|                                  
|----------------------------------
|UNITED STATES                     
|SECURITIES AND EXCHANGE COMMISSION
|Washington,
 D.C. 20549           
|                                  
|Form 10-K                         
|                                  
|(Mark One)                        

xANNUAL REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2010

or

oTRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-34590

ETFS PLATINUM TRUST


(Exact name of registrant as specified in its charter)


|                                         |                    
|---------------------------------------- | -------------------
|New York                                 | 26-4732885         
|(State or other jurisdiction of          | (I.R.S. Employer   
|incorporation or organization)           | Identification No.)
|                                         |                    
|c/o ETF
 Securities USA LLC              |                    
|48 Wall Street, 11th Floor               |                    
|New York, NY                             | 10005              
|(Address of principal executive offices) | (Zip Code)         

Registrants telephone number, including area
code:
(212) 918-4954

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

|                              |  |                                          
|----------------------------- |  | -----------------------------------------
|Title of each class           |  | Name of each exchange on which registered
|                              |  |                                          
|ETFS Physical Platinum Shares |  | NYSE Arca                                

Securities registered pursuant to Section
12(g) of the Act: None

Indicate by
check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.


Yes o No x


Indicate by
check mark if the registrant is not required to file reports pursuant to
Section 13 or 15(d) of the Act.


Yes o No x


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 x No o


Indicate by
check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T during the
preceding 12 months.


Yes x No o


Indicate by
check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of registrants knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. x

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

|                          |  |                            
|------------------------- |  | ---------------------------
|Large accelerated filer o |  | Accelerated filer o        
|                          |  |                            
|Non-accelerated filer x   |  | Smaller reporting company o

Indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Act).


Yes o No x


Aggregate
market value of the registrants Shares outstanding based upon the closing
price of a Share on June 30, 2010 as reported by the NYSE Arca, Inc. on that
date: $458,281,722

Number of the
registrants Shares outstanding as of March 8, 2011: 4,800,000

DOCUMENTS INCORPORATED BY REFERENCE:
None.

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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 verbs, anticipates,
believes, estimates, expects, intends, plans, projects, understands
and other verbs 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.



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TABLE OF CONTENTS

|                                                                                                                       |  |   
|---------------------------------------------------------------------------------------------------------------------- |  | --
|PART I                                                                                                                 |  | 1 
|Item 1.
 Business                                                                                                      |  | 1 
|Trust Objective                                                                                                        |  | 1 
|Secondary
 Market Trading                                                                                              |  | 2 
|Valuation of
 Platinum and Computation of Net Asset Value                                                              |  | 2 
|Trust Expenses                                                                                                         |  | 2 
|Deposit of
 Platinum; Issuance of Shares                                                                               |  | 3 
|Withdrawal of
 Platinum; Redemption of Shares                                                                          |  | 4 
|Creation and
 Redemption Transaction Fee                                                                               |  | 4 
|The Sponsor                                                                                                            |  | 4 
|The Trustee                                                                                                            |  | 5 
|The Custodian                                                                                                          |  | 5 
|Description of
 the Shares                                                                                             |  | 6 
|Custody of the
 Trusts Platinum                                                                                       |  | 7 
|United States
 Federal Income Tax Consequences                                                                         |  | 7 
|ERISA and
 Related Considerations                                                                                      |  | 10
|Item 1A. Risk
 Factors                                                                                                 |  | 11
|Item 1B.
 Unresolved Staff Comments                                                                                    |  | 17
|Item 2.
 Properties                                                                                                    |  | 17
|Item 3. Legal
 Proceedings                                                                                             |  | 17
|Item 4.
 (Removed and Reserved)                                                                                        |  | 17
|                                                                                                                       |  |   
|PART II                                                                                                                |  | 18
|Item 5. Market
 for Registrants Common Equity, Related Stockholder Matters and Issuer
 Purchases of Equity Securities |  | 18
|Item 6.
 Selected Financial Data                                                                                       |  | 19
|Item 7.
 Managements Discussion and Analysis of Financial Condition and Results of
 Operations                        |  | 19
|Item 7A.
 Quantitative and Qualitative Disclosures about Market Risk                                                   |  | 22
|Item
           8. Financial Statements and Supplementary Data (Unaudited)                                             |  | 23
|Item 9. Changes
 in and Disagreements with Accountants on Accounting and Financial Disclosure                          |  | 23
|Item 9A.
 Controls and Procedures                                                                                      |  | 24
|Item 9B. Other
 Information                                                                                            |  | 24
|                                                                                                                       |  |   
|PART III                                                                                                               |  | 25
|Item 10.
 Directors, Executive Officers and Corporate Governance                                                       |  | 25
|Item 11.
 Executive Compensation                                                                                       |  | 25
|Item 12.
 Security Ownership of Certain Beneficial Owners and Management and Related
 Stockholder Matters              |  | 25
|Item 13.
 Certain Relationships and Related Transactions, and Director Independence                                    |  | 25
|Item 14.
 Principal Accounting Fees and Services                                                                       |  | 25
|                                                                                                                       |  |   
|PART IV                                                                                                                |  | 26
|Item 15.
 Exhibits, Financial Statement Schedules                                                                      |  | 26



