What changed in this filing

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Item 1. Financial Statements

2022-11-04 compared with 2022-08-05 · 94 added, 87 removed, 301 unchanged (38% of the section changed)

1 unchanged sentence

of Assets and Liabilities

June 30, 2022 (Unaudited) and December 31, 2021

June 30, 2022

September 30, 2022 (Unaudited) and December 31, 2021

September 30, 2022

December 31, 2021

1 unchanged sentence

Investment in platinum (cost:

June 30, 2022:

September 30, 2022:

$ 1,028,177 ;

1 unchanged sentence

$ 1,145,807 )

Platinum receivable

Fees payable to Sponsor

3 unchanged sentences

share capital is unlimited with no par value per Share.

Shares issued and outstanding at June 30, 2022 were 12,650,000 and

at December 31, 2021 were 12,700,000 .

Net asset values per Share at June 30, 2022 and December 31, 2021 were $ 84.14 and $ 89.23 ,

respectively.

Shares issued and outstanding at September 30, 2022 were 11,500,000

and at December 31, 2021 were 12,700,000 .

Net asset values per Share at September 30, 2022 and December 31, 2021 were $ 80.03

and $ 89.23 , respectively.

Notes to the Financial Statements

1 unchanged sentence

of Investments

June 30, 2022 (Unaudited) and December 31, 2021

June 30, 2022

September 30, 2022 (Unaudited) and December 31, 2021

September 30, 2022

% of Net Assets

1 unchanged sentence

Total investment in platinum

Less liabilities

Other assets less liabilities

December 31, 2021

6 unchanged sentences

of Operations (Unaudited)

the three and six months ended June 30, 2022 and 2021

Three Months Ended

June 30, 2022

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2022

Six Months Ended

June 30, 2021

the three and nine months ended September 30, 2022 and 2021

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

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

3 unchanged sentences

REALIZED AND UNREALIZED GAINS / (LOSSES)

Realized gain on platinum transferred to pay expenses

Realized gain on platinum distributed for the redemption of Shares

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

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

Change in unrealized (loss) on investment in platinum

Change in unrealized (loss) gain on unsettled creations or redemptions

Total (loss) on investment in platinum

$ ( 120,089 )

$ ( 110,396 )

$ ( 130,714 )

Change in net assets from operations

$ ( 122,074 )

$ ( 115,380 )

$ ( 137,095 )

Net increase / (decrease) in net assets per Share

3 unchanged sentences

of Changes in Net Assets (Unaudited)

the three and six months ended June 30, 2022 and 2021

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

the three and nine months ended September 30, 2022 and 2021

Three Months Ended September 30, 2022

Three Months Ended September 30, 2021

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

1 unchanged sentence

Net investment loss

Realized gain on investment in platinum

Realized (loss) / gain on investment in platinum

Change in unrealized (loss) on investment in platinum

Change in unrealized (loss) gain on unsettled creations or redemptions

( 1,250,000 )

Closing balance

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

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

1 unchanged sentence

Net investment loss

Realized gain on investment in platinum

Realized (loss) / gain on investment in platinum

Change in unrealized (loss) on investment in platinum

Change in unrealized (loss) gain on unsettled creations or redemptions

( 2,500,000 )

( 1,300,000 )

Closing balance

2 unchanged sentences

Highlights (Unaudited)

the three and six months ended June 30, 2022 and 2021

Three Months Ended

June 30, 2022

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2022

Six Months Ended

June 30, 2021

the three and nine months ended September 30, 2022 and 2021

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

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

10 unchanged sentences

for periods less than one year.

is not annualized.

return is not annualized.

Notes to the Financial Statements

Platinum ETF Trust

Notes to the Financial Statements

to the Financial Statements (Unaudited)

Platinum ETF Trust (known as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the “Trust”)

24 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 June 30, 2022, and for the three and six month periods then ended 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, 2021.

The results of operations for the three and six months ended June 30, 2022 are not necessarily

indicative of the operating results for the full year.

fairly the financial position and results of operations as of September 30, 2022, and for the three and nine month period

then ended have been made.

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

year ended December 31, 2021.

The results of operations for the three and nine months ended September 30, 2022 are

not necessarily indicative of the operating results for the full year.

Accounting Policies

16 unchanged sentences

Platinum ETF Trust

Notes to the Financial Statements

to the Financial Statements (Unaudited)

Trust’s platinum is held by JPMorgan Chase Bank, N.A.

(the “Custodian”), on behalf of the Trust, at its London,

England vaulting premises.

The Trust’s 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 June 30, 2022, approximately 2.48 % of the Trust’s platinum

was held by one or more sub-custodians.

(the “Custodian”), on behalf of the Trust, at its

London, England vaulting premises.

The Trust’s 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, 2022, approximately 2.75 % of the Trust’s

platinum was held by one or more sub-custodians.

