What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 124 added, 89 removed, 284 unchanged (43% of the section changed)

1 unchanged sentence

of Assets and Liabilities

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

June 30, 2025 (Unaudited) and December 31, 2024

June 30, 2025

December 31, 2024

1 unchanged sentence

Investment in platinum (cost:

March 31, 2025:

June 30, 2025:

$ 1,181,171 ;

5 unchanged sentences

share capital is Unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2025 were 11,750,000 and

Shares issued and outstanding at June 30, 2025 were 13,150,000 and

at December 31, 2024 were 12,200,000 .

Net asset values per Share at March 31, 2025 and December 31, 2024 were $ 90.60 and $ 83.52 ,

Net asset values per Share at June 30, 2025 and December 31, 2024 were $ 122.99 and $ 83.52 ,

respectively.

2 unchanged sentences

of Investments

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

June 30, 2025 (Unaudited) and December 31, 2024

June 30, 2025

% of Net Assets

Investment in platinum (in

000’s of US$, except for oz and percentage data)

Investment in platinum (in 000’s of US$, except for oz and percentage data)

Total investment in platinum

8 unchanged sentences

of Operations (Unaudited)

the three months ended March 31, 2025 and 2024

March 31, 2025

March 31, 2024

the three and six months ended June 30, 2025 and 2024

Three Months Ended

June 30, 2025

Three Months Ended

June 30, 2024

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

(Amounts in 000’s of US$, except for Share and per Share data)

3 unchanged sentences

REALIZED AND UNREALIZED GAINS / (LOSSES)

Realized (loss) on platinum transferred to pay expenses

Realized gain / (loss) on platinum distributed for the redemption of Shares

Change in unrealized gain / (loss) on investment in platinum

Total gain / (loss) on investment in platinum

Realized gain / (loss) on platinum transferred to pay expenses

Realized (loss) / gain on platinum distributed for the redemption of Shares

Change in unrealized gain on investment in platinum

Total gain on investment in platinum

Change in net assets from operations

4 unchanged sentences

of Changes in Net Assets (Unaudited)

the three months ended March 31, 2025 and 2024

Three Months Ended March 31, 2025

the three and six months ended June 30, 2025 and 2024

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

(Amounts in 000’s of US$, except for Share data)

Opening balance at January 1, 2025

Opening balance

Net investment loss

Realized (loss) on investment in platinum

Realized (loss) / gain on investment in platinum

Change in unrealized gain on investment in platinum

Closing balance at March 31, 2025

Three Months Ended March 31, 2024

Closing balance

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

(Amounts in 000’s of US$, except for Share data)

Opening balance at January 1, 2024

Opening balance

Net investment loss

Realized (loss) on investment in platinum

Change in unrealized (loss) on investment in platinum

Closing balance at March 31, 2024

Change in unrealized gain on investment in platinum

( 1,000,000 )

Closing balance

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

the three months ended March 31, 2025 and 2024

the three and six months ended June 30, 2025 and 2024

Three Months Ended

March 31, 2025

June 30, 2025

Three Months Ended

March 31, 2024

June 30, 2024

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

Per Share Performance (for a Share outstanding throughout the entire period)

26 unchanged sentences

the Trust’s expenses.

The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”)

an opportunity to participate in the platinum market through an investment in securities.

The Trust is designed to provide an individual owner of beneficial interests in the Shares (a

“Shareholder”) an opportunity to participate in the platinum market through an investment in securities.

fiscal year end for the Trust is December 31.

accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United

1 unchanged sentence

GAAP”) for interim financial information and with the instructions for Form 10-Q.

In the opinion

of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial

position and results of operations as of and for the three months ended March 31, 2025, and for all periods presented have been

financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the operating

results for the full year.

opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present

fairly the financial position and results of operations as of and for the three and six months ended June 30, 2025, and for all

periods presented have been made.

financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended

December 31, 2024.

The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of

the operating results for the full year.

Accounting Policies

11 unchanged sentences

Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820").

ASC 820 provides guidance for determining

fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date.

ASC 820 provides guidance for determining fair

value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

ASC 820 defines

fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between

market participants at the measurement date.

May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account

Agreement with ICBC Standard Bank Plc (the “Custodian” or “ICBC”), providing for the custody of the Trust’s

Effective August 8, 2024, JPMorgan Chase Bank N.A.

no longer serves as a custodian of the Trust’s platinum.

June 30, 2025, all of the Trust’s platinum was held at ICBC.

Platinum ETF Trust

Notes to the Financial Statements

August 8, 2024, JPMorgan Chase Bank N.A.

no longer serves as a custodian of the Trust’s platinum.

At December 31, 2024,

all of the Trust’s platinum was held at ICBC.

the Evaluation Time, the Trustee will value the Trust’s platinum on the basis of the London Bullion Market Association (“LBMA”)

15 unchanged sentences

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

the value of platinum has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting

all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s

the value of platinum has been determined, the net asset value (the “NAV”) is computed by the Trustee by

deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s

Fee”), from the fair value of the platinum and all other assets held by the Trust.

2 unchanged sentences

per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Platinum

Price PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made,

and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses

and liabilities and any losses that may have occurred.

Price PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet

been made, and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to

cover expenses and liabilities and any losses that may have occurred.