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PART I

|        |         
|------- | --------
|Item 1. | Business

The purpose of the ETFS Platinum 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 are anticipated to 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 ETF Securities USA LLC (the
Sponsor). The trustee of the Trust is The Bank of New York Mellon (the
Trustee) and the custodian is JP Morgan Chase Bank N.A., London branch (the
Custodian).The Trusts Shares at
redeemable value grew from $14,610,000 at December 30, 2009 to $765,761,606 at
December 31, 2010, the Trusts fiscal year end. Outstanding Shares in the
Trust grew from 100,000 Shares at December 30, 2009 to 4,450,000 Shares at December 31, 2010.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
and will not hold or trade in commodities futures contracts regulated by the
Commodity Exchange Act (the CEA), as administered by the Commodity Futures
Trading Commission (the CFTC). The
Trust is not a commodity pool for purposes of the CEA 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.

Trust Objective

The investment objective of the Trust is for the Shares to reflect the
performance of the price of platinum bullion, less the expenses of the Trusts
operations. 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:

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Is Easily Accessible: The Shares trade on the NYSE Arca and
 provide institutional and retail investors with indirect access to the
 Platinum bullion market. The Shares are bought and sold on the NYSE Arca like
 any other exchange-listed securities. The close of the NYSE Arca trading
 session is 4:00 PM New York time.                                                                                                                                                                                                                                                                                                                                                        
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | Is Relatively Cost Effective. The Sponsor expects that, for many
 investors, costs associated with buying and selling the Shares in the
 secondary market and the payment of the Trusts ongoing expenses will be
 lower than the costs associated with buying and selling Platinum bullion and
 storing and insuring Platinum bullion in a traditional allocated Platinum
 bullion account.                                                                                                                                                                                                                                                                                           
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | Has Minimal Credit Risk.
 The Shares represent an interest in physical bullion owned by the Trust
 (other than an amount held in unallocated form which is not sufficient to
 make up a whole plate or which is held temporarily to effect a creation or
 redemption of Shares). Physical bullion 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 bullion of the Trust is not
 subject to counterparty or credit risks. See Risk FactorsPlatinum held in the Trusts unallocated
 Platinum account and

1

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| |                                                                                                                                                                                                                                                                                  
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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 bullion through the use of derivatives that are subject
 to counterparty and credit risks.

Investing in the Shares does not insulate the investor from certain
risks, including price volatility. See Risk Factors.

Secondary Market
Trading

While the Trusts investment objective is for the Shares to reflect the
performance of platinum bullion, less the expenses of the Trust, the Shares may
trade in the secondary market on the NYSE Arca at prices that are lower or
higher relative to their net asset value, which is the value of the Trusts
assets less its liabilities (NAV), per Share. The amount of the discount or
premium in the trading price relative to the NAV per Share may be influenced by
non-concurrent trading hours between the NYSE Arca and the Commodity Exchange,
Inc., a subsidiary of New York Mercantile Exchange, Inc. (COMEX), and the
London and Zurich platinum bullion markets. While the Shares trade on the
NYSE Arca until 4:00 PM New York time, liquidity in the global platinum market
is reduced after the close of the COMEX at 1:30 PM New York time. As a result,
during this time, trading spreads, and the resulting premium or discount, on
the Shares may widen.

