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

ThePublic health emergencies, such as 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 andpandemic, 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 pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the value of the Shares.

A significant resurgence of the COVID-19 pandemic or other future publicPublic health emergencies could 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 Shares. In addition, 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, policies, is likely to increase volatility in the market for platinum, which could adversely affect the price of the Shares.

Further, 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 publicPublic 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.

NAV per Share vs. 1/10th Platinum Price from December 30, 2009 (the Date of Inception) to December 31, 2025 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 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 JulyAugust 26,4, 20242025 and January 4,5, 2025.2026.

The NAV per Share of $97.68 at May 17, 2024 was the highest during the year, compared with a low of $80.08 at March 3, 2024. The decrease in net assets from operations for the year ended December 31, 2024 was $94,683,972 resulting from a realized gain of $5,252 on the transfer of platinum to pay expenses, offset by a realized loss of $84,783 on platinum distributed for the redemption of Shares, a change in unrealized loss on investment in platinum of $88,636,374, and the Sponsor’s Fee of $5,968,067. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.

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 $1,000.00to$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.

At the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s LBMA Platinum Price PM. If there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day. If neither price is available for that day, the Trustee will value the Trust’s platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. Realized gains and losses on transfers of platinum, or platinum distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of platinum transferred.

OnAfter Aprilthe 22,close of markets on May 14, 2026, the Trust Sponsor announcedeffected a 10-for-1ten-for-one forward share split (the "Split") of the Shares issued by the Trust.Trust (the “Split”).

The Split will applyapplied to shareholders of record as of the close of the markets on May 14, 2026, and will bewas payable after the close of the markets on May 15, 2026. The Split will be was effective prior to the market open on May 18, 2026, when the Shares of the RegistrantTrust willbegan tradetrading at their post-Split prices. TheIn the tickerten-for-one symbolSplit, andshareholders CUSIPreceived numberten post-Split-Shares for every Share held of record as of the Sharesclose willof notthe change.markets on May 14, 2026.

The Quarter Ended MarchJune 31,30, 2026

The Trust’s NAV decreased from $2,862,967,538 at December 31, 2025 to $2,396,712,689 at March 31, 31,2026 to $1,773,133,277 at June 30, 2026, a 16.24%26.02% decrease for the quarter. The change in the Trust’s NAV resulted primarily from a decrease in the price per ounce of platinum, which fell 5.87% 17.87% from $2,027.00 at December 31, 2025 to $1,908.00 at March 31, 2026 to $1,567.00 at June 30, 2026 and a decrease decreasein outstanding shares,Shares, which fell from 15,550,000 Shares at December 31, 2025 to 13,850,000138,500,000 Shares at March 31, 2026 to 124,950,000 Shares at June 30, 2026, as a result of 1,150,0004,800,000 Shares (2396 Baskets) being created and 2,850,000 18,350,000 Shares (57367 Baskets) being redeemed during the quarter.

The NAV per Share decreased 6.01%17.98% from $184.11 at December 31, 2025 to $173.05$17.30 at March 31, 31,2026 to $14.19 at June 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $4,357,955$3,509,784 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $91.35$19.43 at MarchApril 18,17, 20252026 was the highest during the quarter, compared with a low of $84.16$14.19 at JanuaryJune 2,30, 2025.2026.

The increase decrease in net assets from operations for the quarter ended MarchJune 31,30, 20252026 was $84,842,789$400,692,903, resulting from a realized gain of $6,117 on platinum distributed for the redemption of Shares and a change in unrealized gainloss on investment in platinum of $86,426,015,$493,083,455 and the Sponsor’s Fee of $3,509,784, offset by a realized lossgain of $27,831$1,429,056 on the transfer of platinum to pay expenses and thea realized Sponsor’s Feegain of $1,561,511.$94,471,280 on platinum distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended MarchJune 31,30, 2025.2026.

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary 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 transfertransfers and sales of platinum.

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 MarchJune 31,30, 2026, the Trust did not have any cash balances.