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Item 2. Management’s Discussion and Analysis

2025-05-08 compared with 2024-11-12 · 129 added, 134 removed, 2 unchanged (99% of the section changed)

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 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 physical platinum, less the Trust’s expenses.

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 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 LBMA Platinum Price PM or, if no LBMA Platinum Price PM is made on such

day, that day’s LBMA Platinum Price AM 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 LBMA Platinum Price PM, the LBMA Platinum Price AM 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 LBMA

Platinum Price PM, the LBMA Platinum Price AM 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).

Any estimate of the accrued but unpaid fees, expenses and liabilities

of the Trust for purposes of computing the NAV of the Trust and ANAV made by the Trustee in good faith shall be 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 September 30, 2024

The Trust's NAV decreased from $1,029,587,672

at June 30, 2024 to $1,000,603,638 at September 30, 2024, a 2.82% decrease for the quarter.

The change in the Trust's NAV resulted from a decrease in the price per ounce of platinum, which fell 2.67% from $1,012.00 at June 30, 2024 to $985.00 at September

There was no change in outstanding Shares, which stayed the same from 11,100,000 Shares at June 30, 2024 to 11,100,000

Shares at September 30, 2024, as a result of 400,000 Shares (8 Baskets) being created and 400,000 Shares (8 Baskets) being redeemed

during the quarter.

The NAV per Share decreased 2.82% from $92.76

at June 30, 2024 to $90.14 at September 30, 2024.

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 $1,485,499 for the quarter, or 0.60% of the Trust's ANAV on an annualized

The NAV per Share of $93.76 at July 5, 2024

was the highest during the period, compared with a low of $83.32 at September 4, 2024.

The decrease in net assets from operations for

the quarter ended September 30, 2024 was $28,421,262, resulting from a realized gain of $15,497 on the transfer of platinum to

pay expenses, a realized gain of $261,673 on platinum distributed for the redemption of Shares, offset by a change in unrealized

loss on investment in platinum of $27,212,933, and the Sponsor's Fee of $1,485,499.

Other than the Sponsor's Fee, the Trust had

no expenses during the quarter ended September 30, 2024.

The Nine Months Ended September 30, 2024

The Trust's NAV increased from $997,445,666

at December 31, 2023 to $1,000,603,638 at September 30, 2024, a 0.32% increase for the period.

The change in the Trust's NAV resulted from a decrease in the price per ounce of platinum,which fell 1.50% from $1,000.00 at December 31, 2023 to $985.00 at September 30, 2024 and

an increase in outstanding Shares, which increased from 10,850,000 Shares at December 31, 2023 to 11,100,000 Shares at September 30,2024,

as a result of 1,450,000 Shares (29 Baskets) being created and 1,200,000 Shares (24 Baskets) being redeemed.

The NAV per Share decreased 1.95%

from $91.93 at December 31, 2023 to $90.14 at September 30, 2024.

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 $ 4,397,789 for

the period, or 0.60% of the Trust's ANAV on an annualized basis.

The NAV per Share of $97.68 at May 17, 2024

was the highest during the period, compared with a low of $80.08 at March 1, 2024.

The decrease in net assets from

operations for the period ended September 30, 2024 was $14,345,853, resulting from a realized loss of $29,864 on the transfer of

platinum to pay expenses and a realized loss of $84,783 on platinum distributed for the redemption of Shares, a change in unrealized

loss on investment in platinum of $9,833,417, and the Sponsor's Fee of $ 4,397,789 .

the Sponsor's Fee, the Trust had no expenses during the period ended September 30, 2024.

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, 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.

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.

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

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 physical 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.

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.

of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PPLT”.

of Platinum and Computation of Net Asset Value

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.

the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s London Bullion Market Association

(“LBMA”) Platinum Price PM.

If 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.

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

electronically the manual London platinum fix processes previously employed by the London Platinum and Palladium Fixing Company

Ltd (“LPPFCL”), as well as providing electronic market clearing processes for platinum bullion transactions at the

fixed prices established by the LME pricing mechanism.

LMEbullion, like the previous London platinum fix processes, establishes

and publishes fixed prices for troy ounces of platinum twice each London trading day during fixing sessions beginning at 9:45

London time (the “LBMA Platinum Price AM”) and 2:00 p.m.

London time (the “LBMA Platinum Price PM”).

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 Fee.

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).

estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust

and ANAV made by the Trustee in good faith shall be 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.

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.

Quarter Ended March 31, 2025

Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $1,064,605,134 at March 31, 2025, a 4.48% increase for

The change in the Trust’s NAV resulted from an increase in the price per ounce of platinum, which rose 8.76%

from $913.00 at December 31, 2024 to $993.00 at March 31, 2025 and a decrease in outstanding Shares, which fell from 12,200,000

at December 31, 2024 to 11,750,000 at March 31, 2025, a result of 250,000 Shares (5 Baskets) being created and 700,000 Shares

(14 Baskets) being redeemed during the quarter.

NAV per Share increased 8.48% from $83.52 at December 31, 2024 to $90.60 at March 31, 2025.

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 $1,561,511

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

NAV per Share of $91.35 at March 18, 2025 was the highest during the quarter, compared with a low of $84.16 at January 2, 2025.

increase in net assets from operations for the quarter ended March 31, 2025 was $84,842,789 resulting from a realized gain of

$6,117 on platinum distributed for the redemption of Shares and a change in unrealized gain on investment in platinum of $86,426,015,

offset by a realized loss of $27,831 on the transfer of platinum to pay expenses and the Sponsor’s Fee of $1,561,511.

than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.

Quarter Ended March 31, 2024

Trust’s NAV decreased from $997,445,666 at December 31, 2023 to $919,981,811 at March 31, 2024, a 7.77% 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 9.30% from $1,000.00

at December 31, 2023 to $907.00 at March 31, 2024 and an increase in outstanding Shares, which increased from 10,850,000 Shares

at December 31, 2023 to 11,050,000 Shares at March 31, 2024, as a result of 600,000 Shares (12 Baskets) being created and 400,000

Shares (8 Baskets) being redeemed during the quarter.

NAV per Share decreased 9.43% from $91.93 at December 31, 2023 to $83.26 at March 31, 2024.

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 $1,377,665 for the period,

or 0.60% of the Trust’s ANAV on an annualized basis.

NAV per Share of $91.93 at January 1, 2024 was the highest during the period, compared with a low of $80.08 at March 1, 2024.

decrease in net assets from operations for the quarter ended March 31, 2024 was $93,304,014, resulting from a realized loss of

$34,789 on the transfer of platinum to pay expenses, a realized loss of $1,718,405 on platinum distributed for the redemption

of Shares, a change in unrealized loss on investment in platinum of $90,173,155, and the Sponsor’s Fee of $1,377,665.

the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.

& 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.

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 September 30, 2024, the Trust did not have any cash balances.

Off-Balance Sheet

The Trust has no off-balance sheet arrangements.

Critical Accounting

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.

and Qualitative Disclosures About Market Risk

Not applicable.

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

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 March 31, 2025, the

Trust did not have any cash balances.

Sheet Arrangements

Trust is not a party to any off-balance sheet arrangements.

Accounting Policies

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

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

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