Valuation of
Platinum and Computation of Net Asset Value

On each business day as promptly
as practicable after 4:00 p.m., New York time, on such day (the Evaluation
Time), the Trustee evaluates the platinum held by the Trust and determines
the NAV of the Trust.
At the Evaluation Time, the Trustee will value the
Trusts platinum on the basis of that days London PM Fix (the
afternoon session of the twice daily fix of the price of an ounce of platinum
which starts at 2:00 PM London, England time and is performed in London by the
four London Platinum and Palladium Market LPPM members of the London
platinum fix) or, if no London PM Fix is made on such day or has not been announced
by the Evaluation Time, the next most recent London platinum price fix (AM or
PM) determined prior to the Evaluation Time will be used, unless the Sponsor
determines that such price is inappropriate as a basis for evaluation. In the
event the Sponsor determines that the London PM Fix or such other publicly available
price as the Sponsor may deem fairly represents the commercial value of the Trusts
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. Neither the Trustee nor the Sponsor shall be liable to any person
for the determination that the London PM Fix or such other publicly available
price is not appropriate as a basis for evaluation of the Trusts platinum
or for any determination as to the alternative basis for such evaluation provided
that such determination is made in good faith.Once the value of the platinum has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees
accruing for such day on which the valuation takes place that are computed by reference
to the value of the Trust or its assets), and other liabilities of the Trust
from the total value of the platinum and all other assets of the Trust (other
than any amounts credited to the Trusts reserve account, if established). The
resulting figure is the adjusted net asset value (the ANAV) of the Trust. The
ANAV of the Trust is used to compute the Sponsors Fee.All fees accruing for
the day on which the valuation takes place that are computed by reference to the value
of the Trust or its assets shall be calculated using the ANAV calculated for
such day on which the valuation takes place. The Trustee shall subtract from
the ANAV the amount of accrued fees so computed for such day and the resulting
figure is the NAV of the Trust. The Trustee also determines the NAV per
Share by dividing the NAV of the Trust by the number of the Shares outstanding
as of the close of trading on the NYSE Arca (which includes the net number of
any Shares created or redeemed on such evaluation day).The Trustees
estimation of accrued but unpaid fees, expenses and liabilities is
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.

Trust Expenses

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

2

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the Custody Agreements (defined below), 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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s Fee is paid by delivery of
platinum to an account maintained by the Custodian for the Sponsor on an
unallocated basis.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 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 Sponsor earned $2,981,911 for acting as the Sponsor during the year
ended December 31, 2010.

Deposit of
Platinum; Issuance of Shares

The Trust creates and redeems Shares from time to time, but only in one
or more Baskets of 50,000 Shares. Only
registered broker-dealers who have entered into written agreements with the
Sponsor and the Trustee (each an Authorized Participant can deposit platinum
and receive Baskets of Shares in exchange.
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
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. Authorized Participants are the only
persons that may place orders to create and redeem Baskets.

All platinum bullion deposited 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 London Good Delivery plate or ingot.

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 occurs on business days when (1)
banks in the United Kingdom, Zurich or such other jurisdiction and (2) the
London or 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.

On any business day, an Authorized Participant may place an order with
the Trustee to purchase one or more Baskets. 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. A purchase order so received is effective on the date it is received
in satisfactory form by the Trustee. By placing a purchase order, an Authorized
Participant agrees to deposit platinum with the Trust, as described below.
Prior to the delivery of Baskets for a purchase order, the Authorized
Participant must also have wired to the Trustee the non-refundable transaction
fee due for the purchase order (as explained under Creation and Redemption Transaction Fee below).

An Authorized Participant who places a purchase order is responsible
for crediting its Authorized Participant Unallocated Account, either loco London
or loco Zurich, with the required platinum deposit amount by the third business
day in London or Zurich following the purchase order date. Upon receipt of the
platinum deposit amount, the Custodian, after receiving appropriate
instructions from the Authorized Participant and the Trustee, will transfer on
the third business day following the purchase order date the platinum deposit
amount from the Authorized Participant Unallocated Account to the unallocated
platinum account of the Trust established with the Custodian under the
Unallocated Account Agreement between the Trustee and the Custodian (the Trust
Unallocated Account) and the Trustee will direct DTC to credit the number of
Baskets ordered to the Authorized Participants

3

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DTC account. Acting on standing instructions given by the Trustee, the
Custodian will transfer the platinum deposit amount from the Trust Unallocated
Account to the allocated platinum account of the Trust established with the
Custodian under the Allocated Account Agreement between the Trustee and the
Custodian (the Trust Allocated Account), by transferring specific platinum
plates or ingots from its inventory or the inventory of the Zurich
Sub-Custodian to the Trust Allocated Account.
The Trusts Unallocated Account Agreement and Allocated Account
Agreement are referred to collectively as the Custody Agreements.

