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Item 2. Management’s Discussion and Analysis

2025-11-07 compared with 2025-08-07 · 72 added, 72 removed, 58 unchanged (71% of the section changed)

16 unchanged sentences

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.

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

The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum bullion, 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

1 unchanged sentence

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 the Trust trade on the NYSE Arca, Inc.

(“NYSE Arca”) under the symbol “PPLT”.

of Platinum and Computation of Net Asset Value

2 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

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 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 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.

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.

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

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 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 ANAV of the Trust.

The ANAV of the Trust is used to compute the Sponsor’s Fee.

14 unchanged sentences

of Shares outstanding on that day.

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 $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.

Quarter Ended September 30, 2025

Trust’s NAV increased from $1,617,369,872 at June 30, 2025 to $1,957,887,832 at September 30, 2025, a 21.05% increase for

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

rose 16.37% from $1,350.00 at June 30, 2025 to $1,571.00 at September 30, 2025 and an increase outstanding shares, which rose

from 13,150,000 Shares at June 30, 2025 to 13,700,000 Shares at September 30, 2025, as a result of 2,050,000 (41 Baskets) being

created and 1,500,000 Shares (30 Baskets) being redeemed during the quarter.

NAV per Share increased 16.20% from $122.99 at June 30, 2025 to $142.91 at September 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 $2,525,979

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

NAV per Share of $144.55 at September 29, 2025 was the highest during the quarter, compared with a low of $118.55 at August 03,

increase in net assets from operations for the quarter ended September 30, 2025 was $259,371,488, resulting from a realized gain

of $586,649 on the transfer of platinum to pay expenses, a realized gain of $50,847,502 on platinum distributed for the redemption

of Shares, and a change in unrealized gain on investment in platinum of $210,463,316, offset by the Sponsor’s Fee of $2,525,979.

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

Nine Months Ended September 30, 2025

Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $1,957,887,832 at September 30, 2025, a 92.15% 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 72.07% from $913.00 at December 31, 2024 to $1,571.00 at September 30, 2025 and an increase in outstanding Shares, which

increased from 12,200,000 Shares at December 31, 2024 to 13,700,000 Shares at September 30, 2025, as a result of 4,000,000 Shares

(80 Baskets) being created and 2,500,000 Shares (50 Baskets) being redeemed during the period.

NAV per Share increased 71.11% from $83.52 at December 31, 2024 to $142.91 at September 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 $5,912,756

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

NAV per Share of $144.55 at September 29, 2025 was the highest during the period, compared with a low of $83.52 at January 1,

increase in net assets from operations for the period ended September 30, 2025 was $746,533,880, resulting from a realized gain

of $589,322 on the transfer of platinum to pay expenses, a realized gain of $49,692,082 on platinum distributed for the redemption

of Shares, and a change in unrealized gain on investment in platinum of $702,165,232, offset by the Sponsor’s Fee of $5,912,756.

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

5 unchanged sentences

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 June 30, 2025, the

Trust did not have any cash balances.

The Trust’s only source of liquidity is its transfer 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 September 30, 2025, the Trust did

not have any cash balances.

Sheet Arrangements

8 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