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Item 2. Management’s Discussion and Analysis

2023-11-08 compared with 2023-08-09 · 124 added, 121 removed, 15 unchanged (94% of the section changed)

Management’s Discussion

and Analysis of Financial Condition and Results of Operations

Management’s 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 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.

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.

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 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).

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 Value

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.

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.

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.

The ANAV of the Trust is used to compute the Sponsor’s

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).

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 June 30, 2023

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

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 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 $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 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

investment in platinum of $86,275,020, and the Sponsor's Fee of $1,459,177.

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

during the quarter ended June 30, 2023.

The Six Months Ended June 30,

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;

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.

The Quarter Ended September

The Trust's NAV increased from $893,291,613 at June

30, 2023 to $909,292,821 at September 30, 2023, a 1.80% increase for the quarter.

The change in the Trust's NAV resulted primarily from

an increase in the price per ounce of platinum, which rose 2.90% from $897.00 at June 30, 2023 to $923.00 at September 30, 2023 and a

decrease in outstanding Shares, which decreased from 10,800,000 Shares at June 30, 2023 to 10,700,000 Shares at September 30, 2023, as

a result of 350,000 Shares (7 Baskets) being created and 450,000 Shares (9 Baskets) being redeemed during the quarter.

The NAV per Share increased 2.74% from $82.71 at June

30, 2023 to $84.98 at September 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 $1,431,625 for the period, or 0.60% of the Trust's ANAV on an annualized basis.

The NAV per Share of $90.80 at July 19, 2023 was the

highest during the period, compared with a low of $81.73 at August 16, 2023.

The increase in net assets from operations for the

quarter ended September 30, 2023 was $26,507,704, resulting from a change in unrealized gain on investment in platinum of $28,300,534,

offset by a realized loss of $35,128 on the transfer of platinum to pay expenses, a realized loss of $326,077 on platinum distributed

for the redemption of Shares, and the Sponsor's Fee of $1,431,625.

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

quarter ended September 30, 2023.

The Nine Months Ended September

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 $104.13 at April 23, 2023

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

at December 31, 2022 to $909,292,821 at September 30, 2023, a 17.08% decrease for the period.

The decrease in the Trust’s NAV resulted

from a decrease in the price per ounce of platinum, which fell 10.48% from $1,031.00 at December 31, 2022 to $923.00 at September 30,

2023, and a decrease in outstanding Shares, which decreased from 11,500,000 Shares at December 31, 2022 to 10,700,000 Shares at September

30, 2023, as a result of 1,200,000 Shares (24 Baskets) being created and 2,000,000 Shares (40 Baskets) being redeemed during the period.

The NAV per Share decreased 10.88% from to $95.35 at

December 31, 2022 to $84.98 at September 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 $4,402,993 for the period, or 0.60% of the Trust’s ANAV

on an annualized basis.

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

the highest during the period, compared with a low of $81.73 at August 16, 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.

the nine month period ended September 30, 2023 was $108,719,176, resulting from a realized gain of $121,793 on the transfer of

platinum to pay expenses and a realized gain of $9,074,067 on platinum distributed for the redemption of Shares, offset by a change

in unrealized loss on investment in platinum of $113,512,043, and the Sponsor’s Fee of 4,402,993.

Other than the

Sponsor’s Fee, the Trust had no expenses during the nine month period ended September 30, 2023.

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.

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

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.

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, 2023, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

1 unchanged sentence

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 Risk

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.

These estimates and assumptions

affect the Trust’s application of accounting policies.

Refer to Note 2 to the Financial Statements for further information on accounting

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