Trust’s platinum is recorded at fair value.

The cost of platinum is determined according to the average cost method and the fair

value is based on the afternoon session of the twice daily fix of an ounce of platinum administered by the London Metal Exchange

Realized gains and losses on transfers of platinum, or platinum distributed for the redemption of Shares,

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

The cost of platinum is determined according to the average cost method and

the fair value is based on the afternoon session of the twice daily fix of an ounce of platinum administered by the London Metal

Exchange (“LME”).

Realized gains and losses on transfers of platinum, or platinum distributed for the redemption of

Shares, are calculated on a trade date basis as the difference between the fair value and average cost of platinum transferred.

LME is responsible for the administration of the electronic platinum price fixing system (“LMEbullion”) that replicates

27 unchanged sentences

and that would be based on the best information available.

Platinum ETF Trust

to the Financial Statements (Unaudited)

the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination

2 unchanged sentences

instruments categorized in level 3.

Platinum ETF Trust

Notes to the Financial Statements

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

5 unchanged sentences

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

in 000’s of US$)

Investment in

were no transfers between levels during the six months ended June 30, 2022 or the year ended December 31, 2021.

(Amounts in 000’s of US$)

September 30,

Investment in platinum

There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.

Receivable and Payable

4 unchanged sentences

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

At June 30, 2022, the Trust had no platinum receivable

or payable for the creation or redemption of Shares.

At December 31, 2021, the Trust had no platinum receivable

for the creation of Shares and $ 4,461,443 of platinum payable for the redemption of Shares.

At September 30, 2022, the Trust had $ 8,003,000 of

platinum receivable for the creation of shares and $ 4,001,434 of platinum payable for the redemption of Shares.

At December 31, 2021, the Trust had no platinum receivable for the creation of Shares and $ 4,461,443 of platinum payable

for the redemption of Shares.

and Redemptions of Shares

17 unchanged sentences

or a platinum bullion clearing bank by an Authorized Participant.

Platinum ETF Trust

to the Financial Statements (Unaudited)

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

2 unchanged sentences

Baskets is properly received.

Platinum ETF Trust

Notes to the Financial Statements

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

9 unchanged sentences

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 Sponsor’s Fee in the event of any shortfall or excess on each transaction.

back the Shares, the Sponsor accepts an adjustment to its Sponsor’s Fee in the event of any shortfall or excess on each

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

11 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 June 30, 2022 or December 31, 2021.

in ounces of platinum and their respective values for the three and six months ended June 30, 2022 and 2021

that no reserves for uncertain tax positions are required as of September 30, 2022 or December 31, 2021.

in ounces of platinum and their respective values for the three and nine months ended September 30, 2022 and 2021

are set out below:

Three Months Ended

June 30, 2022

Three Months Ended

June 30, 2021

September 30, 2022

September 30, 2021

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

1 unchanged sentence

Opening balance

( 111,232.2 )

Transfers of platinum to pay expenses

2 unchanged sentences

Opening balance

Realized gain on platinum distributed for the redemption of Shares

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

Transfers of platinum to pay expenses

Realized gain on platinum transferred to pay expenses

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

Change in unrealized (loss) on investment in platinum

1 unchanged sentence

Platinum ETF Trust

Notes to the Financial Statements

June 30, 2022

June 30, 2021

to the Financial Statements (Unaudited)

September 30, 2022

September 30, 2021

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

2 unchanged sentences

( 232,010.7 )

( 121,400.4 )

Transfers of platinum to pay expenses

2 unchanged sentences

Opening balance

Realized gain on platinum distributed for the redemption of Shares

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

Transfers of platinum to pay expenses

1 unchanged sentence

Change in unrealized (loss) on investment in platinum

Change in unrealized gain on unsettled creations or redemptions

Closing balance

8 unchanged sentences

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

the three months ended June 30, 2022 and 2021, the Sponsor’s Fee was $ 1,716,082 and $ 2,208,292 ,

Platinum ETF Trust

to the Financial Statements (Unaudited)

the three months ended September 30, 2022 and 2021, the Sponsor’s Fee was $ 1,525,048 and $ 1,985,102 ,

respectively.

For the six months ended June 30, 2022 and 2021, the Sponsor’s Fee was $ 3,459,174

For the nine months ended September 30, 2022 and 2021, the Sponsor’s Fee was $ 4,984,222

and $ 6,381,289 , respectively.

30, 2022 and at December 31, 2021, the fees payable to the Sponsor were $ 466,363 and $ 595,693 , respectively.

Platinum ETF Trust

Notes to the Financial Statements

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

3 unchanged sentences

holdings of assets other than platinum.

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

months ended June 30, 2022 and 2021.

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

months ended September 30, 2022 and 2021.

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

42 unchanged sentences

Platinum ETF Trust

Notes to the Financial Statements

to the Financial Statements (Unaudited)

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