What changed in this filing

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Item 2. Management’s Discussion and Analysis

2023-08-09 compared with 2023-05-09 · 33 added, 35 removed, 103 unchanged (40% of the section changed)

70 unchanged sentences

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 March 31, 2023

The Quarter Ended June 30, 2023

The Trust's NAV decreased from $960,292,516

at December 31, 2022 to $960,292,516 at March 31, 2023, a 12.43% decrease for the period.

The change in the Trust’s NAV resulted

primarily from a decrease in the price per ounce of platinum, which fell 4.85% from $1,031.00 at December 31, 2022 to $981.00 at

March 31, 2023 and a decrease in outstanding Shares, which decreased from 11,500,000 Shares at December 31, 2022 to 10,600,000

Shares at March 31, 2023, as a result of 200,000 Shares (4 Baskets) being created and 1,100,000 Shares (22 Baskets) being redeemed

during the quarter.

at March 31, 2023 to $893,291,613 at June 30, 2023, a 6.98% decrease for the period.

The change in the Trust's NAV resulted from

a decrease in the price per ounce of platinum, which fell 8.56% from $981.00 at March 31, 2023 to $897.00 at June 30, 2023, and

an increase in outstanding Shares, which increased from 10,600,000 Shares at March 31, 2023 to 10,800,000 Shares at June 30, 2023,

as a result of 650,000 Shares (13 Baskets) being created and 450,000 Shares (9 Baskets) being redeemed during the quarter.

The NAV per Share decreased 8.70% from $90.59

at December 31, 2022 to $90.59 at March 31, 2023.

at March 31, 2023 to $82.71 at June 30, 2023.

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 $1,459,177 for the period, or 0.60% of the Trust's ANAV on an annualized

The NAV per Share of $101.72 at January 11,

2023 was the highest during the period, compared with a low of $84.28 at February 16, 2023.

The NAV per Share of $104.13 at April 23, 2023

was the highest during the period, compared with a low of $82.71 at June 30, 2023.

The decrease in net assets from operations for

the period ended March 31, 2023 was $52,206,008, resulting from a realized gain of $73,967 on the transfer of platinum to pay expenses

the quarter ended June 30, 2023 was $83,020,872, resulting from a realized gain of $82,954 on the transfer of platinum to pay expenses

and a realized gain of $4,630,371 on platinum distributed for the redemption of Shares, offset by a change in unrealized loss on

1 unchanged sentence

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

during the period ended March 31, 2023.

The Quarter Ended March 31, 2022

The 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 quarter.

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.

The 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

during the quarter ended June 30, 2023.

The Six Months Ended June 30,

The Trust’s NAV decreased from $1,096,553,007

at December 31, 2022 to $893,291,613 at June 30, 2023, a 18.54% decrease for the period.

The change in the Trust’s NAV resulted

from a decrease in the price per ounce of platinum, which fell 13.00% from $1,031.00 at December 31, 2022 to $897.00 at June 30,

2023, and a decrease in outstanding Shares, which decreased from 11,500,000 Shares at December 31, 2022 to 10,800,000 Shares at

June 30, 2023, as a result of 850,000 Shares (17 Baskets) being created and 1,550,000 Shares (31 Baskets) being redeemed during

The NAV per Share decreased 13.26% from to $95.35

at December 31, 2022 to $82.71 at June 30, 2023.

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 $2,971,368 for the period, or 0.60% of the Trust’s

ANAV on an annualized basis.

The 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.

The 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.

The NAV per Share of $104.13 at April 23, 2023

was the highest during the period, compared with a low of $82.71 at June 30, 2023.

The decrease in net assets from operations for

the period ended June 30, 2023 was $135,266,880, resulting from a realized gain of $156,921 on the transfer of platinum to pay

expenses and a realized gain of $9,400,144 on platinum distributed for the redemption of Shares, offset by a decrease in unrealized

loss on investment in platinum of $141,812,577 and the Sponsor’s Fee of $2,971,368.

Other than the Sponsor’s Fee, the

Trust had no expenses during the period ended June 30, 2023.

Liquidity & Capital Resources

10 unchanged sentences

in-kind transfers of platinum to the Sponsor.

At March 31, 2023, the Trust did not have any cash balances.

At June 30, 2023, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

8 unchanged sentences

for further information on accounting policies.

Quantitative and Qualitative Disclosures About Market

Quantitative and Qualitative

Disclosures About Market Risk

Not applicable.

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