PLTM 10-K & 10-Q changes, risk factors and insider trading

NAV per Share vs. 1/100th platinum price from the January 11, 2018 (the Date of Inception) to June 30, 20252026(1) (1) Adjusted for effect of stock split. The stock split was effective on March 11, 2019. See Note 1 to the Financial Statements Source: Bloomberg 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.

The Trust’s NAV increased from $ 34,919,057 on June 30, 2023 to $ 43,119,274 on June 30, 2024, a 23.48% decreaseincrease for the year. The The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares from 4,000,000 Shares on June 30, 2023 to 4,400,000 Shares on June 30, 2024, a result of 850,000 Shares (17 Baskets) being created and 450,000 Shares (9 Baskets) being redeemed redeemed during that period The NAV per Share increased 12.26% from $ 8.73 on June 30, 2023 to $9.80 on June 30, 2024. The price per ounce of platinum increased 12.82% $ 897 on June 30, 2023 to $1,012 on June 30, 2024. The Trust’s NAV per Share decreased slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $187,695 for the year, or 0.50% of the Trust’s assets on an annualized basis Fiscal year ended June 30, 2023 The Trust’s NAV decreased from $44,801,455 on June 30, 2022 to $34,919,057 on June 30, 2023, a 22.1% decrease for the year. The decrease in the Trust’s NAV resulted primarily from a decrease in outstanding Shares from 5,050,000 Shares on June 30, 2022 to 4,000,000 Shares on June 30, 2023, a result of 350,000 Shares (7 Baskets) being created and 1,400,000 Shares (28 Baskets) being redeemed during that period The NAV per Share decreased 1.6% from $8.87 on June 30, 2022 to $8.73 on June 30, 2023. The price per ounce of platinum decreased 1.1% from $907.00 on June 30, 2022 to $897 on June 30, 2024. The Trust’s NAV per Share decreased slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $216,715 for the year, or 0.50% of the Trust’s assets on an annualized basis.

You should carefully consider the factors discussed infrom Partpage I, Page 138 “Risk Factors” in our prospectus dated FebruaryJanuary 23, 2023,2024, filed filed pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission, file number number 333-276531, which could materially affect our business, financial condition or future results. The risks described in the prospectus are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

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 in-kind transfers of platinum to the Sponsor. At SeptemberMarch 30,31, 20232026 the Trust did not have any cash balances.

The Quarter Ended DecemberMarch 31, 20252026

DuringThe the quarter the Trust’s net asset value increased by 80.9%decreased from $129,274,099 on September 30, 2025, to $233,824,339 on December 31, 2025.2025 to $220,738,196 on March 31, 2026, a 5.60% decrease. The increase in the Trust’s net asset value wasdecreased due to (i)the annegative increasechange in the price of platinumplatinum, which moved from $1,571.00 on September 30, 2025, to $2,027.00 on December 31, 2025 2025,to and$1,908.00 (ii)on anMarch increase31, 2026, or -5.87%. The impact of the change in platinum price was reduced by a positive change in the number of Sharesshares outstanding from 8,550,000 on September 30, 2025,12,000,000 to 12,000,00012,050,000, onor December 31, 2025.0.42%. The net 3,450,00050,000 shares increase was the result of 7151 creation orders and 2 50 redemption orders (50,000 shares per creation and redemptionorder).

The 49.8%6.00% increasedecrease in the Trust’s net asset value per shareshare, from $13.01 on June 30, 2025, to $19.49 on December 31, 2025, to $18.32 on March 31, 2026, is directly directly related to the 50.1%5.87% increasedecrease in the price of platinum.

The Trust’s net asset value per share increaseddecreased slightly lessmore than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $311,766$351,389 for the period,quarter, or 0.25%0.123% of the Trust’s average weighted net assets of $123,699,082$284,883,201 during the quarter. period. The net asset value per share of $22.06$27.02 on DecemberJanuary 24,26, 2025,2026, was the highest during the period,quarter, compared with a low during the period quarter of $12.54$17.75 on AugustMarch 01,27, 2025.2026.

NetThe increasenet decrease in net assets resulting from operations for the six-month periodquarter ended DecemberMarch 31, 2025,2026, was $54,959,128,$25,689,957, resulting primarily from an unrealized gain loss on investment in platinum bullion of $54,622,429,$35,376,043, increaseddecreased by a gain of $648,465$10,037,475 on metal sold to cover the redemption orders ordersand andthe Sponsor’s fees butand negatively affecteddecreased by the Sponsor’s fees of $311,766.$351,389. Other than the Sponsor’s fees the Trust had no expenses during the period.quarter.