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Item 7. Management’s Discussion and Analysis

2025-02-28 compared with 2024-02-29 · 57 added, 58 removed, 117 unchanged (50% of the section changed)

55 unchanged sentences

discussion of the Trust’s accounting policies.

is held by JPMorgan Chase Bank, N.A.

(the “Custodian”) on behalf of the Trust, at its London, England vaulting premises.

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 Zurich vault premises and whose appointment has been approved by the Sponsor, at its Zurich,

Switzerland vaulting premises.

is held by the Custodian on behalf of the Trust, at its London, England vaulting premises.

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 LME PM Fix.

The cost of platinum is determined according to the average cost method and the fair value is based on the LBMA Platinum Price PM or the LBMA Platinum Price AM if no LBMA Platinum Price PM is available.

If neither price is available for that day, the Trust will value its platinum based on

the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.

Realized gains and losses on transfers of platinum, or platinum distributed

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

December 31, 2023

December 31, 2022

December 31, 2021

(Amounts in 000’s of US$)

2 unchanged sentences

Investment in platinum - fair value

the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit

the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust’s platinum and certain

related records maintained by the Custodian.

Under the Allocated Account Agreement, the Custodian agreed to procure similar inspection

rights from the Zurich Sub-Custodian.

Any such inspection rights with respect to the Zurich Sub-Custodian are expected to be granted

in accordance with the normal course of dealing between the Custodian and the Zurich Sub-Custodian.

Visits by auditors and inspectors

to the Zurich Sub-Custodian’s facilities will be arranged through the Custodian.

Other than with respect to the Zurich Sub-Custodian,

the Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s

platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee

or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.

Sponsor has exercised its right to visit the Custodian and the Zurich Sub-Custodian, in order to examine the platinum and the

Inspection of Platinum

the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year,

visit the premises of the Custodian for the purpose of examining the Trust’s platinum and

certain related records maintained by the Custodian.

The Trustee and the Sponsor have no right to visit the premises of any

sub-custodian for the purposes of examining the Trust’s platinum or any records maintained by the sub-custodian, and no

sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities,

procedures, records or creditworthiness of such sub-custodian.

Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the

records maintained by them.

Inspections were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and

testing company retained by the Sponsor, as of July 7, 2023 and December 31, 2023.

testing company retained by the Sponsor, as of July 26, 2024 and January 4, 2025.

can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections

6 unchanged sentences

including through virtual inspections of the Trust’s platinum and/or a review of pertinent records.

Liquidity and Capital Resources

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

4 unchanged sentences

The Trust’s only source of liquidity is its transfers and sales of platinum.

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 December 31, 2023 and 2022, the

Trust did not have any cash balances.

of Financial Results

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 December 31, 2024

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

Results of Operations

December 31, 2024

3 unchanged sentences

Total gain/(loss) on platinum

Net change in assets from operations

Net change assets from operations

Net cash provided by operating activities

net asset value (“NAV”) of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any

day from the value of the platinum owned by the Trust plus any platinum receivable 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 net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the value

of the platinum owned by the Trust on that day;

the NAV per Share will be obtained by dividing the net asset value of the Trust on a given

day by the number of Shares outstanding on that day.

On each day on which the Exchange is open for regular trading, the Trustee will determine

the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m.

(New York time).

The Trustee will value

the Trust’s platinum on the basis of the LBMA Platinum Price PM.

If there is no LBMA Platinum Price PM on any day, the Trustee is

authorized to use the LBMA Platinum Price AM announced on that day.

If neither price is available for that day, the Trustee will value

the Trust’s platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.

If the Sponsor determines

that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the Trustee.

the Sponsor may instruct the Trustee to use on an on-going basis a different publicly available price which the Sponsor determines to

fairly represent the commercial value of the Trust’s platinum.

year ended December 31, 2024

Trust’s NAV increased from $997,445,666 at December 31, 2023 to $1,018,947,768 at December 31, 2024, a 2.16% increase for

The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 8.70% from

$1,000.00 at December 31, 2023 to $913.00 at December 31, 2024 and an increase in outstanding Shares, which rose from 10,850,000

at December 31, 2023 to 12,200,000 at December 31, 2024, a result of 2,550,000 Shares (51 Baskets) being created and 1,200,000

Shares (24 Baskets) being redeemed during the year.

NAV per Share decreased 9.15% from $91.93 at December 31, 2023 to $83.52 at December 31, 2024.

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 $5,968,067

for the year, or 0.60% of the Trust’s ANAV.

NAV per Share of $97.68 at May 17, 2024 was the highest during the year, compared with a low of $80.08 at March 3, 2024.

decrease in net assets from operations for the year ended December 31, 2024 was $94,683,972 resulting from a realized gain of

$5,252 on the transfer of platinum to pay expenses, offset by a realized loss of $84,783 on platinum distributed for the redemption

of Shares, a change in unrealized loss on investment in platinum of $88,636,374, and the Sponsor’s Fee of $5,968,067.

than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.

year ended December 31, 2023

Trust’s NAV decreased from $1,096,553,007 at December 31, 2022 to $997,445,666 at December 31, 2023, a 9.04% decrease for

5 unchanged sentences

The Trust’s NAV per Share

fell slightly more than the price per ounce of platinum on a percentage basis due to Sponsor’s Fee, which was $5,772,056

fell slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $5,772,056

for the year, or 0.60% of the Trust’s ANAV.

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The Trust’s NAV per Share

rose slightly less than the price per ounce of platinum on a percentage basis due to Sponsor’s Fee, which was $6,556,049

rose slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $6,556,049

for the year, or 0.60% of the Trust’s ANAV.

4 unchanged sentences

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

year ended December 31, 2021

Trust’s NAV decreased from $1,329,606,858 at December 31, 2020 to $1,133,206,525 at December 31, 2021, a 14.77% decrease

for the year.

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

fell 10.21% from $1,068.00 at December 31, 2020 to $959.00 at December 31, 2021.

There was also a decrease in outstanding Shares,

which fell from 13,300,000 at December 31, 2020 to 12,700,000 at December 31, 2021, a result of 1,300,000 Shares (26 Baskets)

being created and 1,900,000 Shares (38 Baskets) being redeemed during the year.

NAV per Share decreased 10.74% from $99.97 at December 31, 2020 to $89.23 at December 31, 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 $8,241,060

for the year, or 0.60% of the Trust’s ANAV.

NAV per Share of $121.03 at February 19, 2021 was the highest during the year, compared with a low of $84.79 at December 15, 2021.

decrease in net assets from operations for the year ended December 31, 2021 was $144,840,328 resulting from a realized gain of

$1,048,913 on the transfer of platinum to pay expenses and a realized gain of $18,599,650 on platinum distributed for the redemption

of Shares, offset by a change in unrealized loss on investment in platinum of $156,178,266, a change in unrealized loss on unsettled

redemptions of $29,565 and the Sponsor’s Fees of $8,241,060.

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

during the year ended December 31, 2021.

Sheet Arrangements

1 unchanged sentence

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-K

Item 7. Management’s Discussion and Analysis