UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, ~~2023~~2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period ~~from____________________to____________________~~from to

Commission File Number: 001-34590

abrdn Platinum ETF Trust

(Exact name of registrant as specified in its charter)

New York		26-4732885
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o abrdn ETFs Sponsor LLC 1900 Market Street, Suite 200 Philadelphia, PA (Address of principal executive offices) 19103 (Zip Code)

c/o abrdn ETFs Sponsor LLC

1900 Market Street, Suite 200

Philadelphia, PA

19103

(Address of principal executive offices)

(Zip Code)

(844) 383-7289

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
abrdn Physical Platinum Shares ETF		PPLT		NYSE Arca

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Aggregate market value of the registrant’s Shares outstanding based upon the closing price of a Share on June 30, ~~2023~~2024 as reported by the NYSE Arca, Inc. on that date: $~~903~~1,~~420~~015,~~022~~317,000.

As of February 26, ~~2024~~2025, abrdn Platinum ETF Trust had 11,~~100~~900,000 abrdn Physical Platinum Shares ETF outstanding.

DOCUMENTS INCORPORATED BY REFERENCE: None

FORWARD LOOKING STATEMENTS

This Annual Report on Form 10-K contains various “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. Forward-looking statements usually include the words, “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “understands” and other words suggesting uncertainty. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Additional significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.

TABLE OF CONTENTS

PART I	3
Item 1. Business	3
Trust Objective	3
Overview of the Platinum Industry	4
Operation of the Platinum Markets	6
Secondary Market Trading	9
Valuation of Platinum and Computation of Net Asset Value	9
Trust Expense	10
Creation and Redemption of Shares	11
Creation and Redemption Transaction Fee	1615
The Sponsor	1615
The Trustee	1716
The Custodian	17
Inspection of Platinum	1817
Description of the Shares	18
Custody of the Trust’s Platinum	19
United States Federal Income Tax Consequences	2019
ERISA and Related Considerations	2322
Item 1A. Risk Factors	2423
Item 1B. Unresolved Staff Comments	3533
Item 1C. Cybersecurity	3533
Item 2. Properties	3634
Item 3. Legal Proceedings	3634
Item 4. Mine Safety Disclosures	3634
PART II	3634
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3634
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 6. [Reserved]	36
Item 7A. Quantitative and Qualitative Disclosures about Market Risk	42
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 8. Financial Statements and Supplementary Data	42
Item 7A. Quantitative and Qualitative Disclosures about Market Risk	40
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures	44
Item 8. Financial Statements and Supplementary Data	41
Item 9A. Controls and Procedures	44
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures	42
Item 9B. Other Information	47
Item 9A. Controls and Procedures	42
PART III	48
Item 9B. Other Information	45
Item 10. Directors, Executive Officers and Corporate Governance	48
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	45
Item 11. Executive Compensation	48
PART III	46
Item 12. Security	49
Item 10. Directors, Executive Officers and Corporate Governance	46
Item 13. Certain Relationships and Related Transactions, and Director Independence	49
Item 11. Executive Compensation	46
Item 14. Principal Accounting Fees and Services	50
Item 12. Security	46
PART IV	51
Item 13. Certain Relationships and Related Transactions, and Director Independence	47
Item 15. Exhibits, Financial Statement Schedule	51
Item 14. Principal Accounting Fees and Services	47
Item 16. Form 10K Summary	52
PART IV	48
Item 15. Exhibits, Financial Statement Schedule	48
Item 16. Form 10K Summary	49

PART I

Item 1. Business

The purpose of the abrdn Platinum ETF Trust (the “Trust”) is to own platinum transferred to the Trust in exchange for shares issued by the Trust (“Shares”). Each Share represents a fractional undivided beneficial interest in and ownership of the Trust. The assets of the Trust consist solely of platinum bullion. The Trust was formed on December 30, 2009 when an initial deposit of platinum was made in exchange for the issuance of two Baskets (a “Basket” consists of 50,000 Shares).

The sponsor of the Trust is abrdn ETFs Sponsor LLC (the “Sponsor”). The trustee of the Trust is The Bank of New York Mellon (the “Trustee”) and the custodian is ~~JPMorgan~~ICBC ~~Chase~~Standard Bank ~~N.A., London~~Plc ~~Branch~~ (the “Custodian” or “ICBC”).

The Trust’s Shares at redeemable value ~~decreased~~increased from $1997,~~096~~445,~~553,007~~666 at December 31, ~~2022~~2023 to $~~997~~1,~~445~~018,~~666~~947,768 at December 31, ~~2023~~2024, the Trust’s fiscal year end. Outstanding Shares in the Trust ~~decreased~~increased from 1110,~~500~~850,000 at December 31, ~~2022~~2023 to 1012,~~850~~200,000 at December 31, ~~2023~~2024.

The Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of platinum. The platinum held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the “Sponsor’s Fee”), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation.

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. The Trust does not and will not hold or trade in commodities futures contracts, “commodity interests” or any other instruments regulated by the Commodity Exchange Act (the “CEA”), as administered by the Commodity Futures Trading Commission (the “CFTC”) and the National Futures Association (“NFA”). The Trust is not a commodity pool for purposes of the CEA and the Shares are not “commodity interests,” and neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust has no fixed termination date.

The Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through which the registrant’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably practicable after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”). ~~Additional~~The ~~information~~SEC ~~regarding~~maintains ~~the~~an ~~Trust~~internet ~~may~~site ~~also~~that becontains ~~found~~reports, onproxy ~~the SEC’s~~and ~~EDGAR~~information ~~database~~statements, and other information regarding issuers that file electronically at www.sec.gov.

Trust Objective

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 Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in physical platinum. An investment in physical platinum requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense and complications have resulted in investments in physical platinum being efficient only in amounts beyond the reach of many investors.

The Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit risk, of gaining investment benefits similar to those of holding platinum bullion. The Shares offer an investment that:

• ● Easily Accessible and Relatively Cost Effective. Investors can access the platinum bullion market through a traditional brokerage account. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use platinum bullion by using the Shares instead of using the traditional means of purchasing, trading and holding platinum bullion and for many investors, transaction costs related to the Shares will be lower than those associated with the purchase, storage and insurance of physical platinum bullion.

• ● Exchange Traded and Transparent. The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various investment strategies. The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does not hold or employ any derivative securities. Furthermore, the value of the Trust’s holdings are reported on the Trust’s website daily. ● Minimal Credit Risk. The Shares represent an interest in physical platinum owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole plate of which is held temporarily to effect a creation or redemption of Shares). Physical platinum of the Trust in the Custodian’s possession is not subject to borrowing arrangements with third parties. Other than the platinum temporarily being held in an unallocated platinum account with the Custodian, the physical platinum of the Trust is not subject to counterparty or credit risks. See “Risk Factors—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s assets...” This contrasts with most other financial products that gain exposure to platinum through the use of derivatives that are subject to counterparty and credit risks.

~~• Minimal Credit Risk. The Shares represent an interest~~Investing in ~~physical platinum owned by~~ the ~~Trust (other than an amount held in unallocated form which is not sufficient to make up a whole plate of which is held temporarily to effect a creation or redemption of~~ Shares). ~~Physical platinum~~does ~~of the Trust in the Custodian’s possession is~~ not ~~subject~~insulate ~~to borrowing arrangements with third parties. Other than~~ the ~~platinum~~ ~~temporarily being~~investor ~~held~~from incertain ~~an unallocated platinum account with the Custodian~~risks, ~~the~~including ~~physical platinum~~price ~~of the Trust is not subject to counterparty or credit risks~~volatility. See “Risk Factors~~—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s assets~~...” ~~This contrasts with most other financial products that gain exposure to platinum through the use of derivatives that are subject to counterparty and credit risks.~~

~~Investing~~Overview of in the ~~Shares does not insulate the investor from certain risks, including price volatility. See “Risk Factors.”~~Platinum Industry

~~Overview~~This section provides a brief introduction to the platinum industry by looking at some of the ~~Platinum Industry~~key participants, detailing the primary sources of demand and supply.

~~This section provides a brief introduction to the platinum industry~~In bythis ~~looking~~annual ~~at some of the key participants~~report, ~~detailing~~ the ~~primary~~term ~~sources~~“ounces” ofrefers ~~demand~~to ~~and~~troy ~~supply~~ounces.

~~In this annual report, the term “ounces” refers~~Platinum Group ~~to troy ounces.~~Metals

Platinum ~~Group~~ and ~~Metals~~palladium are the two best known metals of the six platinum group metals (“PGMs”). Platinum and palladium have the greatest economic importance and are found in the largest quantities. The other four—iridium, rhodium, ruthenium and osmium—are produced only as co-products of platinum and palladium. PGMs are known for their purity, high melting points and unique catalytic properties. In addition to their oxidation and reduction properties, they are also extremely resistant to corrosion. PGMs are utilized in a number of industrial processes, technologies and commercial applications. Their unique chemical and physical properties make PGMs an excellent raw material, catalyst and ingredient for manufacturing processes. Consumer and industrial products made with platinum and other PGMs include flat panel monitors, glass fiber, medical tools, computer hard drives, nylon and razors, among others. PGMs play a critical role in autocatalysis and pollution control in the automotive sector.

~~Platinum~~PGM mining ~~and~~is ~~palladium~~heavily ~~are~~concentrated ~~the~~in ~~two~~southern ~~best~~Africa ~~known metals of the six platinum group metals~~ (~~“PGMs”).~~South ~~Platinum~~Africa and ~~palladium~~Zimbabwe), ~~have~~with ~~the~~smaller ~~greatest~~percentages ~~economic~~coming ~~importance~~from ~~and are found in~~ the ~~largest~~ ~~quantities. The other four—iridium~~United States, ~~rhodium,~~Russia ~~ruthenium~~ and ~~osmium—are~~other ~~produced only as co-products of platinum and palladium~~locations. ~~PGMs~~South ~~are~~Africa ~~known~~is ~~for~~the ~~their~~world’s ~~purity,~~leading ~~high~~platinum ~~melting~~producer ~~points~~ and ~~unique~~one ~~catalytic~~of ~~properties.~~the Inlargest ~~addition to their oxidation~~palladium ~~and reduction properties, they are also extremely resistant to corrosion~~producers. ~~PGMs~~Russia ~~are~~is ~~utilized~~the insecond alargest ~~number~~producer of ~~industrial processes, technologies and commercial applications~~platinum. ~~Their~~All ~~unique~~of ~~chemical~~South ~~and~~Africa’s ~~physical~~production ~~properties~~is ~~make~~sourced ~~PGMs~~from anthe ~~excellent~~Bushveld Igneous ~~raw material~~Complex, ~~catalyst and~~which ~~ingredient~~hosts ~~for~~the ~~manufacturing~~world’s ~~processes.~~largest ~~Consumer~~resource ~~and~~of ~~industrial products made with platinum and other~~ PGMs. ~~include flat panel monitors~~Together, ~~glass~~South ~~fiber,~~Africa ~~medical tools, computer hard drives, nylon~~ and ~~razors,~~Russia ~~among~~accounted ~~others.~~for ~~PGMs~~over 83% ~~play~~of aplatinum ~~critical~~supply ~~role~~ in ~~autocatalysis and pollution control in the automotive sector~~2023.

~~PGM mining is heavily concentrated in southern Africa (South~~World ~~Africa~~Platinum ~~and~~Supply ~~Zimbabwe), with smaller percentages coming from the United States, Russia~~ and ~~other~~Demand locations. South Africa is the world’s leading platinum producer and one of the largest palladium producers. Russia is the second largest producer of platinum. All of South Africa’s production is sourced from the Bushveld Igneous Complex, which hosts the world’s largest resource of PGMs. Together, South Africa and Russia accounted for over 83% of platinum supply in 2022.2014-2023

~~World~~The following ~~Platinum~~table ~~Supply~~sets forth a summary of the world platinum supply and ~~Demand~~demand ~~2013-2022~~over the past 10 years (from 2014 to 2023) and is based on information reported by Johnson Matthey, PGM Market Reports (2015 – 2024).

The following table sets forth a summary of the world platinum supply and demand over the past 10 years (from 2013 to 2022) and is based on information reported by Johnson Matthey, PGM Market Reports (2013 – 2023).

(thousands of ounces)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Supply
South Africa	3,546	4,572	4,392	4,450	4,467	4,344	3,243	4,609	3,965	4,001
Russia	700	670	714	720	687	721	699	638	450	780
North America	340	339	370	368	370	367	334	279	280	288
Zimbabwe	401	400	489	466	474	451	482	465	488	515
Others	167	158	162	157	152	154	205	222	203	207
Total primary supply	5,154	6,139	6,127	6,161	6,150	6,037	4,963	6,213	5,386	5,791

Recycling
Autocatalyst	1,255	1,136	1,132	1,249	1,332	1,389	1,157	1,236	1,205	1,036
Electrical	28	30	32	35	38	40	37	43	39	37
Jewellery	762	574	738	746	699	663	506	367	273	227
Total secondary supply	2,045	1,740	1,902	2,030	2,069	2,092	1,700	1,646	1,517	1,300

Total combined supply	7,199	7,879	8,029	8,191	8,219	8,129	6,663	7,859	6,903	7,091

Demand by Application
Auto	3,062	3,273	3,339	3,061	2,815	2,589	2,024	2,410	2,747	3,342
Chemical	576	502	477	453	654	662	614	670	695	647
Dental & Biomedical	214	215	218	238	241	254	218	224	251	264
Electrical & Electronics	225	228	232	224	228	216	227	263	247	195
Glass	143	227	247	314	501	490	560	836	708	776
Investment	277	451	620	361	67	1,131	1,022	(28)	(565)	46
Jewelry	2,839	2,746	2,413	2,385	2,258	2,073	1,657	1,468	1,391	1,361
Petroleum	172	140	186	228	380	262	285	223	240	174
Pollution Control	—	—	—	184	193	190	181	214	234	275
Other	468	494	535	530	531	542	417	444	483	529
Total demand	7,976	8,276	8,267	7,978	7,868	8,409	7,205	6,724	6,431	7,609

Movements in Stocks	(777)	(397)	(238)	213	351	(280)	(542)	1,135	472	(518)

(thousands of ounces)	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
Primary supply1
South Africa		4,208		3,546		4,572		4,392		4,450		4,467		4,344		3,243		4,609		3,965
Russia		736		700		670		714		720		687		721		699		638		600
North America		322		346		354		370		368		370		367		334		279		266
Zimbabwe		410		401		400		489		466		474		451		482		465		488
Others		174		167		158		162		157		152		154		205		222		211
Total primary supply		5,850		5,160		6,154		6,127		6,161		6,150		6,037		4,963		6,213		5,530
Secondary supply2
Automotive3		1,186		1,235		1,147		1,132		1,249		1,332		1,389		1,154		1,234		1,153
Electronics/other		24		28		30		32		35		38		40		38		44		51
Jewelry		790		762		574		738		746		699		663		506		367		264
Total secondary supply		2,000		2,025		1,751		1,902		2,030		2,069		2,092		1,698		1,645		1,468
Total combined supply		7,850		7,185		7,905		8,029		8,191		8,219		8,129		6,661		7,858		6,998
Demand by application4
Auto5		2,827		2,888		3,134		3,165		3,061		2,815		2,589		2,024		2,405		2,762
Chemical		522		576		502		477		453		654		665		615		677		699
Dental & Biomedical		217		214		227		227		238		241		254		218		224		253
Electrical & Electronics		219		224		227		227		224		228		215		226		259		235
Glass		102		143		227		247		314		501		468		507		908		594
Investment		871		277		451		620		361		67		1,131		1,022		-28		-565
Jewelry6		2,984		2,839		2,746		2,413		2,385		2,258		2,073		1,657		1,468		1,344
Petroleum		146		172		140		186		228		380		262		287		216		230
Pollution Control		143		168		172		189		184		193		190		175		205		223
Other		388		438		464		498		530		531		542		417		444		483
Demand		8,419		7,939		8,290		8,249		7,978		7,868		8,389		7,148		6,778		6,258
Total Demand		8,419		7,939		8,290		8,249		7,978		7,868		8,389		7,148		6,778		6,258
Movements in stocks7		-569		-754		-385		-220		213		351		-260		-487		1,080		740

Source: Johnson Matthey PGM Market Report (2015-2024).

Source: Johnson Matthey PGM Market Report (2013 – 2023).

¹	Primary supply: Supply figures represent sales of primary PGM by producers and are allocated to the region where mining took place, rather than the region of subsequent processing.
²	Secondary supply: Secondary supply is the quantity of metal recovered from open-loop recycling (i.e. where the original purchaser does not retain ownership of the PGM). Outside the automotive, jewelry and electronics markets, open-loop recycling is negligible.
³	Automotive recycling represents the weight of metal recovered from end-of-life vehicles and aftermarket scrap. It does not include warranty or production scrap.
⁴	Demand: Demand figures for any given application represent the sum of industry demand for new metal in that application, net of any closed-loop recycling (i.e. where industry participants retain ownership of the metal: an example would be recycling of spent chemical catalysts where the metal is retained to be used on fresh catalyst that replaces the spent charge).
⁵	Automotive demand is allocated to the region where the vehicle is manufactured and is accounted for at the time of vehicle production. It includes emissions catalysts on vehicles, motorcycles and three-wheelers, as well as fuel cell vehicles. Non-road mobile machinery is counted as industrial demand, in the pollution control category.
⁶	Jewelry demand is allocated to the region where the finished jewelry is manufactured, not sold.
⁷	Movements in stocks: This figure gives the overall market balance in any one year and reflects the extent of stocks that must be mobilized to balance the market in that year. It is thus a proxy for changes in stocks held by fabricators, dealers, banks and depositories, but excludes stocks held by primary and secondary refiners and final consumers. A positive figure (market surplus) thus reflects an increase in global market stocks. A negative value (market deficit) indicates a decrease in global market stocks.

~~1 Primary supply: Supply figures represent sales of primary PGM by producers and are allocated to the region where mining took place, rather than the region of subsequent processing.~~4

2The ~~Secondary~~following ~~supply:~~are ~~Secondary~~some ~~supply is the quantity~~ of ~~metal recovered from open-loop recycling (i.e. where~~ the ~~original~~main ~~purchaser does~~characteristics ~~not retain ownership~~ of the ~~PGM).~~platinum ~~Outside~~market ~~the~~illustrated ~~automotive,~~by ~~jewelry~~the ~~and electronics markets, open-loop recycling is negligible.~~table:

3The ~~Automotive~~main ~~recycling~~supplier ~~represents~~of ~~the~~platinum ~~weight~~is South Africa, providing approximately 71.4% of ~~metal~~total ~~recovered~~mine ~~from~~supply ~~end~~over the past 10 years (2014-2023). Russia is the second largest supplier of~~-life~~ ~~vehicles~~platinum. ~~and~~Its ~~aftermarket~~share ~~scrap~~of world mine production has averaged around 11.7% Itof ~~does~~total ~~not~~mine ~~include~~supply ~~warranty~~over orthe ~~production~~past ~~scrap~~ten years ended 2023. Scrap supply from recycling of autocatalyst and other sources have accounted for about 24% of total supply over the last 10 years.

4Over ~~Demand:~~the ~~Demand~~ten ~~figures~~years ~~for~~ended ~~any~~December ~~given~~2023, ~~application~~jewelry ~~represent~~demand ~~the~~for ~~sum~~platinum peaked at approximately 36% of ~~industry~~total demand ~~for~~in ~~new~~2014. ~~metal~~Jewelry demand has since declined to 18% total demand in ~~that~~2023, ~~application~~following a consistent downward trend. Automotive demand for platinum, ~~net~~which ofaccounted for ~~any~~around ~~closed-loop~~36% ~~recycling~~of ~~(i.e.~~total ~~where~~demand ~~industry~~at ~~participants~~the ~~retain~~end ~~ownership~~of 2014, has increased to roughly 44% of total demand as of the ~~metal:~~end anof ~~example~~2023. ~~would~~Following betwo ~~recycling~~consecutive years of ~~spent~~growth, investment demand fell from a high of 14% in 2020 into negative territory in 2022 at (9%) but improved to 1% in 2023. ~~chemical~~Pollution ~~catalysts~~control ~~where~~demand, which captures the ~~metal~~production isdemand ~~retained~~of tonon-road bevehicles ~~used~~such onas ~~fresh~~agricultural ~~catalyst~~equipment and industrial machinery as well as small engines and stationary source emissions controls in factories that ~~replaces~~use ~~the~~technology ~~spent~~that ~~charge)~~is similar to autocatalysts, increased to 4% of total demand in 2023.

5Historical ~~Automotive~~Chart ~~demand~~of ~~is allocated to~~ the ~~region~~Price ~~where the vehicle is manufactured and is accounted for at the time~~ of ~~vehicle~~Platinum production. It includes emissions catalysts on vehicles, motorcycles and three-wheelers, as well as fuel cell vehicles. Non-road mobile machinery is counted as industrial demand, in the pollution control category.

6The ~~Jewelry~~price ~~demand~~of platinum is ~~allocated~~volatile and fluctuations are expected to ~~the~~have ~~region~~a ~~where~~direct impact on the ~~finished~~value ~~jewelry~~of isthe ~~manufactured~~Shares. However, movements in the price of platinum in the past are not ~~sold~~a reliable indicator of future movements. The following chart illustrates the movements in the price of an ounce of platinum in U.S. Dollars from December 31, 2014 to December 31, 2024 and is based on information provided by Bloomberg:

~~7 Movements in stocks~~Source: ~~This figure gives the overall market balance in any one year and reflects the extent of stocks that must be~~ ~~mobilised to balance the market in that year. It is thus a proxy for changes in stocks held by fabricators~~Bloomberg, ~~dealers, banks and depositories, but excludes stocks held by primary and secondary refiners and final consumers~~abrdn. AChart ~~positive~~data ~~figure~~from ~~(market~~12/31/2014 ~~surplus) thus~~to ~~reflects an increase in global market stocks~~12/31/2024. ASpo ~~negative~~Platinum ~~value~~Price ~~(market~~= ~~deficit)~~PLTMLNPM ~~indicates a decrease in global market stocks~~Index.

4The following is a discussion of the movements in the price of platinum illustrated by the table:

~~The~~In 2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for more than 72% of the world’s supply of platinum. A strike at one of South Africa’s biggest platinum mines caused the price of platinum to rise from $1,387 to $1,709 per ounce in August 2012. At the beginning of 2013, Anglo American Platinum, the world’s biggest producer of the metal, announced its intention to close four mine shafts and its consideration of selling another mine complex as part of a radical overhaul of its South African operations. This statement prompted a strong reaction on platinum prices, which rose from $1,656 to $1,736 per ounce in the days following ~~are~~the announcement, on fears of a further tightening in platinum supply. However, platinum’s correlation to gold weighed on platinum prices in 2013 overall. Prolonged strikes at South African mines in 2014 led to the deepest supply deficit in platinum since 1975 (the earliest date we have supply and demand data). However, that failed to arrest the price slide which saw prices fall 11% in 2014, highlighting the extent of negative sentiment towards industrially-exposed precious metals. Despite autocatalyst demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism about the future demand for platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts. Further pessimistic outlook for South Africa’s economy and its currency the South African Rand weighed on platinum prices throughout 2017, and platinum continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising mine supply. Platinum prices bounced back, rising 19.9% to $952 per ounce at the end of 2019. After seeing the price fall as low as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce. The steep climb in palladium price has led some investors to conclude that platinum appears under-valued, in view of its potential to substitute for palladium in automotive applications in the ~~main~~future. ~~characteristics~~Additionally, the outlook for mining in South Africa is increasingly uncertain, with producers facing steep increases in electricity prices, periodic disruption to power supplies and a risk of industrial action during anticipated wage negotiations. In 2021, platinum took a back seat to risky assets, similarly to other precious metals, as it returned -10% (as of December 31, 2021). Follow through from auto production disruptions during the pandemic were a major contributor to the price performance in 2021. The price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russia’s ~~market~~invasion ~~illustrated~~of Ukraine and the threat of sanctions on Russian exports, including platinum, pushed prices higher. However, while other precious metals (gold, silver, palladium) saw prices fluctuate throughout the year, platinum’s volatility was much more pronounced within the first quarter of 2022, as the price fell roughly 15% by March 31, 2022, to close the ~~table:~~first quarter at $983 per ounce. Aggressive interest rate hikes by the U.S. Federal Reserve, a strong U.S. Dollar and risks of diminishing global economic growth exerted additional pressure on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022. Through the end of 2022, increasing autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical market tightness, despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December 31, 2022 to $1,031 per ounce.

The main supplier of platinum is South Africa, providing approximately 72% of total mine supply over the past 10 years (2013-2022). Russia is the second largest supplier of platinum. Its share of world mine production has averaged around 12% of total mine supply over the past ten years ended 2022. Scrap supply from recycling of autocatalyst and other sources have accounted for about 24% of total supply over the last 10 years.5

~~Over~~In 2023, ~~the~~a ~~ten~~decrease ~~years~~in ~~ended~~platinum ~~December~~production ~~2022~~in South Africa, ~~jewelry~~the ~~demand~~world’s ~~for~~leading ~~platinum peaked~~producer, athas ~~approximately~~continued ~~35%~~to ofimpact ~~total~~global ~~demand~~supply in(see “World ~~2014.~~Platinum ~~Jewelry~~Supply ~~demand~~and ~~has~~Demand ~~since~~in ~~declined~~2023” toabove ~~21%~~for ~~total~~additional ~~demand~~discussion). inWhile ~~2022,~~industry ~~following~~analysis agroups see potential ~~consistent~~for ~~downward~~a ~~trend.~~nearly ~~Automotive~~1-million-ounce ~~demand~~deficit ~~for~~in platinum in 2023, ~~which~~the ~~accounted~~price ~~for~~performance ~~around~~has ~~34%~~not ofreflected ~~total~~this ~~demand~~sentiment atover the ~~end~~ course of ~~2013,~~the ~~has increased~~year toas ~~roughly~~the ~~44%~~market ofremains ~~total~~well ~~demand~~supplied aspulling offrom ~~the~~existing ~~end~~above ofground ~~2022~~stockpiles. ~~Following~~Despite ~~two~~a ~~consecutive~~positive ~~years~~outlook at the beginning of ~~growth~~the year, ~~investment~~fueled ~~demand~~by ~~fell from~~China’s aloosening ~~high~~ of ~~14%~~Covid-related inrestrictions, ~~2020~~that ~~into~~drove ~~negative~~the ~~territory~~price inas ~~2022~~high atas ~~(9%).~~$1,128 per ~~Pollution~~ounce ~~control~~on ~~demand~~April 21, ~~which~~2023, ~~captures~~the Chinese economic rebound disappointed investors and led the ~~production~~price ~~demand~~ of ~~non-road~~platinum ~~vehicles~~to ~~such~~fall as ~~agricultural~~low as ~~equipment~~$850 ~~and~~per ~~industrial~~ounce ~~machinery~~on asNovember ~~well~~13, as2023. ~~small~~While ~~engines~~an ~~and~~end-of-year ~~stationary~~rally ~~source~~saw ~~emissions controls~~the inprice ~~factories~~of ~~that~~platinum ~~use~~increase ~~technology~~roughly ~~that~~18% isoff ~~similar~~the yearly low to ~~autocatalysts~~$1,000 ~~increased~~per toounce, 4%platinum ofended ~~total~~the ~~demand~~year inapproximately 3% below its 2022 closing price.

In ~~2023~~2024, ~~platinum~~mining production in South Africa has continued to impact global supply, as the country ~~continues~~experiences tosome ~~experience~~remaining power supply disruptions, ~~along~~although ~~with~~at ~~rising~~a ~~electricity~~far ~~prices.~~lower ~~Coupledwith~~pace ~~labor~~than ~~strikes,~~in ~~political~~2023. Political instability, inflation and volatile market prices, ~~which~~ have compressed profit margins and subsequently led to a decrease in expected supply from the world's leading producer.~~While~~ ~~industry~~As ~~analysis groups see potential for~~ a ~~nearly~~result, ~~1-million-ounce deficit in~~ platinum markets inremained ~~2023,~~volatile throughout the ~~price~~year ~~performance~~while ~~has~~prices have not ~~reflected~~responded ~~this~~to ~~sentiment over~~ the ~~course~~existing ofsupply ~~the~~side ~~year~~deficit as ~~the~~above ~~marketremains~~ground ~~well~~stocks are ~~supplied~~being ~~pulling~~worked ~~from~~through. ~~existing~~An ~~above~~increase ~~ground~~in ~~stockpiles.~~expected ~~Despite~~automotive ademand ~~positive~~provided ~~outlook~~some attailwinds during the ~~beginning~~first half of the year, ~~fueled~~sent bythe spot ~~China's~~price ~~rollback~~ of ~~Covid-related~~platinum ~~restrictions, that drove theprice~~ as high as $1,~~128~~065 per ounce on ~~April~~May 2117, ~~2023~~2024. However, the lackluster Chinese economic rebound ~~disappointed investors~~ and ~~led~~disappointing level ~~the price~~ of ~~platinum~~stimulus turned to ~~fall~~headwinds as ~~low~~the asprice retreated to $~~850~~910 per ounce. The risk of additional sanctions on ~~November~~Russian 13metal exports in October provided some temporary price support, ~~2023.While~~however anmarket ~~end-of-year~~fears ~~rally~~over ~~saw~~supply ~~the~~restrictions ~~price~~quickly ofdissipated, ~~platinum~~and ~~increase~~prices ~~roughly~~retreated once ~~18%~~more. ~~off~~Headwinds grew as the ~~yearly~~US ~~low~~election resulted in an increased potential of tariffs that are large enough to ~~$1,000~~slow ~~per~~global ~~ounce,~~economic growth and the spot price of platinum ended the year ~~approximately~~down 3-8.6%, ~~below~~at ~~its~~$914 ~~2022~~per ~~closing price~~ounce.

~~Historical Chart~~ Operation of the ~~Price of~~ Platinum Market

The ~~price of platinum is volatile and fluctuations are expected~~ toglobal ~~have~~trade ~~a direct impact on the value of the Shares. However, movements~~ in ~~the price of~~ platinum inconsists ~~the past are not a reliable indicator~~ of ~~future movements. The following chart illustrates~~ Over-the-Counter ~~movements~~(“OTC”) transactions in ~~the~~spot, ~~price~~forwards, ofand anoptions ~~ounce of platinum in U.S. Dollars~~and ~~from~~other ~~December 31~~derivatives, ~~2013~~together towith ~~December~~exchange-traded ~~31,~~futures ~~2023~~ and ~~is based on information provided by Bloomberg:~~options.

~~Source:~~Global Over-The-Counter ~~Bloomberg, abrdn. Chart data from 12/31/2013 to 12/31/2023. Spot Platinum Price = PLTMLNPM Index.~~Market

InThe OTC ~~2012,~~market ~~platinum~~trades ~~prices rose~~ on ~~the~~a ~~back of~~24-hour ~~supply~~per ~~disruptions~~day incontinuous ~~South~~basis ~~Africa,~~and ~~which~~ accounts for ~~more~~most ~~than~~global ~~72% of the world’s supply of~~ platinum trading. AMarket ~~strike~~makers, atas ~~one~~well ofas ~~South~~others ~~Africa’s biggest platinum mines caused the price of platinum to rise from $1,387 to $1,709 per ounce~~ in ~~August 2012. At~~ the ~~beginning~~OTC ~~of 2013~~market, ~~Anglo~~trade ~~American~~with ~~Platinum,~~each ~~the~~other ~~world’s biggest producer of the metal, announced its intention to close four mine shafts~~ and ~~its~~with ~~consideration~~their ofclients ~~selling~~on ~~another mine complex as part of~~ a ~~radical~~principal-to-principal ~~overhaul of its South African operations~~basis. ~~This~~All ~~statement~~risks ~~prompted~~and ~~a strong reaction on platinum prices, which rose from $1,656 to $1,736 per ounce in the days~~issues ~~following the announcement, on fears~~ of acredit ~~further~~are ~~tightening~~between ~~in platinum supply. However, platinum’s correlation to gold weighed on platinum prices in 2013 overall. Prolonged strikes at South African mines in 2014 led to~~ the ~~deepest~~parties ~~supply~~directly ~~deficit~~involved in ~~platinum since 1975 (~~the ~~earliest date we have supply and demand data)~~transaction. ~~However,~~Market ~~that~~makers ~~failed~~include ~~to arrest~~ the ~~price~~market ~~slide~~making ~~which~~members ~~saw prices fall 11% in 2014, highlighting the extent~~ of ~~negative sentiment towards industrially-exposed precious metals. Despite autocatalyst demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism about~~ the ~~future demand~~ ~~for~~London ~~platinum-heavy~~Platinum ~~diesel autocatalysts relative to palladium-heavy gasoline autocatalysts. Further pessimistic outlook for South Africa’s economy~~ and ~~its~~Palladium ~~currency~~Market ~~the South African Rand weighed on platinum prices throughout 2017~~(“LPPM”), and platinum continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising mine supply. Platinum prices bounced back, rising 19.9% to $952 per ounce at the ~~end~~trade ofassociation ~~2019.~~that ~~After~~acts ~~seeing the price fall~~ as ~~low as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished~~ the ~~year~~coordinator atfor ~~$1,068~~activities ~~per ounce. The steep climb in palladium price~~conducted ~~has~~on ~~led~~behalf ~~some investors to conclude that platinum appears under-valued, in view~~ of its ~~potential~~members toand ~~substitute~~other ~~for~~participants ~~palladium~~ in ~~automotive~~ ~~applications in~~ the ~~future~~LPPM. ~~Additionally,~~Five ~~the~~member ~~outlook~~participants ~~for~~of ~~mining~~the inLPPM ~~South~~are ~~Africa~~currently ~~is increasingly uncertain, with producers~~participating ~~facing steep increases~~ in ~~electricity~~the ~~prices,~~electronic ~~periodic~~LBMA ~~disruption~~Platinum toPrice ~~power~~PM ~~supplies and a risk of industrial action during anticipated wage negotiations. In 2021, platinum took a back seat to risky assets, similarly to other precious metals, as it returned -10%~~ (as ofdescribed ~~December 31, 2021~~below). ~~Follow~~process ~~through~~administered ~~from~~by ~~auto production disruptions during~~ the ~~pandemic~~London ~~were~~Metal aExchange ~~major contributor to the price performance in 2021~~(“LME”). The ~~price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russia’s invasion~~OTC ofmarket ~~Ukraine~~provides ~~and~~a ~~the~~relatively ~~threat~~flexible ofmarket ~~sanctions~~in onterms Russian exports, including platinum, pushed prices higher. However, while other precious metals (gold, silver, palladium) saw prices fluctuate throughout the year, platinum’s volatility was much more pronounced within the first quarter of ~~2022~~quotes, ~~as the~~ price ~~fell roughly 15% by March 31~~, ~~2022~~size, todestinations ~~close~~for ~~the~~delivery ~~first~~and ~~quarter~~other ~~at $983 per ounce~~factors. ~~Aggressive~~ ~~interest rate hikes by the U.S. Federal Reserve, a strong U.S. Dollar and risks of diminishing global economic growth~~Bullion ~~exerted~~dealers ~~additional~~customize ~~pressure~~transactions onto ~~prices,~~meet asclients’ ~~the price of platinum fell as low as $831 per ounce on July 14, 2022~~requirements. ~~Through~~The ~~the~~OTC ~~end of~~market ~~2022,~~has ~~increasing~~no ~~autocatalyst~~formal ~~demand~~structure and ano ~~growing~~open ~~substitution of platinum for palladium contributed to ongoing physical market~~outcry ~~tightness,~~meeting ~~despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December 31, 2022 to $1,031 per ounce~~place.

5The main centers of the OTC market for platinum are London, New York, Hong Kong and Zurich. Mining companies, manufacturers of jewelry and industrial products, together with investors and speculators, tend to transact their business through one of these market centers. Centers such as Dubai and several cities in the Far East also transact substantial OTC market business, typically involving jewelry and small plates or ingots of platinum (1 kilogram or less) and will hedge their exposure by selling into one of these main OTC centers. Precious metals dealers have offices around the world and most of the world’s major bullion dealers are either members or associate members of the London Bullion Market Association (“LBMA”) and/or the LPPM. In the OTC market for platinum, the standard size of trades between market makers is 1,000 ounces.

In 2023, a decrease in platinum production in South Africa, the world's leading producer, has continued to impact global supply (see “World Platinum Supply and Demand in 2023” above for additional discussion). While industry analysis groups see potential for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over the course of the year as the market remains well supplied pulling from existing above ground stockpiles. Despite a positive outlook at the beginning of the year, fueled by China’s loosening of Covid-related restrictions, that drove the price as high as $1,128 per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall as low as $850 per ounce on November 13, 2023. While an end-of-year rally saw the price of platinum increase roughly 18% off the yearly low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.6

~~Operation~~Liquidity in the OTC market can vary from time to time during the course of the ~~Platinum~~24-hour ~~Market~~trading day. Fluctuations in liquidity are reflected in adjustments to dealing spreads—the differential between a dealer’s “buy” and “sell” prices. The period of greatest liquidity in the platinum market generally occurs at the time of day when trading in the European time zones overlaps with trading in the United States, which is when OTC market trading in London, New York, and other centers coincides with futures and options trading on the Commodity Exchange, Inc. (“COMEX”), a designated contract market within the CME Group. This period lasts for approximately four hours each New York business day morning.

The ~~global trade in platinum consists of Over-the-Counter~~ ~~(“OTC”)~~Platinum ~~transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures and options.~~Market

~~Global Over-~~The~~-Counter~~ Zurich ~~Market~~and London Platinum Bullion Markets

~~The~~Although ~~OTC~~the market ~~trades on a 24-hour per day continuous basis and accounts~~ for ~~most~~physical ~~global~~ platinum ~~trading.~~is ~~Market~~distributed ~~makers~~globally, asmost ~~well~~platinum asis ~~others~~stored inand ~~the~~most OTC market, ~~trade~~trades ~~with~~are ~~each~~cleared ~~other~~through ~~and~~London ~~with their clients on a principal-to-principal basis. All risks~~ and ~~issues of credit are between the parties directly involved in the transaction~~Zurich. ~~Market~~In ~~makers~~addition ~~include~~to ~~the~~coordinating market ~~making~~activities, ~~members of~~ the ~~London Platinum and Palladium Market (“~~LPPM~~”), the~~ ~~trade association that~~ acts as the ~~coordinator~~principal ~~for~~point ~~activities~~of ~~conducted~~contact onbetween ~~behalf~~the ofmarket ~~its members~~ and ~~other~~its ~~participants in the LPPM~~regulators. ~~Five~~A ~~member~~primary ~~participants~~function of the LPPM ~~are~~is ~~currently~~its ~~participating~~involvement in the ~~electronic~~promotion ~~LME~~of PMrefining ~~Fix~~standards ~~(as~~by ~~described~~maintenance ~~below)~~of ~~process administered by~~ the “London/Zurich ~~Metal~~Good ~~Exchange~~Delivery ~~(“LME~~Lists,”). ~~The~~which ~~OTC~~are ~~market~~the ~~provides~~lists aof ~~relatively~~LPPM ~~flexible~~accredited ~~market~~refiners ~~in terms~~ of ~~quotes,~~ ~~price, size, destinations for delivery and other factors~~platinum. ~~Bullion~~The ~~dealers~~LPPM ~~customize~~also ~~transactions~~coordinates tomarket ~~meet~~clearing ~~clients’ requirements.~~and ~~The~~vaulting, ~~OTC~~promotes ~~market~~good ~~has~~trading nopractices ~~formal structure~~ and nodevelops ~~open~~standard ~~outcry meeting place~~documentation.

~~The~~Platinum ~~main~~is ~~centers~~traded ofgenerally ~~the~~on ~~OTC~~a ~~market~~“loco ~~for platinum are~~ London~~, New~~” ~~York,~~or ~~Hong~~“loco ~~Kong and~~ Zurich.” ~~Mining companies~~basis, ~~manufacturers~~meaning ofthe ~~jewelry~~precious ~~and~~metal ~~industrial~~is ~~products,~~physically ~~together~~held ~~with~~in ~~investors~~vaults ~~and speculators, tend to transact their business through one of these market centers. Centers such as Dubai and several cities~~ in ~~the Far~~London ~~East also transact substantial OTC market business, typically involving jewelry and small plates~~ or ~~ingots~~Zurich ~~of platinum (1 kilogram~~ or ~~less)~~is ~~and~~transferred ~~will hedge their exposure by selling~~ into ~~one~~accounts ofestablished ~~these~~in ~~main~~London ~~OTC~~or ~~centers~~Zurich. ~~Precious~~Delivery ~~metals dealers have offices around the world and most~~ of the ~~world’s~~platinum ~~major~~can ~~bullion dealers are~~ either ~~members~~be orby ~~associate~~physical ~~members~~delivery ~~of the London Bullion Market Association (“LBMA”) and/~~or ~~the~~through ~~LPPM. In~~ the ~~OTC~~clearing ~~market~~systems ~~for~~to ~~platinum,~~an ~~the~~unallocated ~~standard size of trades between market makers is 1,000 ounces~~account.

~~Liquidity~~The unit of trade in London and Zurich is the ~~OTC~~troy ~~market~~ounce, ~~can~~whose ~~vary~~conversion ~~from~~between ~~time~~grams is: 1,000 grams equals to ~~time~~32.1507465 ~~during~~troy ~~the~~ounces, ~~course~~and ofone ~~the~~troy ~~24-hour~~ounce ~~trading~~is ~~day~~equivalent to 31.1034768 ~~Fluctuations~~grams. inA ~~liquidity~~good ~~are~~delivery ~~reflected~~platinum inplate ~~adjustments~~or toingot ~~dealing~~on ~~spreads—~~the ~~differential~~LPPM approved list ~~between~~is acceptable for delivery in settlement of a ~~dealer’s~~transaction on the OTC market (a “~~buy~~Good Delivery Platinum Plate or Ingot”). A Good Delivery Platinum Plate or Ingot must contain between 32 and ~~“sell”~~192 ~~prices~~troy ounces of platinum with a minimum fineness (or purity) of 999.5 ~~The~~parts ~~period~~per 1,000 (99.95%), be of ~~greatest~~good ~~liquidity~~appearance, inand ~~the~~be easy to handle and stack. The platinum ~~market~~content of a platinum ~~generally~~Good ~~occurs~~Delivery atPlatinum ~~the~~Plate ~~time~~or ofIngot ~~day~~is ~~when~~calculated ~~trading~~by inmultiplying the ~~European~~gross ~~time~~weight ~~zones~~by ~~overlaps~~the ~~with~~fineness ~~trading~~of in the ~~United~~plate ~~States,~~or ~~which~~ingot. isA Good ~~when~~Delivery ~~OTC~~Platinum ~~market~~Plate ~~trading~~or inIngot ~~London,~~must ~~New~~also ~~York,~~bear ~~Zurich~~the ~~and~~stamp ~~other~~of ~~centers~~one ~~coincides~~of ~~with~~the ~~futures~~refiners ~~and~~who ~~options~~are ~~trading~~ on the ~~Commodity Exchange,~~LPPM ~~Inc~~approved list. ~~(“COMEX”)~~Unless otherwise specified, athe ~~designated~~platinum ~~contract~~spot ~~market~~price ~~within~~always refers to the ~~CME~~“Good ~~Group.~~Delivery ~~This~~Standards” ~~period~~set ~~lasts~~by ~~for~~the ~~approximately~~LPPM. ~~four~~Business is generally ~~hours~~conducted ~~each~~over ~~New~~the ~~York~~phone ~~business~~and ~~day~~through ~~morning~~electronic dealing systems.

