What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-02 compared with 2025-02-28 · 99 added, 94 removed, 80 unchanged (71% of the section changed)

46 unchanged sentences

Accounting Policy

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

Below we describe the valuation of platinum bullion, a critical accounting policy that we believe is important to understanding

the results of operations and financial position.

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

discussion of the Trust’s 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 policies.

Below we describe the valuation of platinum bullion, a critical accounting policy that we

believe is important to understanding the results of operations and financial position.

In addition, please refer to Note 2

to the Financial Statements for further discussion of the Trust’s accounting policies.

is held by the Custodian on behalf of the Trust, at its London, England vaulting premises.

Platinum is recorded at fair value.

The cost of platinum is determined according to the average cost method and the fair value is based on the LBMA Platinum Price PM or the LBMA Platinum Price AM if no LBMA Platinum Price PM is available.

If neither price is available for that day, the Trust will value its 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 as the difference between the fair value and cost of platinum transferred.

(Amounts in 000’s of US$)

Investment in platinum - cost

Unrealized gain/(loss) on investment in platinum

Investment in platinum - fair value

Inspection of Platinum

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 for the purpose of examining the Trust’s platinum and

certain related records maintained by the 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 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 26, 2024 and January 4, 2025.

The cost of platinum is determined according to the average cost method and the fair value is based on the LBMA Platinum Price

PM or the LBMA Platinum Price AM if no LBMA Platinum Price PM is available.

If neither price is available for that day, the Trust

will value its 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 as the

difference between the fair value and cost of platinum transferred.

(Amounts in 000’s

in platinum - cost

Unrealized gain/(loss)

on investment in platinum

Investment in

platinum - fair value

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 for the purpose of examining the Trust’s platinum and certain related records maintained by

the 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 in order to examine the platinum and the records maintained by them.

were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by the Sponsor,

as of August 4, 2025 and January 5, 2026.

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

6 unchanged sentences

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

Liquidity and Capital Resources

and Capital Resources

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

4 unchanged sentences

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, 2024

and 2023, the Trust did not have any cash balances.

Results of Operations

December 31, 2024

December 31, 2023

December 31, 2022

(Amounts in 000’s of US$)

Total gain/(loss) on platinum

Net change assets from operations

Net cash provided by operating activities

The net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the value

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, 2025 and 2024, the

Trust did not have any cash balances.

of Operations

Ended December 31,

(Amounts in 000’s

Total gain/(loss)

Net change assets

from operations

Net cash provided

by operating activities

net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the value

of the platinum owned by the Trust on that day;

the NAV per Share will be obtained by dividing the net asset value of the Trust on a given

day by the number of Shares outstanding on that day.

On each day on which the Exchange is open for regular trading, the Trustee will determine

the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m.

(New York time).

The Trustee will value

the Trust’s platinum on the basis of the LBMA Platinum Price PM.

If there is 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.

If the Sponsor determines

that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the Trustee.

the Sponsor may instruct the Trustee to use on an on-going basis a different publicly available price which the Sponsor determines to

fairly represent the commercial value of the Trust’s platinum.

the NAV per Share will be obtained by dividing the net asset value of the Trust

on a given day by the number of Shares outstanding on that day.

On each day on which the Exchange is open for regular trading,

the Trustee will determine the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m.

The Trustee will value the Trust’s platinum on the basis of the LBMA Platinum Price PM.

If there is 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.

If the Sponsor determines that such price is inappropriate to use, the Sponsor will identify

an alternate basis for evaluation to be employed by the Trustee.

Further, the Sponsor may instruct the Trustee to use on an on-going

basis a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s

year ended December 31, 2025

Trust’s NAV increased from $997,445,666 at December 31, 2023 to $1,018,947,768 at December 31, 2024, a 2.16% increase for

The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 8.70% from

$1,000.00 at December 31, 2023 to $913.00 at December 31, 2024 and an increase in outstanding Shares, which rose from 10,850,000

Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $2,862,967,538 at December 31, 2025, a 180.97% increase

for the year.

The change in the Trust’s NAV resulted from an increase in the price per ounce of platinum, which rose 122.02%

from $913.00 at December 31, 2024 to $2,027.00 at December 31, 2025 and an increase in outstanding Shares, which rose from 12,200,000

at December 31, 2024 to 15,550,000 at December 31, 2025, a result of 6,800,000 Shares (136 Baskets) being created and 3,450,000

Shares (69 Baskets) being redeemed during the year.

NAV per Share decreased 9.15% from $91.93 at December 31, 2023 to $83.52 at December 31, 2024.

NAV per Share increased 120.43% from $83.52 at December 31, 2024 to $184.11 at December 31, 2025.

The Trust’s NAV per Share

decreased slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $5,968,067

increased slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $9,189,166

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

NAV per Share of $97.68 at May 17, 2024 was the highest during the year, compared with a low of $80.08 at March 3, 2024.

decrease in net assets from operations for the year ended December 31, 2024 was $94,683,972 resulting from a realized gain of

$5,252 on the transfer of platinum to pay expenses, offset by a realized loss of $84,783 on platinum distributed for the redemption

of Shares, a change in unrealized loss on investment in platinum of $88,636,374, and the Sponsor’s Fee of $5,968,067.

than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.

NAV per Share of $208.48 at December 24, 2025 was the highest during the year, compared with a low of $83.93 at April 7, 2025.

increase in net assets from operations for the year ended December 31, 2025 was $1,341,629,988 resulting from a realized gain

of $1,447,143 on the transfer of platinum to pay expenses, a realized gain of $94,144,131 on platinum distributed for the redemption

of Shares and a change in unrealized gain on investment in platinum of $1,255,227,880, offset by the Sponsor’s Fee of $9,189,166.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2025.

year ended December 31, 2024

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

Trust’s NAV increased from $997,445,666 at December 31, 2023 to $1,018,947,768 at December 31, 2024, a 2.16% increase for

The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 8.70% 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

$1,000.00 at December 31, 2023 to $913.00 at December 31, 2024 and an increase in outstanding Shares, which rose from 10,850,000

at December 31, 2023 to 12,200,000 at December 31, 2024, a result of 2,550,000 Shares (51 Baskets) being created and 1,200,000

2 unchanged sentences

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 $5,772,056

decreased slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $5,968,067

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

NAV per Share of $97.68 at May 17, 2024 was the highest during the year, compared with a low of $80.08 at March 3, 2024.

in net assets from operations for the year ended December 31, 2024 was $94,683,972 resulting from a realized gain of $5,252 on

the transfer of platinum to pay expenses, offset by a realized loss of $84,783 on platinum distributed for the redemption of Shares,

a change in unrealized loss on investment in platinum of $88,636,374, and the Sponsor’s Fee of $5,968,067.

Other than the

Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.

The year ended December 31, 2023

The 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 year.

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.

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.

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 $6,556,049

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

NAV per Share of $106.98 at March 8, 2022 was the highest during the year, compared with a low of $77.07 at July 14, 2022.

increase in net assets from operations for the year ended December 31, 2022 was $63,462,524, resulting from a change in unrealized

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 Fee of $6,556,049.

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

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 $5,772,056 for the year, or 0.60% of the Trust’s ANAV.

The 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.

The 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

2 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-K

Item 7. Management’s Discussion and Analysis