Withdrawal of
Platinum; Redemption of Shares

The procedures by which an Authorized Participant can redeem one or
more Baskets mirror the procedures for the creation of Baskets. 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 Arca is open for regular trading. 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 owner of beneficial interests
in the Shares (a Shareholder) to redeem any Shares in an amount less than a
Basket, or to redeem Baskets other than through an Authorized Participant.

By placing a redemption order, an Authorized Participant agrees to
deliver the Baskets to be redeemed through DTCs book-entry system to the Trust
not later than the third 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 (as explained
under Creation and Redemption Transaction
Fee below).

The redemption distribution from the Trust consists of a credit to
the redeeming Authorized Participants Authorized Participant Unallocated
Account, either loco London or loco Zurich, 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 are subject to
the deduction of any applicable tax or other governmental charges which may be
due.

Creation and
Redemption Transaction Fee

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.
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 Sponsor

The Sponsor is a Delaware limited liability company. The Sponsors
office is located at Ordinance House, 31 Pier Road, St. Helier, Jersey JE48PW,
Channel Islands. Under the Delaware Limited Liability Company Act and the
governing documents of the Sponsor, the sole member of the Sponsor, ETF
Securities Limited, is not responsible for the debts, obligations and
liabilities of the Sponsor solely by reason of being the sole member of the
Sponsor.

The Sponsors Role

The Sponsor arranged for the creation of the Trust, the 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.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

4

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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 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 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 Zurich
Sub-Custodian that the Custodian may wish to appoint.

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 (3)
executes the marketing plan for the Trust.

The Trustee

The Bank 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 2 Hanson Place, Brooklyn, New York 11217.
BNYM is subject to supervision by the New York State Banking 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 maintain capital, surplus and undivided
profits of $150 million.

The Trustees Role

The Trustee is generally responsible for the day-to-day administration
of the Trust, including keeping the Trusts operational records. The Trustees
principal responsibilities include (1) transferring the Trusts platinum as needed to pay the Sponsors Fee in
platinum (platinum transfers are
expected to occur approximately monthly in the ordinary course), (2) valuing the
Trusts platinum and calculating the
NAV of the Trust and the NAV per Share, (3) receiving and processing orders
from Authorized Participants to create and redeem Baskets and coordinating the
processing of such orders with the Custodian and DTC, (4) selling the Trusts
platinum as needed to pay any
extraordinary Trust expenses that are not assumed by the Sponsor, (5) when
appropriate, making distributions of cash or other property to Shareholders,
and (6) receiving and reviewing reports from or on the Custodians custody of
and transactions in the Trusts platinum. The Trustee shall, with respect to
directing the Custodian, act in accordance with the instructions of the
Sponsor. If the Custodian resigns, the Trustee shall appoint an additional or
replacement Custodian selected by the Sponsor. Under the Custody Agreements,
the Trustee, the Sponsor and the Sponsors auditors and inspectors may, only up
to twice a year, visit the premises of the Custodian or the Zurich
Sub-Custodian for the purpose of examining the Trusts platinum and certain
related records maintained by the Custodian. In addition, other than with
respect to the Zurich Sub-Custodian, the Trustee has 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 subcustodian, and no subcustodian
is obligated to cooperate in any review the Trustee may wish to conduct of the
facilities, procedures, records or creditworthiness of such subcustodian. 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, the Zurich Sub-Custodian or any other subcustodian 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
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 Trustees monthly fees and out-of-pocket expenses are paid by the
Sponsor.

Affiliates of the Trustee 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 for
accounts over which they exercise investment discretion.

The Custodian

JPMorgan Chase Bank, N.A. serves as the Custodian of the Trusts
platinum. JPMorgan is a national banking association organized under the laws
of the United States of America. JPMorgan is subject to supervision by the
Federal Reserve Bank of New York and the Federal Deposit Insurance Corporation.
JPMorgans custodian office is

5

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located at 125 London Wall, London, EC2Y 5AJ, United
    Kingdom. In addition to supervision and examination by the US federal banking
    authorities, JPMorgans London custodian operations are generally subject
    to supervision by the Financial Services Authority, an independent
non-governmental body which exercises statutory regulatory power under the United
    Kingdom Financial Services and Markets Act 2000 and which regulates the major
    participating members of the LBMA in the United Kingdom.