6Since December 1, 2014, the LME has been administering the operation of an electronic platinum bullion 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. The LME’s electronic price fixing processes, 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. London time (the “LBMA Platinum Price PM”). In addition to utilizing the same London platinum fix standards and methods, the LME also supervises the platinum electronic price fixing processes through its market operations, compliance, internal audit and third-party complaint handling capabilities in order to support the integrity of the LBMA Platinum Price PM. The LME, in administering LMEbullion, uses a pricing methodology that meets the administrative and regulatory needs of platinum market participants, including the International Organization of Securities Commission’s (IOSCO) Principles for Financial Benchmarks, (the “IOSCO Principles”).

~~The Platinum Market~~7

~~The~~Daily during ~~Zurich~~London trading hours the LBMA Platinum Price AM and ~~London~~the LBMA Platinum ~~Bullion~~Price ~~Markets~~PM each provide reference platinum prices for that day’s trading. Many long-term contracts will be priced on the basis of either the LBMA Platinum Price AM or the LBMA Platinum Price PM, and market participants will usually refer to one or the other of these prices when looking for a basis for valuations. The Trust values its platinum on the basis of the LBMA Platinum Price PM. If on a day when the Trust’s NAV is being calculated, the LBMA Platinum Price PM is not available or has not been announced by 4:00 p.m. New York time, 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.

~~Although~~Formal participation in the ~~market~~LBMA ~~for~~Platinum ~~physical~~Price ~~platinum~~PM is ~~distributed~~limited ~~globally, most~~to ~~platinum~~participating isLPPM ~~stored~~members. ~~and~~Five ~~most~~LPPM ~~OTC~~members ~~market trades~~ are ~~cleared~~currently ~~through~~participating ~~Zurich.~~in ~~As of September 1, 2009, London also serves as a~~establishing ~~center for~~ the ~~clearing~~LBMA ofPlatinum ~~OTC~~Price ~~trades~~PM in(Goldman ~~platinum.~~Sachs InInternational, ~~addition~~HSBC toBank ~~coordinating~~USA ~~market activities~~NA, ~~the~~ICBC ~~LPPM~~Standard ~~acts~~Bank asplc, ~~the~~Johnson ~~principal point~~Matthey ofplc ~~contact between the market~~ and ~~its~~BASF ~~regulators~~Metals Ltd.). Any Aother ~~primary~~market ~~function~~participant ofwishing ~~the~~to ~~LPPM~~participate ~~is its involvement~~ in the ~~promotion~~trading ofon ~~refining standards by maintenance of~~ the ~~“London/Zurich~~LBMA ~~Good~~Platinum ~~Delivery~~Price ~~Lists,”~~PM ~~which~~is ~~are~~required ~~the~~to ~~lists~~do ofso ~~LPPM~~through ~~accredited~~one ~~refiners~~ of ~~platinum.~~the ~~The~~ participating LPPM ~~also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation~~members.

~~Platinum~~Orders are isplaced ~~traded~~either ~~generally~~with onone aof ~~“loco~~the ~~Zurich” basis,~~participating ~~meaning~~LPPM ~~the~~member ~~precious~~participants ~~metal~~or iswith ~~physically~~another ~~held~~precious inmetals ~~vaults~~dealer who will then be in ~~Zurich~~contact orwith isa ~~transferred~~participating ~~into~~LPPM ~~accounts~~member ~~established~~during inthe ~~Zurich~~fixing. As ofThe ~~September~~fix 1,begins ~~2009,~~with ~~platinum~~the ~~began~~chair ~~trading~~reflecting onthe amarket ~~“loco~~price ~~London”~~and other ~~basis~~data, asprevailing ~~well,~~at ~~meaning~~the opening of the ~~precious~~fix. ~~metal~~This is ~~physically held~~relayed inby ~~vaults~~the inLPPM ~~London~~member orparticipants isto ~~transferred~~their ~~into~~dealing ~~accounts~~rooms ~~established~~which have indirect ~~London~~communication with all interested parties. ~~The~~Any ~~basis~~member ~~for~~participant ~~settlement~~may ~~and~~enter ~~delivery~~the offixing aprocess ~~loco Zurich~~at ~~spot~~any ~~trade~~time, isor ~~payment~~adjust or ~~(generally~~withdraw inhis Uorder.S. ~~Dollars)~~The ~~two~~platinum ~~business~~price ~~days~~is ~~after~~adjusted up or down until all the ~~trade~~buy ~~date~~and ~~against~~sell ~~delivery.~~orders ~~Delivery~~are ofelectronically ~~the~~matched, ~~platinum~~at ~~can~~which ~~either~~time bethe byprice ~~physical~~is ~~delivery~~declared orfixed. ~~through~~All orders are transacted on the ~~clearing~~basis ~~systems~~of this fixed price, which is instantly relayed to anthe ~~unallocated~~market ~~account~~through various media.

The LBMA ~~unit~~and ofthe ~~trade~~LME inhave ~~London~~asserted ~~and~~that ~~Zurich is~~ the ~~troy~~LME’s ~~ounce,~~electronic ~~whose conversion~~price ~~between~~fixing ~~grams~~processes ~~is:~~are ~~1,000~~similar ~~grams equals~~ to ~~32.1507465~~the ~~troy~~non-electronic ~~ounces,~~processes previously ~~and~~used ~~one troy ounce is equivalent~~ to ~~31.1034768~~establish ~~grams. A~~the ~~good~~applicable ~~delivery~~London platinum ~~plate~~fix orwhere ~~ingot on~~ the ~~LPPM~~London ~~approved~~platinum ~~list~~fix isprocess ~~acceptable~~adjusted ~~for~~the ~~delivery~~platinum inprice up ~~settlement~~or ofdown auntil ~~transaction~~all on the ~~OTC~~buy ~~market~~and (asell ~~“Good~~orders ~~Delivery~~entered ~~Platinum~~by ~~Plate~~the orparticipating ~~Ingot”).~~LPPM Amembers ~~Good~~are ~~Delivery~~matched, ~~Platinum~~at ~~Plate~~which ortime ~~Ingot~~the ~~must~~price ~~contain between~~was 32declared ~~and~~fixed. ~~192~~Nevertheless, ~~troy~~the ~~ounces~~LBMA ofPlatinum ~~platinum~~Price ~~with~~PM ahas ~~minimum~~several ~~fineness~~advantages ~~(or~~over ~~purity)~~the ofprevious ~~999.5~~London ~~parts~~platinum ~~per 1,000 (99~~fix.~~95%),~~ beThe ofLME’s ~~good appearance,~~electronic ~~and~~price befixing ~~easy~~processes toare ~~handle~~intended ~~and~~to ~~stack~~be transparent. The ~~platinum~~LME ~~content~~asserts ofthat aits ~~platinum~~electronic ~~Good~~price ~~Delivery~~fixing ~~Platinum~~processes ~~Plate~~are orfully ~~Ingot~~auditable by isthird ~~calculated~~parties bysince ~~multiplying the~~an ~~gross~~audit ~~weight~~trail byexists from the ~~fineness~~beginning of ~~the~~each ~~plate~~fixing ~~or ingot~~session. AThe ~~Good~~LME ~~Delivery Platinum Plate or Ingot must~~ also ~~bear~~asserts that the ~~stamp~~market ~~of one~~operation, ofcompliance, ~~the~~internal ~~refiners~~audit ~~who~~and ~~are~~third-party oncomplaint ~~the~~handling ~~LPPM~~capabilities ~~approved~~of ~~list. Unless otherwise specified,~~ the ~~platinum~~LME ~~spot~~supports ~~price always refers to~~ the ~~“Good Delivery~~integrity ~~Standards”~~of ~~set by~~ the ~~LPPM.~~LBMA ~~Business~~Platinum isPrice ~~generally conducted over the phone and through electronic dealing systems~~PM.

Since December 1, 2014, the ~~LME~~Sponsor ~~has~~determined ~~been~~that ~~administering~~ the ~~operation of~~London ~~an electronic~~ platinum ~~bullion~~fix, ~~price~~which ~~fixing~~has ~~system~~been ~~(“LMEbullion”)~~revised ~~that~~based ~~replicates~~on ~~electronically~~ the ~~manual~~new ~~London platinum~~LME ~~fix~~method ~~processes~~and is ~~previously~~now ~~employed~~known byas the ~~London~~LBMA Platinum ~~and~~Price ~~Palladium Fixing Company Ltd~~ (~~“LPPFCL”~~PM), aswhich ~~well as~~we ~~providing~~refer ~~electronic~~to ~~market~~herein ~~clearing~~as ~~processes~~the ~~for~~LBMA ~~platinum~~Platinum ~~bullion~~Price ~~transactions~~PM, atis ~~the~~an ~~fixed~~appropriate ~~prices~~basis ~~established~~for byvaluing platinum ~~the~~bullion ~~LME pricing~~received ~~mechanism.~~upon ~~The~~purchase ~~LME~~of the Trust’s ~~electronic~~Shares, ~~price~~delivered ~~fixing~~upon ~~processes,~~redemption ~~like~~of the ~~previous~~Trust’s ~~London~~Shares ~~platinum fix processes, establishes~~ and for ~~publishes~~determining ~~fixed~~the ~~prices~~value ~~for~~of ~~troy~~the ~~ounces~~Trust’s of platinum ~~twice~~bullion each ~~London~~ trading day ~~during fixing sessions beginning at 9:45 a~~.~~m. London~~ ~~time~~The ~~(the~~Sponsor ~~“LME~~also AMdetermined ~~Fix”)~~that ~~and 2:00 p.m. London time (~~the “LME PM Fix~~”).~~ Infairly ~~addition~~represents tothe ~~utilizing~~commercial ~~the same~~value ~~London~~of platinum ~~fix~~bullion ~~standards~~held ~~and~~by ~~methods,~~ the ~~LME~~Trust ~~also~~and ~~supervises~~ the ~~platinum~~“Benchmark ~~electronic~~Price” ~~price~~(as ~~fixing~~defined ~~processes through its market operations, compliance, internal audit and third-party complaint handling capabilities~~ in ~~order~~Trust toAgreement) ~~support~~as ~~the integrity~~ of ~~the~~any ~~LME~~day PMis ~~Fix.~~such ~~The~~day’s ~~LME,~~LBMA inPlatinum ~~administering~~Price ~~LMEbullion,~~PM ~~uses~~or asuch ~~pricing~~day’s ~~methodology~~LBMA ~~that~~Platinum ~~meets~~Price ~~the~~AM ~~administrative~~if ~~and~~such ~~regulatory needs of platinum market participants, including the International Organization of Securities Commission~~day’s ~~(IOSCO)~~LBMA ~~Principles for~~Platinum ~~Financial~~Price ~~Benchmarks,~~PM ~~(the~~is ~~“IOSCO~~not ~~Principles”)~~available.

~~Daily~~As of ~~during~~December ~~London~~1, ~~trading~~2014, ~~hours~~ the ~~LME~~LPPFCL AMtransferred ~~Fix~~ownership ~~and~~of the ~~LME PM~~historic ~~Fix~~and ~~each~~future ~~provide~~intellectual ~~reference~~property ~~platinum prices for that day’s trading. Many long-term contracts will be priced on the basis~~ of ~~either~~ the ~~LME~~twice AMdaily ~~Fix~~“fix” for orplatinum ~~the LME PM Fix,~~ and ~~market~~palladium ~~participants~~bullion ~~will usually refer~~ to ~~one or the other of these prices when looking for~~ a ~~basis~~subsidiary ~~for~~company ~~valuations. The Trust values its platinum on the basis~~ of the ~~LME PM Fix~~LBMA.

~~Formal participation in the LME PM Fix is limited to participating~~Futures LPPM members. Five LPPM members are currently participating in establishing the LME PM Fix (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey plc and BASF Metals Ltd.). Any other market participant wishing to participate in the trading on the LME PM Fix is required to do so through one of the participating LPPM members.Exchanges

7The most significant platinum futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo Commodity Exchange, Inc. (“TOCOM”). The COMEX is the largest exchange in the world for trading precious metals futures and options and launched platinum futures in 1956, followed with options in 1990. The TOCOM has been trading platinum since 1984. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options contracts traded. Trading costs are negotiable. As a matter of practice, only a small percentage of the futures market turnover ever comes to physical delivery of the platinum represented by the contracts traded. Both exchanges permit trading on margin. Margin trading can add to the speculative risk involved given the potential for margin calls if the price moves against the contract holder. The COMEX trades platinum futures almost continuously (with one short break in the evening) through its CME Globex electronic trading system and clears through its central clearing system. On June 6, 2003, the TOCOM adopted a similar clearing system. In each case, the exchange acts as a counterparty for each member for clearing purposes.

Orders are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then be in contact with a participating LPPM member during the fixing. The fix begins with the chair reflecting the market price and other data, prevailing at the opening of the fix. This is relayed by the LPPM member participants to their dealing rooms which have direct communication with all interested parties. Any member participant may enter the fixing process at any time, or adjust or withdraw his order. The platinum price is adjusted up or down until all the buy and sell orders are electronically matched, at which time the price is declared fixed. All orders are transacted on the basis of this fixed price, which is instantly relayed to the market through various media.8

~~The LBMA and the LME have asserted that the LME’s electronic~~Market price fixing processes are similar to the non-electronic processes previously used to establish the applicable London platinum fix where the London platinum fix process adjusted the platinum price up or down until all the buy and sell orders entered by the participating LPPM members are matched, at which time the price was declared fixed. Nevertheless, the LME PM Fix has several advantages over the previous London platinum fix. The LME’s electronic price fixing processes are intended to be transparent. The LME asserts that its electronic price fixing processes are fully auditable by third parties since an audit trail exists from the beginning of each fixing session. The LME also asserts that the market operation, compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity of the LME PM Fix.Regulation

~~Since December 1, 2014, the Sponsor determined that the~~The ~~London~~ global platinum ~~fix,~~markets ~~which~~are ~~has~~overseen ~~been~~and ~~revised~~regulated ~~based~~by onboth ~~the~~governmental ~~new~~and ~~LME~~self-regulatory ~~method~~organizations. ~~and~~In isaddition, ~~now~~certain trade ~~known~~associations ashave ~~the~~established ~~LBMA~~rules ~~Platinum~~and ~~Price~~protocols ~~(PM), which~~for wemarket ~~refer~~practices toand ~~herein~~participants. asIn the ~~LME~~United ~~PM Fix~~Kingdom, isresponsibility for anthe ~~appropriate~~regulation ~~basis~~of ~~for~~the ~~valuing~~financial ~~platinum~~market ~~bullion~~participants, ~~received~~including ~~upon purchase of~~ the ~~Trust’s~~major ~~Shares,~~participating ~~delivered~~members ~~upon redemption~~ of the LPPM ~~Trust’s~~falls ~~Shares and for determining~~ under the ~~value~~authority of the ~~Trust’s~~ Financial ~~platinum~~Conduct ~~bullion~~Authority ~~each~~(“FCA”) as ~~trading~~provided ~~day.~~by ~~The Sponsor also has determined that~~ the ~~LME~~Financial PMServices ~~Fix~~and ~~will fairly represent~~Markets ~~the~~Act ~~commercial~~2000 ~~value~~(“FSM ofAct”). ~~platinum~~Under ~~bullion~~this ~~held~~act, byall ~~the~~U.K.-based ~~Trust and~~banks, ~~the~~together ~~“Benchmark~~with ~~Price”~~other ~~(as~~investment ~~defined~~firms, inare ~~the~~subject ~~Trust~~to a ~~Agreement)~~range of ~~the~~requirements, ~~Trust’s~~including ~~platinum~~fitness ~~bullion~~and asproperness, ofcapital ~~any~~adequacy, ~~day~~liquidity, isand ~~the~~systems ~~LME~~and ~~PM Fix for such day~~controls.

AsThe FCA ofis ~~December~~responsible 1for regulating investment products, ~~2014~~including derivatives, ~~the~~and ~~LPPFCL~~those ~~transferred~~who ~~ownership~~deal ofin investment products. Regulation ~~the~~of ~~historic~~spot, ~~and~~commercial ~~future~~forwards, ~~intellectual~~and ~~property~~deposits of platinum not covered by the ~~twice~~FSM ~~daily~~Act ~~“fix”~~is provided for ~~platinum~~by ~~and~~The ~~palladium~~London ~~bullion~~Code toof ~~a subsidiary~~Conduct ~~company~~for ofNon-Investment Products, which was established by market participants in conjunction with the ~~LBMA~~Bank of England.

The TOCOM has authority to perform financial and operational surveillance on its members’ trading activities, scrutinize positions held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and other derivative markets’ prices. To act as a Futures ~~Exchanges~~Commission Merchant Broker on the TOCOM, a broker must obtain a license from Japan’s Ministry of Economy, Trade and Industry, the regulatory authority that oversees the operations of the TOCOM.

The ~~most significant platinum futures exchanges are the COMEX,~~ aCFTC ~~designated~~regulates ~~contract~~trading ~~market~~in ~~within~~commodity ~~the CME Group~~contracts, ~~and~~such ~~the~~as ~~Tokyo Commodity Exchange, Inc. (“TOCOM”). The COMEX is the largest exchange in the world for trading precious metals~~ futures ~~and options and launched platinum futures in 1956~~, ~~followed with~~ options ~~in 1990. The TOCOM has been trading platinum since 1984. Trading on these exchanges is based on fixed delivery dates~~ and ~~transaction~~ ~~sizes for the futures and options contracts traded~~swaps. ~~Trading~~In ~~costs are negotiable. As a matter of practice~~addition, ~~only~~under ~~a small percentage of~~ the ~~futures~~CEA, ~~market turnover ever comes to physical delivery of~~ the ~~platinum~~CFTC ~~represented~~has ~~by the contracts traded.~~jurisdiction ~~Both exchanges permit trading on margin. Margin trading can add~~ to ~~the~~prosecute ~~speculative~~manipulation ~~risk~~and ~~involved~~fraud ~~given~~in ~~the~~any ~~potential~~commodity ~~for margin calls if the price moves against the contract holder. The COMEX trades platinum futures almost continuously~~ (~~with~~including ~~one~~precious ~~short break in the evening~~metals) ~~through~~traded ~~its~~in ~~CME~~interstate ~~Globex~~commerce ~~electronic~~as ~~trading~~spot ~~system~~as ~~and~~well as ~~clears~~deliverable ~~through its central clearing system~~forwards. OnThe ~~June~~CFTC 6,is ~~2003,~~ the ~~TOCOM~~exclusive ~~adopted~~regulator aof ~~similar clearing system~~U.S. Incommodity ~~each~~exchanges ~~case,~~and ~~the exchange acts as a counterparty for each member for~~ clearing ~~purposes~~houses.

Secondary Market ~~Regulation~~Trading

~~The~~While the ~~global platinum~~Trust’s ~~markets~~investment ~~are~~objective ~~overseen~~is ~~and~~for ~~regulated by~~the ~~both~~Shares ~~governmental~~to ~~and~~reflect ~~self-regulatory~~the ~~organizations.~~performance Inof ~~addition~~the price of physical platinum, ~~certain~~less the ~~trade~~Trust’s ~~associations~~expenses, ~~have~~the ~~established~~Shares ~~rules~~may ~~and~~trade ~~protocols for~~in the secondary market ~~practices~~on ~~and~~the ~~participants.~~NYSE InArca ~~the~~at ~~United~~prices ~~Kingdom,~~that ~~responsibility~~are ~~for~~lower or higher relative to their net asset value (the ~~regulation~~value of the ~~financial~~Trust’s ~~market~~assets ~~participants, including~~less ~~the~~its ~~major~~liabilities ~~participating~~(“NAV”)) ~~members~~per Share. The amount of the ~~LPPM~~ ~~falls~~discount ~~under~~or premium in the ~~authority~~trading ofprice relative to the ~~Financial~~ ~~Conduct~~NAV ~~Authority~~per ~~(“FCA”) as provided~~Share may be influenced by non-concurrent trading hours between the ~~Financial~~NYSE ~~Services~~Arca, COMEX and ~~Markets~~the ~~Act~~London ~~2000~~and Zurich platinum ~~(“FSM Act”)~~markets. ~~Under~~While ~~this~~the ~~act,~~Shares ~~all~~trade ~~U.K.-based~~on ~~banks,~~the ~~together~~NYSE Arca until ~~with~~4:00 ~~other~~PM ~~investment~~New ~~firms~~York time, ~~are~~liquidity ~~subject~~in tothe aglobal platinum ~~range~~market is reduced after the close of ~~requirements,~~the ~~including~~COMEX ~~fitness~~at ~~and~~1:30 ~~properness~~PM New York time. As a result, ~~capital~~during ~~adequacy~~this time, ~~liquidity~~trading spreads, and ~~systems~~the ~~and~~resulting ~~controls~~premium or discount, on the Shares may widen.

8Valuation of Platinum and Computation of Net Asset Value

~~The~~On each ~~FCA~~day isthat ~~responsible~~the ~~for~~NYSE ~~regulating~~Arca ~~investment~~is ~~products,~~open ~~including derivatives,~~for ~~and~~regular ~~those~~trading, ~~who~~as ~~deal~~promptly inas ~~investment~~practicable ~~products.~~after ~~Regulation~~4:00 ofPM ~~spot,~~New ~~commercial~~York ~~forwards~~time, ~~and~~on ~~deposits~~such ~~of platinum~~day (“Evaluation ~~not~~Time”), ~~covered by~~ the ~~FSM~~Trustee ~~Act~~evaluates isthe ~~provided~~platinum ~~for~~held by ~~The~~the ~~London~~Trust ~~Code~~and ofdetermines ~~Conduct~~both ~~for~~the ~~Non-Investment~~average ~~Products,~~net ~~which~~asset ~~was~~value ~~established by~~(“ANAV”) ~~market~~and ~~participants in conjunction with~~ the ~~Bank~~NAV of ~~England~~the Trust.

~~The~~At ~~TOCOM~~the ~~has~~Evaluation ~~authority~~Time, tothe ~~perform~~Trustee ~~financial~~values ~~and~~the ~~operational surveillance~~Trust’s platinum on ~~its~~the ~~members~~basis of that day’s ~~trading~~LBMA ~~activities~~Platinum Price PM or, ~~scrutinize~~if ~~positions~~no LBMA ~~held~~Platinum Price PM is made on such day or has not been announced by ~~members~~the ~~and~~Evaluation ~~large-scale~~Time, ~~customers~~the LBMA Platinum Price AM announced on that day will be used. If neither price is available for that day, ~~and~~the ~~monitor~~Trust will value its palladium based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM, unless the Sponsor determines that such price ~~movements~~is ofinappropriate ~~futures~~as ~~markets~~a bybasis ~~comparing~~for ~~them~~evaluation. In ~~with~~the ~~cash~~event ~~and~~the Sponsor determines that the applicable LBMA Platinum Price PM or such other ~~derivative~~publicly ~~markets~~available price as the Sponsor may deem fairly represents the commercial value of the Trust’s ~~prices~~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. ToNeither ~~act~~the asTrustee anor ~~Futures~~the Sponsor ~~Commission~~shall ~~Merchant~~be ~~Broker~~liable onto any person for the ~~TOCOM,~~determination athat ~~broker~~the ~~must~~LME ~~obtain~~PM Fix or such other publicly available price is not appropriate as a basis ~~license~~for ~~from~~evaluation ~~Japan~~of the Trust’s ~~Ministry~~platinum ofor ~~Economy,~~for ~~Trade~~any ~~and~~determination ~~Industry,~~ as to the ~~regulatory~~alternative ~~authority~~basis for such evaluation provided that such ~~oversees~~determination is made in good faith. See “Operation of the ~~operations~~Platinum Market—the Platinum Market”for a description of the ~~TOCOM~~LBMA Platinum Price PM.

The CFTC regulates trading in commodity contracts, such as futures, options and swaps. In addition, under the CEA, the CFTC has jurisdiction to prosecute manipulation and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well as deliverable forwards. The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses.9

~~Secondary~~Once the ~~Market~~value ~~Trading~~of the platinum has been determined, the Trustee subtracts all estimated accrued fees (other than the fees accruing for such day on which the valuation takes place which 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 any other assets of the Trust. The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

~~While~~All fees ~~the~~accruing ~~Trust’s investment objective is~~ for the ~~Shares to~~day ~~reflect~~on which the ~~performance~~valuation oftakes ~~the~~place ~~price~~which ofare computed ~~physical~~by ~~platinum,~~reference ~~less~~to the ~~Trust’s~~value ~~expenses,~~of the ~~Shares~~Trust ~~may~~or its ~~trade~~assets inare ~~the~~calculated ~~secondary market~~using on the ~~NYSE~~ANAV ~~Arca~~calculated atfor ~~prices~~such ~~that~~day. ~~are~~The ~~lower~~Trustee orsubtracts ~~higher~~from ~~relative~~the toANAV ~~their net asset value (~~the ~~value~~amount of ~~the~~accrued ~~Trust’s assets~~fees ~~less~~so ~~its~~computed ~~liabilities~~for ~~(“NAV”))~~such ~~per~~day ~~Share.~~and ~~The~~the ~~amount~~resulting offigure is the ~~discount~~NAV orof ~~premium in~~ the ~~trading~~Trust. ~~price~~The ~~relative~~Trustee also todetermines the NAV per Share ~~may be influenced~~ by ~~non-concurrent~~dividing ~~trading~~the ~~hours~~NAV ~~between~~of the ~~NYSE~~Trust ~~Arca,~~by ~~COMEX and~~ the ~~London~~number ~~and Zurich platinum markets.~~of ~~While~~ the Shares ~~trade~~outstanding onas of the ~~NYSE~~close ~~Arca~~of ~~until~~trading ~~4:00~~on ~~PM New York time, liquidity in~~ the ~~global platinum~~NYSE ~~market~~Arca is(which ~~reduced~~includes ~~after~~ the ~~close~~net number of ~~the~~any ~~COMEX~~Shares atcreated ~~1:30 PM New York time. As a result, during this time, trading spreads, and the resulting premium~~ or ~~discount,~~redeemed on ~~the~~such ~~Shares~~evaluation ~~may widen~~day).

~~Valuation~~Any estimate of ~~Platinum~~the accrued but unpaid fees, expenses and ~~Computation~~liabilities of the Trust for purposes of ~~Net~~computing ~~Asset~~the ~~Value~~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.

OnThe Sponsor ~~each~~and ~~day~~the ~~that~~Shareholders may rely on any evaluation furnished by the ~~NYSE~~Trustee, ~~Arca~~and isthe ~~open~~Sponsor has no responsibility for ~~regular~~the evaluation’s ~~trading~~accuracy. The determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee aswill ~~promptly~~not asbe ~~practicable~~liable ~~after~~for ~~4:00~~any PMerrors ~~New~~contained ~~York~~in, ~~time~~information reasonably available to it. The Trustee will not be liable to the Sponsor, onThe ~~such~~Depository ~~day~~Trust Company (“~~Evaluation Time~~DTC”). Authorized Participants, the ~~Trustee~~Shareholders ~~evaluates~~or any other person for errors in judgment. However, the preceding liability ~~platinum~~exclusion ~~held~~will bynot protect the ~~Trust~~Trustee ~~and~~against ~~determines~~any ~~both~~liability ~~the~~resulting ~~average~~from ~~net~~bad ~~asset~~faith ~~value~~or ~~(“ANAV”)~~gross ~~and~~negligence in the ~~NAV~~performance of its ~~the Trust~~duties.

AtOn ~~the~~May ~~Evaluation~~23, ~~Time~~2024, the ~~Trustee~~Sponsor ~~values~~entered into an Amendment (the “Trust~~’s platinum~~ onAmendment”) to the ~~basis~~Depositary ofTrust ~~that~~Agreement ~~day’s~~(the ~~LME~~“Trust PMAgreement”) ~~Fix~~with ~~or,~~the ifTrustee. noThe ~~LME~~Trust PMAmendment ~~Fix~~reflects isthe ~~made~~following onchanges, ~~such~~effective ~~day~~as orof ~~has~~June ~~not~~18, ~~been~~2024, ~~announced~~as byapproved ~~the Evaluation~~and ~~Time,~~directed by the ~~next~~Sponsor ~~most~~on ~~recent~~behalf ~~LME~~of PMthe ~~Fix~~Trust: ~~determined~~(1) ~~prior~~the toamendment of the ~~Evaluation~~definition ~~Time~~of ~~will~~“Benchmark bePrice” ~~used~~to mean, ~~unless~~“as ~~the~~of ~~Sponsor~~any ~~determines that~~day, (i) such ~~price~~day’s isLBMA ~~inappropriate~~Platinum asPrice aPM ~~basis~~or ~~for~~such ~~evaluation.~~day’s InLBMA ~~the~~Platinum ~~event~~Price ~~the~~AM ~~Sponsor~~if ~~determines~~such ~~that~~day’s ~~the~~LBMA ~~applicable~~Platinum ~~LME~~Price PM ~~Fix~~ is not available; or (ii) such other publicly available price aswhich is reasonably available to the Trustee at no cost to the Trustee and which the Sponsor may ~~deem~~determine fairly represents the commercial value of platinum held by the Trust’s ~~platinum is~~and ~~not~~instructs anthe ~~appropriate~~Trustee ~~basis~~to ~~for~~use ~~evaluation~~as of the ~~Trust’s~~Benchmark ~~platinum,~~Price”; it(2) ~~shall~~the ~~identify~~deletion anand ~~alternative~~replacement ~~basis~~of ~~for~~the ~~such~~defined ~~evaluation to~~term befor ~~employed~~“London byPM Fix” with the ~~Trustee.~~defined ~~Neither~~term ~~the~~“LBMA ~~Trustee~~Platinum ~~nor~~Price ~~the~~PM”, ~~Sponsor~~which ~~shall~~means be“the ~~liable~~price toof ~~any~~a ~~person~~troy ~~for~~ounce ~~the~~of ~~determination~~platinum ~~that~~as determined by the LME, PMthe ~~Fix~~third orparty ~~such~~administrator ~~other~~of ~~publicly~~the ~~available~~London platinum price isselected ~~not~~by ~~appropriate~~the asLBMA, aor ~~basis~~any ~~for~~successor ~~evaluation~~administrator of the ~~Trust’s~~London [platinum price, at or ~~for~~ ~~any~~about ~~determination~~2:00 asp.m. toLondon, England time”; and (3) the ~~alternative~~addition ~~basis~~of the new definition for ~~such~~“LBMA ~~evaluation~~Platinum ~~provided~~Price ~~that~~AM” ~~such~~which ~~determination~~means is“the ~~made~~price inof ~~good~~a ~~faith.~~troy ~~See “Operation~~ounce of platinum as determined by the ~~Platinum~~LME, ~~Market—The~~the ~~Platinum~~third ~~Market”~~party ~~for~~administrator aof ~~description~~the London platinum price selected by the LBMA, or any successor administrator of the ~~LME~~London PMplatinum ~~Fix~~price, at or about 9:45 a.m. London, England time.

Once the value of the platinum has been determined, the Trustee subtracts all estimated accrued fees (other than the fees accruing for such day on which the valuation takes place which are computed by reference to the value of the Trust ~~or its assets), expenses and other liabilities of the Trust from the total~~ ~~value~~Expenses ~~of the platinum and any other assets of the Trust. The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.~~

~~All~~The Trust’s ~~fees~~only ~~accruing~~ordinary ~~for~~recurring ~~the~~expense ~~day~~is ~~on which~~ the ~~valuation~~Sponsor’s ~~takes~~Fee. ~~place which~~In ~~are computed~~exchange byfor ~~reference to~~ the ~~value~~Sponsor’s ofFee, the ~~Trust~~Sponsor has oragreed ~~its~~to ~~assets~~assume ~~are calculated using~~ the ~~ANAV~~following ~~calculated~~administrative ~~for~~and ~~such day.~~marketing ~~The~~expenses ~~Trustee~~incurred ~~subtracts~~by ~~from~~ the ~~ANAV~~Trust: the ~~amount~~Trustee’s ofmonthly ~~accrued fees so computed for such day~~ fee and ~~the resulting figure is the NAV~~ out-of-pocket ~~the~~expenses, ~~Trust. The Trustee also determines~~ the ~~NAV~~Custodian’s ~~per~~fee ~~Share~~and byreimbursement ~~dividing the NAV~~ of the ~~Trust~~Custodian’s byexpenses ~~the~~under ~~number of~~ the ~~Shares~~Custody ~~outstanding~~Agreements, asExchange oflisting ~~the~~fees, ~~close~~SEC ofregistration ~~trading~~fees, onprinting ~~the~~and ~~NYSE~~mailing ~~Arca~~costs, ~~(which~~audit ~~includes~~fees ~~the~~and ~~net~~up ~~number~~to of$100,000 ~~any~~per ~~Shares~~annum ~~created~~in orlegal ~~redeemed on such evaluation day)~~expenses.

9The Sponsor’s Fee accrues daily at an annualized rate equal to 0.60% of the ANAV of the Trust and is payable monthly in arrears. The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any of its fee.

~~Any~~Furthermore, the ~~estimate~~Sponsor ofmay, ~~the~~in ~~accrued~~its ~~but~~sole ~~unpaid fees~~discretion, ~~expenses~~agree ~~and~~to ~~liabilities~~ rebate all or a portion of the ~~Trust~~Sponsor’s ~~for~~Fee ~~purposes~~attributable ofto ~~computing~~Shares ~~the~~held by ~~NAV~~certain ofinstitutional ~~the~~investors ~~Trust~~subject to minimum shareholding and ~~ANAV~~lock ~~made~~up requirements as determined by the ~~Trustee~~Sponsor to foster stability in ~~good~~the ~~faith~~Trust’s ~~shall~~asset levels. Any such rebate will be ~~conclusive~~subject ~~upon~~to ~~all persons~~negotiation ~~interested~~and inwritten ~~the~~agreement ~~Trust~~between the Sponsor and nothe ~~revision~~investor oron ~~correction~~a incase ~~any~~by ~~computation~~case ~~made~~basis. The Sponsor is under no obligation to provide any rebates of the Sponsor’s Fee. Neither the Trust ~~Agreement~~nor the Trustee will be ~~required by~~a ~~reason~~party ofto any ~~difference~~Sponsor’s inFee ~~amounts~~rebate ~~estimated~~arrangements ~~from~~negotiated ~~those~~by ~~actually~~the Sponsor. Any Sponsor’s Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.

The Sponsor’s ~~and~~Fee ~~the~~is ~~Shareholders~~paid ~~may~~by ~~rely~~delivery onof ~~any~~platinum ~~evaluation furnished~~to byan ~~the~~account ~~Trustee,~~maintained ~~and~~by the ~~Sponsor~~Custodian ~~has no responsibility~~ for the ~~evaluation’s~~Sponsor ~~accuracy.~~on ~~The~~an ~~determinations the Trustee~~unallocated ~~makes~~basis, ~~will~~monthly beon ~~made~~the infirst ~~good~~business ~~faith~~day ~~upon the basis~~ of, ~~and~~ the ~~Trustee~~month ~~will~~in ~~not~~respect beof ~~liable~~fees payable for ~~any~~the ~~errors~~prior ~~contained in, information reasonably available to it~~month. The ~~Trustee~~delivery ~~will~~is ~~not~~of ~~be liable to the Sponsor, DTC, Authorized Participants, the Shareholders or any~~that ~~other~~number ~~person~~of ~~for~~ounces ~~errors~~of inplatinum ~~judgment.~~which ~~However,~~equals the ~~preceding~~daily ~~liability~~accrual ~~exclusion~~of ~~will not protect~~ the ~~Trustee~~Sponsor’s ~~against~~Fee ~~any~~for ~~liability resulting~~such ~~from~~prior ~~bad~~month ~~faith~~calculated orat ~~gross negligence in~~ the LBMA ~~performance~~Platinum ofPrice ~~its duties~~PM.

The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell platinum in such quantity and at such times as may be necessary to permit payment in cash of Trust ~~Expenses~~expenses not assumed by the Sponsor. The Trustee is authorized to sell platinum at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust’s holdings of assets other than platinum. Accordingly, the amount of platinum to be sold will vary from time to time depending on the level of the Trust’s expenses and the market price of platinum. The Custodian is authorized to purchase from the Trust, at the request of the Trustee, platinum needed to cover Trust expenses not assumed by the Sponsor at the price used by the Trustee to determine the value of the platinum held by the Trust on the date of the sale.

The Trust’s only ordinary recurring expense is the Sponsor’s Fee. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and reimbursement of the Custodian’s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.10

The Sponsor’s Fee ~~accrues~~for ~~daily at an annualized rate equal to 0.60% of~~ the ~~ANAV~~year ofended ~~the~~December ~~Trust~~31, ~~and~~2024 iswas ~~payable~~$5,968,067 ~~monthly~~(December ~~in arrears. The Sponsor~~31, ~~from~~2023: ~~time to time~~$5,772,056; ~~may~~December ~~temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of time. Presently~~31, ~~the~~2022: ~~Sponsor does not intend to waive any of its fee~~$6,556,049).

~~Furthermore, the Sponsor may, in its sole discretion, agree~~Cash ~~to rebate all or a portion of the Sponsor’s Fee attributable to Shares~~ held by ~~certain institutional investors subject to minimum shareholding and lock up requirements as determined by~~ the ~~Sponsor~~Trustee topending ~~foster~~payment ~~stability~~of in the Trust’s ~~asset~~expenses ~~levels. Any such rebate~~ will benot ~~subject~~bear toany ~~negotiation~~interest. ~~and~~Each ~~written~~delivery ~~agreement~~or ~~between~~sale ~~the~~of platinum by ~~Sponsor and~~ the Trust ~~investor on a case by case basis. The Sponsor is under no obligation~~ to pay ~~provide any rebates of~~ the Sponsor’s Fee. ~~Neither~~or ~~the~~other Trust ~~nor~~expenses ~~the Trustee~~ will be a ~~party~~taxable event to ~~any Sponsor’s Fee rebate arrangements negotiated by the Sponsor~~Shareholders. ~~Any Sponsor’s Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.~~

~~The Sponsor’s Fee is paid by delivery of platinum to an~~Creation ~~account~~and ~~maintained~~Redemption ~~by the Custodian for the Sponsor on an unallocated basis, monthly on the first business day~~ of the month in respect of fees payable for the prior month. The delivery is of that number of ounces of platinum which equals the daily accrual of the Sponsor’s Fee for such prior month calculated at the LME PM Fix.Shares

The Trust ~~Trustee~~creates ~~will,~~and ~~when~~redeems ~~directed~~Shares byfrom ~~the~~time ~~Sponsor,~~to ~~and~~time, inbut ~~the absence~~only ofin ~~such~~one ~~direction,~~or ~~may,~~more inBaskets ~~its~~of ~~discretion~~50,000 ~~sell~~Shares. The ~~platinum~~creation ~~in such quantity~~ and ~~at such times as may be necessary to permit~~redemption ~~payment in cash~~ of ~~Trust~~Baskets ~~expenses not assumed by the Sponsor. The Trustee~~ is ~~authorized~~only tomade ~~sell~~in ~~platinum~~exchange atfor ~~such times and in~~ the ~~smallest~~ ~~amounts~~delivery ~~required~~ to ~~permit~~the ~~such~~Trust ~~payments~~or ~~as they become due, it being~~ the ~~intention~~distribution toby ~~avoid or minimize~~ the Trust~~’s holdings~~ of ~~assets other than platinum. Accordingly,~~ the amount of physical platinum torepresented beby ~~sold will vary from time to time depending on~~ the ~~level~~Baskets ofbeing ~~the~~created ~~Trust’s~~or ~~expenses~~redeemed, ~~and~~ the ~~market~~amount ~~price~~ of ~~platinum.~~ ~~The~~which ~~Custodian~~ is ~~authorized~~based toon ~~purchase from~~ the ~~Trust,~~ atcombined ~~the~~NAV ~~request~~ of the ~~Trustee,~~number of ~~platinum~~Shares ~~needed~~included toin ~~cover Trust expenses not assumed by~~ the ~~Sponsor~~Baskets atbeing ~~the~~created ~~price~~or ~~used~~redeemed bydetermined ~~the Trustee~~on ~~to determine~~ the ~~value~~day of the ~~platinum~~order ~~held~~to bycreate ~~the~~or ~~Trust~~redeem onBaskets ~~the~~is ~~date of the sale~~properly received.

~~The~~Authorized Participants ~~Sponsor’s~~are ~~Fee~~the ~~for~~only ~~the~~persons ~~year~~that ~~ended~~may ~~December~~place ~~31,~~orders ~~2023~~to create and redeem Baskets. Authorized Participants must be (1) registered ~~was~~broker-dealers $5or other securities market participants,~~772~~ such as banks and other financial institutions,~~056~~ which ~~(December~~are 31not required to register as broker-dealers to engage in securities transactions, ~~2022:~~and $6(2) participants in DTC. To become an Authorized Participant,~~556,049;~~ a ~~December~~person 31must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum and any cash required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, ~~2021:~~without the consent of any Shareholder or Authorized Participant. Authorized Participants pay a transaction fee of $8500 to the Trustee for each order they place to create or redeem one or more Baskets. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees,~~241~~ commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust for serving as an Authorized Participant,~~060)~~ and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

~~Cash~~Authorized Participants ~~held~~are bycautioned ~~the~~that ~~Trustee~~some ~~pending payment~~ of ~~the~~their ~~Trust’s expenses~~activities will ~~not~~result ~~bear~~in ~~any~~their ~~interest.~~being ~~Each~~deemed ~~delivery~~participants orin ~~sale~~a ~~of platinum~~distribution byin ~~the Trust~~a manner which would render them statutory underwriters and subject them to ~~pay~~ the ~~Sponsor’s~~prospectus-delivery ~~Fee~~and orliability ~~other~~provisions of ~~Trust~~the ~~expenses~~Securities ~~will~~Act, beas adescribed ~~taxable~~in ~~event~~“Plan toof ~~Shareholders~~Distribution”.

10Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a platinum clearing bank to establish an Authorized Participant Unallocated Account in London (Authorized Participant Unallocated Bullion Account Agreement). Authorized Participant Unallocated Accounts may only be used for transactions with the Trust. Platinum held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian’s or other platinum clearing bank’s assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific plates or ingots of platinum held by the Custodian or the platinum clearing bank. Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodian’s or other platinum clearing bank’s insolvency. No fees will be charged by the Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated Account is used solely for platinum transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates) receives compensation for maintaining the Trust Allocated Account. Authorized Participants should be aware that the Custodian’s liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not negligence, which is the Custodian’s liability threshold under the Trust’s Custody Agreements.

~~Creation~~As the ~~and~~terms ~~Redemption~~of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of ~~Shares~~the Trust Unallocated Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant Unallocated Bullion Account Agreement carefully. A copy of the Authorized Participant Agreement may be obtained by potential Authorized Participants from the Trustee.

The Trust creates and redeems Shares from time to time, but only in one or more Baskets of 50,000 Shares. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of physical platinum represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.11

Certain Authorized Participants are ~~the~~expected ~~only~~to ~~persons~~have ~~that~~the ~~may~~facility ~~place orders~~ to ~~create~~participate ~~and~~directly ~~redeem~~in ~~Baskets.~~the ~~Authorized~~physical platinum ~~Participants~~market ~~must~~and bethe platinum ~~(1)~~futures ~~registered~~market. ~~broker-dealers~~In orsome ~~other~~cases, ~~securities~~an ~~market~~Authorized ~~participants, such~~Participant asmay ~~banks~~from ~~and~~time ~~other~~to ~~financial~~time ~~institutions,~~acquire ~~which~~platinum ~~are~~from ~~not~~or ~~required~~ sell platinum to ~~register~~its asaffiliated platinum ~~broker-dealers~~trading ~~to engage in securities transactions~~desk, ~~and~~which ~~(2)~~may ~~participants~~profit in ~~DTC~~these instances. ToEach ~~become an~~ Authorized Participant, ~~a person~~ must ~~enter~~be ~~into an Authorized Participant~~registered ~~Agreement~~as ~~with~~a ~~the~~broker-dealer ~~Sponsor~~under ~~and~~ the ~~Trustee.~~Securities ~~The~~Exchange ~~Authorized~~Act ~~Participant~~of ~~Agreement~~1934 ~~provides~~(Exchange ~~the~~Act) ~~procedures for the creation~~ and ~~redemption of~~regulated ~~Baskets~~by ~~and~~FINRA ~~for~~or ~~the~~be ~~delivery~~exempt offrom ~~the platinum~~being ~~and~~or otherwise ~~any~~not ~~cash~~be required ~~for~~to ~~such~~be ~~creations~~so ~~and~~regulated ~~redemptions.~~or ~~The~~registered, ~~Authorized Participant Agreement~~ and be ~~the~~qualified ~~related~~to ~~procedures~~act ~~attached~~as ~~thereto~~a ~~may~~broker beor ~~amended~~dealer byin the ~~Trustee~~states ~~and~~or other ~~the~~jurisdictions ~~Sponsor,~~where ~~without~~ the ~~consent~~nature of ~~any Shareholder~~its orbusiness ~~Authorized~~so ~~Participant~~requires. Certain Authorized Participants ~~pay~~are aregulated ~~transaction~~under ~~fee of $500 to the Trustee for each order they~~federal ~~place~~and tostate ~~create~~banking orlaws ~~redeem~~and ~~one or more Baskets~~regulations. Each Authorized ~~Participants~~Participant ~~who~~has ~~make~~its ~~deposits~~own ~~with~~set ~~the~~of ~~Trust~~rules inand ~~exchange for Baskets receive no fees~~procedures, ~~commissions~~internal ~~or other form of compensation or inducement of any kind from either the Sponsor or the Trust for serving~~controls ~~as an Authorized Participant,~~ and noinformation ~~such~~barriers ~~person~~as ~~has~~it ~~any~~determines ~~obligation~~is orappropriate ~~responsibility~~in tolight ~~the~~of ~~Sponsor~~its orown ~~the~~regulatory ~~Trust to effect any sale or resale of Shares~~regime.

Authorized Participants ~~are~~may ~~cautioned~~act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that ~~some~~wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple ~~their~~clients. ~~activities~~As of the date of this report, Goldman Sachs & Co., HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, ~~will~~Merrill ~~result~~Lynch inProfessional ~~their~~Clearing ~~being~~Corp., ~~deemed~~Mizuho ~~participants~~Securities inUSA aLLC, Morgan ~~distribution~~Stanley in& aCo. ~~manner~~Inc., ~~which~~Scotia ~~would~~Capital ~~render~~(USA) Inc., ~~them~~UBS ~~statutory~~Securities ~~underwriters~~LLC and ~~subject~~ Virtu ~~them~~Americas, toLLC have each signed an Authorized Participant Agreement with the ~~prospectus-delivery~~Trust and, upon ~~liability~~the ~~provisions~~effectiveness of ~~the~~such ~~Securities Act~~agreement, may create and redeem Baskets as described above. Persons interested in ~~“Plan~~purchasing ofBaskets should ~~Distribution”~~contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant.

~~Prior to initiating any creation or redemption order, an Authorized~~All ~~Participant~~platinum ~~must~~is ~~have~~delivered ~~entered~~to ~~into~~the anTrust ~~agreement~~and ~~with~~distributed by the ~~Custodian~~Trust orin ~~a platinum~~unallocated ~~clearing~~form ~~bank~~through tocredits ~~establish~~and andebits between Authorized Participant Unallocated ~~Account~~Accounts inand ~~London~~the orTrust ~~Zurich (Authorized Participant~~ Unallocated ~~Bullion~~ Account ~~Agreement)~~. Platinum ~~held~~ intransferred ~~Authorized Participant Unallocated Accounts is typically not segregated~~ from ~~the Custodian’s or other platinum clearing bank’s assets, as a consequence of which~~ an Authorized Participant ~~will~~Unallocated Account ~~have~~to nothe ~~proprietary~~Trust ~~interest~~ in ~~any~~unallocated ~~specific plates or~~form ~~ingots~~will offirst ~~platinum~~be ~~held~~credited byto the ~~Custodian~~Trust ~~or the~~Unallocated ~~platinum clearing bank~~Account. ~~Credits~~Thereafter, tothe ~~its~~Custodian ~~Authorized Participant Unallocated~~will ~~Account~~allocate, ~~are~~specific ~~therefore~~plates ator ~~risk~~ingots of ~~the Custodian’s or other~~ platinum, ~~clearing~~in ~~bank’s~~each ~~insolvency.~~case ~~No fees will be~~representing ~~charged by~~ the ~~Custodian~~amount ~~for~~of ~~the~~platinum ~~use~~credited ofto the ~~Authorized~~Trust ~~Participant~~ Unallocated Account as(to ~~long as~~ the ~~Authorized~~extent ~~Participant~~such ~~Unallocated Account~~amount is ~~used~~representable ~~solely~~by ~~for~~ whole platinum plates ~~transfers to and from the Trust Unallocated Account and the Custodian (~~or ~~one of its affiliates~~ingots) ~~receives~~ ~~compensation~~to ~~for maintaining~~ the Trust Allocated Account. ~~Authorized~~The ~~Participants~~movement ~~should~~of beplatinum ~~aware~~is ~~that~~reversed for the ~~Custodian’s liability~~distribution ~~threshold~~of ~~under~~platinum ~~the~~to an Authorized Participant ~~Unallocated~~in ~~Bullion~~connection ~~Account~~with ~~Agreement is generally gross negligence, not negligence, which is~~ the ~~Custodian’s~~redemption ~~liability~~of ~~threshold under the Trust’s Custody Agreements~~Baskets.

AsAll physical ~~the~~platinum ~~terms~~represented ofby ~~the~~a credit to any Authorized Participant Unallocated ~~Bullion~~ Account ~~Agreement~~and ~~differ~~to inthe ~~certain~~Trust ~~respects~~Unallocated ~~from~~Account and ~~the~~all ~~terms~~physical ofplatinum held in the Trust ~~Unallocated~~Allocated Account ~~Agreement,~~with ~~potential~~the ~~Authorized~~Custodian ~~Participants should~~must ~~review~~be ~~the~~of ~~terms~~at ofleast ~~the~~a ~~Authorized~~minimum ~~Participant~~fineness ~~Unallocated~~(or ~~Bullion~~purity) ~~Account~~of ~~Agreement~~999.5 ~~carefully~~parts per 1,000 (99.95%) Aand ~~copy~~otherwise ofconform to the ~~Authorized~~rules, regulations ~~Participant~~practices ~~Agreement~~and ~~may~~customs beof ~~obtained~~the byLPPM, ~~potential~~including ~~Authorized~~the ~~Participants~~specifications ~~from~~for ~~the~~a ~~Trustee~~Good Delivery Platinum Plate or Ingot.

~~Certain Authorized Participants are expected to have the facility~~Under ~~to participate directly in~~ the ~~physical platinum market and the platinum futures market. In some cases, an~~ Authorized Participant ~~may~~ ~~from time to time acquire platinum from or sell platinum to its affiliated platinum trading desk~~Agreement, ~~which may profit in these instances. Each Authorized Participant must be registered as a broker-dealer under~~ the ~~Securities~~Sponsor ~~Exchange~~has ~~Act of~~agreed ~~1934 (Exchange Act) and regulated by FINRA or be exempt from being or otherwise not be required~~ to beindemnify ~~so regulated or registered, and be qualified to act as a broker or dealer in~~ the ~~states or other jurisdictions where the nature of its business so requires. Certain~~ Authorized Participants ~~are~~against ~~regulated~~certain ~~under federal and state banking laws and regulations. Each Authorized Participant~~liabilities, ~~has~~including ~~its~~liabilities ~~own~~under ~~set~~the ofSecurities ~~rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime~~Act.

11The following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail.

~~Authorized Participants may act for their own accounts or as~~Creation agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. As of the date of this report, Goldman Sachs & Co., HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and, upon the effectiveness of such agreement, may create and redeem Baskets as described above. Persons interested in purchasing Baskets should contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant.Procedures

~~All platinum is delivered~~On any tobusiness day, an Authorized Participant may place an order with the ~~Trust~~Trustee to create one or more Baskets. Creation and ~~distributed~~redemption byorders are accepted on “business days” the ~~Trust~~NYSE Arca is open for regular trading. Settlements of such orders requiring receipt or delivery, or confirmation of receipt or delivery, of platinum in ~~unallocated~~the ~~form~~United ~~through~~Kingdom, ~~credits~~or ~~and~~another ~~debits~~jurisdiction will ~~between~~occur ~~Authorized~~on ~~Participant~~“business ~~Unallocated~~days” ~~Accounts~~when ~~and~~(1) banks in the ~~Trust~~United ~~Unallocated~~Kingdom or other jurisdiction and (2) the ~~Account. Platinum~~London ~~transferred~~platinum ~~from~~markets anare ~~Authorized~~regularly ~~Participant~~open ~~Unallocated~~for ~~Account~~business. toIf such banks or the ~~Trust~~London inplatinum ~~unallocated~~markets ~~form~~are not open for regular business for a full day, such a day will ~~first~~only be a “business day” for settlement purposes if the settlement procedures can be ~~credited~~completed toby the ~~Trust~~end ~~Unallocated~~of ~~Account~~such day. ~~Thereafter~~Redemption settlements including platinum deliveries loco London may be delayed longer than two, ~~the~~but ~~Custodian~~no ~~will~~more ~~allocate~~than five, orbusiness ~~cause~~days following the ~~allocation~~redemption byorder ~~the~~date. ~~Zurich~~Settlement ~~Sub-Custodian~~ of orders requiring receipt or delivery, ~~specific~~or ~~plates~~confirmation of receipt or ~~ingots~~delivery, of Shares will occur, after confirmation of the applicable platinum delivery, inon ~~each~~“business ~~case~~days” ~~representing~~when the ~~amount~~NYSE ~~of platinum~~Arca ~~credited~~is toopen for regular trading. In the ~~Trust~~event ~~Unallocated~~of a level 3 market-wide ~~Account~~circuit ~~(to~~breaker resulting in a trading halt for the ~~extent~~remainder ~~such~~of ~~amount~~the trading day, the time of the market-wide trading halt is considered ~~representable~~the byclose ~~whole~~of ~~platinum~~regular ~~plates~~trading orand ~~ingots)~~no tocreation orders for the ~~Trust~~current ~~Allocated~~trade ~~Account.~~date ~~The~~will ~~movement~~be accepted after that time (the ~~of platinum~~“cutoff”). isOrders ~~reversed~~placed ~~for~~after the ~~distribution~~cutoff ~~of platinum~~will be deemed to anbe ~~Authorized~~rejected ~~Participant~~and will not be processed. Orders should be placed in ~~connection~~proper ~~with~~form on the ~~redemption~~following business day. Purchase orders must be placed no later than 3:59:59 p.m. on each business ofday ~~Baskets~~the NYSE Arca is open for regular trading.

All physical platinum represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account and all physical platinum held in the Trust Allocated Account with the Custodian or for the Custodian by the Zurich Sub-Custodian must be of at least a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs of the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot.12

~~Under~~By placing ~~the~~a purchase order, an Authorized Participant ~~Agreement,~~agrees to deposit platinum with the ~~Sponsor~~Trust. ~~has agreed~~Prior to ~~indemnify~~the delivery of Baskets for a purchase order, the Authorized ~~Participants~~Participant ~~against~~must ~~certain~~also ~~liabilities,~~have ~~including~~wired ~~liabilities~~to ~~under~~the Trustee the ~~Securities~~non-refundable ~~Act~~transaction fee due for the purchase order.

~~Loco~~Determination of ~~London~~required ~~and Loco Zurich Platinum Delivery Elections.~~ deposits

~~Authorized Participants can elect to deliver platinum loco London~~The oramount ~~loco~~of ~~Zurich in connection with~~ the ~~creation~~required ~~of a Basket. Authorized Participants can also elect to receive delivery of~~ platinum ~~loco~~ ~~London~~deposit oris ~~loco~~determined ~~Zurich~~by individing ~~connection with~~ the ~~redemption~~number of aounces ~~Basket. A Basket creation order that elects a loco London or loco Zurich delivery~~ of platinum ~~will~~held ~~cause~~by the ~~Custodian to effect an allocation of such platinum to the~~ Trust ~~Allocated Account maintained~~ by the ~~Custodian~~number of inBaskets ~~its London vault premises or by the Zurich Sub-Custodian in its Zurich vault premises. Likewise~~outstanding, a ~~Basket~~as ~~redemption~~adjusted ~~order~~for ~~that elects a loco London or loco Zurich delivery of platinum will cause~~ the ~~Custodian~~amount ~~to effect a de-allocation~~ of platinum ~~necessary~~constituting toestimated ~~satisfy~~accrued ~~such~~but ~~redemption~~unpaid ~~requests~~fees ~~from~~and ~~the~~expenses ~~Trust Allocated Account maintained by~~ of the ~~Custodian to the~~ Trust ~~Unallocated Account~~.

~~In the event that there is not sufficient platinum in the Trust~~Fractions ~~Allocated~~of ~~Account~~a infine ~~London~~ounce toof ~~satisfy loco London redemptions, the Custodian shall cause the Zurich Sub-Custodian to de-allocate sufficient~~ platinum ~~held~~smaller bythan it0.001 ~~for~~of ~~the Trust Allocated Account in Zurich and cause~~ a ~~transfer~~fine ofounce ~~platinum~~which ~~from~~are ~~the~~included ~~Trust Unallocated Account maintained by the Custodian~~ in ~~Zurich to~~ the ~~Authorized~~platinum ~~Participant~~deposit ~~Unallocated~~amount ~~Account~~are ~~maintained in London. Likewise,~~disregarded in the ~~event~~foregoing ~~that~~calculation. ~~there~~All isquestions ~~not~~as ~~sufficient platinum in the Trust Allocated Account in Zurich~~ to ~~satisfy loco Zurich redemptions,~~ the ~~Custodian~~composition ~~will~~of ~~initiate~~a ~~the~~Creation ~~reverse~~Basket ~~procedure~~Deposit ~~to transfer platinum from London to Zurich. These transfers between London and Zurich unallocated accounts~~ will ~~generally~~be ~~occur~~finally ~~pursuant~~determined toby ~~loco swap arrangements and will not expose~~ the ~~Authorized Participant~~ ~~or the Trust to any additional expense~~Trustee. The ~~Custodian~~Trustee’s ~~has~~determination ~~assumed the responsibility and expenses for loco swap transfers and shall bear any risk~~ of ~~loss related to~~ the ~~platinum~~Creation ~~being~~Basket ~~transferred.~~Deposit ~~If no loco swap counterparty is available, the Custodian~~ shall ~~arrange,~~ atbe ~~its~~final ~~own expense~~ and ~~risk,~~binding ~~for~~on ~~the~~all ~~physical~~persons ~~transportation of platinum between the Zurich Sub-Custodian’s Zurich~~interested vault premises and the Custodian’s London vault premises. If such a loco swap or physical transfer is necessary to effect a loco London or loco Zurich redemption, the settlement of loco London or loco Zurich redemption deliveries may be delayed more than two, but not more than five, business days. The Custodian, in ~~its sole discretion, has~~ the ~~right to limit the location where Authorized Participants can elect to receive delivery of platinum to either loco London or loco Zurich~~Trust.

12Delivery of required deposits

~~The~~An Authorized ~~following~~Participant ~~description~~who ofplaces ~~the~~a ~~procedures~~purchase order is responsible for crediting its Authorized Participant Unallocated Account with the ~~creation~~required platinum deposit amount by the prescribed settlement date in London. Upon receipt of the platinum deposit amount, the Custodian, after receiving appropriate instructions from the Authorized Participant and ~~redemption~~the ofTrustee, ~~Baskets~~will istransfer ~~only~~on athe prescribed ~~summary~~settlement date the platinum deposit amount from the Authorized Participant Unallocated Account to the Trust Unallocated Account and anthe ~~investor~~Trustee ~~should~~will ~~refer~~direct DTC to credit the ~~relevant~~number ~~provisions~~of Baskets ordered to the Authorized Participant’s DTC account. The expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the Trust ~~Agreement~~shall ~~and~~be ~~the~~borne ~~form~~solely ofby the Authorized Participant. ~~Agreement~~The Trustee may accept delivery of platinum by such other means as the Sponsor, from time to time, may determine with the Trustee to be acceptable for ~~more~~the ~~detail~~Trust, provided that the same is disclosed in a prospectus relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act. If platinum is to be delivered other than as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish such custody accounts in addition to those described in this report, as the Sponsor determines to be desirable.

~~Creation~~Acting on ~~Procedures~~standing instructions given by the Trustee, the Custodian will transfer the platinum deposit amount from the Trust Unallocated Account to the Trust Allocated Account by transferring platinum plates and ingots from its inventory to the Trust Allocated Account. The Custodian uses commercially reasonable efforts to complete the transfer of platinum to the Trust Allocated Account prior to the time by which the Trustee is to credit the Basket to the Authorized Participant’s DTC account; if, however, such transfers have not been completed by such time, the number of Baskets ordered will be delivered against receipt of the platinum deposit amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated platinum to the extent of that platinum deposit amount until the Custodian completes the allocation process. See “Risk Factors—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s assets.....”

On any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets. Creation and redemption orders are accepted on “business days” the NYSE Arca is open for regular trading. Settlements of such orders requiring receipt or delivery, or confirmation of receipt or delivery, of platinum in the United Kingdom, Zurich or another jurisdiction will occur on “business days” when (1) banks in the United Kingdom, Zurich and such other jurisdiction and (2) the London and Zurich platinum markets are regularly open for business. If such banks or the London or Zurich platinum markets are not open for regular business for a full day, such a day will only be a “business day” for settlement purposes if the settlement procedures can be completed by the end of such day. Redemption settlements including platinum deliveries loco London may be delayed longer than two, but no more than five, business days following the redemption order date. Settlement of orders requiring receipt or delivery, or confirmation of receipt or delivery, of Shares will occur, after confirmation of the applicable platinum delivery, on “business days” when the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and no creation orders for the current trade date will be accepted after that time (the “cutoff”). Orders placed after the cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the following business day. Purchase orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading.13

ByBecause platinum ~~placing~~is aonly ~~purchase~~allocated ~~order~~in multiples of whole plates or ingots, anthe ~~Authorized~~amount ~~Participant~~of ~~agrees~~platinum allocated from the Trust Unallocated Account to ~~deposit~~the Trust Allocated Account may be less than the total fine ounces of platinum ~~with~~credited to the Trust Unallocated Account. Any ~~Prior~~balance towill be held in the ~~delivery~~Trust ofUnallocated ~~Baskets~~Account. ~~for~~The aCustodian ~~purchase~~uses ~~order,~~commercially reasonable efforts to minimize the amount ~~Authorized~~of ~~Participant~~platinum ~~must~~held ~~also~~in the Trust Unallocated Account; no more than 192 ounces of platinum (maximum weight to make one Good ~~have~~Delivery ~~wired~~Platinum Plate or Ingot) is expected to ~~the~~be ~~Trustee~~held in the ~~non-refundable~~Trust ~~transaction~~Unallocated ~~fee~~Account ~~due~~at ~~for~~ the ~~purchase~~close ~~order~~of each business day.

~~Determination~~ Rejection of ~~required~~purchase ~~deposits~~orders

The Trustee ~~amount~~may ofreject ~~the~~a ~~required~~purchase ~~platinum~~order ~~deposit~~or a Creation Basket Deposit if such order or Creation Basket Deposit is ~~determined~~not bypresented in ~~dividing~~proper form as described in the ~~number~~Authorized ofParticipant ~~ounces~~Agreement ofor ~~platinum~~if ~~held~~the byfulfillment of the ~~Trust~~order, byin the ~~number~~opinion of ~~Baskets outstanding~~counsel, might asbe ~~adjusted~~unlawful. ~~for~~None of the ~~amount~~Trustee, ~~of platinum~~the ~~constituting~~Sponsor ~~estimated~~or ~~accrued~~the ~~but~~Custodian ~~unpaid~~will ~~fees~~be ~~and~~liable ~~expenses~~for the rejection of ~~the~~any ~~Trust~~purchase order or Creation Basket Deposit.

~~Fractions of a fine ounce of platinum smaller than 0.001 of~~Redemption a fine ounce which are included in the platinum deposit amount are disregarded in the foregoing calculation. All questions as to the composition of a Creation Basket Deposit will be finally determined by the Trustee. The Trustee’s determination of the Creation Basket Deposit shall be final and binding on all persons interested in the Trust.Procedures

~~Delivery~~The procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of ~~required~~Baskets. On ~~deposits~~any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and no redemption orders for the current trade date will be accepted after that time (the “cutoff”). Orders placed after the cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the following business day. A redemption order so received is effective on the date it is received in satisfactory form by the Trustee. The redemption procedures allow Authorized Participants to redeem Baskets and do not entitle an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized Participant.

AnBy placing ~~Authorized Participant who places~~ a ~~purchase~~redemption order ~~is responsible for crediting its Authorized Participant Unallocated Account with the required platinum deposit amount by the second business day in London or Zurich~~, asan ~~applicable, following the purchase order date. Upon receipt of the platinum deposit amount, the Custodian, after receiving appropriate instructions from the~~ Authorized Participant ~~and~~agrees ~~the~~to ~~Trustee,~~deliver ~~will transfer on~~ the ~~second~~Baskets ~~business day~~to ~~following~~be ~~the~~redeemed ~~purchase~~through ~~order~~DTC’s ~~date~~book-entry ~~the platinum deposit amount from the Authorized Participant Unallocated Account~~ system to the Trust ~~Unallocated~~ ~~Account~~by ~~and~~ the ~~Trustee~~prescribed ~~will~~settlement ~~direct~~date. ~~DTC~~Prior to ~~credit~~ the ~~number~~delivery of ~~Baskets ordered to~~ the ~~Authorized~~redemption ~~Participant’s DTC~~distribution ~~account.~~for ~~The~~a ~~expense~~redemption ~~and risk of delivery~~order, ~~ownership and safekeeping of platinum until such platinum has been received by~~ the ~~Trust shall be borne solely by the~~ Authorized Participant. ~~The~~must ~~Trustee~~also ~~may~~have ~~accept~~wired ~~delivery of platinum by such other means as the Sponsor, from time~~ to ~~time, may determine with~~ the Trustee ~~to be acceptable for~~ the ~~Trust,~~non-refundable ~~provided~~transaction ~~that~~fee ~~the~~due ~~same~~for ~~is disclosed in a prospectus relating to~~ the ~~Trust~~redemption ~~filed with the SEC pursuant to Rule 424 under the Securities Act~~order. If platinum is to be delivered other than as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish such custody accounts in addition to those described in this report, as the Sponsor determines to be desirable.

13Determination of redemption distribution

~~Acting on standing instructions given by the Trustee, the Custodian~~The ~~will~~redemption ~~transfer~~distribution ~~the platinum deposit amount~~ from the Trust ~~Unallocated~~consists ~~Account to the Trust Allocated Account by transferring platinum plates and ingots from its inventory or the inventory~~ of ~~the~~a Zurich Sub-Custodian to the Trust Allocated Account. The Custodian uses commercially reasonable efforts to complete the transfer of platinum to the Trust Allocated Account prior to the time by which the Trustee is to credit ~~the Basket~~ to the redeeming Authorized Participant’s ~~DTC~~Authorized ~~account; if, however, such transfers have not been~~Participant ~~completed~~Unallocated byAccount ~~such~~representing ~~time,~~ the ~~number~~amount of ~~Baskets ordered will be delivered against receipt of~~ the platinum ~~deposit~~held ~~amount~~by in the Trust ~~Unallocated~~ ~~Account,~~evidenced ~~and~~by ~~all~~the ~~Shareholders~~Shares ~~will~~being beredeemed. ~~exposed to the risks~~ Fractions of ~~unallocated~~a ~~platinum~~fine toounce ~~the extent~~ of ~~that~~ platinum ~~deposit amount~~included ~~until~~in the ~~Custodian~~redemption ~~completes~~distribution ~~the~~smaller ~~allocation~~than ~~process~~0.001 orof ~~the~~a ~~Zurich~~fine ~~Sub-Custodian~~ounce ~~completes~~are ~~the~~disregarded. ~~allocation process for the~~Redemption ~~Custodian.~~distributions ~~See~~will ~~“Risk~~be ~~Factors—Platinum~~subject ~~held~~to in the ~~Trust’s~~deduction ~~unallocated~~of ~~platinum account and~~ any ~~Authorized~~applicable ~~Participant’s unallocated~~tax ~~platinum~~or ~~account~~other isgovernmental ~~not~~charges ~~segregated~~which ~~from~~may ~~the~~be ~~Custodian’s assets~~due.~~....”~~

Because platinum is only allocated in multiples of whole plates or ingots, the amount of platinum allocated from the Trust Unallocated Account to the Trust Allocated Account may be less than the total fine ounces of platinum credited to the Trust Unallocated Account. Any balance will be held in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account; no more than 192 ounces of platinum (maximum weight to make one Good Delivery ~~Platinum Plate or Ingot) is expected to be held in~~ ~~the Trust Unallocated Account at the close~~ of ~~each~~redemption ~~business day.~~distribution

~~Rejection~~The redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following a loco London redemption order date if, by 10:00 a.m. New York time on the settlement date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London redemption, the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the prescribed settlement date if, by 10:00 a.m. New York time on the first business day after the loco London redemption order date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m. New York time on the prescribed settlement date, the Trustee’s DTC account has not been credited with the total number of ~~purchase~~Shares ~~orders~~corresponding to the total number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure. If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m. New York time on the prescribed settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.

The Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel, might be unlawful. None of the Trustee, the Sponsor or the Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.14

~~Redemption~~The Custodian ~~Procedures~~transfers the redemption platinum amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter, to the redeeming Authorized Participant’s Authorized Participant Unallocated Account. The Authorized Participant and the Trust are each at risk in respect of platinum credited to their respective unallocated accounts in the event of the Custodian’s insolvency. See “Risk Factors—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s assets.....”

~~The procedures by which an Authorized Participant can redeem~~As ~~one~~with ~~or more Baskets mirror~~ the ~~procedures~~allocation ~~for the creation~~ of ~~Baskets.~~platinum ~~On any business day, an Authorized Participant may place an order with the Trustee~~ to ~~redeem one or more Baskets. Redemption orders must be placed no later than 3:59:59 p.m. on each business day~~ the ~~NYSE~~Trust ~~Arca~~Allocated isAccount ~~open~~which ~~for~~occurs ~~regular~~upon ~~trading. In the event of~~ a ~~level~~purchase 3order, ~~market-wide~~if ~~circuit breaker resulting~~ in atransferring ~~trading halt~~platinum ~~for~~from the ~~remainder~~Trust ofAllocated ~~the~~Account ~~trading~~to ~~day,~~ the ~~time~~Trust ofUnallocated ~~the~~Account ~~market-wide~~in ~~trading~~connection ~~halt~~with isa ~~considered~~redemption ~~the~~order ~~close~~there ofis ~~regular~~an ~~trading~~excess ~~and no~~amount ~~redemption~~of ~~orders~~platinum ~~for~~transferred to the ~~current~~Trust ~~trade~~Unallocated ~~date~~Account, ~~will be accepted after that time (~~the ~~“cutoff”).~~excess ~~Orders~~over ~~placed after~~ the ~~cutoff~~ ~~will~~platinum beredemption ~~deemed~~amount ~~to be rejected and~~ will ~~not~~ be ~~processed.~~held ~~Orders should be placed~~ in ~~proper form on~~ the ~~following business~~Trust ~~day~~Unallocated Account. AThe ~~redemption~~Custodian ~~order~~uses socommercially ~~received~~reasonable isefforts ~~effective~~to onminimize the ~~date~~amount itof isplatinum ~~received~~held in ~~satisfactory form by~~ the ~~Trustee.~~Trust ~~The redemption~~Unallocated ~~procedures~~Account; ~~allow~~no ~~Authorized~~more ~~Participants~~than to192 ~~redeem~~ounces ~~Baskets~~of ~~and~~platinum do(maximum ~~not~~weight ~~entitle~~to anmake ~~individual~~one ~~Shareholder~~Good toDelivery ~~redeem~~Platinum ~~any~~Plate ~~Shares~~or ~~in an~~Ingot) ~~amount~~is ~~less~~expected ~~than~~to be aheld ~~Basket,~~in orthe toTrust ~~redeem~~Unallocated ~~Baskets~~Account ~~other~~at ~~than~~the ~~through~~close anof ~~Authorized~~each ~~Participant~~business day.

~~By placing a redemption order, an Authorized Participant agrees~~Suspension toor ~~deliver~~rejection ~~the Baskets to be redeemed through DTC’s book entry system to the Trust not later than the second business day following the effective date~~ of ~~the~~ redemption order. Prior to the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.orders

14The Trustee may, in its discretion, and will, when directed by the Sponsor, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of platinum is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian are liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

~~Determination~~The Trustee ofwill reject a redemption ~~distribution~~order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.

~~The redemption distribution from the Trust consists of a credit~~Creation toand the redeeming Authorized Participant’s Authorized Participant Unallocated Account representing the amount of the platinum held by the Trust evidenced by the Shares being redeemed. Fractions of a fine ounce of platinum included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded. Redemption ~~distributions~~Transaction ~~will~~Fee ~~be subject to the deduction of any applicable tax or other governmental charges which may be due.~~

~~Delivery~~To compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An order may include multiple Baskets. The transaction fee may be reduced, increased or otherwise changed by the Trustee with the consent of the Sponsor. From time to time, the Trustee, with the consent of the Sponsor, may waive all or a portion of the applicable transaction fee. The Trustee shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption of ~~distribution~~Baskets until 30 days after the date of the notice.

The ~~redemption distribution due from the Trust will be delivered~~ to the Authorized Participant on the second business day following a loco Zurich redemption order date if, by 10:00 a.m. New York time on such second business day, the Trustee’s DTC account has been credited with the Baskets to be redeemed. The redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the fifth business day following a loco London redemption order date if, by 10:00 a.m. New York time on the second business day after the loco London redemption order date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London or loco Zurich redemption, the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the fifth business day following such a loco London or loco Zurich redemption order date if, by 10:00 a.m. New York time on the second business day after the loco London or loco Zurich redemption order date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m. New York time on the second business day following the order date of a redemption order, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have two business days following receipt of such notice to correct such failure. If such failure is not cured within such two business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m. New York time on the second business day following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.

The ~~Custodian transfers the redemption platinum amount from~~ ~~the~~ Trust ~~Allocated Account to the Trust Unallocated Account and, thereafter, to the redeeming Authorized Participant~~’s ~~Authorized Participant~~Sponsor ~~Unallocated~~is ~~Account.~~abrdn ~~The~~ETFs ~~Authorized~~Sponsor ~~Participant~~LLC, ~~and~~a ~~the~~Delaware ~~Trust~~limited ~~are~~liability ~~each~~company atformed ~~risk~~on inJune ~~respect~~17, ~~of platinum credited to their respective unallocated accounts in the event of the Custodian’s insolvency~~2009. See “Risk Factors—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s assets.....”

AsThe Sponsor’s ~~with~~office ~~the~~is ~~allocation~~located ofat ~~platinum~~c/o toabrdn ~~the~~ETFs ~~Trust~~Sponsor ~~Allocated~~LLC, ~~Account which~~1900 ~~occurs~~Market ~~upon~~Street, aSuite ~~purchase~~200, ~~order~~Philadelphia, ifPA in19103. Prior ~~transferring~~to ~~platinum~~April ~~from~~27, 2018, the ~~Trust~~Sponsor ~~Allocated~~was ~~Account~~wholly-owned toby ~~the~~ETF ~~Trust~~Securities ~~Unallocated~~Limited, ~~Account~~a Jersey, Channel Islands based company. inEffective ~~connection~~April ~~with~~27, a2018, ~~redemption~~ETF ~~order~~Securities ~~there~~Limited issold anits ~~excess~~membership ~~amount~~interest ofin ~~platinum~~the ~~transferred~~Sponsor to ~~the~~abrdn ~~Trust~~Inc. ~~Unallocated~~(known ~~Account~~as Aberdeen Standard Investments Inc. prior to January 1, ~~the~~2022) ~~excess over~~a Delaware corporation. As a result of the ~~platinum~~sale, ~~redemption~~abrdn ~~amount~~Inc. ~~will~~became bethe sole ~~held~~member inof the ~~Trust~~Sponsor. ~~Unallocated~~abrdn ~~Account~~Inc. ~~The~~is ~~Custodian~~a ~~uses~~wholly-owned ~~commercially~~indirect ~~reasonable~~subsidiary ~~efforts~~of abrdn plc, which together with its affiliates toand ~~minimize~~subsidiaries, ~~the~~is ~~amount~~collectively ofreferred ~~platinum~~to ~~held~~as in“abrdn.” Under the ~~Trust~~Delaware ~~Unallocated~~Limited ~~Account;~~Liability noCompany ~~more~~Act ~~than~~and the ~~192~~governing ~~ounces~~documents of ~~platinum~~the ~~(maximum~~Sponsor, ~~weight~~the ~~to make~~sole ~~one~~member ~~Good~~of ~~Delivery~~the ~~Platinum~~Sponsor, ~~Plate~~abrdn orInc., ~~Ingot)~~ is ~~expected~~not toresponsible befor ~~held~~the indebts, obligations and liabilities of the ~~Trust~~Sponsor ~~Unallocated~~solely ~~Account~~by atreason of being the ~~close~~sole member of ~~each~~the ~~business day~~Sponsor.

~~Suspension or rejection of redemption orders~~15

The ~~Trustee may, in its discretion, and will, when directed~~ ~~by the~~ Sponsor,’s ~~suspend~~Role the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of platinum is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian are liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

15The Sponsor arranged for the creation of the Trust, and is generally responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the organizational expenses of the Trust and the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses under the Custody Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of the Trust’s organization and the initial sale of the Shares, including the applicable SEC registration fees.

The Sponsor does not exercise day-to-day oversight over the Trustee ~~will~~or ~~reject~~the Custodian. The Sponsor may remove the Trustee and appoint a ~~redemption~~successor ~~order~~Trustee (i) if the ~~order~~Trustee isceases ~~not in~~to ~~proper~~meet ~~form~~certain asobjective ~~described~~requirements in(including the ~~Authorized~~requirement ~~Participant~~that it have capital, surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the ~~fulfillment~~Trustee refuses to consent to the implementation of an amendment to the ~~order~~Trust’s initial Internal Control Over Financial Reporting. The Sponsor also has the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the ~~opinion~~Trustee ofis not the surviving entity or, in its ~~counsel~~discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third ~~might~~anniversary bethereafter. ~~unlawful~~The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to appoint and any new or additional sub-custodian that the Custodian may wish to appoint.

~~Creation~~The Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing materials regarding the Shares, including the content of the Trust’s website and ~~Redemption~~(3) ~~Transaction~~executes ~~Fee~~the marketing plan for the Trust.

To compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An order may include multiple Baskets. The ~~transaction fee may be reduced, increased or otherwise changed by~~ ~~the~~ Trustee with the consent of the Sponsor. From time to time, the Trustee, with the consent of the Sponsor, may waive all or a portion of the applicable transaction fee. The Trustee shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption of Baskets until 30 days after the date of the notice.

The Bank ~~Sponsor~~of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers (“BNYM”), serves as the Trustee. BNYM has a Trust office at 240 Greenwich Street, New York, NY 10286. BNYM is subject to supervision by the New York State Financial Services Department and the Board of Governors of the Federal Reserve System. Information regarding creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust Agreement is available for inspection at BNYM’s trust office identified above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits of at least $150 million.

The ~~Trust~~ Trustee’s ~~Sponsor~~Role ~~is abrdn ETFs Sponsor LLC, a Delaware limited liability company formed on June 17, 2009.~~

The Trustee ~~Sponsor’s office~~ is ~~located~~generally atresponsible ~~c/o~~for ~~abrdn~~the ~~ETFs~~day-to-day ~~Sponsor LLC,~~administration ~~1900~~of ~~Market~~the ~~Street~~Trust, ~~Suite~~including ~~200,~~keeping ~~Philadelphia,~~the PATrust’s ~~19103~~operational records. ~~Prior~~The toTrustee’s ~~April~~principal ~~27,~~responsibilities ~~2018,~~include (1) transferring the ~~Sponsor~~Trust’s ~~was~~platinum ~~wholly-owned~~as byneeded ~~ETF~~to ~~Securities~~pay the ~~Limited,~~Sponsor’s aFee ~~Jersey,~~in ~~Channel~~platinum ~~Islands~~(platinum ~~based~~transfers ~~company.~~are ~~Effective~~expected ~~April~~to ~~27,~~occur ~~2018,~~approximately ~~ETF~~monthly ~~Securities~~in ~~Limited~~the ~~sold~~ordinary ~~its~~course), ~~membership~~(2) ~~interest~~valuing in the ~~Sponsor~~Trust’s toplatinum ~~abrdn~~and ~~Inc.~~calculating ~~(known~~the asNAV ~~Aberdeen~~of ~~Standard~~the ~~Investments~~Trust ~~Inc.~~and ~~prior~~the toNAV ~~January~~per 1Share, ~~2022~~(3) areceiving ~~Delaware~~and ~~corporation.~~processing Asorders from aAuthorized ~~result~~Participants ofto create and redeem Baskets and coordinating the ~~sale,~~processing ~~abrdn~~of ~~Inc.~~such ~~became~~orders with the ~~sole~~Custodian ~~member~~and ofDTC, (4) selling the ~~Sponsor.~~Trust’s ~~abrdn~~platinum ~~Inc.~~as isneeded ato ~~wholly-owned~~pay ~~indirect~~any ~~subsidiary~~extraordinary ofTrust ~~abrdn plc,~~expenses ~~which~~that ~~together~~are ~~with~~not ~~its~~assumed ~~affiliates~~by ~~and~~the ~~subsidiaries~~Sponsor, (5) iswhen ~~collectively~~appropriate, ~~referred~~making todistributions asof ~~“abrdn.”~~cash ~~Under~~or ~~the~~other ~~Delaware Limited~~property ~~Liability~~to ~~Company~~Shareholders, ~~Act~~ and ~~the~~(6) ~~governing~~receiving ~~documents~~and ofreviewing ~~the~~reports from ~~Sponsor,~~or on the ~~sole~~Custodian’s ~~member~~custody of ~~the~~and ~~Sponsor,~~transactions ~~abrdn~~in ~~Inc~~the Trust’s platinum. The Trustee shall, iswith ~~not~~respect ~~responsible~~to ~~for~~directing the ~~debts~~Custodian, ~~obligations~~act ~~and~~in ~~liabilities~~accordance with the instructions of the Sponsor. ~~solely~~If bythe ~~reason~~Custodian ofresigns, ~~being~~ the ~~sole~~Trustee ~~member~~shall ofappoint an additional or replacement Custodian selected by the Sponsor.

The Trustee intends to regularly communicate with the Sponsor to monitor the overall performance of the Trust. The Trustee does not monitor the performance of the Custodian, or any sub-custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements. The Trustee, along with the Sponsor, will liaise with the Trust’s ~~Role~~legal, accounting and other professional service providers as needed. The Trustee will assist and support the Sponsor with the preparation of all periodic reports required to be filed with the SEC on behalf of the Trust.

The Sponsor arranged for the creation of the Trust, and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of the Trust’s organization and the initial sale of the Shares, including the applicable SEC registration fees.16

The ~~Sponsor does not exercise day-to-day oversight over the~~ Trustee or the Custodian. The Sponsor may remove the Trustee and appoint a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital, surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to the implementation of an amendment to the Trust’s ~~initial~~monthly ~~Internal~~fees Control Over Financial Reporting. The Sponsor also has the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to appoint and ~~any new or additional sub~~out-~~custodian, including~~of-pocket ~~the~~expenses ~~Zurich~~are ~~Sub-Custodian,~~paid ~~that~~by the ~~Custodian may wish to appoint~~Sponsor.

