is a wholly-owned indirect subsidiary

of Standard Life Aberdeen plc.

The Trust is governed by the Trust Agreement.

3 unchanged sentences

an opportunity to participate in the platinum market through an investment in securities.

The fiscal year end for the Trust is

The fiscal year end for the Trust

is December 31.

accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United

2 unchanged sentences

opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present

fairly the financial position and results of operations as of and for the nine months ended September 30, 2020 and for all periods

presented have been made.

fairly the financial position and results of operations as of and for the three months ended March 31, 2021 and

for all periods presented have been made.

financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended

December 31, 2020.

The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative

The results of operations for the three months ended March 31, 2021 are not necessarily indicative

of the operating results for the full year.

16 unchanged sentences

transaction between market participants at the measurement date.

STANDARD PLATINUM ETF TRUST

is held by JPMorgan Chase Bank, N.A.

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 vault premises on a segregated basis and whose appointment has been approved by the Sponsor.

At September 30, 2020, approximately 2.38 % of the Trust’s platinum was held by one or more sub-custodians.

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 vault premises on a segregated basis and whose appointment has been approved by the Sponsor.

At March 31, 2021, approximately 2.26 % of the Trust’s platinum was held by one or more sub-custodians.

STANDARD PLATINUM ETF TRUST

to the Financial Statements (Unaudited)

of Platinum (continued)

is recorded at fair value.

14 unchanged sentences

Fee”), from the fair value of the platinum and all other assets held by the Trust.

Trust recognizes changes in fair value of the investment in platinum as changes in unrealized gains or losses on investment in

platinum through the Statement of Operations.

per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee, using the LME PM Fix to

calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made, and represents

the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities

and any losses that may have occurred.

Trust recognizes changes in fair value of the investment in platinum as changes in unrealized gains or losses on investment

in platinum through the Statement of Operations.

per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee using the LME PM

Fix to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been

made, and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover

expenses and liabilities and any losses that may have occurred.

Value Hierarchy

3 unchanged sentences

Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either

directly or indirectly.

These inputs may include quoted prices for the identical instrument on an inactive market, prices for

similar instruments and similar data.

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly

or indirectly.

These inputs may include quoted prices for the identical instrument on

an inactive market, prices for similar instruments and similar data.

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing

6 unchanged sentences

STANDARD PLATINUM ETF TRUST

to the Financial Statements (Unaudited)

of Platinum (continued)

inputs used to measure fair value may fall into different levels of the fair value hierarchy.

2 unchanged sentences

lowest level input that is significant to the fair value measurement in its entirety.

investment in platinum is classified as a level 2 asset, as the Trust’s investment in platinum is calculated using primary

market pricing sources supported by observable, verifiable inputs.

The Trust's investment in platinum is classified as a level 1 asset, as its value

is calculated using unadjusted quoted prices from primary market sources.

categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)

September 30,

Investment in platinum

were no transfers between levels during the nine months ended September 30, 2020 or the year ended December 31, 2019.

There were no transfers between levels during the three months

ended March 31, 2021.

The Trust’s platinum was transferred from Level 2 to Level 1 at December 31, 2020.

Receivable and Payable

receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption

of Shares respectively, where the platinum has not yet been transferred to or from the Trust’s account.

Platinum receivable

or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption of

Shares respectively, where the platinum has not yet been transferred to or from the Trust’s account.

Generally, ownership

of platinum is transferred within two business days of the trade date.

At September 30, 2020, the Trust had $ 8,287,371 of platinum

receivable for the creation of Shares and no platinum payable for the redemption of Shares.

At December 31, 2019, the Trust had

At March 31, 2021 and December 31, 2020, the Trust had

no platinum receivable or payable for the creation or redemption of Shares.

and Redemptions of Shares

Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000

Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares).

The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis.

Individual investors cannot purchase

or redeem Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer

or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer

Individual investors cannot purchase or redeem

Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer or other

securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer

to engage in securities transactions;

7 unchanged sentences

of Baskets and for the delivery of the platinum required for such creations and redemptions.

An Authorized Participant Unallocated

Account is an unallocated platinum account, either loco London or loco Zurich, established with the Custodian or a platinum bullion

clearing bank by an Authorized Participant.

An Authorized Participant

Unallocated Account is an unallocated platinum account, either loco London or loco Zurich, established with the Custodian

or a platinum bullion clearing bank by an Authorized Participant.

creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of

the amount of platinum represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV

of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem

the amount of platinum represented by the Baskets being created or redeemed, the amount of which is based on the combined

NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem

Baskets is properly received.

STANDARD PLATINUM ETF TRUST

to the Financial Statements (Unaudited)

and Redemptions of Shares (continued)

Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets.

5 unchanged sentences

a sale of platinum for financial statement purposes.

STANDARD PLATINUM ETF TRUST

amount of platinum represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.

a result, the value attributed to the creation or redemption of Shares may differ from the value of platinum to be delivered or

distributed by the Trust.

In order to ensure that the correct amount of platinum is available at all times to back the Shares,

the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction.

transaction, this amount is not more than 1/1000th of an ounce of platinum.

As a result, the value attributed to the creation or redemption of Shares may differ from the value of platinum to be

delivered or distributed by the Trust.

In order to ensure that the correct amount of platinum is available at all times to

back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction.