The Custodians Role

The Custodian is responsible for safekeeping for the Trust 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 subcustodians, 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 will maintain 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 will provide 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.

The Custodians fees and expenses under the Custody Agreements are
paid by the Sponsor.

The Custodian and its 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 for accounts over which they exercise
investment discretion.

Description of the Shares

General

The Trustee is authorized under the Trust Agreement to create 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 of Limited Rights

The Shares do not represent a traditional investment and you 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 non-assessable and
entitles the holder to vote on the limited 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.

Distributions

If the Trust is terminated and liquidated, the Trustee will distribute
to the Shareholders any amounts remaining after the satisfaction of all
outstanding liabilities of the Trust and 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 and Approvals

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.

6

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Redemption of the Shares

The Shares may only be redeemed by or through an Authorized Participant
and only in Baskets.

Book-Entry Form

Individual 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.

Custody of the Trusts Platinum.

Custody of the physical platinum deposited
with and held by the Trust is provided by the Custodian at its London, England
vaults and by the Zurich Sub-Custodian selected by the Custodian in its Zurich,
Switzerland vaults and by other subcustodians on a temporary basis only in
unallocated form. The Custodian is a market maker, clearer and approved weigher
under the rules of the LPPM.

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
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.

The Custodian, as instructed by the Trustee,
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 will or will require the Zurich Sub-Custodian to
allocate platinum deposited in unallocated form with the Trust by selecting
plates or ingots of physical 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.

The process of withdrawing platinum from the
Trust for a redemption of a Basket will follow the same general procedure as
for depositing platinum with the Trust for a creation of a Basket, only in
reverse. Each transfer of platinum between the Trust Allocated Account and the
Trust Unallocated Account connected with a creation or redemption of a Basket
may result in a small amount of platinum being held in the Trust Unallocated
Account after the completion of the transfer. In making deposits and
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 the Trust Unallocated Account as of the close of
each business day. See Creation and Redemption of Shares.

United States Federal Income Tax Consequences

The following discussion of the material US federal income tax
consequences that generally applies to the purchase, ownership and
disposition of Shares by a US Shareholder (as defined below), and certain US
federal income tax consequences that may apply to an investment in Shares by a
Non-US Shareholder (as defined below), is based on the United States Internal Revenue Code of
1986, as amended (the Code), United States Treasury Regulations (Treasury
Regulations) promulgated under the Code and judicial and administrative interpretations
of the Code, all as in effect on the date of this annual report and all of
which are subject to change either prospectively or retroactively. The tax
treatment of Shareholders may vary depending upon their own particular
circumstances.

7

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Certain Shareholders (including broker-dealers, traders, banks and
other financial institutions, insurance companies, real estate investment
trusts, tax-exempt entities, Shareholders whose functional currency is not the
US dollar or other investors with special circumstances) may be subject to
special rules not discussed below. In addition, the following discussion
applies only to investors who hold Shares as capital assets within the
meaning of Code section 1221 and not as part of a straddle, hedging transaction
or a conversion or constructive sale transaction. Moreover, the discussion
below does not address the effect of any state, local or foreign tax law or any
transfer tax on an owner of Shares. Purchasers of Shares are urged to consult
their own tax advisors with respect to all federal, state, local and foreign
tax law or any transfer tax considerations potentially applicable to their
investment in Shares.

For purposes of this discussion, a US Shareholder is a Shareholder
that is:

| |   |                                                                                                                                                                                                                              
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | An
 individual who is treated as a citizen or resident of the United States for
 US federal income tax purposes;                                                                                                             
| |  | 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;                                 
| |  | An
 estate, the income of which is includible in gross income for US federal
 income tax purposes regardless of its source; or                                                                                               
| |  | A
 trust, if a court within the United States is able to exercise primary
 supervision over the administration of the trust and one or more US persons
 have the authority to control all substantial decisions of the trust.