~~The~~Affiliates of ~~Sponsor~~the orTrustee ~~one~~may offrom ~~its~~time ~~affiliates~~to time act as Authorized Participants or ~~agents~~purchase ~~(1)~~or ~~develops a~~sell ~~marketing~~platinum ~~plan~~or Shares for ~~the~~their ~~Trust~~own onaccount, as anagent ~~ongoing~~for ~~basis,~~their ~~(2)~~customers ~~prepares~~and ~~marketing~~for ~~materials~~accounts ~~regarding~~over ~~the~~which ~~Shares,~~they ~~including~~exercise ~~the~~investment ~~content~~ discretion. Affiliates of the ~~Trust’s~~Trustee ~~website~~are ~~and~~subject to ~~(3)~~the ~~executes~~same ~~the~~transaction ~~marketing~~fee ~~plan~~as ~~for~~other ~~the~~Authorized ~~Trust~~Participants.

16The Custodian

~~The~~Effective May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account Agreement with ICBC providing for the custody of the Trust’s platinum. Effective August 8, 2024, JPMorgan Chase Bank N.A. no longer serves as a custodian of the Trust’s platinum.

~~The~~ICBC is ~~Bank~~a ofpublic ~~New~~limited ~~York~~company ~~Mellon,~~incorporated ~~a banking corporation organized~~ under the laws of ~~the~~England ~~State~~and ~~of New York with trust powers (“BNYM”)~~Wales, serves as ~~the Trustee. BNYM has~~ a ~~trust~~Custodian ~~office at 240 Greenwich Street, New York, NY 10286. BNYM is subject to supervision by the New York State Financial Services Department and the Board~~ of ~~Governors of~~ the ~~Federal~~Trust’s ~~Reserve System~~platinum. ~~Information regarding creation and redemption Basket composition, NAV~~ ofICBC’s ~~the~~office ~~Trust, transaction fees and the names of the parties that have each executed an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust Agreement~~ is ~~available~~located ~~for inspection~~ at ~~BNYM’s~~20 ~~trust~~Gresham ~~office~~Street, ~~identified above. Under the Trust Agreement~~London, ~~the~~EC2V ~~Trustee is required to have capital~~7JE, ~~surplus~~United ~~and undivided profits of at least $150 million~~Kingdom.

The ~~Trustee~~ Custodian’s Role

The Custodian ~~Trustee~~ is ~~generally~~ responsible for the ~~day-to-day~~safekeeping ~~administration~~ of the Trust~~, including keeping the Trust~~’s ~~operational~~platinum ~~records.~~deposited ~~The~~with ~~Trustee’s~~it ~~principal~~by ~~responsibilities~~Authorized ~~include~~Participants ~~(1)~~in connection ~~transferring~~with the ~~Trust’s~~creation ~~platinum~~of asBaskets. ~~needed~~The toCustodian ~~pay~~facilitates the ~~Sponsor’s~~transfer ~~Fee~~of in platinum ~~(platinum transfers are expected to occur approximately monthly~~ in ~~the~~and ~~ordinary~~out ~~course),~~of ~~(2) valuing~~ the Trust’s ~~platinum~~through ~~and calculating~~ the ~~NAV~~unallocated platinum ofaccounts ~~the~~it ~~Trust and~~will ~~the~~maintain ~~NAV~~for ~~per~~each ~~Share,~~Authorized ~~(3)~~Participant ~~receiving~~ and ~~processing~~the ~~orders~~unallocated ~~from~~and ~~Authorized~~allocated ~~Participants~~platinum toaccounts ~~create~~it ~~and~~maintains for ~~redeem~~the ~~Baskets~~Trust. ~~and~~The ~~coordinating the~~Custodian ~~processing~~holds ofat ~~such~~its ~~orders~~London, ~~with~~England ~~the~~vault ~~Custodian~~premises ~~and~~that ~~DTC,~~portion ~~(4)~~of ~~selling~~ the Trust’s ~~platinum~~allocated ~~as needed~~ platinum to ~~pay~~be ~~any~~held ~~extraordinary Trust~~in ~~expenses~~London. ~~that~~The ~~are~~Custodian ~~not~~is ~~assumed~~responsible byfor ~~the~~allocating ~~Sponsor,~~specific ~~(5)~~plates ~~when~~or ~~appropriate,~~ingots ~~making distributions~~ of ~~cash~~physical orplatinum ~~other property~~ to ~~Shareholders, and (6) receiving and reviewing reports from or on~~ the ~~Custodian~~Trust’s allocated ~~custody~~platinum ofaccount. ~~and~~The ~~transactions~~Custodian inprovides the ~~Trust’s platinum. The~~ Trustee ~~shall,~~ with ~~respect~~regular toreports ~~directing~~detailing the ~~Custodian,~~platinum ~~act~~transfers in ~~accordance~~and ~~with the instructions~~ out of the ~~Sponsor.~~Trust’s Ifunallocated ~~the~~and ~~Custodian resigns,~~allocated ~~the~~platinum ~~Trustee~~accounts ~~shall~~and ~~appoint~~identifying anthe ~~additional~~platinum plates or ~~replacement~~ingots ~~Custodian~~held ~~selected~~in by the ~~Sponsor~~Trust’s allocated platinum account.

The ~~Trustee intends to regularly communicate with the Sponsor~~ ~~to monitor the overall performance of the Trust. The Trustee does not monitor the performance of the~~ Custodian,’s ~~the~~fees ~~Zurich~~and ~~Sub-Custodian, or~~expenses ~~any~~under ~~other sub-custodian other than to review~~ the ~~reports provided by the Custodian pursuant to the~~ Custody Agreements. ~~The~~are ~~Trustee, along~~paid ~~with~~by the Sponsor~~, will liaise with the Trust’s legal, accounting and other professional service providers as needed~~. ~~The Trustee will assist and support the Sponsor with the preparation of all periodic reports required to be filed with the SEC on behalf of the Trust.~~

The Custodian ~~Trustee’s~~and ~~monthly~~its ~~fees~~affiliates may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their customers and ~~out-of-pocket~~for ~~expenses~~accounts over which they exercise investment discretion. The Custodian and its affiliates are ~~paid~~subject byto the ~~Sponsor~~same transaction fee as other Authorized Participants.

~~Affiliates of the Trustee may from time to time act as Authorized~~Inspection ~~Participants or purchase or sell platinum or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. Affiliates~~ of ~~the~~Platinum ~~Trustee are subject to the same transaction fee as other Authorized Participants.~~

~~The~~Under 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.

~~JPMorgan Chase Bank, N.A. (“JPMorgan”) serves as~~The ~~the~~Sponsor ~~Custodian~~has ofexercised ~~the~~its ~~Trust’s~~right ~~platinum.~~to ~~JPMorgan~~visit ~~is a national banking association organized under~~ the ~~laws~~Custodian ofin ~~the~~order ~~United States of America. JPMorgan is subject~~ to ~~supervision~~examine by the ~~Federal~~platinum ~~Reserve Bank of New York~~ and the ~~Federal~~records ~~Deposit~~maintained ~~Insurance Corporation. JPMorgan’s London office is regulated~~ by the ~~FCA~~Custodian. Inspections ~~and~~were isconducted ~~located~~by atBureau 25Veritas ~~Bank~~Commodities ~~Street~~UK, ~~Canary Wharf~~Ltd, ~~London, E14 5JP, United Kingdom. JPMorgan is~~ a ~~subsidiary~~leading ofcommodity ~~JPMorgan~~inspection ~~Chase~~and &testing ~~Co.~~company ~~While~~retained ~~the~~by ~~United Kingdom operations of~~ the ~~Custodian~~ ~~are~~Sponsor, ~~regulated~~as byof ~~the~~July ~~FCA~~26, ~~the~~2024 ~~custodial services provided by the Custodian~~ and ~~any~~January ~~sub-custodian~~4, ~~including the Zurich Sub-Custodian under the Custody Agreements, are presently not a regulated activity subject to the supervision and rules of the FCA~~2025. The ~~Zurich Sub-Custodian~~results ~~selected~~can bybe ~~the~~found ~~Custodian~~on ~~is UBS AG, which is located at 45 Bahnhofstrasse, 8001 Zurich, Switzerland~~www.abrdn.com/usa/etf.

~~The~~There can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections of the Trust’s platinum as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s ~~Role~~auditors and inspectors, from performing a physical inspection of the Trust’s platinum on a desired date. In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the platinum held by the Trust by alternate means, including through virtual inspections of the Trust’s platinum and/or a review of pertinent records.

The Custodian is responsible for the safekeeping of the Trust’s platinum deposited with it by Authorized Participants in connection with the creation of Baskets. The Custodian is also responsible for selecting the Zurich Sub-Custodian and its other direct sub-custodians, if any. The Custodian facilitates the transfer of platinum in and out of the Trust through the unallocated platinum accounts it will maintain for each Authorized Participant and the unallocated and allocated platinum accounts it maintains for the Trust. The Custodian holds at its London, England vault premises that portion of the Trust’s allocated platinum to be held in London. The Zurich Sub-Custodian holds at its Zurich, Switzerland vault premises that portion of the Trust’s allocated platinum to be held in Zurich on behalf of the Custodian. The Custodian is responsible for allocating specific plates or ingots of physical platinum to the Trust’s allocated platinum account. The Custodian provides the Trustee with regular reports detailing the platinum transfers in and out of the Trust’s unallocated and allocated platinum accounts and identifying the platinum plates or ingots held in the Trust’s allocated platinum account.17

17Description of the Shares

~~The Custodian’s fees and expenses under the Custody Agreements are paid by the Sponsor.~~General

The Trustee ~~Custodian~~is authorized under the Trust Agreement to create and ~~its~~issue ~~affiliates~~an ~~may~~unlimited ~~from~~number ~~time~~of toShares. ~~time~~The ~~act~~Trustee ascreates Shares ~~Authorized~~only ~~Participants~~in orBaskets ~~purchase~~(a orBasket ~~sell~~equals ~~platinum~~a orblock of 50,000 Shares) ~~for~~and ~~their~~only ~~own~~upon ~~account,~~the asorder ~~agent~~of ~~for~~an ~~their~~Authorized ~~customers~~Participant. ~~and~~The ~~for~~Shares ~~accounts~~represent ~~over~~units ~~which~~of ~~they~~fractional ~~exercise~~undivided ~~investment~~beneficial ~~discretion~~interest in and ownership of the Trust and have no par value. ~~The~~Any ~~Custodian~~creation and ~~its~~issuance of ~~affiliates~~Shares ~~are~~above ~~subject~~the toamount registered on the ~~same~~Trust’s ~~transaction~~then-current ~~fee~~and aseffective ~~other~~registration statement with the SEC will ~~Authorized~~require ~~Participants~~the registration of such additional Shares.

~~Inspection~~ Description of ~~Platinum~~Limited Rights

~~Under~~The Shares ~~the~~do ~~Custody~~not ~~Agreements,~~represent ~~the~~a ~~Trustee,~~traditional ~~the~~investment ~~Sponsor~~ and ~~the Trust’s~~Shareholders ~~auditors~~should ~~and~~not ~~inspectors~~view ~~may,~~them ~~only~~as upsimilar to ~~twice~~shares of a ~~year,~~corporation ~~visit~~operating a ~~the~~business ~~premises~~enterprise ofwith ~~the~~management ~~Custodian~~ and ~~the~~a ~~Zurich~~board ~~Sub-Custodian for~~of ~~the~~directors. ~~purpose~~Shareholders ofdo ~~examining~~not have the ~~Trust’s~~statutory ~~platinum~~rights ~~and~~normally ~~certain~~associated with ~~related~~the ~~records~~ownership ~~maintained~~of byshares ~~the~~of ~~Custodian.~~a ~~Under~~corporation, ~~the~~including, ~~Allocated Account~~for ~~Agreement~~example, the ~~Custodian~~right ~~agreed~~ to ~~procure~~bring ~~similar~~“oppression” ~~inspection~~or ~~rights from the Zurich Sub-Custodian~~“derivative” actions. ~~Visits~~All byShares ~~auditors and~~are ~~inspectors~~of to the ~~Zurich~~same ~~Sub-Custodian’s~~class ~~facilities~~with ~~will~~equal berights ~~arranged~~and ~~through the Custodian~~privileges. ~~Other~~Each ~~than~~Share ~~with~~is ~~respect~~transferable, tois ~~the Zurich~~fully ~~Sub-Custodian,~~paid ~~the~~and ~~Trustee~~ non-assessable and entitles the ~~Sponsor~~holder ~~have no right~~ to ~~visit~~vote on the ~~premises~~limited ofmatters ~~any~~upon ~~sub-custodian~~which ~~for~~Shareholders ~~the~~may ~~purposes~~vote ~~of examining~~under the Trust’s ~~platinum~~Agreement. orThe ~~any~~Shares do ~~records~~not ~~maintained~~entitle bytheir ~~the~~holders ~~sub-custodian, and no sub-custodian is obligated~~ to ~~cooperate in~~ any ~~review~~conversion ~~the Trustee~~ or ~~the~~pre-emptive ~~Sponsor~~rights, ~~may~~or, ~~wish~~except toas ~~conduct~~provided ~~of the facilities~~below, ~~procedures,~~any ~~records~~redemption rights or ~~creditworthiness~~rights to ~~of such sub-custodian~~distributions.

The Sponsor has exercised its right to visit the Custodian and the Zurich Sub-Custodian, in order to examine the platinum and the records maintained by the Custodian. Inspections were conducted by Bureau Veritas Commodities UK, Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of July 7, 2023 and December 31, 2023.Distributions

~~There~~If the ~~can~~Trust beis noterminated ~~guarantee~~and ~~that~~liquidated, the ~~Sponsor~~Trustee ~~or the Trust’s auditors and inspectors~~ will bedistribute ~~able~~ to ~~perform physical inspections of~~ the ~~Trust’s~~Shareholders ~~platinum~~any asamounts ~~planned.~~remaining ~~Local~~after ~~policies,~~the ~~regulations, or~~satisfaction ~~ordinances,~~of asall ~~well~~outstanding asliabilities ~~polices~~of orthe ~~restrictions~~Trust ~~adopted~~and by the ~~Custodian~~establishment orof asuch ~~sub-custodian,~~reserves ~~may~~for ~~temporarily~~applicable ~~prevent~~taxes, orother ~~otherwise~~governmental charges ~~impair~~and ~~the~~contingent ~~ability~~or ~~of,~~future ~~the~~liabilities ~~Sponsor~~as or the ~~Trust’s~~Trustee ~~auditors~~shall ~~and~~determine. ~~inspectors,~~Shareholders ~~from performing a physical inspection~~ of ~~the~~record ~~Trust’s platinum~~ on athe ~~desired~~record date. Infixed ~~those~~by ~~situations,~~ the ~~Sponsor~~Trustee for ora ~~the~~distribution ~~Trust’s~~will ~~auditors~~be ~~and~~entitled ~~inspectors may seek~~ to ~~verify~~receive ~~the~~their ~~platinum held~~pro byrata ~~the~~portion ~~Trust by alternate means, including through virtual inspections~~ of ~~the~~any ~~Trust’s platinum and/or a review of pertinent records~~distribution.

~~Description~~Voting and ofApprovals ~~the Shares~~

~~General~~Under the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval is required for any amendment to the Trust Agreement.

~~The Trustee is authorized under the Trust Agreement to create~~Redemption ~~and issue an unlimited number~~ of ~~Shares. The Trustee creates Shares only in Baskets (a Basket equals a block of 50,000 Shares) and only upon~~ the ~~order of an Authorized Participant. The~~ Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amount registered on the Trust’s then-current and effective registration statement with the SEC will require the registration of such additional Shares.

~~Description~~The Shares ofmay ~~Limited~~only ~~Rights~~be redeemed by or through an Authorized Participant and only in Baskets.

The Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated with the ownership of shares of a corporation, including, for example, the right to bring “oppression” or “derivative” actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and nonBook-~~assessable and entitles the holder to vote on the~~Entry ~~limited~~Form matters upon which Shareholders may vote under the Trust Agreement. The Shares do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights to distributions.

18Individual certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers will be made in accordance with standard securities industry practice.

~~Distributions~~18

~~If the Trust is terminated and liquidated, the Trustee will~~Custody ~~distribute to the Shareholders any amounts remaining after the satisfaction~~ of ~~all outstanding liabilities of~~ the Trust’s ~~and~~Platinum the establishment of such reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a distribution will be entitled to receive their pro rata portion of any distribution.

~~Voting~~Custody of the physical platinum deposited with and ~~Approvals~~held by the Trust is provided by the Custodian at its London, England vault and by other sub-custodians on a temporary basis. The Custodian is a market maker, clearer and approved weigher under the rules of the LPPM.

~~Under~~The Custodian is the ~~Trust~~custodian ~~Agreement,~~of ~~Shareholders~~the ~~have~~physical noplatinum ~~voting~~credited ~~rights, except~~to Trust Allocated Account in ~~limited~~accordance ~~circumstances.~~with ~~The~~the ~~Trustee~~Custody ~~may~~Agreements. The ~~terminate~~Custodian segregates the ~~Trust~~physical ~~upon~~platinum ~~the~~credited ~~agreement~~to ofthe ~~Shareholders~~Trust ~~owning~~Allocated atAccount ~~least~~from ~~75%~~any ~~of the~~other ~~outstanding~~precious ~~Shares.~~metal Init ~~addition,~~holds or ~~certain~~holds ~~amendments~~for toothers ~~the~~by ~~Trust~~entering ~~Agreement~~appropriate ~~require~~entries ~~advance~~in ~~notice~~its tobooks ~~the~~and ~~Shareholders~~records. ~~before~~ Under the ~~effectiveness~~Custody ofAgreements, ~~such~~the ~~amendments~~Trustee, ~~but~~the noSponsor and ~~Shareholder~~the ~~vote~~Trust’s orauditors ~~approval~~and isinspectors ~~required~~may ~~for~~inspect ~~any~~the ~~amendment~~vaults toof the ~~Trust~~Custodian. ~~Agreement~~See “Inspection of Platinum”.

~~Redemption~~The Custodian, as instructed by the Trustee on behalf of the ~~Shares~~Trust, is authorized to accept, on behalf of the Trust, deposits of platinum in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian allocates platinum deposited in unallocated form with the Trust by selecting plates or ingots of platinum for deposit to the Trust Allocated Account. All physical platinum allocated to the Trust must conform to the rules, regulations, practices and customs of the LPPM, and the Custodian must replace any non-conforming platinum with conforming platinum as soon as practical upon a determination by the Custodian any platinum is non-conforming.

The process ~~Shares~~of ~~may~~withdrawing platinum from the Trust for a redemption of a Basket follows the same general procedure as for depositing platinum with the Trust for a creation of a Basket, only bein ~~redeemed~~reverse. byEach transfer of platinum between the Trust Allocated Account and the Trust Unallocated Account connected with a creation or ~~through~~redemption anof ~~Authorized~~a Basket may result in a small amount of platinum ~~Participant~~being held in the Trust Unallocated Account after the completion of the transfer. In making deposits and ~~only~~withdrawals between the Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize the amount of platinum held in ~~Baskets~~the Trust Unallocated Account as of the close of each business day. See “Creation and Redemption of Shares.”

~~Book-Entry~~United States ~~Form~~Federal Income Tax Consequences

~~Individual~~The following ~~certificates~~discussion ~~will~~of ~~not~~the bematerial ~~issued~~US ~~for~~federal ~~the~~income ~~Shares.~~tax ~~Instead, one~~consequences orgenerally ~~more~~applies ~~global~~to ~~certificates~~the ispurchase, ~~deposited~~ownership and disposition of Shares by ~~the~~a ~~Trustee~~US ~~with~~Shareholder ~~DTC~~(as defined below), and ~~registered~~certain inUS ~~the~~federal ~~name~~income oftax ~~Cede~~consequences &that ~~Co.,~~may asapply ~~nominee~~to ~~for~~an investment ~~DTC~~in Shares by a Non-US Shareholder (as defined below). The ~~global~~discussion ~~certificates~~is ~~evidence~~based ~~all~~on the United States Internal Revenue Code of 1986 as amended (the ~~Shares~~“Code”). ~~outstanding~~The atdiscussion ~~any~~below ~~time.~~is ~~Under~~based on the ~~Trust Agreement~~Code, ~~Shareholders~~United ~~are~~States ~~limited to~~Treasury Regulations (1“Treasury Regulations”) ~~participants~~promulgated inunder ~~DTC~~the ~~such~~Code asand ~~banks,~~judicial ~~brokers~~and administrative interpretations of the Code, ~~dealers~~all ~~and~~as ~~trust~~in ~~companies~~effect ~~(DTC~~on the ~~Participants),~~date ~~(2)~~of ~~those~~this ~~who~~annual ~~maintain,~~report and all of which are subject to change either ~~directly~~ prospectively or ~~indirectly,~~retroactively. aThe ~~custodial~~tax ~~relationship~~treatment of ~~with~~Shareholders amay ~~DTC~~vary ~~Participant~~depending ~~(Indirect~~upon ~~Participants),~~their ~~and~~own ~~(3)~~particular ~~those~~circumstances. ~~banks~~Certain Shareholders (including broker-dealers, ~~brokers~~traders, ~~dealers~~banks and other financial institutions, ~~trust~~insurance companies, ~~and~~real ~~others~~estate ~~who~~investment ~~hold~~trusts, ~~interests~~tax-exempt inentities, ~~the~~Shareholders whose ~~Shares~~functional ~~through~~currency ~~DTC~~is ~~Participants~~not the U.S. Dollar or ~~Indirect~~other ~~Participants.~~investors ~~The~~with ~~Shares are~~special ~~only~~circumstances) ~~transferable~~may ~~through~~be ~~the~~subject ~~book-entry~~to ~~system~~special ofrules not ~~DTC~~discussed below. ~~Shareholders~~In ~~who~~addition, ~~are~~the ~~not~~following ~~DTC~~discussion ~~Participants~~applies ~~may~~only ~~transfer~~to ~~their~~investors who hold Shares ~~through~~ ~~DTC~~as by“capital ~~instructing~~assets” within the ~~DTC~~meaning ~~Participant~~of ~~holding~~Code ~~their~~section ~~Shares~~1221 ~~(or~~and bynot ~~instructing~~as ~~the~~part ~~Indirect~~of ~~Participant~~a straddle, hedging transaction or ~~other~~a ~~entity~~conversion or constructive sale ~~through~~transaction. ~~which~~Moreover, ~~their~~the ~~Shares~~discussion ~~are~~below ~~held)~~does tonot ~~transfer~~address the effect of any state, local or foreign tax law or any transfer tax on an owner of Shares. ~~Transfers~~Purchasers ~~will~~of beShares ~~made~~are inurged ~~accordance~~to consult their own tax advisors with ~~standard~~respect ~~securities~~to ~~industry~~all federal, state, ~~practice~~local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares.

~~Custody~~For purposes of ~~the~~this ~~Trust’s~~discussion, ~~Platinum~~a “US Shareholder” is a Shareholder that is:

~~Custody~~● An individual who is a citizen or resident of the ~~physical~~United ~~platinum~~States; ~~deposited~~● ~~with~~A ~~and~~corporation ~~held~~(or ~~by the~~other ~~Trust~~entity istreated ~~provided~~as bya ~~the~~corporation ~~Custodian~~for atUS ~~its~~federal ~~London,~~tax ~~England~~purposes) ~~vault~~created ~~and~~or byorganized in or under the ~~Zurich~~laws ~~Sub-Custodian~~of ~~selected~~the byUnited States or any political subdivision thereof; ● An estate, the ~~Custodian~~income of which is includible in ~~its~~ ~~Zurich,~~gross ~~Switzerland~~income ~~vault~~for ~~and~~US byfederal ~~other~~income ~~sub-custodians~~tax onpurposes regardless of its source; or ● A trust, if a ~~temporary~~court ~~basis.~~within ~~The~~the ~~Custodian~~United States is aable ~~market~~to ~~maker,~~exercise ~~clearer~~primary supervision over the administration of the trust and ~~approved weigher~~one ~~under~~or more US persons have the ~~rules~~authority to control all substantial decisions of the ~~LPPM~~trust.

The Custodian is the custodian of the physical platinum credited to Trust Allocated Account in accordance with the Custody Agreements. The Custodian segregates the physical platinum credited to the Trust Allocated Account from any other precious metal it holds or holds for others by entering appropriate entries in its books and records, and requires the Zurich Sub-Custodian to also segregate the physical platinum of the Trust that it holds from the other platinum held by it for other customers of the Custodian and the Zurich Sub-Custodian’s other customers. The Custodian requires the Zurich Sub-Custodian to identify in its books and records the Trust as having the rights to the physical platinum credited to its Trust Allocated Account. Under the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may inspect the vaults of the Custodian and the Zurich Sub-Custodian. See “Inspection of Platinum”.19

19Taxation of the Trust

The ~~Custodian, as instructed by the Trustee on behalf of the~~ Trust, is ~~authorized~~classified toas ~~accept,~~a on“grantor ~~behalf~~trust” offor ~~the~~US ~~Trust,~~federal ~~deposits~~income oftax ~~platinum in unallocated form~~purposes. ~~Acting~~As ona ~~standing instructions specified in the Custody Agreements~~result, the ~~Custodian~~Trust ~~allocates,~~itself oris ~~requires~~not subject ~~Zurich Sub-Custodian~~ to ~~allocate,~~US ~~platinum~~federal ~~deposited in~~income ~~unallocated~~tax. ~~form~~Instead, ~~with~~ the Trust’s byincome ~~selecting~~and ~~plates~~expenses or“flow ~~ingots~~through” ~~of platinum for deposit~~ to the ~~Trust Allocated Account. All physical~~Shareholders, ~~platinum~~and ~~allocated to~~ the ~~Trust~~Trustee ~~must~~reports ~~conform to~~ the ~~rules~~Trust’s income, ~~regulations~~gains, ~~practices~~losses and ~~customs~~deductions ofto the ~~LPPM,~~Internal ~~and~~Revenue ~~the~~Service ~~Custodian must~~(“IRS”) ~~replace~~on ~~any~~that ~~non-conforming platinum with conforming platinum as soon as practical upon a determination by the Custodian any platinum is non-conforming~~basis.

~~The~~A Shareholder ~~process~~that ofis ~~withdrawing platinum~~not ~~from~~a ~~the~~US ~~Trust~~Shareholder ~~for a~~as ~~redemption~~defined ofabove a(other ~~Basket~~than ~~follows~~a ~~the~~partnership, ~~same~~or ~~general~~an ~~procedure~~entity treated as a partnership for ~~depositing platinum~~US ~~with~~federal ~~the~~tax ~~Trust~~purposes) ~~for~~generally ais ~~creation~~considered of a ~~Basket,~~ ~~only~~“Non-US inShareholder” ~~reverse.~~for ~~Each~~purposes ~~transfer~~ of ~~platinum~~ ~~between~~this ~~the~~discussion. ~~Trust~~For US ~~Allocated~~federal ~~Account~~income ~~and~~tax purposes, the ~~Trust~~treatment ~~Unallocated~~of ~~Account~~any ~~connected with~~beneficial aowner ~~creation~~of oran ~~redemption~~interest ofin a ~~Basket~~partnership, ~~may~~including ~~result~~any inentity treated as a ~~small~~partnership ~~amount~~for ~~of platinum~~US ~~being~~federal ~~held~~income intax ~~the~~purposes, ~~Trust~~generally ~~Unallocated~~depends ~~Account after~~upon the ~~completion~~status of the ~~transfer.~~partner ~~In making deposits~~ and ~~withdrawals~~upon ~~between~~ the activities ~~Trust~~of ~~Allocated Account and~~ the ~~Trust~~partnership. ~~Unallocated Account,~~Partnerships ~~the~~and ~~Custodian~~partners ~~will~~in ~~use~~partnerships ~~commercially~~should ~~reasonable~~consult ~~efforts~~their totax ~~minimize~~advisors ~~the amount~~about ~~of platinum held in~~ the ~~Trust Unallocated~~US ~~Account~~federal asincome oftax ~~the~~consequences ~~close~~ of ~~each~~purchasing, ~~business~~owning ~~day. See “Creation~~ and ~~Redemption~~disposing of Shares.”

~~United~~Taxation of ~~States~~US ~~Federal~~Shareholders ~~Income Tax Consequences~~

~~The~~Shareholders generally ~~following~~are ~~discussion~~treated, offor ~~the material~~ US federal income tax ~~consequences~~ ~~generally applies to the purchase~~purposes, ~~ownership~~as ~~and~~if ~~disposition~~they ofdirectly ~~Shares~~owned by a USpro ~~Shareholder~~rata ~~(as~~share ~~defined~~of ~~below),~~the ~~and~~underlying assets ~~certain~~held USby ~~federal~~the ~~income~~Trust. ~~tax~~Shareholders ~~consequences~~are ~~that~~also ~~may~~treated ~~apply~~as toif anthey ~~investment~~directly inreceived ~~Shares~~their byrespective apro ~~Non-US~~rata ~~Shareholder~~share ~~(as~~of ~~defined~~the ~~below).~~Trust’s ~~The~~income, ~~discussion~~if isany, ~~based~~and onas ~~the~~if ~~United~~they ~~States~~directly ~~Internal~~incurred ~~Revenue~~their ~~Code~~respective ofpro ~~1986~~rata asshare ~~amended~~of (the ~~“Code”)~~Trust’s expenses. ~~The~~In ~~discussion below~~the iscase ~~based~~of a onShareholder ~~the~~that ~~Code,~~purchases ~~United~~Shares ~~States~~for ~~Treasury~~cash, ~~Regulations~~its ~~(“Treasury~~initial ~~Regulations”)~~tax ~~promulgated~~basis ~~under~~in ~~the~~its ~~Code and~~pro ~~judicial~~rata ~~and~~share ~~administrative interpretations~~ of the ~~Code,~~assets ~~all~~held as in ~~effect on~~ the ~~date~~Trust ofat ~~this~~the time ~~annual~~it ~~report~~acquires ~~and~~its ~~all~~Shares ofis ~~which are~~equal ~~subject~~ to ~~change~~its ~~either~~cost ~~prospectively~~of oracquiring ~~retroactively~~the Shares. ~~The~~In ~~tax~~the ~~treatment~~case of ~~Shareholders~~a ~~may~~Shareholder ~~vary~~that ~~depending~~acquires ~~upon~~its ~~their own~~Shares ~~particular~~as ~~circumstances.~~part ~~Certain~~of ~~Shareholders~~a ~~(including~~creation ~~broker-dealers,~~of ~~traders,~~a ~~banks and other financial institutions~~Basket, ~~insurance companies,~~the ~~real~~delivery ~~estate~~of platinum ~~investment~~to ~~trusts,~~the ~~tax-exempt~~Trust ~~entities,~~in ~~Shareholders~~exchange ~~whose~~for ~~functional~~the ~~currency~~Shares is not ~~the~~a ~~U.S.~~taxable ~~Dollar or~~event ~~other investors with special circumstances) may be subject~~ to ~~special~~the ~~rules not discussed below. In addition~~Shareholder, and the ~~following~~Shareholder’s ~~discussion applies~~tax ~~only~~basis toand ~~investors~~holding ~~who~~period ~~hold~~for the Shares asare ~~“capital assets” within~~ the ~~meaning~~same ofas ~~Code~~its ~~section~~tax ~~1221~~basis and ~~not as part~~ ofholding aperiod ~~straddle,~~for ~~hedging~~the platinum ~~transaction~~delivered orin aexchange ~~conversion~~therefore or(except ~~constructive~~to ~~sale~~the ~~transaction.~~extent ~~Moreover,~~of ~~the~~any ~~discussion~~cash ~~below~~contributed ~~does~~for ~~not~~such ~~address~~Shares). ~~the~~For ~~effect~~purposes of ~~any~~this ~~state~~discussion, ~~local~~it oris ~~foreign~~assumed ~~tax~~that ~~law~~all orof ~~any~~a ~~transfer~~Shareholder’s ~~tax~~Shares onare anacquired ~~owner~~on ofthe ~~Shares.~~same ~~Purchasers~~date ofand ~~Shares~~at ~~are urged to~~the ~~consult~~same ~~their~~price ~~own~~per ~~tax~~Share. ~~advisors~~Shareholders ~~with~~that ~~respect~~hold tomultiple ~~all~~lots ~~federal,~~of ~~state~~Shares, ~~local~~or ~~and~~that ~~foreign~~are ~~tax~~contemplating ~~law~~acquiring ormultiple ~~any~~lots ~~transfer~~of ~~tax considerations~~Shares, ~~potentially~~should ~~applicable~~consult to their ~~investment~~tax ~~in Shares~~advisors.

~~For~~When the ~~purposes~~Trust sells or transfers platinum, for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount equal to the difference between (1) the Shareholder’s pro rata share of ~~this~~the ~~discussion~~amount realized by the Trust upon the sale or transfer and (2) the Shareholder’s tax basis for its pro rata share of the platinum that was sold or transferred. Such gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding ~~“US~~period in its Shares of longer than one year. A Shareholder”’s tax basis for its share of any platinum sold by the Trust generally will be determined by multiplying the Shareholder’s total basis for its Shares immediately prior to the sale, by a fraction the numerator of which is the amount of platinum sold, and the denominator of which is the total amount of the platinum held by the Trust immediately prior to the sale. After any such sale, a Shareholder’s tax basis for its pro rata share of the platinum remaining in the Trust will be equal to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable to its share of the platinum that ~~is:~~was sold.

~~• An~~Upon a ~~individual~~Shareholder’s ~~who~~sale isof some or all of its Shares, the Shareholder will be treated as having sold a ~~citizen~~pro rata share of the platinum held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or ~~resident~~loss on the sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s ~~United~~tax ~~States;~~basis for the Shares sold, as determined in the manner described in the preceding paragraph.

~~• A corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of the United States or any political subdivision thereof;~~20

~~• An~~A redemption ~~estate,~~of ~~the~~some ~~income~~or all of ~~which~~a isShareholder’s ~~includible~~Shares in exchange for the underlying platinum represented by the Shares ~~gross~~redeemed ~~income~~generally will not be a taxable event to the Shareholder. The Shareholder’s tax basis for USthe platinum ~~federal~~received in ~~income~~the redemption generally will be the same as the Shareholder’s tax ~~purposes~~basis ~~regardless~~for the Shares redeemed. The Shareholder’s holding period with respect to the platinum received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of ~~its~~the platinum ~~source;~~received orby the Shareholder will be a taxable event.

~~• A~~An Authorized ~~trust~~Participant and other investors may be able to re-invest, ifon a ~~court~~tax-deferred ~~within~~basis, ~~the~~in-kind ~~United~~redemption ~~States~~proceeds isreceived ~~able~~from toexchange-traded ~~exercise~~products ~~primary~~that ~~supervision~~are ~~over~~substantially similar to the ~~administration~~Trust ofin the ~~trust~~Trust’s Shares. Authorized Participants and ~~one~~other orinvestors ~~more~~should USconsult ~~persons~~their ~~have~~tax ~~the~~advisors ~~authority~~as to ~~control all~~whether ~~substantial~~and ~~decisions~~under ofwhat circumstances the ~~trust~~reinvestment in the Shares of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.

~~Taxation~~Under current law, gains recognized by individuals, estates or trusts from the sale of “collectibles,” including physical platinum, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for more than one year, or attributable to the Trust’s sale of any physical platinum which the Shareholder is treated (through its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate taxpayer are generally the same as those at which ordinary income is taxed.

~~The Trust is classified as a “grantor trust” for~~In USaddition, ~~federal~~ high-income ~~tax~~individuals ~~purposes.~~and Ascertain atrusts ~~result,~~and ~~the~~estates ~~Trust~~are ~~itself is not~~ subject to USa ~~federal~~3.8% ~~income~~Medicare contribution tax. ~~Instead,~~that ~~the~~is ~~Trust’s~~imposed ~~income~~on ~~and~~net ~~expenses~~investment ~~“flow through” to the Shareholders, and the Trustee reports the Trust’s~~ income, ~~gains, losses~~ and ~~deductions~~gain. toShareholders ~~the~~should ~~Internal~~consult ~~Revenue~~their ~~Service~~tax ~~(“IRS”)~~advisor onregarding ~~that~~this ~~basis~~tax.

20Brokerage Fees and Trust Expenses

~~A Shareholder that is not a US Shareholder as defined above~~Any ~~(other~~brokerage ~~than a partnership,~~ or another ~~entity~~transaction ~~treated~~fees asincurred by a ~~partnership~~Shareholder ~~for~~in USpurchasing ~~federal~~Shares ~~tax purposes) generally~~ is ~~considered~~treated aas ~~“Non-US Shareholder”~~part ~~for purposes~~ of ~~this discussion. For US federal income tax purposes,~~ the ~~treatment of any beneficial owner of~~Shareholder’s antax ~~interest~~basis in athe ~~partnership~~Shares. Similarly, ~~including~~ any ~~entity~~brokerage ~~treated~~fee asincurred by a ~~partnership~~Shareholder ~~for~~in USselling ~~federal~~Shares ~~income~~reduces ~~tax~~the ~~purposes,~~amount ~~generally depends~~realized ~~upon~~by the ~~status~~Shareholder ofwith ~~the~~respect ~~partner~~to ~~and upon~~ the ~~activities of the partnership~~sale. ~~Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences of purchasing, owning and disposing of Shares.~~

~~Taxation~~Shareholders will be required to recognize gain or loss upon a sale of platinum USby the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata share of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that such expenses may be deducted, as miscellaneous itemized deductions. Miscellaneous itemized deductions, including expenses for the production of income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for taxable years beginning after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to the extent that the aggregate of a Shareholder’s miscellaneous itemized deductions exceeds 2% of such Shareholder’s adjusted gross income for federal income tax purposes, (ii) not deductible for the purposes of the alternative minimum tax and (iii) are subject to the overall limitation on itemized deductions under the Code.

~~Shareholders generally are treated, for US federal income tax~~Investment ~~purposes, as if they directly owned a pro rata share of the underlying assets held~~ by ~~the~~Regulated ~~Trust.~~Investment Shareholders are also treated as if they directly received their respective pro rata share of the Trust’s income, if any, and as if they directly incurred their respective pro rata share of the Trust’s expenses. In the case of a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares as part of a creation of a Basket, the delivery of platinum to the Trust in exchange for the Shares is not a taxable event to the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and holding period for the platinum delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their tax advisors.Companies

~~When~~Mutual funds ~~the~~and ~~Trust~~other ~~sells~~investment orvehicles ~~transfers~~which ~~platinum,~~are ~~for~~“regulated ~~example~~investment tocompanies” ~~pay expenses,~~within athe ~~Shareholder~~meaning ~~generally~~of ~~will~~Code ~~recognize~~section 851 ~~gain~~should orconsult ~~loss~~with intheir antax ~~amount~~advisors ~~equal~~concerning ~~to the difference between~~ (1) the ~~Shareholder’s pro~~likelihood ~~rata~~that ~~share~~an ofinvestment ~~the~~in ~~amount~~Shares, ~~realized~~although bythey ~~the~~are ~~Trust~~a ~~upon~~“security” within the ~~sale~~meaning orof ~~transfer~~the ~~and~~Investment ~~(2)~~Company ~~the~~Act ~~Shareholder’s~~of ~~tax~~1940, ~~basis~~may ~~for~~be ~~its pro~~considered ~~rata~~an ~~share~~investment ofin the underlying platinum ~~that~~for purposes ~~was~~of ~~sold~~Code orsection ~~transferred. Such gain or loss will generally be long-term or short-term capital gain or loss~~851(b), ~~depending~~and ~~upon~~(2) ~~whether~~ the ~~Shareholder~~extent ~~has~~to awhich ~~holding~~an ~~period~~investment in ~~its~~ Shares ofmight ~~longer~~nevertheless ~~than~~be ~~one~~consistent ~~year.~~with ~~A Shareholder’s~~preservation ~~tax~~of ~~basis~~their ~~for~~qualification ~~its~~under ~~share~~Code ofsection ~~any~~851. ~~platinum~~In ~~sold~~administrative byguidance, the ~~Trust~~IRS ~~generally~~stated ~~will~~that beit ~~determined~~will byno ~~multiplying~~longer ~~the~~issue ~~Shareholder’s total~~rulings ~~basis~~under ~~for~~Code ~~its~~section ~~Shares~~851(b) ~~immediately~~relating ~~prior~~ to the ~~sale,~~determination ~~by a fraction the numerator~~ of ~~which~~whether isor ~~the~~not ~~amount~~an ofinstrument ~~platinum~~or ~~sold,~~position ~~and the denominator of which~~ is ~~the~~a ~~total amount of the platinum held by the Trust immediately prior to the sale. After any such sale~~“security”, abut, ~~Shareholder’s~~instead, ~~tax~~intends ~~basis for its pro rata share of the platinum remaining in the Trust will be equal~~ to ~~its~~defer ~~tax basis for its Shares immediately prior~~ to ~~the~~guidance ~~sale,~~from ~~less~~ the ~~portion~~SEC offor such ~~basis allocable to its share of the platinum that was sold~~determination.

Upon a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the platinum held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on the sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.21

~~A redemption of some or all of a Shareholder’s Shares~~United inStates ~~exchange~~Information ~~for~~Reporting ~~the~~and ~~underlying platinum~~Backup ~~represented~~Withholding byTax ~~the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder’s tax basis~~ for ~~the platinum~~US ~~received~~and inNon-US ~~the~~Shareholders redemption generally will be the same as the Shareholder’s tax basis for the Shares redeemed. The Shareholder’s holding period with respect to the platinum received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of the platinum received by the Shareholder will be a taxable event.

AnThe Trustee ~~Authorized~~or ~~Participant~~the ~~and~~appropriate ~~other~~broker ~~investors~~will ~~may~~file becertain ~~able~~information ~~to re-invest,~~returns onwith athe ~~tax-deferred basis~~IRS, ~~in-kind~~and ~~redemption~~provides ~~proceeds~~certain ~~received from exchange~~tax-~~traded~~related ~~products that are substantially similar~~information to ~~the~~Shareholders, ~~Trust~~ in ~~the~~accordance ~~Trust’s~~with ~~Shares.~~applicable ~~Authorized~~Treasury ~~Participants~~Regulations. ~~and~~Each ~~other~~Shareholder ~~investors~~will ~~should~~be ~~consult~~provided ~~their~~with ~~tax~~information ~~advisors as to whether~~regarding ~~and~~its ~~under~~allocable ~~what~~portion ~~circumstances~~of the ~~reinvestment~~Trust’s inannual ~~the~~income ~~Shares~~(if ofany) ~~proceeds~~and ~~from substantially similar exchange-traded products can be accomplished on a tax-deferred basis~~expenses.

