What changed in this filing

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Item 2. Management’s Discussion and Analysis

2021-08-06 compared with 2021-05-07 · 30 added, 30 removed, 97 unchanged (38% of the section changed)

72 unchanged sentences

of Shares outstanding on that day.

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

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 $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 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 Quarter Ended June 30, 2021

Trust’s NAV decreased from $1,524,587,878 at March 31, 2021 to $1,358,948,330 at June 30, 2021, a 10.86% 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.

10.41% from $1,182.00 at March 31, 2021 to $1,059.00 at June 30, 2021, as well as a decrease in outstanding Shares, which fell

from 13,800,000 Shares at March 31, 2021 to 13,750,000 Shares at June 30, 2021, as a result of 250,000 Shares (5 Baskets) being

created and 300,000 Shares (6 Baskets) being redeemed during the quarter.

NAV per Share decreased 10.54% from $110.48 at March 31, 2021 to $98.83 at June 30, 2021.

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.

slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $2,208,592

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

NAV per Share of $118.34 at May 10, 2021 was the highest during the quarter, compared with a low of $97.07 at June 21, 2021.

decrease in net assets from operations for the quarter ended June 30, 2021 was $158,322,889, resulting from a realized gain of

$456,723 on the transfer of platinum to pay expenses and a realized gain of $6,483,755 on platinum distributed for the redemption

of Shares, offset by a change in unrealized loss on investment in platinum of $163,054,775 and the Sponsor’s Fee of $2,208,592.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2021.

The Six Months Ended June 30, 2021

Trust’s NAV increased from $1,329,606,858 at December 31, 2020 to $1,358,948,330 at June 30, 2021, a 2.21% increase for

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 13,300,000

Shares at December 31, 2020 to 13,750,000 Shares at June 30, 2021, a result of 1,150,000 Shares (23 Baskets) being created during

the period and 700,000 Shares (14 Baskets) being redeemed during the period.

There was a decrease in the price per ounce of platinum,

which fell 0.84% from $1,068.00 at December 31, 2020 to $1,059.00 at June 30, 2021.

NAV per Share decreased 1.14% from $99.97 at December 31, 2020 to $98.83 at June 30, 2021.

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 $4,396,187

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

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

decrease in net assets from operations for the period ended June 30, 2021 was $15,021,799, resulting from a realized gain of

$767,837 on the transfer of platinum to pay expenses and a realized gain of $16,240,630 on platinum distributed for the redemption

of Shares, offset by a change in unrealized loss on investment in platinum of $27,634,079 and the Sponsor’s Fee of

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2021.

STANDARD PLATINUM ETF TRUST

9 unchanged sentences

Fee but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor.

At March 31, 2021, the

At June 30, 2021, the

Trust did not have any cash balances.

10 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 2. Management’s Discussion and Analysis