A Shareholder that is not a US Shareholder as defined above (other than
a partnership, or an entity treated as a partnership for US federal tax
purposes) is generally considered a Non-US Shareholder for purposes of this
discussion. For US federal income tax purposes, the treatment of any beneficial
owner of an interest in a partnership, including any entity treated as a
partnership for US federal income tax purposes, generally depends upon the
status of the partner and upon the activities of the partnership. 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 of the Trust

The Trust is classified as a grantor trust for US federal income tax
purposes. As a result, the Trust itself is not subject to US federal income
tax. Instead, the Trusts income and expenses flow through to the
Shareholders, and the Trustee reports the Trusts income, gains, losses and
deductions to the Internal Revenue Service (IRS) on that basis.

Taxation of US Shareholders

Shareholders generally are treated, for US federal income tax purposes,
as if they directly owned a pro rata share of the underlying assets held in the
Trust. 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, the delivery of
platinum to the Trust in exchange for the underlying platinum represented by
the Shares is not a taxable event to the Shareholder, and the Shareholders tax
basis and holding period for the Shareholders pro rata share of the platinum
held in the Trust 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 as to the determination of the tax basis and holding period for the
underlying platinum related to such Shares.

When the Trust sells 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 the amount realized
by the Trust upon the sale and (2) the Shareholders tax basis for its pro rata
share of the platinum that was sold, which gain or loss will generally be
long-term or short-term capital gain or loss, depending upon whether the
Shareholder has a holding 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 share of all of the platinum held in the Trust 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 in 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 share of the total amount of the platinum held in the
Trust immediately prior to the sale, less the portion of such basis allocable
to its share of the platinum that was sold.

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Upon a Shareholders sale of some or all of its Shares, the Shareholder
will be treated as having sold the portion of its pro rata share of the
platinum held in the Trust at the time of the sale that is attributable to the
Shares sold. Accordingly, the Shareholder generally will recognize 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
portion of its pro rata share of the platinum held in the Trust at the time of
sale that is attributable to the Shares sold, as determined in the manner
described in the preceding paragraph.

A redemption of some or all of a Shareholders Shares in exchange for
the underlying platinum represented by the Shares redeemed generally will not
be a taxable event to the Shareholder. The Shareholders tax basis for the
platinum received in the redemption generally will be the same as the
Shareholders tax basis for the portion of its pro rata share of the platinum
held in the Trust immediately prior to the redemption that is attributable to
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.

After any sale or redemption of less than all of a Shareholders
Shares, the Shareholders tax basis for its pro rata share of the platinum held
in the Trust immediately after such sale or redemption generally will be equal
to its tax basis for its share of the total amount of the platinum held in the
Trust immediately prior to the sale or redemption, less the portion of such
basis which is taken into account in determining the amount of gain or loss
recognized by the Shareholder upon such sale or, in the case of a redemption,
which is treated as the basis of the platinum received by the Shareholder in
the redemption.

In addition, recent legislation effective
after December 31, 2012, if applicable to a Shareholder, would impose a new 3.8% Medicare contribution tax on net investment income.
Shareholders should consult their tax advisor regarding this tax.

An Authorized Participant and other investors may be able to re-invest,
on a tax-deferred basis, in-kind redemption proceeds received from
exchange-traded products that are substantially similar to the Trust in the
Trusts Shares. Authorized Participants and other investors should consult
their tax advisors as to whether and under what circumstances the reinvestment
in the Shares of proceeds from substantially similar exchange-traded products
can be accomplished on a tax-deferred basis.

Maximum 28% Long-Term Capital Gains Tax Rate for US Shareholders Who
Are Individuals

Under current law, gains recognized by individuals from the sale of
collectibles, including platinum bullion, held for more than one year are
taxed at a maximum federal income tax rate of 28%, rather than the 15% rate
applicable to most other long-term capital gains. For these purposes, gain
recognized by an individual upon the sale of an interest in a trust that holds collectibles
is treated as gain recognized on the sale of collectibles, to the extent that
the gain is attributable to unrealized appreciation in value of the
collectibles held by the trust. Therefore, any gain recognized by an individual
US Shareholder attributable to a sale of Shares held for more than one year, or
attributable to the Trusts sale of any platinum bullion 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 taxpayer other than an individual US
taxpayer are generally the same as those at which ordinary income is taxed.

Brokerage Fees and Trust Expenses

Any brokerage or other transaction fees incurred by a Shareholder in
purchasing Shares is  treated as part of the Shareholders tax basis in the
underlying assets of the Trust. Similarly, any brokerage fee incurred by a
Shareholder in selling Shares reduces the amount realized by the Shareholder
with respect to the sale.