21A US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures to establish that they are not a US person in order to avoid the backup withholding tax.

~~Under current law, gains recognized by individuals, estates~~The oramount ~~trusts from the sale~~ of ~~“collectibles,”~~any ~~including~~backup ~~physical~~withholding ~~platinum,~~tax ~~held~~will ~~for~~be ~~more~~allowed ~~than~~as ~~one~~a ~~year~~credit ~~are~~against ~~taxed~~a atShareholder’s ~~a maximum~~US federal income tax ~~rate~~liability and ofmay ~~28%,~~entitle ~~rather~~such ~~than~~a ~~the~~Shareholder ~~20% rate applicable~~ to ~~most~~a ~~other long-term capital gains. For these purposes~~refund, ~~gains~~ ~~recognized~~provided bythat ~~an individual upon~~ the ~~sale~~required ofinformation ~~Shares~~is ~~held~~furnished ~~for more than one year, or attributable~~ to the ~~Trust’s sale of any physical platinum which the Shareholder is treated (through its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%~~IRS. The tax rates for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate taxpayer are generally the same as those at which ordinary income is taxed.

InIncome Taxation ~~addition,~~of ~~high~~Non-~~income~~US ~~individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed on net investment income and gain.~~ Shareholders ~~should consult their tax advisor regarding this tax.~~

~~Brokerage~~The Trust ~~Fees~~does ~~and~~not expect to generate taxable income except for gains (if any) upon the sale of platinum. A Non-US Shareholder generally is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon the sale of platinum by the Trust, ~~Expenses~~unless (1) the Non-US Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United States.

~~Any brokerage or other transaction fees incurred by a Shareholder~~Taxation in ~~purchasing~~Jurisdictions ~~Shares~~other isthan ~~treated as part of~~ the ~~Shareholder’s~~United ~~tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized by the Shareholder with respect to the sale.~~States

~~Shareholders~~Prospective purchasers ~~will~~of beShares ~~required~~that toare ~~recognize~~based ~~gain~~in or ~~loss~~acting ~~upon a~~out ~~sale~~ of ~~platinum~~ bya ~~the~~jurisdiction ~~Trust~~other ~~(as~~than ~~discussed above), even though some or all of~~ the ~~proceeds~~United ofStates ~~such sale~~ are ~~used~~advised ~~by the Trustee~~ to ~~pay~~consult ~~Trust expenses. Shareholders may deduct~~ their ~~respective pro rata share of each expense incurred by the Trust to~~ ~~the~~own ~~same~~tax ~~extent~~advisers as ifto ~~they directly incurred~~ the ~~expense.~~tax ~~Shareholders who are individuals~~consequences, ~~estates~~under orthe ~~trusts,~~laws ~~however,~~of ~~may~~such ~~be required~~jurisdiction ~~to treat some~~ (or ~~all~~any ofother ~~the~~jurisdiction ~~expenses~~not ofbeing the ~~Trust,~~United States to ~~the~~which ~~extent~~they ~~that~~are ~~such~~subject), ~~expenses~~of ~~may~~their ~~be deducted~~purchase, ~~as miscellaneous itemized deductions. Miscellaneous itemized deductions~~holding, ~~including~~sale ~~expenses~~and ~~for~~redemption ~~the production~~ of ~~income, will not be deductible for either regular federal income tax~~ or ~~alternative~~any ~~minimum~~other ~~tax~~dealing ~~purposes~~in ~~for~~Shares ~~taxable years beginning after December 31~~and, ~~2017~~in ~~and~~particular, ~~before~~as ~~January 1, 2026 and thereafter generally are (i) deductible only~~ to ~~the~~whether ~~extent~~any ~~that~~value ~~the~~added ~~aggregate of a Shareholder’s miscellaneous itemized deductions exceeds 2% of such Shareholder’s adjusted gross income for federal income~~ tax ~~purposes~~, ~~(ii)~~other ~~not~~consumption ~~deductible for~~tax ~~the~~or ~~purposes~~transfer ~~of the alternative minimum~~ tax ~~and~~is ~~(iii)~~payable ~~are~~in ~~subject~~relation to ~~the~~such ~~overall~~purchase, ~~limitation~~holding, onsale, redemption ~~itemized~~or ~~deductions~~other ~~under the Code~~dealing.

~~Investment~~ERISA and byRelated ~~Regulated Investment Companies~~Considerations

~~Mutual~~The Employee ~~funds~~Retirement ~~and~~Income ~~other~~Security ~~investment~~Act ~~vehicles~~of ~~which~~1974, ~~are~~as ~~“regulated investment~~amended ~~companies~~(“ERISA”), ~~within~~and/or ~~the meaning of~~ Code section ~~851~~4975 ~~should~~impose ~~consult~~certain ~~with~~requirements on ~~their~~certain ~~tax~~employee ~~advisors~~benefit ~~concerning~~plans ~~(1)~~and ~~the~~certain ~~likelihood that~~other anplans ~~investment~~and ~~in Shares~~arrangements, ~~although~~including ~~they~~individual ~~are~~retirement aaccounts ~~“security”~~and ~~within~~annuities, Keogh ~~the~~plans, ~~meaning~~and ofcertain ~~the~~commingled ~~Investment~~investment ~~Company~~vehicles ~~Act~~or ofinsurance ~~1940, may~~company begeneral ~~considered~~or anseparate ~~investment~~accounts in ~~the~~which ~~underlying platinum~~such ~~for~~plans or ~~purposes~~arrangements ofare ~~Code~~invested ~~section 851~~(bcollectively, “Plans”), and ~~(2)~~on ~~the~~persons ~~extent~~who toare ~~which an~~fiduciaries ~~investment~~with inrespect ~~Shares~~to ~~might~~the ~~nevertheless~~investment of be“plan ~~consistent~~assets” ~~with preservation~~ of ~~their~~a ~~qualification~~Plan. ~~under~~Government ~~Code~~plans ~~section~~and ~~851.~~some Inchurch ~~administrative guidance,~~plans ~~the~~are ~~IRS~~not ~~stated~~subject ~~that~~to itthe ~~will~~fiduciary noresponsibility provisions ~~longer~~of ~~issue~~ERISA ~~rulings~~or ~~under~~the ~~Code~~provisions of section ~~851(b)~~4975 ~~relating~~of to the ~~determination~~Code, ofbut ~~whether or~~may ~~not~~be ansubject ~~instrument~~to orsubstantially ~~position~~similar isrules aunder ~~“security”,~~other federal ~~but~~law, ~~instead,~~or ~~intends~~under tostate ~~defer~~or tolocal ~~guidance~~law ~~from~~(“Other ~~the SEC for such determination~~Law”).

~~United~~In contemplating ~~States~~an ~~Information~~investment ~~Reporting~~of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and ~~Backup~~circumstances ~~Withholding~~of the Plan and the “Risk Factors” discussed above ~~Tax~~and ~~for~~whether USsuch investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited to: (1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority to make the investment, (3) whether the investment is consistent with the Plan’s funding objectives, (4) the tax effects of the investment on the Plan, and ~~Non-US~~(5) ~~Shareholders~~whether the investment is prudent considering the factors discussed in this report. In addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties in interest” under ERISA or “disqualified persons” under section 4975 of the Code. A violation of these rules may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar restrictions.

The Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding its allocable portion of the Trust’s annual income (if any) and expenses.22

AIt is USanticipated ~~Shareholder~~that ~~may~~the beShares ~~subject~~will toconstitute US“publicly ~~backup~~offered ~~withholding~~securities” ~~tax~~ as defined in ~~certain~~the ~~circumstances~~Department ~~unless~~of itLabor “Plan ~~provides~~Asset ~~its~~Regulations,” ~~taxpayer~~§2510.3-101 ~~identification~~(b)(2) ~~number~~as ~~and~~modified ~~complies~~by ~~with~~section ~~certain~~3(42) ~~certification~~of ~~procedures~~ERISA. ~~Non-US~~ ~~Shareholders~~Accordingly, ~~may~~pursuant ~~have~~ to the ~~comply~~Plan ~~with~~Asset ~~certification~~Regulations, ~~procedures~~only toShares ~~establish~~purchased ~~that~~by ~~they~~a ~~are~~Plan, and not aan USinterest ~~person~~in the underlying assets held in ~~order~~the toTrust, ~~avoid~~should be treated as assets of the ~~backup~~Plan, ~~withholding~~for ~~tax~~purposes of applying the “fiduciary responsibility” rules of ERISA and the “prohibited transaction” rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine whether there would be a similar result under the Other Law.

22Investment by Certain Retirement Plans

~~The~~Code section ~~amount~~408(m) provides that the acquisition of a “collectible” by an individual retirement account (“IRA”) or a participant-directed account maintained under any ~~backup~~plan ~~withholding~~that is tax-qualified ~~will~~under beCode ~~allowed~~section 401(a) (“Tax Qualified Account”) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term “collectible” is defined to include, with certain exceptions, “any metal or gem”. The IRS has issued several private letter rulings to the effect that a ~~credit~~purchase ~~against~~by an IRA, or by a ~~Shareholder’s~~participant-directed USaccount ~~federal~~under ~~income~~a ~~tax~~Code ~~liability~~section ~~and~~401(a) plan, ~~may~~of ~~entitle~~publicly-traded ~~such~~shares in a ~~Shareholder~~trust toholding precious metals will not be treated as resulting in a ~~refund,~~taxable ~~provided~~distribution to the IRA owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that, if any of the ~~required~~Shares ~~information~~so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant, or if any precious metal is ~~furnished~~received by such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it, the Shares or precious metal so distributed will be subject to federal income tax in the ~~IRS~~year of distribution, to the extent provided under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors are urged to consult with their own professional advisors concerning the treatment of an investment in Shares under Code section 408(m).

~~Income~~Item 1A. ~~Taxation~~Risk ofFactors ~~Non-US Shareholders~~

~~The Trust does not expect to generate taxable income except~~Shareholders ~~for~~should ~~gains~~consider ~~(if~~carefully ~~any) upon~~ the ~~sale~~risks ofdescribed ~~platinum.~~below Abefore ~~Non-US~~making ~~Shareholder~~an ~~generally~~investment isdecision. ~~not~~Shareholders ~~subject~~should toalso USrefer ~~federal income tax with respect~~ to ~~gains recognized upon~~ the other ~~sale~~information orincluded ~~other~~in ~~disposition~~this ~~of Shares~~report, orincluding ~~upon~~ the ~~sale of platinum by the~~ Trust,’s ~~unless~~financial ~~(1)~~statements ~~the Non-US Shareholder is an individual~~ and ~~is present in~~ the ~~United~~related States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United Statesnotes.

~~Taxation~~RISKS RELATED inTO ~~Jurisdictions other than the United States~~PLATINUM

~~Prospective~~The ~~purchasers~~value of ~~Shares that are based in or acting out of a jurisdiction other than~~ the ~~United~~Shares ~~States~~relates ~~are~~directly ~~advised~~ to ~~consult their own tax advisers as to the tax consequences, under~~ the ~~laws~~value of ~~such~~the ~~jurisdiction~~platinum ~~(or~~held ~~any~~by ~~other jurisdiction not being~~ the ~~United~~Trust ~~States to which they are subject), of their purchase, holding, sale~~ and ~~redemption~~fluctuations ~~of or any other dealing~~ in ~~Shares~~the ~~and,~~price inof ~~particular,~~platinum ascould tomaterially ~~whether~~adversely ~~any~~affect ~~value~~an ~~added tax, other consumption~~investment ~~tax or transfer tax is payable~~ in ~~relation~~the ~~to such purchase, holding, sale, redemption or other dealing~~Shares.

~~ERISA~~The Shares are designed to mirror as closely as possible the performance of the price of physical platinum, and ~~Related~~the ~~Considerations~~value of the Shares relates directly to the value of the platinum held by the Trust, less the Trust’s liabilities (including estimated accrued but unpaid expenses). The price of physical platinum has fluctuated widely over the past several years, as discussed below. Several factors may affect the price of platinum, including:

~~The~~● ~~Employee~~Global ~~Retirement~~platinum ~~Income~~supply, ~~Security~~which ~~Act~~is ofinfluenced ~~1974,~~by such factors as ~~amended (“ERISA”),~~production and~~/or~~ ~~Code~~cost ~~section~~levels ~~4975~~in ~~impose~~major ~~certain~~platinum-producing ~~requirements~~countries onsuch ~~certain~~as ~~employee~~South ~~benefit~~Africa ~~plans~~ and ~~certain~~Russia. ~~other plans~~Recycling, ~~and~~autocatalyst ~~arrangements~~demand, ~~including~~industrial ~~individual retirement accounts and annuities~~demand, ~~Keogh~~jewelry ~~plans,~~demand and ~~certain commingled~~ investment ~~vehicles~~ ordemand ~~insurance company general or separate accounts in which such plans or arrangements~~ are ~~invested~~also ~~(collectively,~~important ~~“Plans”), and~~drivers ~~on persons who are fiduciaries with respect to the investment~~ of ~~“plan~~platinum ~~assets”~~supply ~~of a Plan. Government plans~~ and ~~some~~ church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other federal law, or under state or local law (“Other Law”).demand;

In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan and the “Risk Factors” discussed above and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited to: (1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority to make the investment, (3) whether the investment is consistent with the Plan’s funding objectives, (4) the tax effects of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties in interest” under ERISA or “disqualified persons” under section 4975 of the Code. A violation of these rules may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar restrictions.23

It● isInvestors’ ~~anticipated~~expectations ~~that~~with ~~the~~respect ~~Shares~~to ~~will constitute “publicly offered securities” as defined in~~ the ~~Department~~rate of ~~Labor~~inflation; ~~“Plan~~● ~~Asset~~Currency ~~Regulations,”~~exchange ~~§2510.3-101~~rates; ~~(b)(2)~~● ~~as modified~~Interest byrates; ~~section~~● ~~3(42)~~Investment ofand ~~ERISA.~~trading ~~Accordingly,~~activities ~~pursuant~~of tohedge ~~the~~funds ~~Plan Asset Regulations, only Shares purchased by a Plan,~~ and ~~not an~~commodity ~~interest~~funds; in● ~~the~~Global ~~underlying~~or ~~assets~~regional ~~held in the Trust~~political, ~~should~~economic beor ~~treated~~financial asevents ~~assets of the Plan, for purposes of applying the “fiduciary responsibility” rules of ERISA~~ and ~~the~~situations; ~~“prohibited transaction” rules of ERISA~~ and ~~the~~● ~~Code.~~A ~~Fiduciaries~~significant ofchange ~~plans subject~~in toinvestor ~~Other~~interest, ~~Law~~including ~~should~~in ~~consult~~response ~~legal counsel~~ to ~~determine~~online ~~whether~~campaigns ~~there~~or ~~would~~other beactivities aspecifically ~~similar~~targeting ~~result~~investments ~~under~~in ~~the Other Law~~platinum.

23In addition, investors should be aware that there is no assurance that platinum will maintain its long-term value in terms of purchasing power in the future. In the event that the price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

~~Investment~~The byprice ~~Certain~~of ~~Retirement~~physical ~~Plans~~platinum has fluctuated widely over the past several years.

~~Code~~The ~~section~~price ~~408(m) provides that the acquisition~~ of aphysical ~~“collectible” by~~platinum, anand individual retirement account (“IRA”) or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (“Tax Qualified Account”) is treated as a taxable distribution from the ~~account to the owner~~value of the ~~IRA~~Shares, orhas tobeen ~~the~~highly ~~participant~~volatile ~~for~~and ~~whom~~could ~~the~~continue ~~Tax Qualified Account is maintained, of an amount equal~~ to ~~the~~be ~~cost~~subject to ~~the~~wide ~~account of~~fluctuations acquiring the collectible. The term “collectible” is defined to include, with certain exceptions, “any metal or gem”. The IRS has issued several private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a) plan, of publicly-traded shares in aresponse ~~trust holding precious metals will not be treated as resulting in a taxable distribution~~ to ~~the~~various ~~IRA owner or Tax Qualified Account participant under Code section 408(m)~~factors. ~~However~~See ~~the private~~“Overview ~~letter rulings provide that, if any~~ of the ~~Shares~~Platinum soIndustry ~~purchased~~– ~~are~~Historical ~~distributed~~Chart ~~from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant, or if any precious metal is received by such IRA or Tax Qualified Account upon the redemption~~ of ~~any of~~ the ~~Shares~~Price ~~purchased by it, the Shares or precious metal so distributed will be subject to federal income tax in the year~~ of ~~distribution,~~Platinum” tofor ~~the~~discussion ~~extent provided under the applicable provisions~~ of ~~Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors are urged to consult with their own professional advisors concerning~~ the ~~treatment~~fluctuation of anplatinum ~~investment in Shares under Code section 408(m)~~prices.

~~Item~~Several 1Afactors may have the effect of causing a decline in the prices of platinum and a corresponding decline in the price of Shares. ~~Risk~~Among ~~Factors~~them:

~~Shareholders~~● ~~should~~A ~~consider~~significant ~~carefully~~increase ~~the~~in ~~risks~~platinum ~~described~~hedging ~~below before~~activity ~~making~~by anplatinum ~~investment decision~~producers. ~~Shareholders~~Should ~~should~~there ~~also~~be ~~refer~~an toincrease in the ~~other~~level ~~information~~of ~~included~~hedge inactivity ~~this~~of ~~report~~platinum producing companies, ~~including the~~it ~~Trust’s~~could ~~financial~~cause ~~statements~~a ~~and~~decline in world platinum prices, adversely affecting the ~~related~~price ~~notes~~of the Shares.

~~RISKS~~● ~~RELATED~~A TOsignificant ~~PLATINUM~~change in the attitude of speculators, investors and central banks towards platinum. Should the speculative community take a negative view towards platinum or central banking authorities determine to sell national platinum reserves, either event could cause a decline in world platinum prices, negatively impacting the price of the Shares.

~~The~~● ~~price~~A widening of ~~platinum~~interest ~~may~~rate bedifferentials ~~affected~~between bythe cost of money and the ~~sale~~cost of ~~ETVs tracking~~platinum could negatively affect the price of platinum ~~markets~~which, in turn, could negatively affect the price of the Shares.

To● ~~the~~A ~~extent~~combination ~~existing~~of ~~exchange~~rising ~~traded~~money ~~vehicles~~interest ~~(“ETVs”) tracking~~rates ~~platinum~~and ~~markets~~a ~~represent~~continuation aof ~~significant~~the ~~proportion~~current oflow ~~demand~~cost ~~for~~of ~~physical~~borrowing platinum ~~bullion;~~could ~~large~~improve ~~redemptions~~the economics of ~~the securities~~selling ofplatinum ~~these~~forward. ~~ETVs~~This could ~~negatively~~result ~~affect~~in ~~physical~~an increase in hedging by platinum ~~bullion~~mining ~~prices~~companies and short selling by speculative interests, which would negatively affect the price ~~and~~of ~~NAV~~platinum. Under such circumstances, the price of the Shares would be similarly affected.

~~Crises~~Conversely, several factors may ~~motivate~~trigger ~~large-scale~~a ~~sales~~temporary increase in the price of platinum ~~which~~prior ~~could~~to your investment in the Shares. For example, sudden increased investor interest in platinum ~~decrease~~may cause an increase in world platinum prices, increasing the price of the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of platinum, and ~~adversely~~you ~~affect~~may anincur ~~investment~~losses inwhen the ~~Shares~~causes for the temporary increase disappear.

~~The~~A ~~possibility~~decline ~~of large-scale distress sales of platinum~~ in ~~times~~ ofthe ~~crisis~~automobile industry may have ~~a short-term negative impact on~~ the ~~price~~effect of ~~platinum~~causing ~~and~~a ~~adversely~~decline ~~affect an investment~~ in the ~~Shares. For example, the 2008 financial credit crisis resulted in significantly depressed~~ prices of platinum ~~largely due to forced sales~~ and ~~deleveraging~~a ~~from~~corresponding ~~institutional~~decline ~~investors such as hedge funds and pension funds. Crises~~ in the ~~future may impair platinum’s~~ price ~~performance~~of ~~which would, in turn, adversely affect an investment in the~~ Shares.

~~Several~~Autocatalysts, ~~factors~~automobile ~~may~~components ~~have~~for ~~the~~emissions control ~~effect~~that ofuse ~~causing~~platinum, aaccounted ~~decline in~~for ~~the~~approximately ~~prices~~44% of the global demand in platinum ~~and~~in 2023. Reduced automotive industry sales or a ~~corresponding~~shift from gasoline-powered to electric vehicles may result in a decline in autocatalyst demand which may impact the price of ~~Shares.~~platinum and ~~Among~~the ~~them:~~price of Shares.

● A significant increase in platinum hedging activity by platinum producers. Should there be an increase in the level of hedge activity of platinum producing companies, it could cause a decline in world platinum prices, adversely affecting the price of the Shares.24

●Crises Amay ~~significant~~motivate ~~change~~large-scale insales ~~the attitude~~ of ~~speculators, investors and central banks towards~~ platinum. which ~~Should~~could decrease the ~~speculative~~price ~~community~~of ~~take a negative view towards~~ platinum orand ~~central~~adversely ~~banking~~affect ~~authorities~~an ~~determine~~investment ~~to sell national platinum reserves, either event could cause a decline~~ in ~~world platinum prices, negatively impacting~~ the ~~price of the~~ Shares.

●The Apossibility ~~widening~~of large-scale distress sales of ~~interest~~platinum ~~rate~~in ~~differentials~~times ~~between~~of crisis may have a short-term negative impact on the ~~cost~~price of ~~money~~platinum and adversely affect an investment in the Shares. ~~cost~~For example, the 2008 financial credit crisis resulted in significantly depressed prices of platinum ~~could~~largely ~~negatively~~due ~~affect~~to ~~the~~forced ~~price~~sales and deleveraging from institutional investors such as hedge funds and pension funds as expectations of economic growth slumped. Crises in the future may impair platinum’s price performance which would, in turn, ~~could~~adversely ~~negatively~~ affect ~~the~~an ~~price~~investment ofin the Shares.

●The Aprice ~~combination~~ of ~~rising money interest rates and a continuation of the current low cost of borrowing~~ platinum ~~could~~may ~~improve~~be ~~the~~affected ~~economics of selling platinum forward. This could result in an increase in hedging~~ by ~~platinum mining companies and short selling by speculative interests, which would negatively affect~~ the sale ~~price~~ of ~~platinum.~~ETVs ~~Under~~tracking ~~such~~platinum ~~circumstances, the price of the Shares would be similarly affected~~markets.

24To the extent existing exchange traded vehicles (“ETVs”) tracking platinum markets represent a significant proportion of demand for physical platinum bullion, large redemptions of the securities of these ETVs could negatively affect physical platinum bullion prices and the price and NAV of the Shares.

●RISKS ~~Autocatalysts,~~RELATED ~~automobile~~TO ~~components~~THE that use platinum, accounted for approximately 44% of the net global demand in platinum in 2022. While the automotive sector in China and the US is showing signs of recovery, the European market is currently experiencing declining demand and, in certain cases, solvency concerns. Reduced automotive industry sales in Europe may result in a decline in autocatalyst demand.SHARES

●Since Athere ~~decline~~is inno limit on the ~~global~~amount ~~automotive~~of ~~industry~~platinum that the Trust may acquire, the Trust, as it grows, may have an impact on the ~~price~~supply and demand of platinum ~~and~~that ~~affect~~ultimately may affect the price of the Shares in a manner unrelated to other factors affecting the global market for platinum.

~~Conversely~~The Trust Agreement places no limit on the amount of platinum the Trust may hold. Moreover, ~~several~~the ~~factors~~Trust may ~~trigger~~issue aan ~~temporary~~unlimited ~~increase~~number of Shares, subject to registration requirements, and inthereby ~~the~~acquire ~~price~~an unlimited amount of platinum. ~~prior~~The toglobal ~~your~~market ~~investment~~for platinum is characterized by supply and demand constraints that are generally not present in the ~~Shares~~markets for other precious metals such as gold and silver. ~~For~~From ~~example~~2019 to 2023, ~~sudden~~world ~~increased~~platinum ~~investor~~mine ~~interest~~supply averaged in5.7 million ounces, while world net demand averaged 7.3 million ounces. If the amount of platinum ~~may cause~~acquired anby ~~increase~~the Trust is large enough in ~~world~~relation to global platinum ~~prices~~supply and demand, ~~increasing~~further in-kind creations and redemptions of Shares could have an impact on the ~~price~~supply and demand of platinum unrelated to other factors affecting the ~~Shares~~global market for platinum. IfSuch ~~that~~an isimpact could affect the ~~case,~~price ~~you~~for ~~will~~platinum bethat ~~buying~~would ~~Shares~~ directly affect the price at ~~prices~~which ~~affected~~Shares byare traded on the ~~temporarily~~Exchange ~~high~~or ~~prices~~the price of ~~platinum,~~future Baskets created or redeemed by the Trust. The Trust and ~~you~~the ~~may~~Sponsor ~~incur~~cannot ~~losses~~provide ~~when~~Shareholders any assurance that increased metal holdings by the ~~causes~~Trust ~~for~~in the ~~temporary~~future ~~increase disappear~~will have no such long-term metal price impact thereby affecting Share trading prices.

AThe ~~decline~~Shares inand ~~the~~their ~~automobile~~value ~~industry~~could ordecrease ~~a shift from gasoline-powered~~if tounanticipated ~~electric~~operational ~~vehicles~~or ~~may~~trading ~~have~~problems ~~the effect of causing a decline in the prices of platinum and a corresponding decline in the price of Shares~~arise.

~~Autocatalysts,~~There ~~automobile~~may ~~components~~be ~~for~~unanticipated ~~emissions~~problems ~~control~~or ~~that~~issues ~~use~~with ~~platinum,~~respect ~~accounted~~to ~~for~~the ~~approximately~~mechanics ~~44%~~ of the ~~global~~Trust’s ~~demand~~operations inand ~~platinum~~the intrading ~~2022.~~of ~~Reduced~~the ~~automotive~~Shares ~~industry~~that ~~sales~~could orhave a material adverse effect ~~shift~~on ~~from~~an ~~gasoline-powered~~investment toin ~~electric~~the ~~vehicles~~Shares. ~~may~~In ~~result~~addition, inalthough athe ~~decline~~Trust inis ~~autocatalyst~~not ~~demand.~~actively A“managed” ~~contraction~~by intraditional ~~the~~methods, ~~global~~to ~~automotive~~the extent ~~industry~~that orunanticipated ~~more~~operational ~~widespread~~or ~~acceptance~~trading ofproblems ~~electric~~or ~~vehicles~~issues ~~may~~arise, ~~impact~~ the ~~price~~Sponsor’s ofpast ~~platinum~~experience and ~~affect~~qualifications ~~the~~may ~~price~~not ofbe suitable ~~the~~for ~~Shares~~solving these problems or issues.

~~The~~Discrepancies, ~~value~~disruptions or unreliability of the LBMA ~~Shares~~Platinum ~~relates~~Price ~~directly~~PM tocould impact the value of ~~the~~ ~~platinum held by~~ the Trust’s platinum and ~~fluctuations in~~ the market price of ~~platinum could materially adversely affect an investment in~~ the Shares.

The ~~Shares~~Trustee ~~are~~values ~~designed~~the Trust’s platinum pursuant to ~~mirror~~the LBMA asPlatinum ~~closely~~Price asPM. ~~possible~~In the event that the LBMA Platinum Price PM proves to be an inaccurate benchmark, or the LBMA Platinum Price PM varies ~~performance~~materially offrom the ~~price~~prices ofdetermined ~~platinum~~by ~~bullion~~other mechanisms for valuing platinum, the value of the Trust’s platinum and the ~~value~~market price of the Shares ~~relates~~could ~~directly~~be toadversely impacted. Any future developments in the LBMA ~~value~~Platinum ofPrice PM, to the ~~platinum~~extent ~~held~~it byhas a material impact on the LBMA ~~Trust~~Platinum Price PM, ~~less~~could adversely impact the value of the Trust’s ~~liabilities~~platinum ~~(including~~and ~~estimated~~the ~~accrued~~market ~~but~~price ~~unpaid~~of ~~expenses)~~the Shares. ~~The~~It ~~price~~is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, ~~platinum~~or ~~has~~the ~~fluctuated~~inability ~~widely~~of ~~over~~the benchmark to produce, the LBMA ~~past~~Platinum ~~several~~Price ~~years~~PM on any given date. ~~Several~~Furthermore, ~~factors~~any ~~may~~actual or perceived disruptions that result in the perception that the LBMA Platinum Price PM is vulnerable to actual or attempted manipulation could adversely affect the behavior of market participants, which may have an effect on the price of platinum. If the LBMA Platinum Price PM is unreliable for any reason, ~~including:~~the price of platinum and the market price for the Shares may decline or be subject to greater volatility.

Global platinum supply, which is influenced by such factors as production and cost levels in major platinum-producing countries such as South Africa. Recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand are also important drivers of platinum supply and demand;25

●If ~~Investors’~~the ~~expectations~~process ~~with~~of ~~respect~~creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions the effect of which would be to keep the price ~~rate~~of the Shares closely linked to the price of ~~inflation;~~platinum by allowing the market participants to profit from divergences, may not exist and, as a result, the price of the Shares may fall.

●If ~~Currency~~the ~~exchange~~processes ~~rates;~~of creation and redemption of Shares (which depend on timely transfers of platinum to and by the Custodian) encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying platinum may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate independently of the price of platinum and may fall. Additionally, redemptions could be suspended for any period during which (1) the NYSE Arca is closed (other than customary weekend or holiday closings) or trading on the NYSE Arca is suspended or restricted, or (2) an emergency exists as a result of which delivery, disposal or evaluation of the platinum is not reasonably practicable.

●A ~~Interest~~possible ~~rates;~~“short squeeze” due to a sudden increase in demand of Shares that largely exceeds supply may lead to price volatility in the Shares.

●Investors ~~Investment~~may ~~and~~purchase ~~trading~~Shares ~~activities~~to hedge existing platinum exposure or to speculate on the price of ~~hedge~~platinum. ~~funds~~Speculation on the price of platinum may involve long and ~~commodity~~short ~~funds;~~exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn, dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a “short squeeze.” A short squeeze could lead to volatile price movements in Shares that are not directly correlated to the price of platinum.

●The ~~Global~~liquidity orof ~~regional~~the ~~political,~~Shares ~~economic~~may orbe ~~financial~~affected by ~~events~~the ~~and~~withdrawal ~~situations;~~from ~~and~~participation of one or more Authorized Participants.

●In Athe ~~significant~~event ~~change~~that one or more Authorized Participants having substantial interests in ~~investor~~Shares ~~interest~~or otherwise responsible for a significant portion of the Shares’ daily trading volume on the Exchange withdraw from participation, ~~including~~the inliquidity ~~response~~of tothe ~~online~~Shares ~~campaigns~~will orlikely ~~other~~decrease ~~activities~~which ~~specifically~~could ~~targeting~~adversely ~~investments~~affect the market price of the Shares and result in ~~platinum~~Shareholders incurring a loss on their investment.

InShareholders ~~addition,~~do ~~investors~~not ~~should~~have bethe ~~aware~~protections ~~that there is no assurance~~associated ~~that~~with ~~platinum~~ownership ~~will maintain its long-term value in terms~~ of ~~purchasing~~shares ~~power~~ in ~~the~~an ~~future.~~investment Incompany ~~the~~registered ~~event~~under ~~that~~ the ~~price~~Investment ofCompany ~~platinum declines,~~Act ~~the Sponsor expects the value~~ of an1940 ~~investment~~or in the ~~Shares~~protections toafforded ~~decline~~by ~~proportionately~~the CEA.

25The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies. The Trust does not and will not hold or trade in commodity futures contracts, “commodity interests” or any other instruments regulated by the CEA, as administered by the CFTC and the NFA. Furthermore, the Trust is not a commodity pool for purposes of the CEA, and neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the Trust or the Shares. Consequently, Shareholders do not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools operated by registered commodity pool operators or advised by registered commodity trading advisors.

~~RISKS~~The ~~RELATED~~Trust TOmay ~~THE~~be ~~SHARES~~required to terminate and liquidate at a time that is disadvantageous to Shareholders.

~~The~~If ~~sale of~~ the Trust’s ~~platinum~~is required to ~~pay~~terminate ~~expenses~~and ~~not~~liquidate, ~~assumed~~such bytermination ~~the~~and ~~Sponsor~~liquidation could occur at a time which is disadvantageous to Shareholders, orsuch ~~unexpected~~as ~~liabilities~~when ~~affecting~~platinum prices are lower than the ~~Trust,~~platinum prices at athe time when Shareholders purchased their Shares. In such a case, when the Trust’s platinum is sold as part of ~~low~~the Trust’s liquidation, the resulting proceeds distributed to Shareholders will be less than if platinum prices ~~could~~were higher ~~adversely~~at ~~affect~~ the ~~value~~time of ~~the Shares~~sale.

The ~~Trustee~~lack ~~sells~~of ~~platinum held by the Trust to pay Trust expenses not assumed by the Sponsor on~~ an ~~as-needed~~active ~~basis~~trading ~~irrespective~~market offor ~~then-current platinum prices. The Trust is not actively managed and no attempt will be made to buy or sell platinum to protect against or to take advantage of fluctuations in~~ the ~~price of platinum.~~ ~~Consequently,~~Shares ~~the Trust’s platinum~~ may beresult ~~sold at a time when the platinum price is low, resulting~~ in ~~the~~losses ~~sale~~on ofinvestment ~~more~~at ~~platinum than would be required if~~ the ~~Trust sold when prices were higher. The sale of the Trust’s platinum to pay expenses not assumed by the Sponsor, or unexpected liabilities affecting the Trust, at a~~ time of ~~low~~disposition ~~platinum prices could adversely affect the value~~ of the Shares.

~~The~~Although ~~value~~Shares ofare listed for trading on the NYSE Arca, it cannot be assumed that an active trading market for the Shares will be ~~adversely~~maintained. ~~affected~~If ifan ~~the~~investor needs to sell Shares ~~Trust~~at isa ~~required~~time towhen ~~indemnify~~no active market for Shares exists, such lack of an active market will most likely adversely affect the ~~Sponsor~~price orthe investor receives for the ~~Trustee~~Shares ~~under~~(assuming the ~~Trust~~investor ~~Agreement~~is able to sell them).

Under the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense it incurs without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard on its part. That means the Sponsor or the Trustee may require the assets of the Trust to be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of the Shares.26

~~The~~Shareholders ~~Shares~~do ~~may~~not ~~trade~~have atthe arights ~~price which is at, above or below~~enjoyed ~~the~~by ~~NAV~~investors ~~per Share and any discount or premium~~ in ~~the~~certain ~~trading~~other ~~price relative to the NAV per Share may widen as a result of non-concurrent trading hours between the NYSE Arca and London, Zurich and COMEX~~vehicles.

~~The~~As ~~Shares~~interests ~~may~~in ~~trade~~an atinvestment trust, ~~above or below~~ the ~~NAV per Share. The~~Shares ~~NAV~~have ~~per~~none ~~Share fluctuates with changes in the market value~~ of the ~~Trust’s~~statutory ~~assets.~~rights ~~The~~normally ~~trading~~associated ~~price of the Shares fluctuates in accordance~~ with ~~changes in~~ the ~~NAV~~ownership ~~per~~of ~~Share~~shares ~~as well as market supply and demand. The amount~~ of ~~the~~a ~~discount~~corporation or(including, ~~premium~~for inexample, the ~~trading~~ ~~price relative~~ right to ~~the~~bring ~~NAV~~“oppression” ~~per~~or ~~Share~~“derivative” ~~may~~actions). beIn ~~influenced~~addition, bythe ~~non-concurrent~~Shares ~~trading~~have ~~hours~~limited ~~between~~voting ~~the NYSE Arca~~ and ~~the~~distribution ~~major~~rights ~~platinum~~(for ~~markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time~~example, ~~liquidity~~Shareholders indo ~~the~~not ~~market~~have ~~for platinum is reduced after~~ the ~~close~~right ofto ~~the~~elect ~~major~~directors ~~world~~or ~~platinum~~approve ~~markets,~~amendments ~~including~~to ~~London, Zurich and~~ the ~~COMEX.~~Trust ~~As a result~~Agreement, ~~during this time, trading spreads,~~ and ~~the~~do ~~resulting~~not ~~premium~~receive ~~or discount on the Shares, may widen~~dividends).

AAn ~~possible~~investment ~~“short squeeze” due to a sudden increase~~ in ~~demand~~the of Shares ~~that~~may ~~largely~~be ~~exceeds~~adversely affected ~~supply~~by ~~may~~competition ~~lead~~from toother ~~price~~methods ~~volatility~~of investing in ~~the Shares~~platinum.

~~Investors~~The ~~may~~Trust ~~purchase~~competes ~~Shares~~with toother ~~hedge~~financial ~~existing platinum exposure~~vehicles, orincluding totraditional ~~speculate~~debt onand ~~the~~equity ~~price~~securities ofissued ~~platinum.~~by ~~Speculation~~companies onin the ~~price of~~ platinum ~~may~~industry ~~involve long~~ and ~~short~~other ~~exposures.~~securities Tobacked ~~the~~by ~~extent~~or linked ~~aggregate~~to ~~short~~platinum, ~~exposure~~direct ~~exceeds~~investments ~~the~~in ~~number~~platinum ofand ~~Shares~~investment ~~available~~vehicles ~~for~~similar ~~purchase~~to ~~(for~~the ~~example,~~Trust. inMarket ~~the~~and ~~event~~financial ~~that~~conditions, ~~large~~and ~~redemption requests~~other byconditions ~~Authorized~~beyond ~~Participants~~the ~~dramatically~~Sponsor’s ~~affect Share liquidity)~~control, ~~investors~~may ~~with~~make ~~short~~it ~~exposure~~more ~~may~~attractive ~~have~~ to ~~pay~~invest ain ~~premium~~other tofinancial ~~repurchase Shares~~vehicles ~~for~~or ~~delivery~~ to ~~Share~~invest ~~lenders. Those repurchases may~~ in ~~turn~~platinum directly, ~~dramatically~~which ~~increase~~could ~~the~~limit ~~price of~~ the ~~Shares~~market ~~until~~for ~~additional Shares are created through~~ the ~~creation process. This is often referred to as a “short squeeze.” A short squeeze could lead to volatile price movements in~~ Shares ~~that~~and ~~are~~reduce ~~not directly correlated to~~ the ~~price~~liquidity of ~~platinum~~the Shares.

~~Purchasing~~The ~~activity~~amount inof ~~the~~ platinum ~~market~~represented ~~associated~~by ~~with~~each ~~Basket~~Share ~~creations~~will ordecrease ~~selling~~over ~~activity~~the ~~following~~life ~~Basket~~of ~~redemptions~~the ~~may~~Trust ~~affect~~due to the ~~price~~recurring deliveries of platinum necessary to pay the Sponsor’s Fee in-kind and ~~Share~~potential ~~trading~~sales ~~prices~~of platinum to pay in cash the Trust expenses not assumed by the Sponsor. ~~These~~ Without increases in the price ~~changes~~of ~~may~~platinum sufficient ~~adversely~~to ~~affect~~compensate anfor ~~investment~~that indecrease, the price of the Shares will also decline proportionately over the life of the Trust.

~~Purchasing~~The ~~activity~~amount ~~associated~~of ~~with~~platinum ~~acquiring~~represented by each Share decreases each day by the ~~platinum~~Sponsor’s ~~required~~Fee. In addition, although the Sponsor has agreed to assume all organizational and certain administrative ~~for~~and ~~deposit~~marketing ~~into~~expenses incurred by the Trust in(the ~~connection~~Trustee’s ~~with~~monthly fee and out-of-pocket expenses, the ~~creation~~Custodian’s fee and reimbursement of ~~Baskets~~the ~~may~~Custodian’s ~~temporarily~~expenses ~~increase~~under the ~~market~~Custody ~~price~~Agreements, ofExchange ~~platinum~~listing fees, ~~which~~SEC registration fees, printing and ~~will~~mailing ~~result~~costs, inaudit ~~higher~~fees ~~prices~~and ~~for~~up ~~the~~to ~~Shares.~~$100,000 ~~Temporary~~per ~~increases~~annum in ~~the~~legal ~~market~~expenses), ~~price~~in ofexceptional ~~platinum~~cases ~~may~~certain ~~also~~Trust ~~occur~~expenses asmay aneed ~~result~~to ofbe ~~the~~paid ~~purchasing~~by ~~activity~~the ofTrust. ~~other~~Because ~~market~~the ~~participants.~~Trust ~~Other~~does ~~market~~not ~~participants~~have ~~may~~any ~~attempt~~income, toit ~~benefit~~must ~~from~~either anmake ~~increase~~payments in-kind ~~the market~~by ~~price~~deliveries of platinum ~~that~~(as ~~may~~is ~~result~~the case ~~from~~with ~~increased~~the ~~purchasing~~Sponsor’s ~~activity~~Fee) ofor it must sell platinum ~~connected~~to ~~with~~obtain cash (as in the ~~issuance~~case of ~~Baskets~~any exceptional expenses). The result of ~~Consequently,~~these ~~the~~sales ~~market~~of ~~price~~platinum and recurring deliveries of platinum ~~may~~to ~~decline~~pay ~~immediately~~the ~~after~~Sponsor’s ~~Baskets~~Fee ~~are~~in-kind ~~created.~~is Ifa decrease in the ~~price~~amount of platinum ~~declines,~~ ~~the~~represented ~~trading~~by ~~price~~each Share. New deposits of ~~the~~platinum, received in exchange for new Shares ~~may~~issued ~~also~~by ~~decline~~the Trust, will not reverse this trend.

26A decrease in the amount of platinum represented by each Share results in a decrease in each Share’s price even if the price of platinum does not change. To retain the Share’s original price, the price of platinum must increase. Without that increase, the lesser amount of platinum represented by the Share will have a correspondingly lower price. If this increase does not occur, or is not sufficient to counter the lesser amount of platinum represented by each Share, Shareholders will sustain losses on their investment in Shares.

