What changed in this filing

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Item 7. Management’s Discussion and Analysis

2024-02-29 compared with 2023-03-01 · 67 added, 64 removed, 108 unchanged (55% of the section changed)

32 unchanged sentences

of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust

are Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.

LLC, HSBC Securities (USA) Inc., J.P.

Morgan Securities LLC,

Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co.

LLC, Scotia Capital (USA) Inc.,

UBS Securities LLC and Virtu Americas, LLC.

are Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P.

Morgan Securities LLC, Merrill Lynch Professional Clearing Corp.,

Mizuho Securities USA LLC, Morgan Stanley & Co.

Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC.

of the Trust trade on the NYSE Arca under the symbol “PPLT.”

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In addition, please refer to Note 2 to the Financial Statements for further

discussion of the our accounting policies.

discussion of the Trust’s accounting policies.

is held by JPMorgan Chase Bank, N.A.

8 unchanged sentences

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

Inspection of Platinum

Under 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.

The Sponsor has exercised its right to visit the Custodian and the Zurich Sub-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 June 30, 2022 and December 31, 2022.

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

Trust's platinum as planned.

Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian or

a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust's auditors and inspectors, from

performing a physical inspection of the Trust's platinum on a desired date.

In those situations, the Sponsor or the Trust's auditors and

inspectors may seek to verify the platinum held by the Trust by alternate means, including through virtual inspections of the Trust's

platinum and/or a review of pertinent records.

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

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.

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

of the Trust’s platinum as planned.

Local policies, regulations, or ordinances, as well as polices or restrictions adopted

by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s

auditors and inspectors, from performing a physical inspection of the Trust’s platinum on a desired date.

In those situations,

the Sponsor or the Trust’s auditors and inspectors may seek to verify the platinum held by the Trust by alternate means,

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

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

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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, 2022

and 2021, the Trust did not have any cash balances.

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

December 31, 2023

December 31, 2022

December 31, 2021

(Amounts in 000’s of US$)

2 unchanged sentences

Net cash provided by operating activities

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.

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.

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

The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 3.01% from

$1,031.00 at December 31, 2022 to $1,000.00 at December 31, 2023 and a decrease in outstanding Shares, which fell from 11,500,000

at December 31, 2022 to 10,850,000 at December 31, 2023, a result of 1,500,000 Shares (30 Baskets) being created and 2,150,000

Shares (43 Baskets) being redeemed during the year.

NAV per Share decreased 3.59% from $95.35 at December 31, 2022 to $91.93 at December 31, 2023.

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

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

NAV per Share of $104.13 at April 21, 2023 was the highest during the year, compared with a low of $78.20 at November 13, 2023.

decrease in net assets from operations for the year ended December 31, 2023 was $32,804,092 resulting from a realized gain of

$5,776 on the transfer of platinum to pay expenses and a realized gain of $8,064,265 on platinum distributed for the redemption

of Shares, offset by a change in unrealized loss on investment in platinum of $35,102,077, and the Sponsor’s Fee of $5,772,056.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.

year ended December 31, 2022

Trust’s NAV decreased from $1,133,206,525 at December 31, 2021 to $1,096,553,007 at December 31, 2022, a 3.23% decrease

for the year.

The decrease in the Trust’s NAV resulted primarily from a decrease in outstanding Shares, which

fell from 12,700,000 at December 31, 2021 to 11,500,000 at December 31, 2022, a result of 1,800,000 Shares (36 Baskets) being

created and 3,000,000 Shares (60 Baskets) being redeemed during the year.

There was an increase in the price per ounce of platinum, which rose 7.51% from $959.00 at December 31, 2021 to $1,031.00 at December

The decrease in the Trust’s NAV resulted primarily from a decrease in outstanding Shares, which fell from

12,700,000 at December 31, 2021 to 11,500,000 at December 31, 2022, a result of 1,800,000 Shares (36 Baskets) being created and

3,000,000 Shares (60 Baskets) being redeemed during the year.

There was an increase in the price per ounce of platinum, which

rose 7.51% from $959.00 at December 31, 2021 to $1,031.00 at December 31, 2022.

NAV per Share increased 6.86% from $89.23 at December 31, 2021 to $95.35 at December 31, 2022.

5 unchanged sentences

gain on investment in platinum of $76,534,694, offset by a realized loss of $88,492 on the transfer of platinum to pay expenses,

a realized loss of $6,427,899 on platinum distributed for the redemption of Shares, and the Sponsor’s Fees of $6,556,049.

a realized loss of $6,427,899 on platinum distributed for the redemption of Shares, and the Sponsor’s Fee of $6,556,049.

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

18 unchanged sentences

during the year ended December 31, 2021.

year ended December 31, 2020

Trust’s NAV increased from $712,718,535 at December 31, 2019 to $1,329,606,858 at December 31, 2020, an 86.55% increase

for the year.

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from

7,950,000 at December 31, 2019 to 13,300,000 at December 31, 2020, a result of 7,050,000 Shares (141 Baskets) being created and

1,700,000 Shares (34 Baskets) being redeemed during the year.

was an increase in the price per ounce of platinum, which rose 12.18% from $952.00 at December 31, 2019 to $1,068.00 at December

NAV per Share increased 11.51% from $89.65 at December 31, 2019 to $99.97 at December 31, 2020.

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 $5,187,040

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

NAV per Share of $99.97 at December 30, 2020 was the highest during the year, compared with a low of $55.77 at March 19, 2020.

increase in net assets from operations for the year ended December 31, 2020 was $174,917,272, resulting from a change in unrealized

gain on investment in platinum of $193,935,305, offset by a realized loss of $522,106 on the transfer of platinum to pay expenses,

a realized loss of $13,308,887 on platinum distributed for the redemption of Shares, and the Sponsor’s Fees of $5,187,040.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2020.

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