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Item 2. Management’s Discussion and Analysis

2021-05-07 compared with 2020-11-06 · 60 added, 58 removed, 67 unchanged (64% of the section changed)

16 unchanged sentences

Trust is a common law trust, formed under the laws of the state of New York on December 30, 2009.

The Trust is not managed like

a corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the

Trustee pursuant to the Trust Agreement.

The Trust is not registered as an investment company under the Investment Company Act

of 1940 and is not required to register under such act.

It does not hold or trade in commodity futures contracts, nor is it a

commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing

Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum and to distribute platinum in connection

with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the

The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s

The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional

means of investing in platinum.

The Trust is not managed

like a corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered

by the Trustee pursuant to the Trust Agreement.

The Trust is not registered as an investment company under the Investment Company

Act of 1940 and is not required to register under such act.

It does not hold or trade in commodity futures contracts, nor is it

a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing

Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum and to distribute platinum

in connection with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and

ownership of the Trust.

The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum,

less the Trust’s expenses.

The Sponsor believes that, for many investors, the Shares will represent a cost effective investment

relative to traditional means of investing in platinum.

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

16 unchanged sentences

for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.

the value of the platinum has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees

accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets),

expenses and other liabilities of the Trust from the total value of the platinum and all other assets of the Trust (other than

any amounts credited

to the Trust’s reserve account, if established).

The resulting figure is the adjusted net asset value (the “ANAV”)

of the Trust.

the value of the platinum has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the

fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its

assets), expenses and other liabilities of the Trust from the total value of the platinum and all other assets of the Trust

(other than any amounts credited to the Trust’s reserve account, if established).

The resulting figure is the adjusted net

asset value (the “ANAV”) of the Trust.

The ANAV of the Trust is used to compute the Sponsor’s Fee.

10 unchanged sentences

in amounts estimated from those actually paid.

Quarter Ended September 30, 2020

NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the platinum owned and

2 unchanged sentences

of Shares outstanding on that day.

Trust’s NAV increased from $741,328,073 at June 30, 2020 to $1,089,771,247 at September 30, 2020, a 47.00% increase for

Quarter Ended March 31, 2021

Trust’s NAV increased from $1,329,606,858 at December 31, 2020 to $1,524,587,878 at March 31, 2021, a 14.66% increase for

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from

9,700,000 Shares at June 30, 2020 to 13,150,000 Shares at September 30, 2020, as a result of 3,500,000 Shares (70 Baskets) being

created and 50,000 Shares (1 Basket) being redeemed, as well as an increase in the price per ounce of platinum, which rose 8.60%

from $814.00 at June 30, 2020 to $884.00 at September 30, 2020.

NAV per Share increased 8.43% from $76.43 at June 30, 2020 to $82.87 at September 30, 2020.

The Trust’s NAV per Share rose

slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $1,470,009

13,300,000 Shares at December 31, 2020 to 13,800,000 Shares at March 31, 2021, as a result of 900,000 Shares (18 Baskets) being

created and 400,000 Shares (8 Baskets) being redeemed, as well as an increase in the price per ounce of platinum, which rose 10.67%

from $1,068.00 at December 31, 2020 to $1,182.00 at March 31, 2021.

NAV per Share increased 10.51% from $99.97 at December 31, 2020 to $110.48 at March 31, 2021.

The Trust’s NAV per Share

rose slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $2,187,594

for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

NAV per Share of $92.51 at August 10, 2020 was the highest during the quarter, compared with a low of $76.33 at July 2, 2020.

increase in net assets from operations for the quarter ended September 30, 2020 was $51,488,066, resulting from a realized loss

of $111,542 on the transfer of platinum to pay expenses, a realized loss of $18,642 on platinum distributed for the redemption

NAV per Share of $121.03 at February 19, 2021 was the highest during the quarter, compared with a low of $95.09 at January 11,

increase in net assets from operations for the quarter ended March 31, 2021 was $143,301,089, resulting from a realized gain of

$311,115 on the transfer of platinum to pay expenses, a realized gain of $9,756,873 on platinum distributed for the redemption

of Shares, and a change in unrealized gain on investment in platinum of $135,420,695, offset by the Sponsor’s Fee of $2,187,594.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2020.

Nine Months Ended September 30, 2020

Trust’s NAV increased from $712,718,535 at December 31, 2019 to $1,089,771,247 at September 30, 2020, a 52.90% increase

for the period.

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from

7,950,000 Shares at December 31, 2019 to 13,150,000 Shares at September 30, 2020, as a result of 6,400,000 Shares (128 Baskets)

being created and 1,200,000 Shares (24 Baskets) being redeemed.

The price per ounce of platinum fell 7.14% from $952.00 at December

31, 2019 to $884.00 at September 30, 2020.

NAV per Share decreased 7.56% from $89.65 at December 31, 2019 to $82.87 at September 30, 2020.

The Trust’s NAV per Share

fell slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $3,416,106

for the nine months ended September 30, 2020, or 0.60% of the Trust’s ANAV on an annualized basis.

NAV per Share of $95.75 at January 16, 2020 was the highest during the period, compared with a low of $55.77 at March 19, 2020.

decrease in net assets from operations for the nine months ended September 30, 2020 was $50,929,574, resulting from a realized

loss of $408,752 on the transfer of platinum to pay expenses, a realized loss of $12,735,603 on platinum distributed for the redemption

of Shares, a change in unrealized loss on investment in platinum of $34,369,113, and the Sponsor’s Fee of $3,416,106.

than the Sponsor’s Fee, the Trust had no expenses during the nine months ended September 30, 2020.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2021.

Quarter Ended March 31, 2020

Trust’s NAV decreased from $712,718,535 at December 31, 2019 to $540,039,647 at March 31, 2020, a 24.23% decrease for the

The decrease in the Trust’s NAV resulted primarily from a decrease in the price per ounce of platinum, which fell

23.63% from $952.00 at December 31, 2019 to $727.00 at March 31, 2020.

There was a decrease in outstanding Shares, which fell

from 7,950,000 Shares at December 31, 2019 to 7,900,000 Shares at March 31, 2020, a result of 1,050,000 Shares (21 Baskets) being

redeemed during the quarter and 1,000,000 Shares (20 Baskets) being created during the quarter.

NAV per Share decreased 23.75% from $89.65 at December 31, 2019 to $68.36 at March 31, 2020.

The Trust’s NAV per Share fell

slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $994,697 for

the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

NAV per Share of $95.75 at January 16, 2020 was the highest during the quarter, compared with a low of $55.77 at March 19, 2020.

decrease in net assets from operations for the quarter ended March 31, 2020 was $165,107,139, resulting from a change in unrealized

loss on investment in platinum of $153,801,918, offset by a realized loss of $50,447 on the transfer of platinum to pay expenses,

a realized loss of $10,260,077 on platinum distributed for the redemption of Shares and the Sponsor’s Fee of $994,697.

than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2020.

STANDARD PLATINUM ETF TRUST

5 unchanged sentences

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

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 September 30, 2020, the Trust did

not have any cash balances.

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 March 31, 2021, the

Trust did not have any cash balances.

Sheet Arrangements

1 unchanged sentence

Accounting Policies

financial statements and accompanying notes are prepared in accordance with U.S.

The preparation of these financial statements relies on estimates and assumptions, such as the Valuation of Platinum and Computation of Net Asset Value discussed above, that impact the Trust’s

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 assumptions that impact the Trust’s

financial position and results of operations.

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

Refer to Note 2 to the Financial Statements for further information on accounting policies.

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