~~Selling~~An ~~activity~~increase ~~associated~~in ~~with~~Trust ~~sales~~expenses ofnot ~~platinum~~assumed ~~withdrawn from~~by the Sponsor, ~~Trust~~or ~~in connection with~~ the ~~redemption~~existence of ~~Baskets~~unexpected ~~may~~liabilities ~~temporarily~~affecting ~~decrease~~ the ~~market price of platinum~~Trust, ~~which~~ will ~~result in~~require ~~lower prices for~~ the ~~Shares.~~Trustee ~~Temporary~~to ~~decreases~~sell inlarger ~~the~~amounts ~~market price~~ of platinum, and ~~may~~will ~~also~~result ~~occur~~in as a ~~result~~more ofrapid ~~the~~decrease ~~selling activity~~ of ~~other market participants. If~~ the ~~price~~amount of platinum ~~declines,~~represented ~~the~~by ~~trading~~each ~~price~~Share ofand ~~the~~corresponding ~~Shares~~decrease ~~may~~in ~~also~~its ~~decline~~value.

The ~~Sponsor~~sale ~~is unable to ascertain whether the platinum price movements since the commencement~~ of the Trust’s ~~initial~~platinum ~~public offering on January 8, 2010 were attributable~~ to ~~the Trust’s~~pay ~~Basket~~expenses ~~creation~~not ~~and~~assumed ~~redemption~~by ~~process~~the orSponsor, ~~independent metal market forces~~ or ~~both.~~unexpected ~~Nevertheless,~~liabilities affecting the Trust, ~~and~~at ~~the~~a ~~Sponsor~~time ~~cannot provide~~of ~~assurance~~low ~~that~~platinum ~~future~~prices ~~Basket~~could ~~creations~~adversely oraffect the ~~redemptions~~value ~~will~~of ~~have no effect on~~ the ~~platinum metal prices and, consequently, Share trading prices~~Shares.

~~Since~~The ~~there~~Trustee issells noplatinum ~~limit~~held onby the ~~amount~~Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective of then-current platinum ~~that~~prices. ~~the~~ The Trust ~~may~~is ~~acquire,~~not actively managed and no attempt will be made to buy or sell platinum to protect against or to take advantage of fluctuations in the ~~Trust~~price of platinum. Consequently, asthe itTrust’s ~~grows,~~platinum may ~~have~~be ansold ~~impact~~at ona time when the ~~supply~~platinum ~~and~~price ~~demand~~is low, resulting in the sale of more platinum than ~~that~~would ~~ultimately~~be ~~may~~required ~~affect~~if the ~~price~~ Trust sold when prices were higher. The sale of the ~~Shares~~Trust’s inplatinum ato ~~manner~~pay ~~unrelated~~expenses tonot ~~other~~assumed ~~factors~~by the Sponsor, or unexpected liabilities affecting the ~~global~~Trust, ~~market~~at ~~for~~a time of low platinum prices could adversely affect the value of the Shares.

The ~~Trust~~value ~~Agreement places no limit on the amount~~ of ~~platinum~~ the ~~Trust may hold. Moreover, the Trust may issue an unlimited number of~~ Shares, ~~subject~~will tobe ~~registration~~adversely ~~requirements, and thereby~~affected ~~acquire~~if ~~an unlimited amount of platinum. The global market for platinum is characterized by supply and demand constraints that are generally not present in~~ the markets for other precious metals such as gold and silver. From 2018 to 2022, world platinum mine supply averaged 5.8 million ounces, while world demand averaged 7.3 million ounces. If the amount of platinum acquired by the Trust is ~~large~~required ~~enough in relation~~ to ~~global~~indemnify ~~platinum supply and demand, further in-kind creations and redemptions of Shares could have an impact on~~ the ~~supply~~Sponsor and demand of platinum unrelated to other factors affecting the global market for platinum. Such an impact could affect the price for platinum that would directly affect the price at which Shares are traded on the Exchange or the ~~price of~~Trustee ~~future~~under ~~Baskets created or redeemed by~~ the Trust. The Trust and the Sponsor cannot provide Shareholders any assurance that increased metal holdings by the Trust in the future will have no such long-term metal price impact thereby affecting Share trading pricesAgreement.

~~The~~Under ~~Shares~~the Trust Agreement, each of the Sponsor and ~~their~~the ~~value~~Trustee ~~could~~has ~~decrease~~a ifright ~~unanticipated~~to be indemnified from the Trust for any liability or expense it incurs without gross negligence, bad faith, ~~operational~~willful misconduct, willful malfeasance or ~~trading~~reckless ~~problems~~disregard ~~arise~~on its part. That means the Sponsor or the Trustee may require the assets of the Trust to be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of the Shares.

There may be unanticipated problems or issues with respect to the mechanics of the Trust’s operations and the trading of the Shares that could have a material adverse effect on an investment in the Shares. In addition, although the Trust is not actively “managed” by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor’s past experience and qualifications may not be suitable for solving these problems or issues.27

~~Discrepancies,~~The ~~disruptions~~Shares ormay ~~unreliability~~trade ofat ~~the~~a ~~LME~~price PMwhich is at, ~~Fix~~above ~~could~~or ~~impact~~below the ~~value~~NAV ofper ~~the~~Share ~~Trust’s~~and ~~platinum~~any ~~and~~discount or premium in the ~~market~~trading price relative to the NAV per Share may widen as a result of non-concurrent trading hours between the ~~Shares~~NYSE Arca and London, Zurich and COMEX.

The ~~Trustee~~Shares ~~values~~may ~~the~~trade ~~Trust’s~~at, ~~platinum~~above ~~pursuant~~or tobelow the NAV ~~LME~~per ~~PM Fix~~Share. InThe ~~the~~NAV ~~event~~per ~~that~~Share ~~the~~fluctuates ~~LME~~with PMchanges ~~Fix~~in ~~proves to be an inaccurate benchmark, or~~ the ~~LME~~market ~~PM Fix varies materially from the prices determined by other mechanisms for valuing platinum, the~~ value of the Trust’s ~~platinum~~assets. ~~and~~The ~~the~~trading ~~market~~ price of the Shares fluctuates ~~could~~in beaccordance ~~adversely~~with ~~impacted.~~changes ~~Any future developments~~ in the ~~LME~~NAV PMper ~~Fix,~~Share toas ~~the~~well ~~extent~~as itmarket ~~has~~supply aand ~~material~~demand. ~~impact~~The onamount ~~the LME PM Fix, could adversely impact the value~~ of the ~~Trust’s~~discount ~~platinum~~or ~~and~~premium in the ~~market~~trading price ofrelative to the ~~Shares.~~NAV Itper isShare ~~possible that electronic failures or other unanticipated events~~ may ~~occur~~be ~~that~~influenced ~~could~~by ~~result~~non-concurrent intrading ~~delays~~hours inbetween the ~~announcement~~NYSE ~~of,~~Arca orand the ~~inability~~major ofplatinum ~~the~~markets. ~~benchmark~~While ~~to produce,~~ the ~~LME~~Shares PMtrade ~~Fix~~ on ~~any~~the ~~given~~NYSE ~~date.~~Arca ~~Furthermore,~~until ~~any~~4:00 ~~actual~~p.m. orNew ~~perceived~~York ~~disruptions~~time, ~~that~~liquidity ~~result~~ in ~~the~~ ~~perception that~~ the ~~LME~~market PMfor ~~Fix~~platinum iswill ~~vulnerable~~be reduced toafter ~~actual or attempted manipulation could adversely affect~~ the ~~behavior~~close of ~~market participants, which may have an effect on~~ the ~~price~~major ofworld platinum. Ifmarkets, ~~the~~including ~~LME~~London, PMZurich ~~Fix~~and isthe ~~unreliable~~COMEX. ~~for~~As ~~any~~a ~~reason~~result, ~~the~~during ~~price~~these ~~of platinum~~periods, ~~and~~trading ~~the~~spreads, ~~market~~and ~~price for~~ the ~~Shares~~resulting ~~may~~premium ~~decline~~ or bediscount ~~subject~~on tothe ~~greater~~Shares, ~~volatility~~may widen.

IfPurchasing ~~the~~activity ~~process~~in ofthe ~~creation~~platinum ~~and redemption of Baskets encounters~~market ~~any~~associated ~~unanticipated~~with ~~difficulties,~~Basket ~~the~~creations ~~possibility~~or ~~for~~selling ~~arbitrage~~activity ~~transactions~~following ~~intended~~Basket toredemptions ~~keep~~may affect the price of ~~the~~platinum ~~Shares~~and ~~closely~~Share ~~linked~~trading prices. toThese ~~the~~ price ofchanges ~~platinum~~ may ~~not~~adversely ~~exist~~affect ~~and,~~an asinvestment ain ~~result,~~ the ~~price of the~~ Shares ~~may fall~~.

IfPurchasing ~~the~~activity ~~processes~~associated ofwith ~~creation~~acquiring the ~~and~~platinum ~~redemption~~required offor ~~Shares~~deposit ~~(which depend~~into onthe ~~timely~~Trust ~~transfers~~in ofconnection ~~platinum~~with ~~to and by~~ the ~~Custodian)~~creation ~~encounter~~of ~~any~~Baskets ~~unanticipated~~may ~~difficulties,~~increase ~~potential~~the market ~~participants who~~price ~~would otherwise be willing to purchase or redeem Baskets to take advantage~~ of ~~any~~platinum, which ~~arbitrage~~will ~~opportunity~~result ~~arising~~in ~~from~~higher ~~discrepancies between~~prices ~~the~~for ~~price of~~ the Shares. ~~and~~Increases in the market price of ~~the underlying~~ platinum may ~~not~~also ~~take~~occur ~~the risk that,~~ as a result of ~~those~~the ~~difficulties,~~purchasing ~~they~~activity ~~may~~of ~~not~~other bemarket ~~able to realize the profit they expect~~participants. IfOther ~~this~~market isparticipants ~~the case, the liquidity of Shares~~ may ~~decline~~attempt ~~and~~to ~~the~~benefit ~~price of~~from ~~the~~an ~~Shares~~increase ~~may~~in ~~fluctuate independently of~~ the market price of platinum that ~~and~~ may ~~fall.~~result ~~Additionally,~~from ~~redemptions~~increased ~~could~~purchasing beactivity ~~suspended~~of ~~for any~~platinum ~~period~~connected ~~during~~with ~~which (1)~~ the ~~NYSE~~issuance ~~Arca~~of isBaskets. ~~closed~~Consequently, ~~(other than customary weekend or holiday closings) or trading on~~ the ~~NYSE~~market ~~Arca~~price isof ~~suspended~~platinum ormay ~~restricted,~~decline orimmediately ~~(2)~~after anBaskets ~~emergency~~are ~~exists~~created. asIf athe ~~result~~price of ~~which~~platinum ~~delivery~~declines, ~~disposal~~the ortrading ~~evaluation~~price of the ~~platinum~~Shares iswill ~~not~~also ~~reasonably practicable~~decline.

27Selling activity associated with sales of platinum withdrawn from the Trust in connection with the redemption of Baskets may decrease the market price of platinum, which will result in lower prices for the Shares. Decreases in the market price of platinum may also occur as a result of the selling activity of other market participants. If the price of platinum declines, the trading price of the Shares will also decline.

The ~~liquidity~~Sponsor is unable to ascertain whether the platinum price movements since the commencement of the ~~Shares~~Trust’s ~~may~~initial bepublic ~~affected~~offering byon January 8, 2010 were attributable to the Trust’s ~~withdrawal~~Basket creation and redemption process or independent metal market forces or both. Nevertheless, the Trust and the Sponsor ~~from~~cannot ~~participation~~provide ofassurance ~~one~~that future Basket creations or ~~more~~redemptions ~~Authorized~~will ~~Participants~~have no effect on the platinum metal prices and, consequently, Share trading prices.

InRISKS ~~the~~RELATED ~~event~~TO ~~that~~THE ~~one~~CUSTODY orOF ~~more~~PLATINUM Authorized Participants having substantial interests in Shares or otherwise responsible for a significant portion of the Shares’ daily trading volume on the Exchange withdraw from participation, the liquidity of the Shares will likely decrease which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.

~~Shareholders~~The doTrust’s ~~not~~platinum ~~have~~may ~~the~~be ~~protections~~subject ~~associated with~~to ~~ownership~~loss, ofdamage, ~~shares~~theft ~~in an investment company registered under the Investment Company Act of 1940~~ or ~~the~~restriction ~~protections~~on ~~afforded by the CEA~~access.

~~The~~There ~~Trust~~ is ~~not~~a ~~registered~~risk asthat anpart ~~investment~~or ~~company~~all ~~under~~of the Trust’s ~~Investment~~platinum ~~Company~~could ~~Act~~be oflost, ~~1940~~damaged ~~and~~or isstolen. ~~not~~Access ~~required~~ to ~~register under such act. Consequently, Shareholders do not have~~ the ~~regulatory protections provided to investors in investment companies. The~~ Trust’s ~~does~~platinum ~~not~~could ~~and~~also ~~will~~be ~~not~~restricted ~~hold~~by ornatural ~~trade~~events in(such ~~commodity~~as ~~futures contracts,~~an ~~“commodity~~earthquake) ~~interests”~~ or ~~any~~human ~~other~~actions ~~instruments~~(such ~~regulated by the CEA,~~ as ~~administered~~a byterrorist ~~the CFTC and the NFA~~attack). ~~Furthermore, the~~Any ~~Trust~~of isthese ~~not~~events amay ~~commodity~~adversely ~~pool~~affect ~~for~~the ~~purposes~~operations of the ~~CEA~~Trust and ~~the Shares are not “commodity interests”~~, ~~and neither~~consequently, ~~the~~an ~~Sponsor~~investment ~~nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor~~ in ~~connection~~ ~~with~~ the ~~Trust or the~~ Shares. Consequently, Shareholders do not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools operated by registered commodity pool operators or advised by registered commodity trading advisors.

The Trust’s ~~may~~lack beof ~~required~~insurance toprotection and ~~terminate~~the ~~and~~Shareholders’ ~~liquidate~~limited atrights aof legal recourse against the Trust, the Trustee, the Sponsor, the Custodian and any sub-custodian ~~time~~exposes ~~that~~the isTrust ~~disadvantageous~~and toits Shareholders to the risk of loss of the Trust’s platinum for which no person is liable.

IfThe ~~the~~ Trust isdoes ~~required~~not insure its platinum. The Custodian maintains insurance with regard to ~~terminate~~its ~~and~~business ~~liquidate,~~on such ~~termination~~ terms and ~~liquidation~~conditions ~~could~~as ~~occur~~it atconsiders aappropriate ~~time~~in ~~which~~connection with its custodial obligations and is ~~disadvantageous~~responsible tofor ~~Shareholders~~all costs, fees and expenses arising from the insurance policy or policies. The Trust is not a beneficiary of any such asinsurance ~~when~~and ~~platinum~~does ~~prices~~not ~~are~~have ~~lower~~the ~~than~~ability to dictate the existence, nature or amount of coverage. Therefore, Shareholders cannot ~~platinum~~be ~~prices~~assured atthat the ~~time~~Custodian ~~when~~maintains ~~Shareholders~~adequate ~~purchased~~insurance ~~their~~or ~~Shares~~any insurance with respect to the platinum held by the Custodian on behalf of the Trust. In ~~such~~addition, athe ~~case,~~Custodian ~~when~~and the ~~Trust’s~~Trustee ~~platinum~~do isnot ~~sold~~require asany direct or indirect sub-custodians to be insured or bonded ~~part~~with respect to their custodial activities or in respect of the platinum held by them on behalf of the Trust. Further, Shareholders’s recourse ~~liquidation~~against the Trust, the ~~resulting~~Trustee ~~proceeds~~and ~~distributed~~the toSponsor, ~~Shareholders~~under ~~will~~New beYork ~~less~~law, ~~than~~the ifCustodian, ~~platinum~~under ~~prices~~English law and any sub-custodians ~~were~~under ~~higher~~the atlaw governing their custody operations is limited. Consequently, a loss may be suffered with respect to the ~~time~~Trust’s ofplatinum which ~~sale~~is not covered by insurance and for which no person is liable in damages.

~~The lack of an active trading market for the Shares may result in losses on investment at the time of disposition of the Shares.~~28

~~Although~~The ~~Shares~~Custodian’s ~~are~~limited ~~listed~~liability ~~for trading on~~ under the ~~NYSE~~Custody ~~Arca,~~Agreements ~~it cannot~~and beEnglish ~~assumed~~law ~~that~~may animpair ~~active~~the ~~trading~~ability ~~market~~of ~~for~~ the ~~Shares~~Trust ~~will~~to ~~develop~~recover orlosses beconcerning ~~maintained.~~its Ifplatinum anand ~~investor~~any ~~needs to sell Shares~~recovery atmay abe ~~time~~limited, ~~when~~even noin ~~active~~the ~~market~~event ~~for~~of ~~Shares exists~~fraud, ~~such~~to ~~lack~~the ~~of an active~~ market ~~will~~value ~~most~~of ~~likely adversely affect~~ the ~~price~~platinum ~~the investor~~at ~~receives for~~ the ~~Shares~~time ~~(assuming~~ the ~~investor~~fraud is ~~able to sell them)~~discovered.

~~Shareholders~~The doliability of the Custodian is limited under the Custody Agreements. Under the Custody Agreements between the Trustee and the Custodian which establish the Trust Unallocated Account and the Trust Allocated Account, the Custodian is only liable for losses that are the direct result of its own negligence, fraud or willful default in the performance of its duties. Any such liability is further limited to the market value of the platinum lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian provided the Custodian notifies the Trust and the Trustee promptly after the discovery of the loss or damage. Under each Authorized Participant Unallocated Bullion Account Agreement (between the Custodian and an Authorized Participant establishing an Authorized Participant Unallocated Account), the Custodian is not ~~have~~contractually or otherwise liable for any losses suffered by any Authorized Participant or Shareholder that are not the ~~rights~~direct ~~enjoyed~~result of its own gross negligence, fraud or willful default in the performance of its duties under such agreement, and in no event will its liability exceed the market value of the balance in the Authorized Participant Unallocated Account at the time such gross negligence, fraud or willful default is discovered by ~~investors~~the Custodian. For any Authorized Participant Unallocated Bullion Account Agreement between an Authorized Participant and another platinum clearing bank, the liability of the platinum clearing bank to the Authorized Participant may be greater or lesser than the Custodian’s liability to the Authorized Participant described in ~~certain~~the ~~other~~preceding ~~vehicles~~sentence, depending on the terms of the agreement. In addition, the Custodian will not be liable for any delay in performance or any non-performance of any of its obligations under the Allocated Account Agreement, the Unallocated Account Agreement or the Authorized Participant Unallocated Bullion Account Agreement by reason of any cause beyond its reasonable control, including acts of God, war or terrorism. As a result, the recourse of the Trustee or a Shareholder, under English law, is limited. Furthermore, under English common law, the Custodian or any sub-custodian will not be liable for any delay in the performance or any non-performance of its custodial obligations by reason of any cause beyond its reasonable control.

AsThe ~~interests~~obligations inof ~~an investment trust,~~ the ~~Shares~~Custodian ~~have~~are ~~none of~~governed ~~the~~by ~~statutory~~English ~~rights~~law, ~~normally~~which ~~associated~~may ~~with~~frustrate the ~~ownership~~Trust ofin ~~shares~~attempting ~~of a corporation (including, for example, the right~~ to ~~bring “oppression”~~seek orlegal ~~“derivative”~~redress ~~actions).~~against ~~In addition,~~ the ~~Shares~~Custodian ~~have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors~~ or ~~approve~~any ~~amendments~~sub-custodian ~~to the Trust Agreement and do not receive~~concerning ~~dividends)~~its platinum.

AnThe ~~investment~~obligations inof the ~~Shares~~Custodian under the Custody Agreements are, and the Authorized Participant Unallocated Bullion Account Agreements may be, ~~adversely~~governed ~~affected~~by English law. The Custodian may enter into arrangements with other sub-custodians for the temporary custody of the Trust’s platinum, which arrangements may also be governed by English law. The Trust is a New York common law trust. Any United States, New York ~~competition~~or other court situated in the United States may have difficulty interpreting English law (which, insofar as it relates to custody arrangements, is largely derived from court rulings rather than statute), LPPM rules or the customs and practices in the London custody market. It may be difficult or impossible for the Trust to sue any sub-custodian in a United States, New York or other ~~methods~~court ofsituated ~~investing~~in the United States. In addition, it may be difficult, time consuming and/or expensive for the Trust to enforce in ~~platinum~~a foreign court a judgment rendered by a United States, New York or other court situated in the United States.

The Trust ~~competes~~may ~~with~~not ~~other~~have ~~financial~~adequate ~~vehicles,~~sources ~~including~~of ~~traditional~~recovery ~~debt~~if ~~and~~its ~~equity securities issued by companies in the~~ platinum ~~industry~~is ~~and other securities backed by or linked to platinum~~lost, ~~direct investments in platinum and investment vehicles similar to the Trust. Market and financial conditions~~damaged, ~~and~~stolen ~~other conditions beyond the Sponsor’s control, may make it more attractive to invest in other financial vehicles~~ or ~~to invest in platinum directly, which could limit the market for the Shares and reduce the liquidity of the Shares~~destroyed.

28If the Trust’s platinum is lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources sufficient to satisfy the Trust’s claim. For example, as to a particular event of loss, the only source of recovery for the Trust might be limited to the Custodian or any sub-custodian or, to the extent identifiable, other responsible third parties (e.g., a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust.

~~The~~Shareholders ~~amount~~and ~~of platinum~~Authorized ~~represented~~Participants ~~by each Share will~~lack ~~decrease over~~ the ~~life~~right ofunder the ~~Trust~~Custody ~~due~~Agreements to ~~the~~assert ~~recurring~~claims ~~deliveries~~directly ~~of platinum~~against ~~necessary to pay~~ the ~~Sponsor’s~~Custodian ~~Fee in-kind~~ and ~~potential~~any ~~sales of platinum to pay in cash the Trust expenses not assumed by the Sponsor~~sub-custodian. ~~Without increases in the price of platinum sufficient to compensate for that decrease, the price of the Shares will also decline proportionately over the life of the Trust.~~

~~The~~Neither ~~amount of platinum represented by each Share decreases each day by~~ the ~~Sponsor’s~~Shareholders ~~Fee.~~nor Inany ~~addition,~~Authorized ~~although the Sponsor has agreed to assume all organizational and certain administrative~~Participant ~~and~~have ~~marketing~~a ~~expenses~~right ~~incurred by the Trust (the Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and reimbursement of the Custodian’s expenses~~ under the Custody Agreements, ~~Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up~~ to ~~$100,000~~assert ~~per~~a ~~annum~~claim inof ~~legal expenses), in exceptional cases certain Trust expenses may need to be paid by~~ the Trust. ~~Because~~against the ~~Trust~~Custodian ~~does not have any income, it must either make payments in-kind by deliveries of platinum (as is the case with the Sponsor’s Fee)~~ or ~~it must sell platinum to obtain cash (as in the case of~~ any ~~exceptional expenses)~~sub-custodian. ~~The~~ ~~result~~Claims ofunder ~~these sales of platinum and recurring deliveries of platinum to pay~~ the ~~Sponsor’s Fee in-kind is~~ aCustody ~~decrease~~Agreements inmay ~~the~~only ~~amount~~be ~~of platinum~~asserted ~~represented~~ by ~~each~~the ~~Share.~~Trustee ~~New~~on ~~deposits~~behalf of ~~platinum, received in exchange for new Shares issued by~~ the Trust~~, will not reverse this trend~~.

A decrease in the amount of platinum represented by each Share results in a decrease in each Share’s price even if the price of platinum bullion does not change. To retain the Share’s original price, the price of platinum must increase. Without that increase, the lesser amount of platinum represented by the Share will have a correspondingly lower price. If this increase does not occur, or is not sufficient to counter the lesser amount of platinum represented by each Share, Shareholders will sustain losses on their investment in Shares.29

AnBecause ~~increase~~the inTrustee ~~Trust~~does ~~expenses~~ not, ~~assumed~~and by the ~~Sponsor~~Custodian has limited obligations to, oversee or monitor the ~~existence~~activities of ~~unexpected~~sub-custodians ~~liabilities~~who ~~affecting~~may hold the Trust’s platinum, ~~will~~failure ~~require~~by the sub-custodians ~~Trustee~~ to ~~sell~~exercise ~~larger~~due ~~amounts~~care ~~of platinum, and will result~~ in athe ~~more~~safekeeping ~~rapid decrease~~ of the ~~amount~~Trust’s of platinum ~~represented~~could byresult ~~each~~in ~~Share and~~ a ~~corresponding~~ ~~decrease~~loss into ~~its value~~the Trust.

~~RISKS~~Under ~~RELATED~~the TOAllocated ~~THE~~Account ~~CUSTODY~~Agreement, ~~OF PLATINUM~~ the Custodian may appoint from time to time one or more sub-custodians to hold the Trust’s platinum on a temporary basis pending delivery to the Custodian. Any sub-custodian selected by the Custodian shall be a member of the LBMA or any equity member of the London Precious Metals Clearing Limited, except for the Governor and Company of the Bank of England. The Custodian is not currently using a sub-custodian as of the date of this report. The Custodian is required under the Allocated Account Agreement to use reasonable care in appointing any sub-custodians, making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians, and has an obligation to use commercially reasonable efforts to obtain delivery of the Trust’s platinum from any sub-custodians appointed by the Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its sub-custodians. These sub-custodians may in turn appoint further sub-custodians, but the Custodian is not responsible for the appointment of these further sub-custodians. The Custodian does not undertake to monitor the performance by sub-custodians of their custody functions or their selection of further sub-custodians. The Trustee does not monitor the performance of the Custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements and does not undertake to monitor the performance of any sub-custodian. Furthermore, the Trustee may 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 will be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian. In addition, the ability of the Trustee to monitor the performance of the Custodian may be limited because under the Allocated Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to visit the premises of the Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian. See “Custody of the Trust’s Platinum” for more information about sub-custodians that may hold the Trust’s platinum.

The obligations of any sub-custodian of the Trust’s platinum ~~may~~are benot ~~subject~~determined toby ~~loss,~~contractual ~~damage~~arrangements but by LPPM rules and London platinum market customs and practices, ~~theft~~which ormay ~~restriction~~prevent the Trust’s recovery of damages for losses on ~~access~~its platinum custodied with sub-custodians.

There isare aexpected ~~risk~~to ~~that~~be ~~part~~no orwritten ~~all~~contractual arrangements ofbetween sub-custodians that hold the Trust’s platinum ~~could~~ beand ~~lost,~~the ~~damaged~~Trustee or ~~stolen.~~the ~~Access~~Custodian tobecause traditionally such arrangements are based on the ~~Trust~~LPPM’s rules and on the customs and practices of the London platinum ~~could~~markets. ~~also~~In bethe ~~restricted~~event byof ~~natural~~a ~~events~~legal ~~(such~~dispute aswith anrespect ~~earthquake)~~to or ~~human~~arising ~~actions~~from (such asarrangements, ait ~~terrorist~~may ~~attack)~~be difficult to define such customs and practices. ~~Any~~The LPPM’s rules may be subject to change outside the control of ~~these~~the ~~events~~Trust. ~~may~~Under ~~adversely~~English ~~affect~~law, neither the ~~operations~~Trustee nor the Custodian would have a supportable breach of contract claim against a sub-custodian for losses relating to the safekeeping of platinum. If the Trust’s platinum is ~~and,~~lost ~~consequently~~or damaged while in the custody of a sub-custodian, anthe ~~investment~~Trust may not be able to recover damages from the Custodian or the sub-custodian. Whether a sub-custodian will be liable for the failure of sub-custodians appointed by it to exercise due care in the ~~Shares~~safekeeping of the Trust’s platinum will depend on the facts and circumstances of the particular situation. Shareholders cannot be assured that the Trustee will be able to recover damages from sub-custodians whether appointed by the Custodian or by another sub-custodian for any losses relating to the safekeeping of platinum by such sub-custodians.

~~The~~Platinum ~~Trust’s~~bullion ~~lack~~allocated ofto ~~insurance protection and~~ the ~~Shareholders’~~Trust in ~~limited~~connection ~~rights~~with ~~of legal recourse against~~ the ~~Trust,~~creation ~~the~~of ~~Trustee,~~a ~~the~~Basket ~~Sponsor,~~may ~~the~~not ~~Custodian,~~meet the ~~Zurich~~London ~~Sub-Custodian~~Good ~~and~~Delivery ~~any~~Standards ~~other sub-custodian exposes the Trust~~ and, ~~its~~if ~~Shareholders~~a toBasket ~~the~~is ~~risk~~issued ofagainst ~~loss~~such of platinum, the Trust~~’s platinum~~ ~~for~~may ~~which~~suffer noa ~~person is liable~~loss.

~~The~~Neither ~~Trust~~the ~~does~~Trustee ~~not~~nor ~~insure~~the ~~its platinum. The~~ Custodian ~~maintains~~independently ~~insurance~~confirms ~~with~~the ~~regard~~fineness toof ~~its~~the ~~business~~physical onplatinum ~~such~~allocated ~~terms~~to ~~and~~the ~~conditions~~Trust ~~as it considers appropriate~~ in connection with ~~its custodial obligations and is responsible for all costs, fees and expenses arising from~~ the ~~insurance~~creation ~~policy~~of ora ~~policies~~Basket. The ~~Trust~~platinum ~~is not~~bullion aallocated ~~beneficiary~~to ofthe ~~any~~Trust ~~such~~by ~~insurance~~the ~~and~~Custodian ~~does~~may ~~not~~be ~~have~~different ~~the~~from ~~ability to dictate~~ the ~~existence,~~reported ~~nature~~fineness or ~~amount~~weight ofrequired ~~coverage.~~by ~~Therefore, Shareholders cannot be assured that~~ the ~~Custodian~~LPPM’s ~~maintains~~standards for ~~adequate~~platinum ~~insurance~~plates or ~~any~~ingots ~~insurance~~delivered ~~with~~in ~~respect~~settlement toof ~~the~~ a platinum ~~held~~ bytrade ~~the~~(London ~~Custodian~~Good onDelivery ~~behalf of the Trust. In addition~~Standards), the ~~Custodian~~standards ~~and~~required by the ~~Trustee~~Trust. doThe ~~not require the Zurich Sub-~~Custodian or ~~any~~is ~~other~~responsible ~~direct or indirect sub-custodians~~ to bereplace ~~insured~~any orplatinum ~~bonded~~bullion ~~with~~that ~~respect~~is todifferent ~~their~~from ~~custodial activities or in respect of~~ the ~~platinum~~ ~~held~~London byGood ~~them~~Delivery onStandards. ~~behalf of~~ If the ~~Trust.~~Trustee ~~Further,~~nevertheless ~~Shareholders’~~issues ~~recourse~~a Basket against ~~the~~such ~~Trust~~platinum, ~~the Trustee~~ and ~~the~~if ~~Sponsor under New York law,~~ the Custodian, ~~the~~fails ~~Zurich~~to ~~Sub-Custodian~~satisfy ~~and~~its ~~any~~obligation ~~other~~to ~~sub-custodian~~credit ~~under~~the ~~English law, and~~Trust ~~any other sub-custodian under~~ the ~~law~~amount ~~governing~~of ~~their~~any ~~custody operations is limited. Consequently~~deficiency, ~~a loss may be suffered with respect to~~ the Trust~~’s platinum~~ ~~which~~may issuffer ~~not~~a ~~covered by insurance and for which no person is liable in damages~~loss.

2930

~~The~~Platinum ~~Custodian~~held in the Trust’s ~~limited~~unallocated platinum ~~liability~~account ~~under~~and ~~the~~any ~~Custody Agreements~~Authorized ~~and~~Participant’s ~~English~~unallocated ~~law~~platinum ~~may~~account ~~impair~~is ~~the~~not ~~ability~~segregated offrom the ~~Trust~~Custodian’s toassets. If ~~recover~~the ~~losses~~Custodian ~~concerning~~becomes insolvent, its ~~platinum~~ ~~and~~assets ~~any recovery~~ may not be ~~limited,~~adequate ~~even~~to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of ~~fraud~~the Custodian’s insolvency, tothere ~~the~~may ~~market~~be ~~value~~a ofdelay ~~the platinum~~and atcosts incurred in identifying the ~~time~~bullion held in the ~~fraud~~Trust’s allocated isplatinum ~~discovered~~account.

~~The~~Platinum ~~liability~~which ofis ~~the~~part ~~Custodian~~of isa ~~limited~~deposit ~~under~~for ~~the~~a ~~Custody~~purchase ~~Agreements.~~order ~~Under~~or ~~the~~part ~~Custody~~of ~~Agreements~~a ~~between~~redemption ~~the~~distribution ~~Trustee~~is ~~and~~held ~~the~~for ~~Custodian~~a ~~which~~time ~~establish~~in the Trust’s ~~unallocated platinum account (“~~Unallocated Account”) and ~~the Trust’s allocated platinum account (“Allocated Account”)~~, ~~the~~ ~~Custodian~~previously ~~is only liable for losses that are the direct result of its own negligence, fraud~~ or ~~willful~~subsequently ~~default~~ in, the ~~performance~~ ofAuthorized ~~its~~Participant ~~duties.~~Unallocated ~~Any~~Account ~~such liability is further limited to the market value~~ of the ~~platinum~~ ~~lost~~purchasing or ~~damaged~~redeeming atAuthorized ~~the~~Participant. ~~time~~During ~~such negligence~~those times, ~~fraud or willful default is discovered by~~ the ~~Custodian~~Trust ~~provided~~and the Authorized ~~Custodian~~Participant, ~~notifies~~as the ~~Trust~~case ~~and~~may ~~the~~be, ~~Trustee~~have ~~promptly after~~no ~~the~~proprietary ~~discovery~~rights ofto ~~the~~any ~~loss~~specific plates or ~~damage.~~ingots ~~Under~~of ~~each~~platinum ~~Authorized~~held ~~Participant~~by ~~Unallocated Bullion Account Agreement (between~~ the Custodian and anare ~~Authorized~~each ~~Participant establishing~~ an ~~Authorized~~unsecured ~~Participant~~creditor ~~Unallocated~~of ~~Account),~~ the Custodian iswith ~~not~~respect ~~contractually or~~to ~~otherwise~~the ~~liable~~amount ~~for~~of ~~any~~platinum ~~losses~~held ~~suffered~~in bysuch ~~any~~unallocated ~~Authorized~~accounts. ~~Participant~~In oraddition, if ~~Shareholder~~the ~~that~~Custodian ~~are~~fails ~~not~~to allocate the ~~direct~~Trust’s ~~result~~platinum ofin ~~its own~~a ~~gross~~timely ~~negligence~~manner, ~~fraud or willful default~~ in the ~~performance~~proper ofamounts ~~its~~or ~~duties~~otherwise ~~under such agreement, and~~ in noaccordance ~~event will its~~with ~~liability exceed~~ the ~~market~~terms ~~value~~ of the ~~balance in the Authorized Participant~~ Unallocated Account ~~at the time such gross negligence~~Agreement, ~~fraud~~ or ~~willful~~if ~~default~~a issub-custodian ~~discovered~~fails byto ~~the~~so ~~Custodian.~~segregate ~~For~~platinum ~~any~~held ~~Authorized~~by ~~Participant~~it ~~Unallocated~~on ~~Bullion~~behalf ~~Account~~of ~~Agreement~~the ~~between~~Trust, anunallocated ~~Authorized Participant and another~~ platinum ~~clearing~~will ~~bank,~~not ~~the~~be ~~liability~~segregated offrom the ~~platinum~~Custodian’s ~~clearing~~assets, ~~bank~~and to the ~~Authorized~~Trust ~~Participant may~~will be ~~greater~~an orunsecured ~~lesser~~creditor ~~than~~of the Custodian’s with ~~liability~~respect to the ~~Authorized~~amount ~~Participant~~so ~~described~~held in the ~~preceding~~event ~~sentence, depending~~of on the ~~terms~~insolvency of the ~~agreement~~Custodian. In ~~addition,~~ the ~~Custodian~~event ~~will not be liable for any delay in performance or any non-performance of any of its obligations under~~ the ~~Allocated~~Custodian ~~Account~~becomes ~~Agreement~~insolvent, the ~~Unallocated Account Agreement or the Authorized Participant~~ ~~Unallocated Bullion~~Custodian’s ~~Account~~assets ~~Agreement~~might bynot ~~reason~~be ofadequate ~~any~~to ~~cause~~satisfy ~~beyond its reasonable control, including acts of God, war or terrorism. As~~ a ~~result,~~claim ~~the~~by ~~recourse of~~ the ~~Trustee~~Trust or ~~a Shareholder, under English law, is limited. Furthermore, under English common law,~~ the ~~Custodian, the~~Authorized ~~Zurich~~Participant ~~Sub-Custodian, or any other sub-custodian will not be liable~~ for ~~any delay in~~ the ~~performance or~~amount ~~any non-performance~~ of ~~its~~platinum held ~~custodial~~in ~~obligations~~their byrespective ~~reason~~unallocated ofplatinum ~~any cause beyond its reasonable control~~accounts.

~~The~~In ~~obligations~~the case of the insolvency of the Custodian, a liquidator may seek to freeze access to the ~~Zurich~~platinum ~~Sub-Custodian and~~held ~~any~~in ~~other~~all ~~sub-custodians~~of ~~are~~the ~~governed~~accounts held by ~~English~~the ~~law~~Custodian, ~~which~~including ~~may~~the ~~frustrate~~Trust Allocated Account. Although the Trust inwould ~~attempting~~be able to ~~seek~~claim ~~legal~~ownership ~~redress~~of ~~against~~ properly allocated platinum, the ~~Custodian~~Trust could incur expenses in connection with asserting such claims, and the ~~Zurich~~assertion ~~Sub-Custodian or~~of ~~any~~such ~~other~~a ~~sub-custodian~~claim ~~concerning~~by ~~its~~the ~~platinum~~liquidator could delay creations and redemptions of Baskets.

~~The~~In ~~obligations~~issuing ~~of the Custodian under the Custody Agreements are~~Baskets, ~~and~~ the ~~Authorized~~Trustee ~~Participant~~relies ~~Unallocated Bullion~~on ~~Account Agreements may be, governed by English law. The Custodian~~certain ~~has~~information ~~entered~~received ~~into~~from ~~arrangements with~~ the ~~Zurich Sub-~~Custodian ~~and may enter into arrangements with any other sub-custodians for the temporary custody of the Trust’s platinum,~~ which ~~arrangements may also be governed by English law. The Trust~~ is asubject ~~New~~to ~~York~~confirmation ~~common~~after ~~law~~the ~~trust.~~Trustee ~~Any~~has ~~United~~relied ~~States,~~on ~~New York or other court situated in~~ the ~~United~~information. ~~States~~If ~~may~~such ~~have difficulty interpreting~~information ~~English~~turns ~~law~~out ~~(which, insofar as it relates~~ to ~~custody~~be ~~arrangements~~incorrect, isBaskets ~~largely derived from court rulings rather than statute), LPPM rules or the customs and practices in the London custody market. It~~ may be ~~difficult~~issued orin ~~impossible~~exchange for ~~the~~an ~~Trust~~amount toof ~~sue the Zurich~~platinum ~~Sub-Custodian~~which oris ~~any~~more ~~other sub-custodian in a United States, New York~~ or ~~other~~less ~~court~~than ~~situated in~~ the ~~United~~amount ~~States.~~of platinum Inwhich ~~addition,~~is itrequired ~~may~~to be ~~difficult,~~deposited ~~time~~with ~~consuming and/or expensive for~~ the Trust ~~to enforce in a foreign court a judgment rendered by a United States, New York or other court situated in the United States~~.

~~Although~~The Custodian’s definitive records are prepared after the ~~relationship~~close ~~between~~of its business day. However, when issuing Baskets, the ~~Custodian~~Trustee ~~and~~relies on information reporting the ~~Zurich~~amount of platinum ~~Sub-Custodian~~credited ~~concerning~~to the Trust’s ~~allocated platinum~~accounts iswhich ~~expressly~~it ~~governed~~receives byfrom ~~English~~the ~~law,~~Custodian aduring ~~court~~the ~~hearing~~business ~~any~~day ~~legal~~and which is subject to correction ~~dispute~~during ~~concerning~~the ~~their~~preparation ~~arrangement~~of ~~may~~the ~~disregard~~Custodian’s ~~that~~definitive ~~choice~~records after the close of ~~law~~business. ~~and~~If ~~apply~~the ~~Swiss~~information ~~law,~~relied inupon ~~which~~by ~~case~~the Trustee is incorrect, the ~~ability~~amount of platinum actually received by the Trust to ~~seek~~may ~~legal~~be ~~redress~~more ~~against~~ or less than the ~~Zurich~~amount ~~Sub-Custodian~~required ~~may~~to be ~~frustrated~~deposited for the issuance of Baskets.

~~The~~GENERAL ~~obligations~~RISKS of the Zurich Sub-Custodian under its arrangement with the Custodian with respect to the Trust’s allocated platinum is expressly governed by English law. Nevertheless, a court in the United States, England or Switzerland may determine that English law should not apply and, instead, apply Swiss law to that arrangement. Not only might it be difficult or impossible for a United States or English court to apply Swiss law to the Zurich Sub-Custodian’s arrangement, but application of Swiss law may, among other things, alter the relative rights and obligations of the Custodian and the Zurich Sub-Custodian to the extent that a loss to the Trust’s platinum may not have adequate or any legal redress. Further, the ability of the Trust to seek legal redress against the Zurich Sub-Custodian may be frustrated by application of Swiss law.

30The Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions which could have a material adverse effect on the Trust’s record keeping and operations.

The Custodian, the Trustee, the Marketing Agent and the Sponsor depend upon information technology infrastructure, including network, hardware and software systems to conduct their business as it relates to the Trust. ~~may~~A ~~not~~cybersecurity ~~have~~incident, ~~adequate~~or ~~sources~~a offailure ~~recovery~~to ifprotect ~~its platinum~~their computer systems, networks and information against iscybersecurity ~~lost~~threats, ~~damaged~~could result in a loss of information and adversely impact their ability to conduct their business, ~~stolen~~including ortheir business ~~destroyed~~on behalf of the Trust. Despite implementation of network and other cybersecurity measures, their security measures may not be adequate to protect against all cybersecurity threats.