Shareholders are required to recognize gain or loss upon a sale of
platinum by 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.
Individuals may deduct certain miscellaneous itemized deductions only to the
extent they exceed 2% of adjusted gross income. In addition, such deductions
may be subject to further limitations under applicable provisions of the Code,
and may not be deductible at all for alternative minimum tax purposes.

Investment by Regulated Investment Companies

Mutual funds and other investment vehicles which are regulated
investment companies within the meaning of Code section 851 should consult
with their tax advisors concerning (1) the likelihood that an investment in
Shares, although they are a security within the meaning of the Investment
Company Act of 1940, may be considered an

9

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investment in the underlying platinum for purposes of Code section
851(b), and (2) the extent to which an investment in Shares might nevertheless
be consistent with preservation of their qualification under Code section 851.

United States Information Reporting and Backup Withholding for US and
Non-US Shareholders

The Trustee or the appropriate broker files 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.

A 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 information reporting and backup withholding tax
requirements.

The amount of any backup withholding is allowed as a credit against a
Shareholders US federal income tax liability and may entitle such a
Shareholder to a refund, provided that the required information is furnished to
the IRS.

Income Taxation of Non-US Shareholders

The Trust does not expect to generate taxable income except for gain
(if any) upon the sale of platinum. A Non-US Shareholder generally is
not subject to US federal income tax with respect to gain recognized upon the sale
or other disposition of Shares, or upon the sale of platinum by the Trust,
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.

Taxation in Jurisdictions other than the United States

Prospective purchasers of Shares that are based in or acting out of a
jurisdiction other than the United States are advised to consult their own tax
advisers as to the tax consequences, under the laws of such jurisdiction (or
any other jurisdiction not being the United States to which they are subject),
of their purchase, holding, sale and redemption of or any other dealing in
Shares and, in particular, as to whether any value added tax, other consumption
tax or transfer tax is payable in relation to such purchase, holding, sale,
redemption or other dealing.

ERISA and Related Considerations

The Employee Retirement Income Security Act
of 1974, as amended (“ERISA”), and/or Code Section 4975 impose certain
requirements on certain employee benefit plans and other plans and arrangements,
including individual retirement accounts and annuities, Keogh plans, and certain
commingled investment vehicles or insurance company general or separate accounts
in which such plans or arrangements are invested (collectively, “Plans”),
and on persons who are fiduciaries with respect to the investment of “plan
assets” 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”).

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.

It is anticipated that the Shares will constitute
“publicly-held offered securities” as defined in the Department of Labor Plan Asset Regulations, §2510.3-101(b)(2).
Accordingly, pursuant to the Plan Asset Regulations, Shares purchased by a Plan, and not an interest in the underlying assets held
in the Trust, should be treated as “plan assets” of the Plan, for purposes of applying the “fiduciary responsibility”
and “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.

10

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Investment by Certain Retirement Plans

Code section 408(m) provides that the acquisition of a collectible by
an individual retirement account (IRA) or a participant-directed account
maintained under any plan that is tax-qualified under Code section 401(a) is
treated as a taxable distribution from the account to the owner of the IRA, or
to the participant for whom the plan account is maintained, of an amount equal
to the cost to the account of acquiring the collectible. The IRS has issued
private letter rulings to the effect that a purchase of Shares in a trust
holding precious metals by an IRA, or by a participant-directed account under a
Code section 401(a) plan, will not be treated as resulting in a taxable
distribution to the IRA owner or plan participant under Code section 408(m).
However, if any of the Shares so purchased are distributed from the IRA or plan
account to the IRA owner or plan participant, or if any platinum received by
such IRA or plan account upon the redemption of any of the Shares purchased by
it, the Shares or platinum so distributed will be subject to federal income tax
in the year of distribution, to the extent provided under the applicable
provisions of Code sections 408(d), 408(m) or 402.

Item 1A. Risk
Factors

You should consider carefully the risks described below before making
an investment decision. You should also refer to the other information included
in this report, including the Trusts financial statements and the related
notes.

The value of the Shares relates directly to the value of the platinum
held by the Trust and fluctuations in the price of platinum could materially
adversely affect an investment in the Shares.