Value Hierarchy

24 unchanged sentences

(Amounts in 000’s of US$)

March 31, 2025

June 30, 2025

December 31, 2024

Investment in platinum

There were no transfers between levels during the three months ended March 31, 2025 or the year ended December 31, 2024.

There were no transfers between levels during the six months ended June 30, 2025 or the year ended December 31, 2024.

Receivable and Payable

3 unchanged sentences

Generally, ownership

of platinum is transferred within one business days of the trade date.

At March 31, 2025, the Trust had no platinum receivable

or payable for the creation or redemption of Shares.

At December 31, 2024, the Trust had no platinum receivable or payable

for the creation or redemption of Shares.

of platinum is transferred within two business days of the trade date.

At June 30, 2025 the Trust had no platinum receivable or

payable for the creation or redemption of Shares.

At December 31, 2024, the Trust had no platinum receivable or payable for the

creation or redemption of Shares.

and Redemptions of Shares

51 unchanged sentences

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of March 31, 2025 or December 31, 2024.

in ounces of platinum and their respective values for the three months ended March 31, 2025 and 2024 are set

March 31, 2025

March 31, 2024

that no reserves for uncertain tax positions are required as of June 30, 2025 or December 31, 2024.

in ounces of platinum and their respective values for the three and six months ended June 30, 2025 and 2024

are set out below:

Three Months Ended

June 30, 2025

Three Months Ended

June 30, 2024

(Amounts in 000’s of US$, except for ounces data)

5 unchanged sentences

Opening balance

Realized gain (loss) on platinum distributed for the redemption of Shares

Realized (loss) / gain on platinum distributed for the redemption of Shares

Transfers of platinum to pay expenses

Realized gain / (loss) on platinum transferred to pay expenses

Change in unrealized (loss) on investment in platinum

Change in unrealized gain on investment in platinum

Closing balance

1 unchanged sentence

Notes to the Financial Statements

June 30, 2025

June 30, 2024

(Amounts in 000’s of US$, except for ounces data)

Ounces of platinum

Opening balance

Transfers of platinum to pay expenses

Closing balance

Investment in platinum

Opening balance

Realized (loss) on platinum distributed for the redemption of Shares

Transfers of platinum to pay expenses

Realized gain / (loss) on platinum transferred to pay expenses

Change in unrealized gain on investment in platinum

Closing balance

/ Realized Gains / Losses

7 unchanged sentences

audit fees and up to $ 100,000 per annum in legal expenses.

the three months ended March 31, 2025 and 2024, the Sponsor’s Fee was $ 1,561,511 and $ 1,377,665 , respectively.

the three months ended June 30, 2025 and 2024, the Sponsor’s Fee was $ 1,825,265 and $ 1,534,625 , respectively.

For the six months ended June 30, 2025 and 2024, the Sponsor’s Fee was $ 3,386,777 and $ 2,912,290 , respectively.

30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 786,416 and $ 518,692 , respectively.

Platinum ETF Trust

Notes to the Financial Statements

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

1 unchanged sentence

When selling platinum to pay expenses, the Trustee will endeavor

to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets other

than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended March 31, 2025 and 2024.

to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets

other than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and six months ended June

30, 2025 and 2024.

otherwise directed by the Sponsor, when selling platinum, the Trustee will endeavor to sell at the price established by the LBMA

10 unchanged sentences

date basis as the difference between the fair value and average cost of platinum transferred.

Effective December 31, 2024, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements

to Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new standard impacted disclosures only and did

not affect the Trust’s financial position nor the results of its operations.

Operating segments are components of a public entity

that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information

available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”)

December 31, 2024, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to

Reportable Segment Disclosures (“ASU 2023-07").

Adoption of the new standard impacted disclosures only and did not affect

the Trust’s financial position nor the results of its operations.

Operating segments are components of a public entity that

engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available,

and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”)

when assessing segment performance and making decisions about segment resources.

1 unchanged sentence

as the Fund’s CODM.

The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation is managed

in accordance with its Prospectus.

The Trust operates as a single operating and reporting segment pursuant to its investment objective

and principal investment strategy.

The Trust’s prospectus describes the Trust’s fees, investment objective, principal investment

strategy and principal risks, among other items.

The Fund’s portfolio composition, total returns, expense ratios and changes in

net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented

within the Trust’s financial statements.

The accompanying financial statements detail the Fund’s segment assets, liabilities,

revenues, and expenses.

Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets”

and significant segment expenses are listed on the Statement of Operations.

Platinum ETF Trust

Notes to the Financial Statements

The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation

is managed in accordance with its Prospectus.

The Trust operates as a single operating and reporting segment pursuant to its investment

objective and principal investment strategy.

The Trust’s prospectus describes the Trust’s fees, investment objective,

principal investment strategy and principal risks, among other items.

The Fund’s portfolio composition, total returns, expense

ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with

the information presented within the Trust’s financial statements.

The accompanying financial statements detail the Fund’s

segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Fund’s Statement of Assets and

Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated

11 unchanged sentences

not separate expenses of the Trust.

Platinum ETF Trust

Notes to the Financial Statements

Concentration

10 unchanged sentences

and (vi) global or regional political, economic

or financial events and situations.

or financial events and situations, including tariffs, sanctions, and other restrictions on trade.

In addition, there is no assurance that platinum will maintain its long-term value in

13 unchanged sentences

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 1. Financial Statements