IfWar, a ~~the~~major ~~Trust’s platinum~~terrorist isattack ~~lost,~~and ~~damaged,~~other ~~stolen or~~geopolitical ~~destroyed~~events, ~~under~~including ~~circumstances~~but ~~rendering~~not alimited ~~party liable~~ to the ~~Trust,~~war ~~the~~between ~~responsible~~Russia ~~party~~and ~~may~~Ukraine, ~~not~~outbreaks ~~have~~or public ~~the~~health ~~financial~~emergencies ~~resources sufficient~~(as todeclared ~~satisfy~~by the ~~Trust’s~~World ~~claim.~~Health ~~For example~~Organization), asthe tocontinuation aor ~~particular~~expansion ~~event~~ of ~~loss~~war or other hostilities, or ~~the~~a ~~only~~prolonged ~~source~~government ofshutdown ~~recovery~~may ~~for~~cause volatility in the ~~Trust~~ ~~might~~price beof ~~limited~~platinum due to the ~~Custodian,~~importance ~~the~~of ~~Zurich~~a ~~Sub-Custodian~~country or ~~any~~region ~~other~~to ~~sub-custodian~~the platinum ormarkets, tomarket ~~the~~access ~~extent~~restrictions ~~identifiable,~~imposed ~~other responsible~~on ~~third~~some ~~parties~~local ~~(e.g.~~platinum producers and refiners, apotential ~~thief~~impacts orto ~~terrorist),~~global ~~any~~transportation and ofshipping ~~which~~and ~~may~~other ~~not~~supply ~~have~~chain ~~the~~disruptions. ~~financial~~These ~~resources~~events ~~(including~~are ~~liability insurance~~unpredictable ~~coverage)~~and tomay ~~satisfy~~lead ato ~~valid~~extended ~~claim~~periods of ~~the~~price ~~Trust~~volatility.

~~Shareholders~~The operations of the Trust, the exchanges, brokers and ~~Authorized~~counterparties ~~Participants~~with ~~lack~~which the ~~right~~Trust ~~under~~does business, and the markets in which the Trust does business, could be severely disrupted in the ~~Custody~~event ~~Agreements~~of war, a major terrorist attack and other geopolitical events, including but not limited to, the ~~assert~~war ~~claims~~between ~~directly~~Russia ~~against~~and Ukraine, outbreaks or public health emergencies (as declared by the ~~Custodian~~World Health Organization), the ~~Zurich~~continuation or ~~Sub-Custodian~~expansion of war or other hostilities, or a prolonged government shutdown. Such events may cause volatility in the price of platinum due to the importance of a country or region to the platinum markets, market access restrictions imposed on some local platinum producers and ~~any~~refiners, or potential impacts to global transportation, shipping, and other ~~sub-custodian~~supply chain disruptions.

Neither the Shareholders nor any Authorized Participant have a right under the Custody Agreements to assert a claim of the Trust against the Custodian, the Zurich Sub-Custodian, or any other sub-custodian. Claims under the Custody Agreements may only be asserted by the Trustee on behalf of the Trust.31

In late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the West. The ~~Custodian~~responses isof ~~reliant~~countries onand political bodies to Russia’s actions, the ~~Zurich~~larger ~~Sub-Custodian~~overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in the ~~safekeeping~~price of ~~all~~platinum orand athe ~~substantial~~share ~~portion~~price of the Trust. The conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the platinum markets. ~~Furthermore,~~Russia ~~the~~is ~~Custodian~~one ~~has~~of ~~limited~~the ~~obligations~~world’s tolargest ~~oversee~~producers orof ~~monitor~~several ~~the~~precious ~~Zurich~~metals, ~~Sub-Custodian~~including platinum. AsOn aApril ~~result~~8, ~~failure~~2022, the LPPM suspended its accreditation of two Russian refiners of platinum and palladium. The LPPM stated that existing bars produced by ~~any~~the ~~Zurich~~refiners ~~Sub-Custodian~~before totheir ~~exercise~~suspension ~~due~~will ~~care~~still inbe accepted as good delivery. See “Overview of the ~~safekeeping~~Platinum Industry – Historical Chart of the Price of Platinum” for a discussion of how the ~~Trust~~Russian platinum refiners’s accreditation has impacted the platinum ~~could~~market ~~result~~and inhow aRussia’s ~~loss~~production levels have impacted platinum prices subsequent to the ~~Trust~~suspension.

~~Platinum~~War generally trades on a loco London or loco Zurich basis whereby the physical platinum is held in vaults located in London or Zurich or is transferred into accounts established in London or Zurich. The Custodian does not have a vault in Zurich and isother ~~reliant on the Zurich Sub-Custodian for the safekeeping of all~~geopolitical orevents ~~a substantial portion of the Trust’s allocated platinum. Other than obligations to (1) use reasonable care~~ in ~~appointing the~~eastern ~~Zurich Sub-Custodian~~Europe, ~~(2)~~including ~~require~~but ~~any~~not ~~Zurich~~limited ~~Sub-Custodian~~ to ~~segregate~~Russia ~~the platinum held by it for the Trust from any other platinum held by it for the Custodian~~ and ~~any~~Ukraine, ~~other~~may ~~customers~~cause ofvolatility ~~the Custodian by making appropriate entries~~ in ~~its~~commodity ~~books~~prices ~~and~~including ~~records~~precious ~~and~~metals (3) ensure that the Zurich Sub-Custodian provides confirmation to the Trustee that it has undertaken to segregate the platinum held by it for the Trust, the Custodian is not liable for the acts or omissions of the Zurich Sub-Custodianprices. ~~Other~~These ~~than~~events asare ~~described above,~~unpredictable the Custodian does not undertake to monitor the performance by the Zurich Sub-Custodian of its custody functions. The Trustee’s obligation to monitor the performance of the Custodian is limited to receiving and reviewing the reports of the Custodian. The Trustee does not monitor the performance of the Zurich Sub-Custodian or any other sub-custodian. In addition, the ability of the Trustee and the Sponsor to monitor the performance of the Custodian may belead ~~limited because under the Custody Agreements, the Trustee and the Sponsor have only limited rights~~ to ~~visit~~extended ~~the~~periods ~~premises~~ of ~~the~~price ~~Custodian or the Zurich Sub-Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian or the Zurich Sub-Custodian~~volatility.

AsThe aTrust ~~result~~may ofbe ~~the~~negatively ~~above,~~impacted ~~any failure~~ by ~~any Zurich Sub-Custodian~~the toeffects ~~exercise~~of ~~due care in~~ the ~~safekeeping~~spread of ~~the~~illnesses ~~Trust’s~~or ~~platinum~~other ~~may~~public ~~not~~health beemergencies ~~detectable~~on ~~or controllable by~~ the ~~Custodian,~~global ~~the Sponsor~~economy orand the ~~Trustee~~markets and ~~could~~service ~~result~~providers inrelevant to athe ~~loss~~performance toof the Trust.

The ~~Custodian~~COVID-19 ~~relies~~pandemic onhas ~~its~~adversely ~~Zurich~~affected ~~Sub-Custodian~~the economies of many nations and the entire global economy as well as individual issuers, assets and capital markets and could continue to, and ~~hold~~other future public health emergencies could, have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce or store platinum, ~~allocated~~restrictions toon travel that delay or prevent the ~~Trust~~transportation ~~Allocated~~of ~~Account~~platinum and ~~used~~an increase in demand for platinum may disrupt supply chains for platinum, which could cause secondary market spreads to widen and compromise the Trust’s ability to settle ~~redemptions~~transactions on time. AsAny inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver platinum as a result, ~~settlement~~ of ~~platinum~~an ininfectious ~~connection~~disease outbreak or public health emergency will negatively affect the Trust’s operations. ~~with~~Future ~~redemptions~~infectious ~~loco~~illness ~~London~~outbreaks or other public health emergencies could have similar or other unforeseen impacts and may ~~require~~exacerbate pre-existing ~~more~~political, ~~than~~social ~~two~~and ~~business~~economic ~~days~~risks in certain countries or globally, which could adversely affect the value of the Shares.

~~The~~A ~~Custodian~~significant isresurgence ~~reliant~~of onthe ~~its~~COVID-19 ~~Zurich~~pandemic or ~~Sub-Custodian~~other tofuture ~~hold~~ public health emergencies could increase the Trust’s costs and affect liquidity in the market for platinum, ~~allocated~~as towell as the correlation between the price of the Shares and the net asset value of the Trust, ~~Allocated~~any ~~Account~~of inwhich ~~order~~could toadversely ~~effect~~affect ~~redemption~~the value of your Shares. AsIn ~~a result~~addition, inthe COVID-19 pandemic or other future public health emergencies could impair the ~~case~~information ~~for~~technology ~~redemption~~and ~~orders~~other ~~electing~~operational ~~platinum~~systems ~~deliveries~~upon towhich bethe ~~received~~Trust’s ~~loco~~service ~~London~~providers, itincluding ~~may~~the ~~take~~Sponsor, ~~longer~~the ~~than~~Trustee ~~two~~and ~~business~~the ~~days~~Custodian, ~~for~~rely, and ~~platinum~~could otherwise disrupt the ability of employees of the Trust’s service providers to beperform ~~credited~~essential tasks on behalf of the toTrust. Governmental and quasi-governmental authorities and regulators throughout the ~~Authorized~~world ~~Participant~~have ~~Unallocated~~at ~~Account,~~times ~~which~~responded ~~may~~to ~~result~~major ineconomic disruptions with a ~~delay~~variety of ~~settlement~~fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary tools and lower interest rates. An unexpected or sudden reversal of these policies, or the ~~redemption~~ineffectiveness ~~order~~of ~~that~~these policies, is ~~settled loco~~likely ~~London~~to increase volatility in the market for platinum, which could adversely affect the price of the Shares.

31Further, the COVID-19 pandemic or other future public health emergencies could interfere with or prevent the operation of the electronic auction hosted by IBA to determine the LBMA Platinum Price PM, which the Trustee uses to value the platinum held by the Trust and calculate the net asset value of the Trust. The COVID-19 pandemic or other future public health emergencies could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact the Trust.

Because the Trustee does not, and the Custodian has limited obligations to, oversee or monitor the activities of sub-custodians who may hold the Trust’s platinum, failure by the sub-custodians to exercise due care in the safekeeping of the Trust’s platinum could result in a loss to the Trust.32

~~Under~~Potential ~~the~~conflicts ~~Allocated~~of ~~Account~~interest ~~Agreement, the Custodian~~ may ~~appoint~~arise ~~from~~among ~~time to time one or more sub-custodians to hold~~ the ~~Trust’s~~Sponsor platinum on a temporary basis pending delivery to the Custodian. The Custodian has selected UBS AG as the sub-custodian for platinum but may also use LPPM market-making members that provide bullion vaulting and clearing services to third parties. The Custodian selects the Zurich Sub-Custodian, and the Zurich Sub-Custodian maintains custody of all of the Trust’s allocated platinum to be held in Zurich for the Custodian. The Custodian is required under the Allocated Account Agreement to use reasonable care in appointing the Zurich Sub-Custodian and any other sub-custodians, making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians, and has an obligation to use commercially reasonable efforts to obtain delivery of the Trust’s platinum from any sub-custodians appointed by the Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its ~~sub- custodians. These sub-custodians may in turn appoint~~ ~~further~~affiliates sub-custodians, but the Custodian is not responsible for the appointment of these further sub-custodians. The Custodian does not undertake to monitor the performance by sub-custodians of their custody functions or their selection of further sub-custodians. The Trustee does not monitor the performance of the Custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements and ~~does not undertake to monitor~~ the ~~performance of any sub- custodian. Furthermore, except for the Zurich Sub-Custodian, the Trustee may 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 will be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian. In addition, the ability of the Trustee to monitor the performance of the Custodian may be limited because under the Allocated Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian and the Zurich Sub-Custodian.

~~The~~Conflicts ~~obligations~~ of ~~any~~interest ~~sub-custodian~~may ofarise among the ~~Trust’s~~Sponsor and its affiliates, ~~platinum~~on ~~are~~the ~~not~~one ~~determined~~hand, byand ~~contractual~~the ~~arrangements~~Trust ~~but~~and byits ~~LPPM~~Shareholders, ~~rules~~on ~~and~~the ~~London~~other ~~platinum~~hand. ~~market~~As ~~customs~~a ~~and~~result ~~practices~~of these conflicts, ~~which~~ the Sponsor may ~~prevent~~favor its own interests and the interests of its affiliates over the Trust’s ~~recovery~~and ofits ~~damages~~Shareholders. ~~for~~As ~~losses~~an onexample, the Sponsor, its ~~platinum~~affiliates ~~custodied~~and their officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with ~~sub-custodians~~the Trust.

~~Except for the Custodian’s arrangement with the Zurich~~Item Sub-Custodian, there are expected to be no written contractual arrangements between sub-custodians that hold the Trust’s platinum and the Trustee or the Custodian because traditionally such arrangements are based on the LPPM’s rules and on the customs and practices of the London Platinum market1B. InUnresolved ~~the~~Staff event of a legal dispute with respect to or arising from such arrangements, it may be difficult to define such customs and practices. The LPPM’s rules may be subject to change outside the control of the Trust. Under English law, neither the Trustee nor the Custodian would have a supportable breach of contract claim against a sub-custodian for losses relating to the safekeeping of platinum. If the Trust’s platinum is lost or damaged while in the custody of a sub-custodian, the Trust may not be able to recover damages from the Custodian or the sub-custodian. Whether a sub-custodian will be liable for the failure of sub-custodians appointed by it to exercise due care in the safekeeping of the Trust’s platinum will depend on the facts and circumstances of the particular situation. Shareholders cannot be assured that the Trustee will be able to recover damages from sub-custodians whether appointed by the Custodian or by another sub-custodian for any losses relating to the safekeeping of platinum by such sub-custodians.Comments

Platinum bullion allocated to the Trust in connection with the creation of a Basket may not meet the London/Zurich Good Delivery Standards and, if a Basket is issued against such platinum, the Trust may suffer a lossNone.

~~Neither the Trustee nor the Custodian independently confirms~~Item ~~the fineness of the physical platinum allocated to the Trust in connection with the creation of a Basket~~1C. The platinum bullion allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LPPM’s standards for platinum plates or ingots delivered in settlement of a platinum trade (London/Zurich Good Delivery Standards), the standards required by the Trust. If the Trustee nevertheless issues a Basket against such platinum, and if the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss.Cybersecurity

32Cybersecurity

~~Platinum~~The Trust, ~~held~~through inits ~~the~~service ~~Trust’s~~providers, ~~unallocated~~has ~~platinum~~processes ~~account and~~in ~~any~~place ~~Authorized~~to ~~Participant’s~~assess, ~~unallocated~~identify ~~platinum~~and ~~account~~manage ismaterial ~~not~~risks ~~segregated~~ from ~~the~~cybersecurity threats. ~~Custodian~~The Trust’s ~~assets.~~business Ifis ~~the Custodian~~dependent ~~becomes~~on ~~insolvent,~~the ~~its~~communications ~~assets~~and ~~may~~information ~~not~~systems beof ~~adequate~~the toTrustee, ~~satisfy~~the aSponsor, ~~claim by~~ the Custodian ~~Trust~~and orother ~~any~~third-party ~~Authorized~~service ~~Participant~~providers. InThe ~~addition, in~~Trustee ~~the~~is ~~event~~responsible offor ~~the~~day-to-day ~~Custodian’s~~administration ~~insolvency,~~of ~~there~~the ~~may~~Trust beand has implemented a ~~delay~~cybersecurity ~~and~~program ~~costs~~that ~~incurred~~applies into ~~identifying~~ the ~~bullion~~Trustee ~~held~~and inits business, including the ~~Trust’s~~ ~~allocated~~administration ~~platinum~~of ~~account~~the Trust.

~~Platinum which is part of a deposit for a purchase order or~~Cybersecurity ~~part~~Program of a redemption distribution is held for a time in the Trust Unallocated Account and, previously or subsequently in, the Authorized Participant Unallocated Account of the purchasing or redeeming Authorized Participant. During those times, the Trust and the Authorized Participant, as the case may be, have no proprietary rights to any specific plates or ingots of platinum held by the Custodian and are each an unsecured creditor of the Custodian with respect to the amount of platinum held in such unallocated accounts. In addition, if the Custodian fails to allocate the Trust’s platinum in a timely manner, in the proper amounts or otherwise in accordance with the terms of the Unallocated Account Agreement, or if a sub-custodian fails to so segregate platinum held by it on behalf of the Trust, unallocated platinum will not be segregated from the Custodian’s assets, and the Trust will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian. In the event the Custodian becomes insolvent, the Custodian’s assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for the amount of platinum held in their respective unallocated platinum accounts.Overview

InThe Trustee ~~the~~has ~~case~~instituted ofa ~~the~~cybersecurity ~~insolvency~~program ofdesigned ~~the~~to ~~Custodian~~identify, aassess ~~liquidator may~~and ~~seek~~mitigate tocyber ~~freeze~~risks ~~access~~applicable to the ~~platinum~~ ~~held~~administration by inthe ~~all~~Trustee of the ~~accounts~~Trust. ~~held~~The bycyber ~~the~~risk ~~Custodian,~~management ~~including~~program ~~the~~involves ~~Trust~~risk ~~Allocated Account.~~assessments, ~~Although~~implementation ~~the~~of ~~Trust~~security ~~would~~measures and beongoing ~~able~~monitoring toof ~~claim~~systems ~~ownership~~and ofnetworks, ~~properly~~including ~~allocated~~networks ~~platinum,~~on which the Trust ~~could~~relies. ~~incur~~The ~~expenses~~Trustee ~~in connection~~actively ~~with~~monitors ~~asserting~~the current ~~such~~threat ~~claims,~~landscape ~~and~~to ~~the~~seek ~~assertion~~to ofidentify ~~such~~material arisks ~~claim~~arising byfrom ~~the~~new ~~liquidator~~and ~~could~~evolving ~~delay~~cybersecurity ~~creations~~threats, ~~and~~including ~~redemptions~~material ofrisks ~~Baskets~~faced by the Trust.

In issuing Baskets, the Trustee relies on certain information received from the Custodian which is subject to confirmation after the Trustee has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for an amount of platinum which is more or less than the amount of platinum which is required to be deposited with the Trust.33

The ~~Custodian’s definitive records are prepared after~~ ~~the~~Trust ~~close of its business day. However, when issuing Baskets, the Trustee~~ relies on ~~information reporting~~ the ~~amount~~Trustee, ~~of platinum credited to~~ the ~~Trust’s~~Sponsor ~~accounts~~and ~~which it receives from~~ the Custodian ~~during~~to ~~the~~engage ~~business~~external ~~day~~experts, ~~and~~including ~~which~~cybersecurity isassessors, ~~subject to correction~~risk ~~during~~management ~~the~~and ~~preparation~~information oftechnology ~~the~~professionals, ~~Custodian’s~~attorneys, ~~definitive~~consultants ~~records~~and ~~after~~auditors ~~the~~to ~~close~~evaluate ofcybersecurity ~~business.~~measures ~~If the information relied upon~~and byrisk ~~the~~management ~~Trustee is incorrect~~processes, ~~the~~including ~~amount~~those ~~of platinum~~applicable ~~actually received by the Trust may be more or less than the amount required~~ to ~~be deposited for~~ the ~~issuance of Baskets~~Trust.

~~GENERAL~~Board Oversight ~~RISKS~~of Cybersecurity Risks

The Trust ~~relies~~has onno ~~the~~board ~~information~~of trustees and ~~technology~~is ~~systems of~~administered by the Trustee, ~~the~~pursuant ~~Custodian,~~to the ~~Marketing~~Trust ~~Agent~~Agreement. ~~and~~Accordingly, the ~~Sponsor~~Trust ~~which~~relies on ~~could~~the ~~be adversely affected by information systems interruptions~~Trustee, ~~cybersecurity~~ ~~attacks~~the orSponsor ~~other~~and ~~disruptions~~the ~~which~~Custodian ~~could~~for ~~have~~oversight aof ~~material~~cybersecurity ~~adverse~~risks ~~effect~~applicable onto the Trust~~’s record keeping and operations~~.

~~The Custodian, the Trustee, the Marketing Agent, and the~~Management’s ~~Sponsor depend~~Role upon information technology infrastructure, including network, hardware and software systems to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their computer systems, networks and information against cybersecurity threats, could result in aCybersecurity ~~loss~~Risk of information and adversely impact their ability to conduct their business, including their business on behalf of the Trust. Despite implementation of network and other cybersecurity measures, their security measures may not be adequate to protect against all cybersecurity threats.Management

33The Trust has no officers or employees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for management of cybersecurity risks applicable to the Trust.

~~War, a major terrorist attack and other geopolitical events,~~Assessment ~~including but not limited to the war between Russia and Ukraine, outbreaks or public health emergencies (as declared by the World Health Organization), the continuation or expansion~~ of ~~war~~Cybersecurity or other hostilities, or a prolonged government shutdown may cause volatility in the price of Bullion due to the importance of a country or region to the Bullion markets, market access restrictions imposed on some local Bullion producers and refiners, potential impacts to global transportation and shipping and other supply chain disruptions. These events are unpredictable and may lead to extended periods of price volatility. Risk

The potential ~~operations~~impact of ~~the~~risks ~~Trust,~~from ~~the~~cybersecurity ~~exchanges,~~threats ~~brokers~~to ~~and counterparties with which~~ the Trust ~~does~~are ~~business,~~assessed ~~and~~by the ~~markets~~Trustee, inthe ~~which~~Sponsor, the ~~Trust~~Custodian and ~~does~~third- ~~business,~~party ~~could~~service beproviders ~~severely~~on ~~disrupted~~an inongoing ~~the event of war~~basis, ~~a major terrorist attack~~ and ~~other~~how ~~geopolitical~~such ~~events,~~risks ~~including~~could ~~but~~materially ~~not~~affect ~~limited~~the toTrust’s objective, ~~the~~operational ~~war~~results ~~between Russia~~ and ~~Ukraine, outbreaks~~financial orcondition ~~public~~are ~~health~~regularly ~~emergencies~~evaluated. ~~(as~~During ~~declared by~~ the ~~World~~reporting ~~Health Organization)~~period, the ~~continuation~~Trustee ~~or expansion of war or~~has ~~other~~not ~~hostilities,~~identified orany arisks ~~prolonged~~from ~~government~~cybersecurity ~~shutdown.~~threats, ~~Such~~including ~~events~~as ~~may~~a ~~cause~~result ~~volatility in the price~~ of ~~Bullion~~previous ~~due~~cybersecurity toincidents, ~~the~~that ~~importance~~the ofTrustee abelieves ~~country~~have ormaterially ~~region to the Bullion markets~~affected, ~~market~~or ~~access~~are ~~restrictions~~reasonably ~~imposed~~likely onto ~~some~~materially ~~local~~affect, ~~Bullion~~the ~~producers and refiners~~Trust, or ~~potential~~including ~~impacts~~its ~~to global transportation~~objective, operational ~~shipping,~~results and ~~other~~financial ~~supply chain disruptions~~condition.

~~In late February 2022, Russia invaded Ukraine, significantly~~Item ~~amplifying already existing geopolitical tensions among Russia and other countries in the region and in the West~~2. The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in the price of platinum and the share price of the Trust. The conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the Bullion markets. Russia is one of the world’s largest producers of gold, palladium, platinum and silver. On April 8, 2022, the LBMA suspended its accreditation of six Russian refiners of gold and silver, and, on April 8, 2022, the LPPM suspended its accreditation of two Russian refiners of platinum and palladium. The LPPM stated that existing bars produced by the refiners before their suspension will still be accepted as good delivery.Properties

~~War and other geopolitical events in eastern Europe, including~~Not ~~but not limited to Russia and Ukraine, may cause volatility in commodity prices including precious metals prices~~applicable. ~~These events are unpredictable and may lead to extended periods of price volatility.~~

~~The Trust may be negatively impacted~~Item ~~by the effects of the spread of illnesses or other public health emergencies on the global economy and the markets and service providers relevant to the performance of the Trust~~3. Legal Proceedings

The COVID-19 pandemic has adversely affected the economies of many nations and the entire global economy as well as individual issuers, assets and capital markets and could continue to, and other future public health emergencies could, have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce or store platinum, restrictions on travel that delay or prevent the transportation of platinum, and an increase in demand for platinum may disrupt supply chains for platinum, which could cause secondary market spreads to widen and compromise the Trust's ability to settle transactions on time. Any inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver platinum as a result of an infectious disease outbreak or public health emergency will negatively affect the Trust’s operations. Future infectious illness outbreaks or other public health emergencies could have similar or other unforeseen impacts and may exacerbate pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the value of the Shares.None

~~A significant resurgence of the COVID-19 pandemic or other~~Item future public health emergencies increase the Trust's costs and affect liquidity in the market for platinum, as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely affect the value of your Shares4. InMine ~~addition,~~Safety the COVID-19 pandemic or other future public health emergencies could impair the information technology and other operational systems upon which the Trust’s service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust. Governmental and quasi-governmental authorities and regulators throughout the world have at times responded to major economic disruptions with a variety of fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary tools and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market for platinum, which could adversely affect the price of the Shares.Disclosures

34Not applicable.

~~Further, the COVID-19 pandemic or other~~PART future public health emergencies could interfere with or prevent the operation of the electronic pricing system administered by the LME to determine the LME PM Fix, which the Trustee uses to value the platinum held by the Trust and calculate the net asset value of the Trust. The COVID-19 pandemic or other future public health emergencies could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact the Trust.II

~~Potential~~Item 5. ~~conflicts~~Market offor ~~interest~~Registrant’s ~~may~~Common ~~arise~~Equity, ~~among~~Related ~~the~~Stockholder ~~Sponsor or~~Matters ~~its~~and ~~affiliates~~Issuer ~~and~~Purchases ~~the~~of ~~Trust.~~Equity Securities

~~Conflicts~~The Trust’s ofShares ~~interest~~have ~~may~~been ~~arise~~listed ~~among~~on the ~~Sponsor~~NYSE ~~and~~Arca ~~its~~under ~~affiliates, on~~ the ~~one~~symbol ~~hand,~~PPLT ~~and~~since ~~the~~its ~~Trust~~initial ~~and~~public ~~its~~offering ~~Shareholders,~~ on ~~the~~January ~~other~~8, ~~hand~~2010. The Asfollowing atables ~~result~~set ofout ~~these conflicts,~~ the ~~Sponsor~~range ~~may~~of ~~favor~~high ~~its own interests~~ and ~~the~~low ~~interests~~closing ofprices ~~its~~for ~~affiliates over~~ the ~~Trust~~Shares ~~and~~as ~~its~~reported ~~Shareholders.~~for AsNYSE anArca ~~example,~~transactions ~~the Sponsor, its affiliates~~for ~~and~~each ~~their~~of ~~officers~~the ~~and~~quarters ~~employees~~during ~~are~~the ~~not~~years ~~prohibited~~ended ~~from~~December ~~engaging in other businesses or activities~~31, ~~including~~2024 ~~those~~and ~~that might be in direct competition with the Trust.~~2023:

Item 1B. Unresolved Staff Comments

Fiscal Year Ended December 31, 2024: Quarter Ended

	High		Low
March 31, 2024	$	91.39	$	80.10
June 30, 2024	$	100.00	$	82.25
September 30, 2024	$	94.81	$	82.58
December 31, 2024	$	96.38	$	82.35

~~None.~~34

Item 1C. Cybersecurity

Fiscal Year Ended December 31, 2023: Quarter Ended
	High		Low
March 31, 2023	$	101.09	$	84.34
June 30, 2023	$	103.91	$	82.94
September 30, 2023	$	90.85	$	81.81
December 31, 2023	$	92.48	$	78.01

~~Cybersecurity~~The number of outstanding Shares of the Trust as of February 26, 2025 was 11,900,000.

~~The Trust, through its service providers,~~Monthly ~~has~~Share processes in place to assess, identify and manage material risks from cybersecurity threats. The Trust’s business is dependent on the communications and information systems of the Trustee, the Sponsor, the Custodian and other third-party service providers. The Trustee is responsible for day-to-day administration of the Trust and has implemented a cybersecurity program that applies to the Trustee and its business, including the administration of the Trust.Price

~~Cybersecurity~~The following ~~Program~~table ~~Overview~~sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported for NYSE Arca transactions.

The Trustee has instituted a cybersecurity program designed to identify, assess and mitigate cyber risks applicable to the administration by the Trustee of the Trust. The cyber risk management program involves risk assessments, implementation of security measures and ongoing monitoring of systems and networks, including networks on which the Trust relies. The Trustee actively monitors the current threat landscape to seek to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Trust.

Month	High		Low
August 2024	$	89.79	$	83.26
September 2024	$	93.07	$	82.58
October 2024	$	96.38	$	86.63
November 2024	$	92.13	$	84.69
December 2024	$	87.87	$	82.35
January 2025	$	89.90	$	83.80

The Trust relies on the Trustee, the Sponsor and the Custodian to engage external experts, including cybersecurity assessors, risk management and information technology professionals, attorneys, consultants and auditors to evaluate cybersecurity measures and risk management processes, including those applicable to the Trust. 35

~~Board~~Issuer Purchase ~~Oversight~~ of ~~Cybersecurity~~Equity ~~Risks~~Securities

The Trust ~~has~~issues noand ~~board~~redeems Shares only with Authorized Participants in exchange for platinum, only in aggregations of ~~trustees~~50,000 ~~and~~Shares or integral multiples thereof. A list of current Authorized Participants is ~~administered~~available byfrom the Sponsor or the Trustee ~~pursuant~~and tois ~~the~~included in ~~Trust~~Item ~~Agreement~~7 of this report. ~~Accordingly,~~Although the Trust ~~relies~~does onnot ~~the~~purchase ~~Trustee,~~Shares ~~the~~directly ~~Sponsor~~from ~~and~~its Shareholders in connection with the redemption ~~Custodian~~of ~~for~~Baskets, ~~oversight~~the ofTrust ~~cybersecurity~~redeemed ~~risks~~as ~~applicable~~follows toduring the ~~Trust.~~years ended December 31, 2024 and 2023:

Management’s Role in Cybersecurity Risk Management

Month	Total number of Shares redeemed		Average ounces of platinum per Share
January 2024		50,000		0.092
February 2024		200,000		0.092
March 2024		150,000		0.092
April 2024		—		—
May 2024		100,000		0.092
June 2024		300,000		0.092
July 2024		50,000		0.092
August 2024		50,000		0.092
September 2024		300,000		0.092
October 2024		—		—
November 2024		—		—
December 2024		—		—
Total		1,200,000		0.092

The Trust has no officers or employees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for management of cybersecurity risks applicable to the Trust.

Month	Total number of Shares redeemed		Average ounces of platinum per Share
January 2023		400,000		0.092
February 2023		350,000		0.092
March 2023		350,000		0.092
April 2023		250,000		0.092
May 2023		50,000		0.092
June 2023		150,000		0.092
July 2023		150,000		0.092
August 2023		250,000		0.092
September 2023		50,000		0.092
October 2023		150,000		0.092
November 2023		—		—
December 2023		—		—
Total		2,150,000		0.092

35Item 6. [Reserved]

~~Assessment of Cybersecurity Risk~~36

~~The~~Item ~~potential~~7. impact of risks from cybersecurity threats to the Trust are assessed by the Trustee, the Sponsor, the Custodian and third-party service providers on an ongoing basis, and how such risks could materially affect the TrustManagement’s ~~objective,~~Discussion ~~operational results~~ and ~~financial~~Analysis ~~condition~~of ~~are~~Financial ~~regularly~~Condition ~~evaluated.~~and ~~During~~Results ~~the reporting period, the Trustee has not identified any risks from cybersecurity threats, including as a result~~ of previous cybersecurity incidents, that the Trustee believes have materially affected, or are reasonably likely to materially affect, the Trust, including its objective, operational results and financial condition.Operations

~~Item~~This 2information should be read in conjunction with the financial statements and notes to the financial statements included with this report. ~~Properties~~The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

~~Not applicable.~~Introduction

~~Item~~The 3abrdn Platinum ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York. ~~Legal~~The ~~Proceedings~~Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and abrdn EFTs Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust and responsible only to the Trustee.

~~None~~The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of the platinum bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of platinum.

~~Item~~The 4.Trust ~~Mine~~issues ~~Safety~~and ~~Disclosures~~redeems Shares only in exchange for platinum, only in aggregations of 50,000 Shares or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants not required to register as broker-dealers such as banks or other financial institutions) who (1) are participants in the DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”).

~~Not~~As ~~applicable~~of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust are Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC.

~~PART~~Shares IIof the Trust trade on the NYSE Arca under the symbol “PPLT.”

~~Item~~Investing 5.in ~~Market~~the ~~for~~Shares ~~Registrant’s~~does ~~Common~~not ~~Equity~~insulate the investor from certain risks, ~~Related~~including ~~Stockholder~~price ~~Matters~~volatility. ~~and~~The ~~Issuer~~following ~~Purchases~~table illustrates the movement in the NAV of ~~Equity~~the ~~Securities~~Shares against the corresponding platinum price (per 1/10 of an oz. of platinum) since inception:

~~The~~NAV ~~Trust’s~~per ~~Shares~~Share ~~have~~vs. ~~been~~1/10th ~~listed~~Platinum onPrice ~~the~~from ~~NYSE~~December ~~Arca under the symbol PPLT since its initial public offering on January 8~~30, ~~2010. The~~2009 ~~following tables set out~~ (the ~~range~~Date of ~~high~~Inception) ~~and~~to ~~low closing prices for the Shares as reported for NYSE Arca transactions for each of the quarters during the years ended~~ December 31, ~~2023 and 2022:~~2024

Fiscal Year Ended December 31, 2023: Quarter Ended
	High	Low
March 31, 2023	$101.09	$84.34
June 30, 2023	$103.91	$82.94
September 30, 2023	$90.85	$81.81
December 31, 2023	$92.48	$78.01

The divergence of the NAV per Share from the platinum price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

Fiscal Year Ended December 31, 2022: Quarter Ended
	High	Low
March 31, 2022	$107.64	$87.98
June 30, 2022	$95.41	$83.10
September 30, 2022	$89.29	$76.76
December 31, 2022	$99.28	$81.95

36 Critical Accounting Policy

The ~~number~~financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of ~~outstanding~~America. ~~Shares~~The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial asposition and results of ~~February~~operations. 26These estimates and assumptions affect the Trust’s application of accounting policies. Below we describe the valuation of platinum bullion, ~~2024~~a ~~was~~critical 11accounting policy that we believe is important to understanding the results of operations and financial position. In addition,~~100,000~~ please refer to Note 2 to the Financial Statements for further discussion of the Trust’s accounting policies.

~~Monthly~~Valuation ~~Share~~of ~~Price~~Platinum

~~The~~Platinum ~~following~~is ~~table~~held ~~sets~~by ~~forth~~the Custodian on behalf of the Trust, ~~for~~at ~~each~~its London, England vaulting premises. Platinum is recorded at fair value. The cost of platinum is determined according to the ~~most~~average ~~recent~~cost ~~six~~method ~~months~~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 ~~high~~Trust will value its platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. Realized gains and ~~low~~losses ~~closing~~on ~~prices~~transfers of platinum, or platinum distributed for the redemption of Shares, are calculated on a trade date as ~~reported for~~the ~~NYSE~~difference ~~Arca~~between ~~transactions~~the fair value and cost of platinum transferred.

Month	High		Low
	December 31, 2024			December 31, 2023		December 31, 2022
August 2023	$90.38		$81.81
(Amounts in 000’s of US$)
September 2023	$88.68		$82.11
Investment in platinum - cost	$	1,074,183		$	964,036	$	1,028,086
October 2023	$86.11		$79.63
Unrealized gain/(loss) on investment in platinum		(54,717	)		33,919		69,021
November 2023	$86.90		$78.01
Investment in platinum - fair value	$	1,019,466		$	997,955	$	1,097,107
December 2023	$92.48		$82.12
January 2024	$90.42		$81.67

~~Issuer Purchase~~Inspection of ~~Equity Securities~~ Platinum

~~The~~Under ~~Trust~~the ~~issues~~Custody ~~and~~Agreements, ~~redeems~~the ~~Shares~~Trustee, ~~only~~the ~~with~~Sponsor ~~Authorized~~and ~~Participants~~the inTrust’s ~~exchange~~auditors ~~for~~and ~~platinum~~inspectors may, only inup ~~aggregations~~to oftwice ~~50,000~~a ~~Shares~~year, orvisit ~~integral~~the ~~multiples~~premises ~~thereof.~~of Athe ~~list~~Custodian for the purpose of ~~current~~examining ~~Authorized~~the ~~Participants~~Trust’s isplatinum ~~available~~and certain ~~from~~related ~~the~~records ~~Sponsor~~maintained orby the Custodian. The Trustee and isthe ~~included in~~Sponsor ~~Item~~have 7no right to visit the premises of ~~this~~any sub-custodian ~~report.~~for ~~Although~~the purposes of examining the Trust’s ~~does~~platinum ~~not~~or ~~purchase~~any ~~Shares~~records ~~directly~~maintained ~~from~~by ~~its~~the ~~Shareholders~~sub-custodian, and no sub-custodian is obligated to cooperate in ~~connection~~any ~~with~~review the ~~redemption of~~Trustee ~~Baskets,~~or the ~~Trust~~Sponsor ~~redeemed~~may aswish ~~follows~~to ~~during~~conduct of the ~~years~~facilities, procedures, ~~ended~~records ~~December~~or ~~31,~~creditworthiness ~~2023~~of ~~and~~such ~~2022:~~sub-custodian.

Month	Total number of Shares redeemed		Average ounces of platinum per Share
January 2023		400,000		0.092
February 2023		350,000		0.092
March 2023		350,000		0.092
April 2023		250,000		0.092
May 2023		50,000		0.092
June 2023		150,000		0.092
July 2023		150,000		0.092
August 2023		250,000		0.092
September 2023		50,000		0.092
October 2023		150,000		0.092
November 2023		—		—
December 2023		—		—
Total		2,150,000		0.092

The 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.

37 There can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections of the Trust’s platinum as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s auditors and inspectors, from performing a physical inspection of the Trust’s platinum on a desired date. In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the platinum held by the Trust by alternate means, including through virtual inspections of the Trust’s platinum and/or a review of pertinent records.

Month	Total number of Shares redeemed		Average ounces of platinum per Share
January 2022		200,000		0.093
February 2022		150,000		0.093
March 2022		150,000		0.093
April 2022		200,000		0.093
May 2022		450,000		0.093
June 2022		100,000		0.093
July 2022		500,000		0.093
August 2022		200,000		0.093
September 2022		550,000		0.093
October 2022		100,000		0.093
November 2022		400,000		0.093
December 2022		—		—
Total		3,000,000		0.093

Liquidity and Capital Resources

~~Item~~The 7Trust is not aware of any trends, demands, conditions, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. ~~Management~~In exchange for the Sponsor’s ~~Discussion~~Fee, ~~and~~the ~~Analysis~~Sponsor has agreed to assume most of ~~Financial~~the ~~Condition~~expenses incurred by the Trust. As a result, the only expense of the Trust during the period covered by this report was the Sponsor’s Fee. The Trust’s only source of liquidity is its transfers and ~~Results~~sales of ~~Operations~~platinum.

This information should be read in conjunction with the financial statements and notes to the financial statements included with this report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.38

38The 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.

~~Introduction~~Results of Operations

~~The~~Financial abrdn Platinum ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and abrdn EFTs Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust and responsible only to the Trustee.Highlights

The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of the platinum bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of platinum.

	Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022
(Amounts in 000’s of US$)
Total gain/(loss) on platinum	$	(88,716	)	$	(27,032	)	$	70,019
Net change assets from operations	$	(94,684	)	$	(32,804	)	$	63,463
Net cash provided by operating activities	$	—		$	—		$	—

The net asset value of the Trust ~~issues~~will be obtained by subtracting the Trust’s expenses and ~~redeems~~liabilities ~~Shares~~on ~~only~~any inday ~~exchange~~from ~~for~~the value of the platinum, ~~only~~owned inby ~~aggregations~~the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of ~~50,000~~the Trust on a given day by the number of Shares oroutstanding ~~integral~~on ~~multiples~~that ~~thereof (~~day. On each, aday ~~“Basket”),~~on ~~and~~which ~~only~~the inExchange ~~transactions~~is ~~with~~open ~~registered~~for ~~broker-dealers~~regular ~~(or~~trading, ~~other~~the ~~securities~~Trustee ~~market~~will ~~participants~~determine ~~not~~the ~~required~~net toasset ~~register~~value asof ~~broker-dealers~~the ~~such~~Trust and the NAV per Share as ~~banks~~promptly oras ~~other~~practicable ~~financial~~after ~~institutions)~~4:00 ~~who~~p.m. (1New York time). ~~are~~The ~~participants~~Trustee inwill value the ~~DTC~~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 ~~and~~authorized ~~(2)~~to ~~have~~use ~~previously~~the ~~entered~~LBMA ~~into~~Platinum anPrice ~~agreement~~AM ~~with~~announced on that day. If neither price is available for that day, the Trustee will value the Trust’s ~~governing~~platinum based on the ~~terms~~most ~~and~~recently ~~conditions~~announced ofLBMA ~~such~~Platinum ~~issuance~~Price (PM or LBMA Platinum Price AM. If the Sponsor determines that such ~~dealers~~price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the Trustee. Further, the ~~“Authorized~~Sponsor ~~Participants”)~~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.

AsThe ofyear ~~the~~ended ~~date~~December ~~of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust are Goldman Sachs & Co.~~31, ~~HSBC~~2024 Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC.

~~Shares~~The ofTrust’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 ~~Trust~~year. ~~trade~~The onchange in the ~~NYSE~~Trust’s ~~Arca~~NAV ~~under~~resulted from a decrease in the ~~symbol~~price ~~“PPLT~~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 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 Shares (24 Baskets) being redeemed during the year.

~~Investing~~The inNAV ~~the~~per ~~Shares~~Share ~~does~~decreased ~~not~~9.15% ~~insulate~~from ~~the~~$91.93 ~~investor~~at ~~from~~December ~~certain risks~~31, ~~including~~2023 ~~price~~to ~~volatility~~$83.52 at December 31, 2024. The ~~following~~Trust’s ~~table~~NAV ~~illustrates~~per ~~the~~Share ~~movement~~decreased inslightly more than the ~~NAV~~price per ounce of ~~the~~platinum ~~Shares~~on ~~against~~a percentage basis due to the ~~corresponding~~Sponsor’s ~~platinum~~Fee, ~~price~~which ~~(per~~was ~~1/10~~$5,968,067 for ofthe anyear, ozor 0.60% of ~~platinum)~~the ~~since~~Trust’s ~~inception:~~ANAV.

