The Trust's Net Asset Value (NAV) increased by 180.97% from $1,018,947,768 at December 31, 2024, to $2,862,967,538 at December 31, 2025. The price per ounce of physical platinum rose by 122.02% from $913.00 at December 31, 2024, to $2,027.00 at December 31, 2025. Outstanding Shares in the Trust increased from 12,200,000 at December 31, 2024, to 15,550,000 at December 31, 2025, with 6,800,000 Shares created and 3,450,000 Shares redeemed during the year. The NAV per Share increased by 120.43% from $83.52 at December 31, 2024, to $184.11 at December 31, 2025. Platinum experienced its strongest rally in years during 2025, driven by persistent supply deficits, elevated trading activity, geopolitical tensions, and increased Chinese jewelry demand. The Guangzhou Futures Exchange launched a new futures contract on Platinum on November 27, 2025, further boosting optimism about Chinese demand and contributing to speculative positioning. Platinum prices reached a 17-year high of $2,226 per ounce before ending the year at $2,027 per ounce, marking a 121.8% increase for 2025. The Sponsors Fee for the year ended December 31, 2025, was $9,189,166, representing an annualized rate of 0.60% of the Trust's Adjusted Net Asset Value (ANAV).