What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-08-05 compared with 2022-05-09 · 45 added, 43 removed, 85 unchanged (51% of the section changed)

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

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

55 unchanged sentences

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).

Platinum ETF Trust

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.

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

5 unchanged sentences

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

Quarter Ended June 30, 2022

Trust’s NAV decreased from $1,173,542,796 at March 31, 2022 to $1,064,359,854 at June 30, 2022, a 9.30% decrease for the

The decrease in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 7.73% from

$983.00 at March 31, 2022 to $907.00 at June 30, 2022.

There was a decrease in outstanding Shares, which decreased from 12,850,000

Shares at March 31, 2022 to 12,650,000 Shares at June 30, 2022, as a result of 550,000 Shares (11 Baskets) being created and 750,000

Shares (15 Baskets) being redeemed during the quarter.

NAV per Share decreased 7.87% from to $91.33 at March 31, 2022 to $84.14 at June 30, 2022.

The Trust’s NAV per Share decreased

slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $1,716,082

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

NAV per Share of $95.49 at June 6, 2022 was the highest during the quarter, compared with a low of $84.14 at June 30, 2022.

decrease in net assets from operations for the quarter ended June 30, 2022 was $91,060,395, resulting from a realized gain of

$34,281 on the transfer of platinum to pay expenses and a realized gain of $65,987 on platinum distributed for the redemption

of Shares, offset by a decrease in unrealized loss on investment in platinum of $89,399,581 and the Sponsor’s Fee of $1,716,082.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2022.

Six Months Ended June 30, 2022

Trust’s NAV decreased from $1,133,206,525 at December 31, 2021 to $1,064,359,854 at June 30, 2022, a 6.08% 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 5.42% from $959.00 at December 31, 2021 to $907.00 at June 30, 2022, as well as a decrease in outstanding Shares,

which fell from 12,700,000 Shares at December 31, 2021 to 12,650,000 Shares at June 30, 2022, as a result of 1,200,000 Shares

(24 Baskets) being created and 1,250,000 Shares (25 Baskets) being redeemed.

NAV per Share decreased 5.70% from $89.23 at December 31, 2021 to $84.14 at June 30, 2022.

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 $3,459,174

for the period, 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 period, compared with a low of $84.14 at June 30, 2022.

decrease in net assets from operations for the period ended June 30, 2022 was $65,654,123, resulting from a realized gain

of $90,718 on the transfer of platinum to pay expenses and a realized gain of $2,956,053 on platinum distributed for the

redemption of Shares, offset by a change in unrealized loss on investment in platinum of $65,241,720 and the Sponsor’s

Fee of $3,459,174.

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

Platinum ETF Trust

Liquidity & Capital Resources

Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material

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

At March 31, 2022, the

At June 30, 2022, the

Trust did not have any cash balances.

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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