What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-07 compared with 2025-05-08 · 47 added, 48 removed, 83 unchanged (53% of the section changed)

28 unchanged sentences

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.

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

6 unchanged sentences

(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.

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

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

electronically the manual London platinum fix processes previously employed by the 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 a.m.

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

22 unchanged sentences

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,

Quarter Ended June 30, 2025

Trust’s NAV increased from $1,064,605,134 at March 31, 2025 to $1,617,369,872 at June 30, 2025, a 51.92% 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 35.95% from $993.00

at March 31, 2025 to $1,350.00 at June 30, 2025 and an increase outstanding shares, which rose from 11,750,000 Shares at March

31, 2025 to 13,150,000 Shares at June 30, 2025, as a result of 1,700,000 (34 Baskets) being created and 300,000 Shares (6 Baskets)

being redeemed during the quarter.

NAV per Share increased 35.75% from $90.60 at March 31, 2025 to $122.99 at June 30, 2025.

The Trust’s NAV per Share rose slightly

less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $1,825,265 for the quarter,

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

as well as the timing of the subscriptions and redemptions compared to the timing of the change in price per ounce of platinum.

NAV per Share of $126.83 at June 26, 2025 was the highest during the quarter, compared with a low of $83.93 at April 9, 2025.

increase in net assets from operations for the quarter ended June 30, 2025 was $402,319,604, resulting from a realized gain of

$30,504 on the transfer of platinum to pay expenses, a change in unrealized gain on investment in platinum of $405,275,902, offset

by a realized loss of $1,161,537 on platinum distributed for the redemption of Shares and the Sponsor’s Fee of $1,825,265.

than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2025.

Six Months Ended June 30, 2025

Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $1,617,369,872 at June 30, 2025, a 58.73% increase for the period.

The change in the Trust’s NAV resulted primarily from an increase in the price per ounce of platinum, which rose 47.86% from $913.00

at December 31, 2024 to $1,350.00 at June 30, 2025 and an increase in outstanding Shares, which increased from 12,200,000 Shares

at December 31, 2024 to 13,150,000 Shares at June 30, 2025, as a result of 1,950,000 Shares (39 Baskets) being created and 1,000,000

Shares (20 Baskets) being redeemed during the period.

NAV per Share increased 47.26% from $83.52 at December 31, 2024 to $122.99 at June 30, 2025.

The Trust’s NAV per Share rose slightly

less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $3,386,777 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.

NAV per Share of $126.83 at June 26, 2025 was the highest during the period, compared with a low of $83.52 at January 1, 2025.

increase in net assets from operations for the period ended June 30, 2025 was $487,162,392, resulting from a realized gain of

$2,673 on the transfer of platinum to pay expenses and a change in unrealized gain on investment in platinum of $491,701,916,

offset by a realized loss of $1,155,420 on platinum distributed for the redemption of Shares and the Sponsor’s Fee of $3,386,777.

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2025.

& Capital Resources

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Fee but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor.

At March 31, 2025, the

At June 30, 2025, the

Trust did not have any cash balances.

9 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 2. Management’s Discussion and Analysis