~~NAV~~The NAV per Share vsof $97.68 ~~1/10th~~at ~~Platinum~~May ~~Price~~17, ~~from~~2024 ~~December~~was ~~30,~~the ~~2009~~highest (during the ~~Date~~year, compared with a low of ~~Inception)~~$80.08 toat ~~December~~March 313, ~~2023~~2024.

The ~~divergence~~decrease ofin net assets from operations for the ~~NAV~~year ~~per~~ended ~~Share~~December 31, 2024 was $94,683,972 resulting from a realized gain of $5,252 on the transfer of platinum ~~price~~to ~~over~~pay ~~time~~expenses, ~~reflects~~offset by a realized loss of $84,783 on platinum distributed for the ~~cumulative~~redemption of ~~effect~~Shares, a change in unrealized loss on investment in platinum of $88,636,374, and the ~~Trust~~Sponsor’s ~~expenses~~Fee ~~that~~of ~~arise~~$5,968,067. Other ifthan anthe ~~investment~~Sponsor’s Fee, the Trust had ~~been~~no ~~held~~expenses ~~since~~during ~~inception~~the year ended December 31, 2024.

~~Critical~~The ~~Accounting~~year ~~Policy~~ended December 31, 2023

The ~~financial~~Trust’s ~~statements~~NAV ~~and~~decreased ~~accompanying~~from ~~notes~~$1,096,553,007 ~~are~~at ~~prepared~~December in31, ~~accordance~~2022 ~~with~~to ~~accounting~~$997,445,666 ~~principles~~at ~~generally~~December ~~accepted~~31, in2023, ~~the~~a ~~United States~~9.04% ofdecrease ~~America~~for the year. The ~~preparation~~change ofin ~~these~~the ~~financial~~Trust’s ~~statements~~NAV ~~relies~~resulted onfrom ~~estimates~~a ~~and~~decrease ~~assumptions~~in ~~that impact~~ the ~~Trust’s financial~~price ~~position~~per ~~and~~ounce ~~results~~ of ~~operations.~~platinum, ~~These~~which ~~estimates~~fell ~~and~~3.01% ~~assumptions~~from $1,031.00 ~~affect~~at ~~the~~December ~~Trust’s~~31, ~~application~~2022 ofto ~~accounting policies~~$1,000.00 ~~Below~~at weDecember ~~describe~~31, ~~the~~2023 ~~valuation~~and ofa ~~platinum~~decrease ~~bullion,~~in aoutstanding ~~critical~~Shares, ~~accounting~~which ~~policy~~fell ~~that~~from we11,500,000 at ~~believe~~December is31, ~~important~~2022 to ~~understanding the~~10,850,000 ~~results~~at ofDecember ~~operations~~31, ~~and~~2023, ~~financial~~a ~~position.~~result Inof ~~addition~~1,500,000 ~~please~~Shares ~~refer~~(30 toBaskets) ~~Note~~being 2created toand ~~the~~2,150,000 Shares ~~Financial~~(43 ~~Statements~~Baskets) ~~for~~being ~~further discussion~~redeemed ofduring the ~~Trust’s accounting policies~~year.

~~Valuation~~The NAV per Share decreased 3.59% from $95.35 at December 31, 2022 to $91.93 at December 31, 2023. The Trust’s NAV per Share fell slightly more than the price per ounce of ~~Platinum~~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.

~~Platinum~~The isNAV ~~held~~per byShare ~~JPMorgan~~of ~~Chase Bank, N~~$104.A.13 ~~(the “Custodian”) on behalf of the Trust,~~ at ~~its~~April ~~London~~21, ~~England~~2023 ~~vaulting~~was ~~premises. Platinum may also be held by UBS AG, or any other firm selected by~~ the ~~Custodian~~highest toduring ~~hold~~ the ~~Trust’s platinum in the Trust’s allocated account in the firm’s Zurich vault premises and whose appointment has been approved by the Sponsor~~year, atcompared ~~its~~with ~~Zurich, Switzerland~~a ~~vaulting~~low ~~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 LME PM Fix~~$78.20 ~~Realized~~at ~~gains~~November ~~and losses on transfers of platinum~~13, ~~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~~2023.

	December 31, 2023		December 31, 2022		December 31, 2021
(Amounts in 000’s of US$)
Investment in platinum - cost	$	964,036	$	1,028,086	$	1,145,807
Unrealized gain/(loss) on investment in platinum		33,919		69,021		(7,543	)
Investment in platinum- fair value	$	997,955	$	1,097,107	$	1,138,264

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 31, 2023.

~~Under~~The ~~the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a~~ year, ~~visit the~~ended ~~premises~~December ~~of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian. Under the Allocated Account Agreement~~31, ~~the~~2022 Custodian agreed to procure similar inspection rights from the Zurich Sub-Custodian. Any such inspection rights with respect to the Zurich Sub-Custodian are expected to be granted in accordance with the normal course of dealing between the Custodian and the Zurich Sub-Custodian. Visits by auditors and inspectors to the Zurich Sub-Custodian’s facilities will be arranged through the Custodian. Other than with respect to the Zurich Sub-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.

The ~~Sponsor~~Trust’s ~~has~~NAV ~~exercised~~decreased ~~its~~from ~~right~~$1,133,206,525 toat ~~visit~~December ~~the~~31, ~~Custodian~~2021 ~~and~~to ~~the~~$1,096,553,007 ~~Zurich~~at ~~Sub-Custodian~~December 31, in2022, ~~order~~a to3.23% ~~examine~~decrease for the ~~platinum~~year. ~~and~~The decrease in the ~~records~~ ~~maintained~~Trust’s byNAV ~~them.~~resulted ~~Inspections~~primarily ~~were~~from ~~conducted~~a bydecrease ~~Bureau~~in ~~Veritas~~outstanding ~~Commodities~~Shares, UKwhich ~~Ltd~~fell from 12,700,000 at December 31, 2021 to 11,500,000 at December 31, 2022, a ~~leading~~result ~~commodity~~of ~~inspection~~1,800,000 Shares (36 Baskets) being created and ~~testing~~3,000,000 ~~company~~Shares ~~retained~~(60 byBaskets) being redeemed during the ~~Sponsor,~~year. asThere was an increase in the price per ounce of ~~July~~platinum, which rose 7.51% from $959.00 at December 31, ~~2023~~2021 ~~and~~to $1,031.00 at December 31, ~~2023~~2022.

~~There~~The ~~can~~NAV beper noShare ~~guarantee~~increased ~~that~~6.86% ~~the~~from ~~Sponsor~~$89.23 orat ~~the~~December ~~Trust’s~~31, ~~auditors~~2021 ~~and~~to ~~inspectors~~$95.35 ~~will~~at beDecember ~~able~~31, to2022. ~~perform~~The ~~physical inspections of the~~ Trust’s ~~platinum~~NAV asper ~~planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted~~Share byrose ~~the~~slightly ~~Custodian~~less orthan ~~a sub-custodian, may temporarily prevent, or otherwise impair~~ the ~~ability~~price ~~of,~~per ~~the~~ounce ~~Sponsor or the Trust’s auditors and inspectors, from performing a physical inspection~~ of ~~the Trust’s~~ platinum on a ~~desired~~percentage ~~date.~~basis Indue ~~those~~to ~~situations,~~ the Sponsor ~~or the Trust~~’s ~~auditors~~Fee, ~~and~~which ~~inspectors~~was ~~may~~$6,556,049 for ~~seek to verify~~ the ~~platinum held by the Trust by alternate means~~year, ~~including~~ ~~through~~or ~~virtual~~0.60% ~~inspections~~ of the Trust’s ~~platinum and/or a review of pertinent records~~ANAV.

~~Liquidity~~The 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.

The ~~Trust~~increase isin ~~not~~net ~~aware~~assets offrom ~~any~~operations ~~trends,~~for ~~demands,~~the ~~conditions,~~year ~~events~~ended orDecember ~~uncertainties~~31, ~~that~~2022 ~~are~~was ~~reasonably~~$63,462,524, ~~likely~~resulting tofrom ~~result~~a change in ~~material~~unrealized ~~changes~~gain toon ~~its~~investment ~~liquidity~~in ~~needs.~~platinum Inof ~~exchange~~$76,534,694, ~~for~~offset ~~the~~by ~~Sponsor’s~~a ~~Fee,~~realized ~~the~~loss ~~Sponsor~~of ~~has~~$88,492 ~~agreed~~on tothe ~~assume~~transfer ~~most~~ of ~~the~~platinum to pay expenses, ~~incurred~~a byrealized ~~the~~loss ~~Trust.~~of ~~As a result~~$6,427,899 ~~the~~on ~~only~~platinum ~~expense~~distributed offor the ~~Trust~~redemption ~~during~~of ~~the~~Shares, ~~period~~and ~~covered~~the bySponsor’s ~~this~~Fee ~~report~~of ~~was~~$6,556,049. Other than the Sponsor’s Fee., ~~The~~the Trust’s ~~only~~had ~~source~~no ofexpenses ~~liquidity~~during isthe ~~its~~year ~~transfers~~ended ~~and~~December ~~sales~~31, ~~of platinum~~2022.

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 inOff-~~kind transfers of platinum to the Sponsor. At December 31, 2023 and 2022, the~~Balance ~~Trust~~Sheet ~~did not have any cash balances.~~Arrangements

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

~~Review~~Item of7A. ~~Financial~~Quantitative ~~Results~~and Qualitative Disclosures about Market Risk

~~Financial~~The ~~Highlights~~Trust Agreement does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.

	Year Ended December 31, 2023			Year Ended December 31, 2022		Year Ended December 31, 2021
(Amounts in 000’s of US$)
Total gain/(loss) on platinum	$	(27,032	)	$	70,019	$	(136,599	)
Net change in assets from operations	$	(32,804	)	$	63,463	$	(144,840	)
Net cash provided by operating activities	$	—		$	—	$	—

~~The~~Item ~~net~~8. ~~asset~~Financial ~~value~~Statements ~~(“NAV”) of the Trust is obtained by subtracting the Trust’s expenses~~ and ~~liabilities~~Supplementary onData any day from the value of the platinum owned by the Trust plus any platinum receivable 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.(Unaudited)

~~The~~Quarterly ~~year~~Income ~~ended December 31, 2023~~ Statements

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.

Year Ended December 31, 2024
	Three months ended
(Amounts in 000’s of US$, except for Share and per Share data)	March 31			June 30			September 30			December 31			Year ended December 31
EXPENSES
Sponsor’s Fee	$	1,378		$	1,535		$	1,486		$	1,569		$	5,968
Total expenses		1,378			1,535			1,486			1,569			5,968

Net investment loss		(1,378	)		(1,535	)		(1,486	)		(1,569	)		(5,968	)

REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain on platinum transferred to pay expenses		(35	)		(11	)		16			35			5
Realized gain / (loss) on platinum distributed for the redemption of Shares		(1,718	)		1,372			262			(1	)		(85	)
Change in unrealized gain / (loss) on investment in platinum		(90,173	)		107,553			(27,213	)		(78,803	)		(88,636	)
Total gain / (loss) on investment in platinum		(91,926	)		108,914			(26,935	)		(78,769	)		(88,716	)

Change in net assets from operations	$	(93,304	)	$	107,379		$	(28,421	)	$	(80,338	)	$	(94,684	)

Net increase / (decrease) in net assets per Share	$	(8.47	)	$	9.50		$	(2.55	)	$	(6.79	)	$	(8.36	)

Weighted average number of Shares		11,015,385			11,297,253			11,139,674			11,830,978			11,321,721

~~The~~Year ~~NAV~~Ended ~~per Share decreased 3.59% from $95.35 at~~ December 31, ~~2022 to $91.93 at December 31,~~ 2023~~. The Trust’s NAV per Share fell slightly more than the price per ounce of platinum on a percentage basis due to 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.

	Three months ended
(Amounts in 000’s of US$, except for Share and per Share data)	March 31			June 30			September 30			December 31			Year ended December 31
EXPENSES
Sponsor’s Fee	$	1,512		$	1,459		$	1,432		$	1,369		$	5,772
Total expenses		1,512			1,459			1,432			1,369			5,772

Net investment loss		(1,512	)		(1,459	)		(1,432	)		(1,369	)		(5,772	)

REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on platinum transferred to pay expenses		74			83			(35	)		(116	)		6
Realized gain on platinum distributed for the redemption of Shares		4,770			4,630			(326	)		(1,010	)		8,064
Change in unrealized gain / (loss) on investment in platinum		(55,538	)		(86,275	)		28,301			78,410			(35,102	)
Total gain / (loss) on investment in platinum		(50,694	)		(81,562	)		27,940			77,284			(27,032	)

Change in net assets from operations	$	(52,206	)	$	(83,021	)	$	27,940		$	75,915		$	(32,804	)

Net increase / (decrease) in net assets per Share	$	(4.73	)	$	(7.85	)	$	2.47		$	7.08		$	(3.05	)

Weighted average number of Shares		11,042,778			10,569,780			10,728,261			11,717,391			10,763,562

~~The~~Note: ~~decrease~~Quarterly inbalances ~~net~~may ~~assets~~not ~~from~~add ~~operations~~to ~~for~~totals ~~the~~due ~~year ended December 31, 2023 was $32,804,092 resulting from a realized gain of $5,776 on the transfer of platinum~~ to ~~pay~~independent 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 $5,772,056rounding. ~~Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.~~

~~The year ended December 31, 2022~~ 41

The ~~Trust’s~~financial ~~NAV~~statements ~~decreased~~required ~~from~~by ~~$1,133,206,525~~Regulation ~~at December 31~~S-X, ~~2021~~together towith ~~$1,096,553,007 at December 31, 2022, a 3.23% decrease for~~ the ~~year.~~report ~~The~~of ~~decrease in~~ the Trust’s ~~NAV~~independent ~~resulted~~registered ~~primarily~~public ~~from a decrease in outstanding Shares, which fell from~~accounting ~~12,700,000~~firm atappear ~~December~~on ~~31,~~pages ~~2021~~F-1 to ~~11,500,000~~F-13 ~~at December 31, 2022, a result~~ of ~~1,800,000~~this ~~Shares (36 Baskets) being created and 3,000,000 Shares (60 Baskets) being redeemed during the year~~filing. ~~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.~~

~~The~~Item ~~NAV per Share increased 6~~9.~~86%~~ ~~from~~Changes ~~$89.23~~in atand ~~December~~Disagreements ~~31,~~with ~~2021~~Accountants ~~to $95.35 at December 31, 2022. The Trust’s NAV per Share rose slightly less than the price per ounce of platinum~~ on aAccounting ~~percentage~~and ~~basis~~Financial ~~due to Sponsor’s Fee, which was $6,556,049 for the year, or 0.60% of the Trust’s ANAV.~~Disclosure

~~The NAV per Share of $106~~None.~~98 at March 8, 2022 was the highest during the year, compared with a low of $77.07 at July 14, 2022.~~

~~The~~Item ~~increase~~9A. inControls 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. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.~~Procedures

41 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The ~~year~~Trust ~~ended~~maintains ~~December~~disclosure 31controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, ~~2021~~processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

~~The~~Under ~~Trust’s~~the ~~NAV~~supervision ~~decreased~~and ~~from~~with ~~$1,329,606,858~~the atparticipation ~~December~~of ~~31,~~the ~~2020~~Chief toExecutive ~~$1,133,206,525~~Officer atand ~~December~~the ~~31,~~Chief ~~2021,~~Financial aOfficer ~~14.77%~~of ~~decrease for~~the Sponsor, the Sponsor ~~year.~~conducted ~~The~~an ~~decrease~~evaluation inof the Trust’s ~~NAV~~disclosure ~~resulted~~controls ~~primarily~~and ~~from~~procedures, aas ~~decrease~~defined inunder ~~the~~Exchange ~~price~~Act ~~per~~Rules ~~ounce of platinum, which~~13a-15(e) ~~fell~~and 1015d-15(e).~~21%~~ ~~from~~Based ~~$1,068.00~~on atthis ~~December 31~~evaluation, ~~2020~~the toChief ~~$959.00~~Executive atOfficer ~~December~~and ~~31,~~the ~~2021.~~Chief ~~There~~Financial ~~was~~Officer ~~also~~of athe ~~decrease~~Sponsor ~~in outstanding Shares,~~concluded ~~which fell from 13~~that,~~300,000~~ atas ~~December~~of ~~31, 2020 to 12,700,000 at~~ December 31, ~~2021~~2024, athe ~~result~~Trust’s ofdisclosure ~~1,300,000~~controls ~~Shares (26 Baskets) being created~~ and ~~1,900,000~~procedures ~~Shares~~were ~~(38 Baskets) being redeemed during the year~~effective.

~~The~~Internal ~~NAV~~controls ~~per~~over ~~Share~~financial ~~decreased~~reporting ~~10.74%~~have ~~from~~been ~~$99.97~~maintained atthroughout ~~December~~the ~~31,~~Trust’s ~~2020~~fiscal toyear ~~$89.23~~ended at December 31, ~~2021~~2024. ~~The Trust’s NAV per Share~~There ~~fell~~have ~~slightly~~been ~~more~~no ~~than~~changes ~~the~~that ~~price~~have ~~per~~materially ~~ounce~~affected, ofor ~~platinum~~are onreasonably alikely ~~percentage~~to ~~basis~~materially ~~due~~affect, to the ~~Sponsor~~Trust’s ~~Fee,~~or ~~which was $8,241,060~~Sponsor’s ~~for~~internal ~~the~~control ~~year,~~over orfinancial 0reporting.~~60% of the Trust’s ANAV.~~

~~The~~Management’s ~~NAV~~Report ~~per~~on ~~Share~~Internal ofControl ~~$121.03~~over atFinancial ~~February~~Reporting ~~19, 2021 was the highest during the year, compared with a low of $84.79 at December 15, 2021.~~

The ~~decrease~~Sponsor’s inmanagement ~~net~~is ~~assets~~responsible ~~from operations~~ for ~~the~~establishing ~~year~~and ~~ended~~maintaining ~~December~~adequate ~~31,~~internal ~~2021~~control ~~was~~over ~~$144,840,328~~financial ~~resulting from a realized gain of $1~~reporting,~~048,913~~ as ondefined ~~the~~under ~~transfer~~Exchange ofAct ~~platinum~~Rules to13a-15(f) ~~pay expenses~~ and a15d-15(f). ~~realized~~The ~~gain~~Trust’s ofinternal ~~$18,599,650~~control onover ~~platinum~~financial ~~distributed~~reporting ~~for~~is ~~the redemption~~a ofprocess ~~Shares,~~designed ~~offset~~to byprovide areasonable ~~change~~assurance inregarding ~~unrealized~~the ~~loss~~reliability ~~on investment in platinum~~ of ~~$156,178,266,~~financial areporting ~~change~~and inthe ~~unrealized~~preparation ~~loss~~of ~~on unsettled~~financial ~~redemptions~~statements offor ~~$29,565~~external ~~and~~purposes ~~the~~in ~~Sponsor’s~~accordance ~~Fees~~with ofaccounting ~~$8,241,060.~~principles ~~Other~~generally ~~than~~accepted ~~the~~in ~~Sponsor’s Fee,~~ the ~~Trust~~United ~~had~~States. noInternal ~~expenses~~control ~~during~~over ~~the~~financial ~~year~~reporting ~~ended~~includes ~~December~~those ~~31,~~policies ~~2021.~~and procedures that:

~~Off-Balance Sheet~~(1) ~~Arrangements~~pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

~~The Trust~~(2) isprovide ~~not~~reasonable aassurance ~~party~~that transactions are recorded as necessary to ~~any~~permit ~~off-balance~~preparation ~~sheet~~of ~~arrangements.~~financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and

~~Item 7A.~~(3) ~~Quantitative~~provide ~~and~~reasonable ~~Qualitative~~assurance ~~Disclosures~~regarding ~~about~~prevention ~~Market~~or ~~Risk~~timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

~~The~~Because ~~Trust~~of ~~Agreement~~its ~~does~~inherent ~~not~~limitations, ~~authorize~~internal ~~the~~control ~~Trustee~~over tofinancial ~~borrow~~reporting ~~for~~may ~~payment~~not ofprevent ~~the~~or ~~Trust’s~~detect ~~ordinary expenses~~misstatements. ~~The~~Also, ~~Trust~~projections of ~~does~~any ~~not engage~~evaluation inof ~~transactions~~effectiveness into ~~foreign~~future ~~currencies~~periods ~~which~~are ~~could~~subject ~~expose~~to the ~~Trust~~risk orthat ~~holders~~controls ofmay ~~Shares~~become toineffective ~~any~~because ~~foreign~~of ~~currency related~~changes ~~market risk. The Trust invests~~ in noconditions, ~~derivative~~or ~~financial~~that ~~instruments~~the ~~and~~degree ~~has~~of nocompliance ~~foreign~~with ~~operations~~the policies or ~~long-term~~procedures ~~debt~~may ~~instruments~~deteriorate.

~~Item 8. Financial Statements and Supplementary Data (Unaudited)~~42

~~Quarterly~~The ~~Income~~Chief ~~Statements~~Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2024. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2024.

Year Ended December 31, 2023
	Three months ended												Year ended
(Amounts in 000’s of US$, except for Share and per Share data)	March 31			June 30			September 30			December 31			December 31
EXPENSES
Sponsor’s Fee	$	1,512		$	1,459		$	1,432		$	1,369		$	5,772
Total expenses		1,512			1,459			1,432			1,369			5,772
Net investment loss		(1,512	)		(1,459	)		(1,432	)		(1,369	)		(5,772	)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on platinum transferred to pay expenses		74			83			(35	)		(116	)		6
Realized gain / (loss) on platinum distributed for the redemption of Shares		4,770			4,630			(326	)		(1,010	)		8,064
Change in unrealized gain / (loss) on investment in platinum		(55,538	)		(86,275	)		28,301			78,410			(35,102	)
Total gain / (loss) on investment in platinum		(50,694	)		(81,562	)		27,940			77,284			(27,032	)
Change in net assets from operations	$	(52,206	)	$	(83,021	)	$	26,508		$	75,915		$	(32,804	)
Net increase / (decrease) in net assets per Share	$	(4.73	)	$	(7.85	)	$	2.47		$	7.08		$	(3.05	)
Weighted average number of Shares		11,042,778			10,569,780			10,728,261			10,717,391			10,763,562

KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2024.

42 43

~~Year Ended~~KPMG ~~December~~LLP 31345 Park Avenue New York, ~~2022~~NY 10154-0102

	Three months ended												Year ended
(Amounts in 000’s of US$, except for Share and per Share data)	March 31			June 30			September 30			December 31			December 31
EXPENSES
Sponsor’s Fee	$	1,743		$	1,716		$	1,525		$	1,572		$	6,556
Total expenses		1,743			1,716			1,525			1,572			6,556
Net investment loss		(1,743	)		(1,716	)		(1,525	)		(1,572	)		(6,556	)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on platinum transferred to pay expenses		56			34			(99	)		(79	)		(88	)
Realized gain/ (loss) on platinum distributed for the redemption of Shares		2,890			66			(9,466	)		82			(6,428	)
Change in unrealized gain / (loss) on investment in platinum		24,158			(89,400	)		(38,627	)		180,404			76,535
Change in unrealized gain / (loss) on unsettled creations or redemptions		—			—			(9	)		9			—
Total gain / (loss) on investment in platinum		27,104			(89,300	)		(48,201	)		180,416			70,019
Change in net assets from operations	$	25,361		$	(91,016	)	$	(49,726	)	$	178,844		$	63,463
Net increase / (decrease) in net assets per Share	$	2.02		$	(7.12	)	$	(4.12	)	$	15.54		$	5.19
Weighted average number of Shares		12,556,667			12,782,967			12,060,326			11,509,239			12,223,973

Report of Independent Registered Public Accounting Firm

~~Note: Quarterly~~To ~~balances~~the ~~may~~Sponsor, ~~not~~Trustee ~~add~~and toShareholders abrdn ~~totals~~Platinum ~~due~~ETF ~~to independent rounding.~~Trust:

~~The financial~~Opinion ~~statements required by Regulation S-X, together with the report of the Trust’s independent registered public accounting firm appear~~ on ~~pages~~Internal ~~F-1~~Control toOver ~~F-13 of this filing.~~Financial Reporting

43We have audited abrdn Platinum ETF Trust’s (known as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the Trust) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

~~Item~~We also have audited, in accordance 9.with ~~Changes~~the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of assets and liabilities of the Trust, including the schedules of investments, as of December 31, 2024 and 2023, the related statements of operations and changes in net assets and ~~Disagreements~~the ~~with~~financial ~~Accountants~~highlights onfor ~~Accounting~~each of the years in the three-year period ended December 31, 2024, and ~~Financial~~the ~~Disclosure~~related notes (collectively, the financial statements), and our report dated February 28, 2025 expressed an unqualified opinion on those financial statements.

~~None.~~Basis for Opinion

~~Item~~The Trust’s management is responsible 9Afor maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. ~~Controls~~Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and ~~Procedures~~are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

~~Conclusion~~We conducted our audit in accordance ~~Regarding~~with the ~~Effectiveness~~standards of ~~Disclosure~~the ~~Controls~~PCAOB. Those standards require that we plan and ~~Procedures~~perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

~~The Trust~~Definition ~~maintains disclosure controls~~ and ~~procedures~~Limitations ~~that~~of ~~are~~Internal ~~designed to ensure that information required to be disclosed in its~~Control ~~Exchange~~Over Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial ~~Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.~~Reporting

~~Under~~A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the ~~supervision~~reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the ~~participation~~maintenance of ~~the~~records ~~Chief~~that, in ~~Executive~~reasonable ~~Officer~~detail, accurately and fairly reflect the ~~Chief~~transactions ~~Financial~~and ~~Officer~~dispositions of the ~~Sponsor,~~assets of the company; (2) provide reasonable ~~Sponsor~~assurance ~~conducted~~that antransactions ~~evaluation~~are ofrecorded ~~the~~as ~~Trust’s~~necessary ~~disclosure~~to ~~controls~~permit ~~and~~preparation ~~procedures,~~of asfinancial ~~defined~~statements ~~under~~in ~~Exchange~~accordance ~~Act~~with ~~Rules~~generally ~~13a-15(e)~~accepted accounting principles, and ~~15d-15(e).~~that ~~Based~~receipts onand ~~this~~expenditures ~~evaluation,~~of the ~~Chief~~company ~~Executive~~are ~~Officer~~being ~~and~~made ~~the~~only ~~Chief~~in ~~Financial~~accordance ~~Officer~~with authorizations of management and directors of the ~~Sponsor~~company; ~~concluded that,~~and as(3) provide reasonable assurance regarding prevention or timely detection of ~~December~~unauthorized 31acquisition, ~~2023~~ use, or disposition of the ~~Trust~~company’s ~~disclosure~~assets ~~controls~~that ~~and~~could ~~procedures~~have ~~were~~a ~~effective~~material effect on the financial statements.

~~Internal~~Because of its inherent limitations, ~~controls~~internal control over financial reporting ~~have~~may ~~been~~not ~~maintained~~prevent ~~throughout~~or ~~the~~detect ~~Trust’s~~misstatements. ~~fiscal~~Also, ~~year~~projections ~~ended~~of ~~December~~any ~~31,~~evaluation ~~2023.~~of ~~There~~effectiveness ~~have~~to ~~been~~future noperiods ~~changes~~are ~~that~~subject ~~have~~to ~~materially~~the ~~affected,~~risk orthat ~~are~~controls ~~reasonably~~may ~~likely~~become toinadequate ~~materially~~because ~~affect,~~of ~~the~~changes ~~Trust’s~~in conditions, or ~~Sponsor’s~~that the degree of ~~internal~~compliance ~~control~~with ~~over~~the ~~financial~~policies ~~reporting~~or procedures may deteriorate.

~~Management’~~/s ~~Report~~/ onKPMG ~~Internal Control over Financial Reporting~~ LLP

~~The Sponsor’s~~New ~~management is responsible for establishing and maintaining adequate internal control over financial reporting~~York, as ~~defined~~New ~~under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a~~York ~~process~~February ~~designed~~28, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that:2025

~~(1)~~KPMG ~~pertain~~LLP, toa ~~the~~Delaware ~~maintenance~~limited liability partnership and a member firm of ~~records~~the ~~that,~~KPMG inglobal ~~reasonable~~organization ~~detail,~~of ~~accurately~~independent ~~and~~member ~~fairly~~firms ~~reflect~~affiliated ~~the~~with ~~transactions~~KPMG ~~and~~International ~~dispositions~~Limited, ofa ~~the~~private ~~Trust’s~~English ~~assets;~~company limited by guarantee.

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and44

~~(3)~~Item 9B. ~~provide~~Other ~~reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.~~Information

~~Because~~No ofofficers ~~its inherent limitations, internal control over financial reporting may not prevent~~ or ~~detect~~directors ~~misstatements. Also, projections~~ of ~~any~~the ~~evaluation~~Trust ofhave ~~effectiveness~~adopted, tomodified ~~future~~or ~~periods~~terminated ~~are~~trading ~~subject~~plans tounder ~~the~~either ~~risk~~a ~~that~~Rule ~~controls~~10b5-1 ~~may~~or ~~become ineffective because of changes~~non-Rule in10b51 ~~conditions,~~trading orarrangement ~~that~~for the ~~degree~~year ofended ~~compliance~~December ~~with~~31, ~~the policies or procedures may deteriorate~~2024.

44 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

~~The Chief~~Not ~~Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2023~~applicable. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2023.

45 PART III

~~Report~~Item of10. ~~Independent~~Directors, ~~Registered~~Executive ~~Public~~Officers ~~Accounting~~and ~~Firm~~Corporate Governance

ToThe ~~the~~Trust ~~Sponsor~~has no officers, employees or board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust has not adopted a code of ethics or an insider trading policy governing the purchase, sale and ~~Shareholders~~other disposition of the Trust’s securities. The biographies of the President and Chief Executive Officer of the Sponsor and the Chief Financial Officer and Treasurer of the Sponsor are set out below:

~~abrdn~~Steven ~~Platinum~~Dunn – ~~ETF~~President ~~Trust:~~and Chief Executive Officer

~~Opinion~~Mr. Dunn, onCIMA®, ~~Internal~~is ~~Control~~the ~~Over~~Head ~~Financial~~of ~~Reporting~~Exchange Traded Funds at abrdn Inc. Mr. Dunn guides the firm’s strategic direction and distribution strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard. Mr. Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst® (CIMA®).

~~We have audited abrdn Platinum ETF Trust’s (known~~Sharon asFerrari ~~Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the Trust) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control~~ – ~~Integrated~~Chief ~~Framework~~Financial ~~(2013)~~Officer ~~issued~~and by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.Treasurer

WeMs. ~~also~~Ferrari ~~have~~is ~~audited,~~currently ina ~~accordance~~Director, ~~with~~Product ~~the~~Management ~~standards of~~at ~~the~~abrdn ~~Public~~Inc. ~~Company Accounting Oversight Board~~ (~~United States) (PCAOB),~~ the ~~statements~~parent ofcompany ~~assets and liabilities~~ of the ~~Trust,~~Sponser). ~~including the~~Ms. ~~schedules~~Ferrari ofjoined ~~investments,~~abrdn asin 2008. ofPrior ~~December~~to ~~31,~~working ~~2023~~at ~~and 2022~~abrdn, ~~the~~Ms. ~~related~~Ferrari ~~statements~~worked ofat ~~operations~~Delaware ~~and~~Investments ~~changes in net assets and the financial highlights~~ for ~~each~~about of3 ~~the~~ years ~~in the three-year period ended December 31, 2023,~~ and ~~the~~began ~~related~~her ~~notes~~career ~~(collectively,~~at ~~the~~SEI Investments. ~~financial~~Ms. ~~statements),~~Ferrari ~~and~~holds ~~our~~a ~~report~~BS ~~dated~~in ~~February~~Business ~~28,~~Administration ~~2024~~from ~~expressed~~University anof ~~unqualified~~Pittsburgh ~~opinion~~and ona ~~those~~MBA ~~financial~~from ~~statements~~Villanova University.

~~Basis~~Departure of ~~for~~Directors ~~Opinion~~or Principal Officers; Election of Directors; Appointment of Principal Officers.

~~The~~Effective November ~~Trust’s~~12, ~~management~~2024, isBrian ~~responsible~~Kordeck ~~for~~resigned ~~maintaining effective~~as ~~internal~~Chief ~~control~~Financial ~~over~~Officer ~~financial reporting~~ and ~~for~~Treasurer ~~its assessment~~ of the ~~effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting~~Sponsor. ~~Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit~~Mr. WeKordeck ~~are~~served aas ~~public accounting~~Principal ~~firm~~Financial ~~registered~~Officer ~~with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations~~ of the ~~Securities and Exchange Commission and the PCAOB~~Registrant.

~~We conducted our audit in accordance with the standards~~Sharon ofFerrari ~~the~~was ~~PCAOB.~~appointed ~~Those~~as ~~standards~~Chief ~~require~~Financial ~~that~~Officer ~~we plan~~ and ~~perform~~Treasurer ~~the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit~~ of ~~internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing~~ the ~~risk that a material weakness exists~~Sponsor, ~~and~~effective ~~testing and evaluating the design and operating effectiveness of internal control based~~ on ~~the~~November ~~assessed~~12, ~~risk~~2024. ~~Our~~Ms. ~~audit~~Ferrari ~~also included performing~~serves ~~such other procedures~~ as wePrincipal ~~considered~~Financial ~~necessary~~Officer inof the ~~circumstances~~Registrant. ~~We believe that our audit provides a reasonable basis for our opinion.~~

~~Definition~~As described ~~and~~under ~~Limitations~~Item of1 ~~Internal~~above, ~~Control~~abrdn ~~Over~~Inc. ~~Financial Reporting~~is the parent of the Sponsor.

~~A company’s internal control over financial reporting is a process~~Item designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles11. AExecutive company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Compensation

~~Because of its inherent limitations, internal control~~The ~~over~~Trust ~~financial~~has ~~reporting~~no ~~may~~directors ~~not prevent~~ or ~~detect~~executive ~~misstatements~~officers. ~~Also,~~The ~~projections~~only ofordinary ~~any~~expense ~~evaluation~~paid ofby ~~effectiveness to future periods are subject to~~ the ~~risk~~Trust ~~that~~is ~~controls may become inadequate because of changes in conditions, or that~~ the ~~degree~~Sponsor’s ~~of compliance with the policies or procedures may deteriorate~~Fee.

~~/s/~~Item 12. ~~KPMG~~Security ~~LLP~~Ownership ~~New~~of ~~York,~~Certain ~~New~~Beneficial ~~York~~Owners ~~February~~and ~~28,~~Management ~~2024~~and Related Stockholder Matters

46 Security Ownership of Certain Beneficial Owners

~~Item~~There ~~9B.~~are ~~Other~~no ~~Information~~persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

~~No officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b51 trading arrangement for the year ended December 31, 2023.~~46

47 Security Ownership of Management

~~PART~~Not ~~III~~applicable.

~~Item~~Change ~~10.~~in ~~Directors,~~Control ~~Executive Officers and Corporate Governance~~

~~The~~Neither ~~Trust~~the ~~has~~Sponsor nonor ~~directors~~the orTrustee ~~executive~~knows ~~officers. The biographies~~ of ~~the~~any ~~President~~arrangements ~~and~~which ~~Chief~~may ~~Executive~~subsequently ~~Officer~~result ofin ~~the~~a ~~Sponsor~~change ~~and the~~in ~~Chief~~control ~~Financial Officer and Treasurer~~ of the ~~Sponsor are set out below:~~Trust.

~~Steven~~Item ~~Dunn~~13. –Certain ~~President~~Relationships and ~~Chief~~Related ~~Executive~~Transactions, ~~Officer~~and Director Independence

~~Mr.~~The ~~Dunn,~~Trust CIMA®, is the Head of Exchange Traded Funds at abrdn Inc.. Mr. Dunn guides the firm’s strategic direction and distribution strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine Global Investment Management and has ~~also~~no ~~held~~directors ~~sales~~or ~~and~~executive ~~distribution strategy positions at iShares, Blackrock and Vanguard~~officers. Mr. Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst® (CIMA®).

~~Brian~~Item ~~Kordeck~~14. –Principal ~~Chief~~Accounting ~~Financial~~Fees ~~Officer~~ and ~~Treasurer~~Services

~~Brian~~Fees ~~Kordeck~~for ~~age~~services ~~44,~~performed ~~joined~~by ~~abrdn~~KPMG ~~Inc.~~LLP ~~(the~~for ~~parent company of~~ the ~~Sponsor)~~years asended aDecember ~~Senior Fund Administrator in 2013 and is currently a Senior Product Manager with the company. Prior to joining abrdn Inc.~~31, ~~Mr.~~2024 ~~Kordeck held financial reporting manager roles at the Bank of New York Mellon~~ and The Investment Fund for Foundations. Mr. Kordeck began his career as an auditor with PricewaterhouseCoopers LLP, focusing on the investment management industry. Mr. Kordeck holds a BS in Business Administration from La Salle University.2023

In connection with her retirement, Andrea Melia resigned as Chief Financial Officer and Treasurer of the Sponsor, effective on February 28, 2023. Ms. Melia served as Principal Financial Officer of the Registrant.

	December 31, 2024		December 31, 2023
Audit fees – KPMG	$	94,000		85,000
Audit related fees - KPMG		0		11,500
	$	94,000	$	96,500

~~Brian~~Audit ~~Kordeck~~Fees ~~was~~are ~~appointed~~fees aspaid ~~Chief~~by ~~Financial~~the ~~Officer~~Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the Form 10-K and ~~Treasurer~~review of financial statements included in the ~~Sponsor~~Form 10-Qs, ~~effective~~and onfor ~~February~~services ~~28,~~that ~~2023.~~are Mrnormally provided by the accountants in connection with regulatory filings or engagements. ~~Kordeck~~Audit ~~serves~~Related Fees are paid by the Sponsor to KPMG LLP asfor ~~Principal~~assurance ~~Financial~~and ~~Officer~~related services that are reasonably related to the performance of the ~~Registrant~~audit or review of the Trust’s financial statements. These services include the accountant providing a consent letter related to the Trust’s registration statement filing.

AsPre-Approval ~~described~~Policies ~~under~~and ~~Item 1 above, abrdn Inc. is the parent of the Sponsor.~~Procedures

As referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures 11with respect to fees paid to KPMG LLP. ~~Executive~~Such ~~Compensation~~determinations are made by the Sponsor.

~~The Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor’s Fee.~~47

48 PART IV

Item 1215. ~~Security~~Exhibits, ~~Ownership~~Financial ofStatement ~~Certain Beneficial Owners and Management and Related Stockholder Matters~~Schedules

~~Security~~1. ~~Ownership~~Financial ~~of Certain Beneficial Owners~~Statements

~~There~~See ~~are~~Index ~~no persons known by the Trust~~ to ~~own~~Financial ~~directly~~Statements oron ~~indirectly~~Page ~~beneficially~~F-1 ~~more~~for ~~than~~a 5%list of the ~~outstanding~~financial ~~Shares~~statements ofbeing ~~the~~filed ~~Trust~~herein.

~~Security~~2. ~~Ownership~~Financial ofStatement ~~Management~~Schedules

~~Not~~Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included.

Change in Control

Exhibit No.		Description
	4.1(a)	Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158381 on December 31, 2009

	4.1(b)	Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1(b) filed with the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 file on February 28, 2020

	4.1(c)	Second Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current Report on Form 8-K on March 14, 2022

	4.1(d)	Third Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

	4.2	Form of Authorized Participant Agreement is filed herewith

	4.3	Certificate of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-158381 on December 31, 2009

	10.1	Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

	10.2	Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

	10.3	Depository Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-158381 on December 31, 2009

	10.4(a)	Marketing Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 333-158381 on December 31, 2009

	10.4(b)	Novation of and Amendment No. 1 to the Marketing Agent Agreement

	23.1	Consent of KPMG LLP, Independent Registered Public Accounting Firm

~~Neither the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.~~48

Item 13. Certain Relationships and Related Transactions, and Director Independence

	31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.2	Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32.1	Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	32.2	Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	97.1	Policy for Recovery of Erroneously Awarded Compensation , incorporated by reference to Exhibit 97.1 filed with the Trust's Annual Report of Form 10-K on February 29, 2024.

	101	The following financial statements from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.

	101.SCH	Inline XBRL Taxonomy Extension Schema Document

	101.CAL	Inline XBRL Taxonomy Extension Calculation Document

	101.DEF	Inline XBRL Taxonomy Extension Definitions Document

	101.LAB	Inline XBRL Taxonomy Extension Labels Document

	101.PRE	Inline XBRL Taxonomy Extension Presentation Document

	104	The cover page from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL (included as Exhibit 101).

~~The~~Item ~~Trust~~16. ~~has~~Form no10-K ~~directors or executive officers.~~Summary

49 Not applicable.

~~Item 14. Principal Accounting Fees and Services~~49

~~Fees~~ABRDN ~~for~~PLATINUM ~~services~~ETF ~~performed~~TRUST Financial byStatements ~~KPMG~~as ~~LLP~~of ~~for the years ended~~ December 31, ~~2023 and 2022~~2024 Index

New York, NY Auditor ID: 185

	Page

Report of Independent Registered Public Accounting Firm	F-2

Statements of Assets and Liabilities at December 31, 2024 and 2023	F-3

Schedules of Investments at December 31, 2024 and 2023	F-4

Statements of Operations for the years ended December 31, 2024, 2023 and 2022	F-5

Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022	F-6

Financial Highlights for the years ended December 31, 2024, 2023 and 2022	F-7

Notes to the Financial Statements	F-8

	December 31, 2023		December 31, 2022
Audit fees – KPMG	$	85,000		77,250
Audit related fees - KPMG		11,500		—
	$	96.500	$	77,250

F-1

~~Audit Fees are fees paid by the Sponsor to~~ KPMG LLP ~~for~~345 ~~professional~~Park ~~services~~Avenue ~~for~~New ~~the audit of the Trust’s financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs~~York, ~~and~~NY for services that are normally provided by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s financial statements. These services include the accountant providing a consent letter related to the Trust’s registration statement filing.10154-0102

~~Pre-Approval Policies~~REPORT ~~and~~O

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