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Item 2. Management’s Discussion and Analysis

2022-05-09 compared with 2021-11-05 · 128 added, 139 removed, 0 unchanged (100% of the section changed)

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 in Item 1 of Part 1 of this Form 10-Q.

The discussion and analysis that

follows may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995,

These forward-looking statements may relate to the Trust’s financial condition, operations, future performance

and business.

These statements can be identified by the use of the words “may”, “should”, “expect”,

“plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”

or similar words and phrases.

These statements are based upon certain assumptions and analyses the Sponsor has made based on its

perception of historical trends, current conditions and expected future developments.

Neither the Trust nor the Sponsor is under

a duty to update any of the forward-looking statements, to conform such statements to actual results or to reflect a change in

management’s expectations or predictions.

The 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.

not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement.

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 Shares.

The 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.

The Trust issues and redeems Shares only with Authorized Participants

in exchange for platinum and 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.

Shares of the Trust trade on the New York Stock Exchange (the

“NYSE”) Arca under the symbol “PPLT”.

Valuation of Platinum and Computation of Net Asset

On each day that the NYSE Arca is open for regular trading,

as promptly as practicable after 4:00 p.m.

New York time on such day (the “Evaluation Time”), the Trustee evaluates

the platinum held by the Trust and determines the NAV of the Trust.

At the Evaluation Time, the Trustee values the

Trust’s platinum on the basis of that day’s LME PM Fix or, if no LME PM Fix is made on such day, the next most recent

LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate

as a basis for evaluation.

In the event the Sponsor determines that the LME PM Fix or such other publicly available price as the

Sponsor may deem fairly represents the commercial value of the Trust’s platinum is not an appropriate basis for evaluation

of the Trust’s platinum, it shall identify an alternative basis for such evaluation to be employed by the Trustee.

the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or such other publicly available

price is not appropriate as a basis for evaluation of the Trust’s platinum or for any determination as to the alternative

basis for such evaluation provided that such determination is made in good faith.

Once 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.

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

All fees accruing for the day on which the valuation takes place

that are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day.

Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the

The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as

of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

The Trustee’s estimation of accrued but unpaid fees, expenses

and liabilities is conclusive upon all persons interested in the Trust and no revision or correction in any computation made under

the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The NAV of the Trust is obtained by subtracting

the Trust’s liabilities on any day from the value of the platinum owned and receivable by the Trust on that day;

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 Quarter Ended September

The Trust’s NAV decreased from $1,358,948,330

at June 30, 2021 to $1,180,042,235 at September 30, 2021, a 13.17% decrease for the quarter.

The decrease in the Trust’s

NAV resulted primarily from a decrease in the price per ounce of platinum, which fell 9.07% from $1,059.00 at June 30, 2021 to

$963.00 at September 30, 2021.

There was a decrease in outstanding Shares, which fell from 13,750,000 Shares at June 30, 2021 to

13,150,000 Shares at September 30, 2021, as a result of no Shares being created and 600,000 Shares (12 Baskets) being redeemed

during the quarter.

The NAV per Share decreased 9.20% from to $98.83

at June 30, 2021 to $89.74 at September 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 $1,985,102 for the quarter, or 0.60% of the Trust’s

ANAV on an annualized basis.

The NAV per Share of $105.80 at July 16, 2021

was the highest during the quarter, compared with a low of $86.77 at September 20, 2021.

The decrease in net assets from operations for

the quarter ended September 30, 2021 was $122,074,014, resulting from a realized gain of $206,828 on the transfer of platinum to

pay expenses and a realized gain of $2,855,406 on platinum distributed for the redemption of Shares, offset by a change in unrealized

loss on investment in platinum of $123,151,146 and the Sponsor’s Fee of $1,985,102.

Other than the Sponsor’s Fee, the

Trust had no expenses during the quarter ended September 30, 2021.

The Nine Months Ended September

The Trust’s NAV decreased from $1,329,606,858 at December

31, 2020 to $1,180,042,235 at September 30, 2021, an 11.25% decrease for the period.

The decrease in the Trust’s NAV resulted

primarily from a decrease in the price per ounce of platinum, which fell 9.83% from $1,068.00 at December 31, 2020 to $963.00 at

September 30, 2021.

There was a decrease in outstanding Shares, which fell from 13,300,000 Shares at December 31, 2020 to 13,150,000

Shares at September 30, 2021, a result of 1,150,000 Shares (23 Baskets) being created during the period and 1,300,000 Shares (26

Baskets) being redeemed during the period.