For each transaction, this amount is not more than 1/1000th of an ounce of platinum.

the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding

10 unchanged sentences

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of September 30, 2020 and December 31, 2019.

in ounces of platinum and their respective values for the three and nine months ended September 30, 2020 and 2019 are set out

September 30, 2020

September 30, 2019

that no reserves for uncertain tax positions are required as of March 31, 2021 and December 31, 2020.

in ounces of platinum and their respective values for the three months ended March 31, 2021 and 2020 are set

March 31, 2021

March 31, 2020

(Amounts in 000’s of US$, except for ounces data)

5 unchanged sentences

Opening balance

Settlement of platinum receivable

Realized gain on platinum distributed for the redemption of Shares

Realized gain / (loss) on platinum distributed for the redemption of Shares

Transfers of platinum to pay expenses

Realized gain on platinum transferred to pay expenses

Change in unrealized gain on investment in platinum

Realized gain / (loss) on platinum transferred to pay expenses

Change in unrealized gain / (loss) on investment in platinum

Closing balance

STANDARD PLATINUM ETF TRUST

(Amounts in 000’s of US$, except for ounces data)

Ounces of platinum

Opening balance

( 112,892.3 )

Transfers of platinum to pay expenses

Closing balance

Investment in platinum

Opening balance

Settlement of platinum receivable

Realized gain on platinum distributed for the redemption of Shares

Transfers of platinum to pay expenses

Realized gain on platinum transferred to pay expenses

Change in unrealized (loss) / gain on investment in platinum

Closing balance

to the Financial Statements (Unaudited)

/ Realized Gains / Losses

primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of platinum to the

Trust will transfer platinum to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60 %

of the adjusted net asset value (“ANAV”) of the Trust, paid monthly in arrears.

Trust will transfer platinum to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal

to 0.60 % of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears.

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly

2 unchanged sentences

audit fees and up to $ 100,000 per annum in legal expenses.

the three months ended September 30, 2020 and 2019, the Sponsor’s Fee was $ 1,470,009 and $ 970,563 , respectively.

nine months ended September 30, 2020 and 2019, the Sponsor’s Fee was $ 3,416,106 and $ 2,638,587 , respectively.

September 30, 2020 and at December 31, 2019, the fees payable to the Sponsor were $ 526,386 and $ 363,272 , respectively.

the three months ended March 31, 2021 and 2020, the Sponsor’s Fee was $ 2,187,594 and $ 994,697 ,

respectively.

31, 2021 and at December 31, 2020, the fees payable to the Sponsor were $ 775,716 and $ 665,333 , respectively.

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

sell the Trust’s platinum as necessary to pay these expenses.

When selling platinum to pay expenses, the Trustee will endeavor

to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets

other than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended September

30, 2020 and 2019.

STANDARD PLATINUM ETF TRUST

otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LME

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive

the most favorable price and execution of orders.

The Custodian may be the purchaser of such platinum only if the sale transaction

is made at the next LME PM Fix or such other publicly available price that the Sponsor deems fair, in each case as set following

the sale order.

A gain or loss is recognized based on the difference between the selling price and the average cost of the platinum

When selling platinum to pay expenses, the Trustee

will endeavor to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s

holdings of assets other than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three

months ended March 31, 2021 and 2020.

otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to

receive the most favorable price and execution of orders.

The Custodian may be the purchaser of such platinum only if the

sale transaction is made at the next LME PM Fix or such other publicly available price that the Sponsor deems fair, in each

case as set following the sale order.

A gain or loss is recognized based on the difference between the selling price and the average cost

of the platinum sold.

Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade

date basis as the difference between the fair value and average cost of platinum transferred.

gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on

a trade date basis as the difference between the fair value and average cost of platinum transferred.

accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated

3 unchanged sentences

Sponsor and the Trustee are considered to be related parties to the Trust.

The Trustee and the Custodian and their affiliates

may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers

and for accounts over which they exercise investment discretion.

In addition, the Trustee and the Custodian and their affiliates

may from time to time purchase or sell platinum directly, for their own account, as agent for their customers and for accounts

over which they exercise investment discretion.

The Trustee’s and Custodian’s fees are paid by the Sponsor and are

not separate expenses of the Trust.

The Trustee and the Custodian and their affiliates may

from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and

for accounts over which they exercise investment discretion.

In addition, the Trustee and the Custodian and their affiliates may

from time to time purchase or sell platinum directly, for their own account, as agent for their customers and for accounts over

which they exercise investment discretion.

The Trustee’s and Custodian’s fees are paid by the Sponsor and are not

separate expenses of the Trust.

STANDARD PLATINUM ETF TRUST

to the Financial Statements (Unaudited)

Concentration

1 unchanged sentence

of platinum, which creates a concentration of risk associated with fluctuations in the price of platinum.

Several factors could

affect the price of platinum, including:

Several factors

could affect the price of platinum, including:

(i) global platinum supply and demand, which is influenced by factors such as production

6 unchanged sentences

or financial events and situations.

In addition, there is no assurance that platinum will maintain its long-term value in terms

of purchasing power in the future.

In the event that the price of platinum declines, the Sponsor expects the value of an investment

in the Shares to decline proportionately.

Each of these events could have a material effect on the Trust’s financial position

and results of operations.

In addition, there is no assurance that platinum will maintain its long-term value in

terms of purchasing power in the future.

In the event that the price of platinum declines, the Sponsor expects the value

of an investment in the Shares to decline proportionately.

Each of these events could have a material effect on the Trust’s

financial position and results of operations.

Indemnification

7 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.

What changed 10-Q

Item 1. Financial Statements