The NAV per Share decreased 10.23% from $99.97 at December 31,

2020 to $89.74 at September 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 $6,381,289 for the period, or 0.60% of the Trust’s ANAV on an

annualized basis.

The NAV per Share of $121.03 at February 19, 2021 was the highest

during the period, compared with a low of $86.77 at September 20, 2021.

The decrease in net assets from operations for the period ended

September 30, 2021 was $137,095,816, resulting from a realized gain of $974,665 on the transfer of platinum to pay expenses and

a realized gain of $19,096,036 on platinum distributed for the redemption of Shares, offset by a change in unrealized loss on investment

in platinum of $150,785,228 and the Sponsor’s Fee of $6,381,289.

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

during the period ended September 30, 2021.

Liquidity & Capital Resources

The Trust is not aware of any trends, demands, commitments,

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 ordinary expense of the

Trust during the period covered by this report was the Sponsor’s Fee.

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 September 30, 2021, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

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 assumptions that impact the Trust’s financial position and results of operations.

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

Refer to Note 2 to the Financial Statements

for further information on accounting policies.

Quantitative and Qualitative Disclosures About Market

Not applicable.

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

information should be read in conjunction with the financial statements and notes to the financial statements included in Item

1 of Part 1 of this Form 10-Q.

The discussion and analysis that follows may contain forward-looking statements within the meaning

of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,

and within the Private Securities Litigation Reform Act of 1995, as amended.

These forward-looking statements may relate to the

Trust’s financial condition, operations, future performance and business.

These statements can be identified by the use

of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,

“estimate”, “predict”, “potential” or similar words and phrases.

These statements are based

upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and

expected future developments.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements,

to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

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 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

Shares or integral multiples thereof.

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

of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PPLT”.

of Platinum and Computation of Net Asset Value

each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m.

New York time on such day

(the “Evaluation Time”), the Trustee evaluates the platinum held by the Trust and determines the NAV of the Trust.

the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s LME PM Fix or, if no LME PM

Fix is made on such day, the next most recent LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor

determines that such price is inappropriate as a basis for evaluation.

In the event the Sponsor determines that the LME PM Fix

or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s platinum

is not an appropriate basis for evaluation of the Trust’s platinum, it shall identify an alternative basis for such evaluation

to be employed by the Trustee.

Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the

LME PM Fix or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s platinum or

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

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

are calculated using the ANAV calculated for such day.

The Trustee subtracts from the ANAV the amount of accrued fees so computed

for such day and the resulting figure is the NAV of the Trust.

The Trustee also determines the NAV per Share by dividing the NAV

of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number

of any Shares created or redeemed on such evaluation day).

Trustee’s estimation of accrued but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the

Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference

in amounts estimated from those actually paid.

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

receivable 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.

Quarter Ended March 31, 2022

Trust’s NAV increased from $1,133,206,525 at December 31, 2021 to $1,173,542,796 at March 31, 2022, a 3.56% increase for

The increase in the Trust’s NAV resulted from an increase in the price per ounce of platinum, which rose 2.50%

from $959.00 at December 31, 2021 to $983.00 at March 31, 2022.

There was an increase in outstanding Shares, which increased from

12,700,000 Shares at December 31, 2021 to 12,850,000 Shares at March 31, 2022, as a result of 650,000 Shares (13 Baskets) being

created and 500,000 Shares (10 Baskets) being redeemed during the quarter.

NAV per Share increased 2.35% from to $89.23 at December 31, 2021 to $91.33 at March 31, 2022.

The Trust’s NAV per Share

increased slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $1,743,092

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

NAV per Share of $106.98 at March 8, 2022 was the highest during the quarter, compared with a low of $86.61 at January 10, 2022.

increase in net assets from operations for the quarter ended March 31, 2022 was $25,361,273, resulting from a realized gain of

$56,437 on the transfer of platinum to pay expenses, a realized gain of $2,890,066 on platinum distributed for the redemption

of Shares, and an increase in unrealized gain on investment in platinum of $24,157,861, offset by the Sponsor’s Fee of $1,743,092.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2022.

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 quarter.

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

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.

& Capital Resources

Trust is not aware of any trends, demands, commitments, 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 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 March 31, 2022, the

Trust did not have any cash balances.

Sheet Arrangements

Trust has no off-balance sheet arrangements.

Accounting Policies

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