The Shares are designed to mirror as closely as possible the
performance of the price of platinum bullion, and the 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 platinum has fluctuated widely over the past several years. Several
factors may affect the price of platinum, including:

| |   |                                                                                                                                                                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Global
 platinum supply and demand, which is influenced by such factors as forward
 selling by platinum producers, purchases made by platinum producers to unwind
 platinum hedge positions, central bank purchases and sales, and production
 and cost levels in major platinum-producing countries such as South Africa;
| |  | Investors
 expectations with respect to the rate of inflation;                                                                                                                                                                                                                                                           
| |  | Currency
 exchange rates;                                                                                                                                                                                                                                                                                                 
| |  | Interest
 rates;                                                                                                                                                                                                                                                                                                          
| |  | Investment
 and trading activities of hedge funds and commodity funds; and                                                                                                                                                                                                                                                
| |  | Global
 or regional political, economic or financial events and situations.                                                                                                                                                                                                                                               

In 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.

The Shares may trade at a price which is at, above or below the NAV per
Share and any discount or premium in the trading 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.

The Shares may trade at, above or below the NAV per Share. The NAV per
Share fluctuates with changes in the market value of the Trusts assets. The
trading price of the Shares fluctuates in accordance with changes in the NAV
per Share as well as market supply and demand. The amount of the discount or
premium in the trading price relative to the NAV per Share may be influenced by
non-concurrent trading hours between the NYSE Arca and the major platinum
markets. While the Shares trade on the NYSE Arca until 4:00 PM New York time,
liquidity in the market for platinum is reduced after the close of the major
world platinum markets, including London, Zurich and the COMEX. As a result,
during this time, trading spreads, and the resulting premium or discount on the
Shares, may widen.

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

Investors may purchase Shares to hedge
existing platinum exposure or to speculate on the price of platinum. Speculation on the price of platinum may involve long and
short 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.

Purchasing activity in the platinum
market associated with Basket creations or selling activity following Basket redemptions may affect the price of platinum and Share
trading prices. These price changes may adversely affect an investment in the Shares.

Purchasing activity associated with
acquiring the platinum required for deposit into the Trust in connection with the creation of Baskets may increase the market price
of platinum, which will result in higher prices for the Shares. Increases in the market price of platinum may also occur as a result
of the purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in the
market price of platinum that may result from increased purchasing activity of platinum connected with the issuance of Baskets.
Consequently, the market price of platinum may decline immediately after Baskets are created. If the price of platinum declines,
the trading price of the Shares will also decline.

Selling 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.

From the effectiveness of the Trust’s
initial public offering of its Shares on January 8, 2010 through March 8, 2011, the Trust engaged in Basket creations totaling
approximately $995 million. Of this amount, approximately $328 million in Basket creations occurred over the nine trading days
of the period from January 8, 2010 (the date the Shares began trading on the Exchange) to January 21, 2010. London PM Fix platinum
per ounce prices were $1,556 on January 6, 2010 and $1,808 on March 8, 2011 and, during this period, reached a high of $1,858 on
February 9,2011 and a low of $1,475 on February 5, 2010. The Sponsor is unable to ascertain whether the platinum price
movements during this period were attributable to the Trust’s Basket creation and redemption process or independent metal
market forces or both. Nevertheless, the Trust and the Sponsor cannot assure you that future Basket creations or redemptions will
have no effect on the platinum metal prices and, consequently, Share trading prices.

Since there is no limit on the amount
of platinum that the Trust may acquire, the Trust, as it grows, may have an impact on the supply and demand of platinum that ultimately
may affect the price of the Shares in a manner unrelated to other factors affecting the global market for platinum.

The Trust Agreement places no limit
on the amount of platinum the Trust may hold. Moreover, the Trust may issue an unlimited number of Shares, subject to registration
requirements, and thereby acquire 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 1999 to
2009/10, world platinum supply averaged 6.76 million ounces. In 2009/10, supply measured 7.07 million ounces. If the amount of
platinum acquired by the Trust is large enough in relation to global platinum supply and demand, further in-kind creations and
redemptions of Shares could have an impact on the supply 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 future Baskets created or redeemed by the Trust.

As of March 8, 2011, the Trust held
approximately 476,709 ounces of platinum that it acquired since it was formed
    on December 30, 2009, representing approximately 7.0% of the 1999-2009/10
    average annual world platinum supply or approximately 6.7% of the 2009/10
    world platinum supply. Although the March 8, 2011 London PM Fix of $1,808
    represents an increase from the London PM Fix of $1,556 when the Trust’s
    initial Share offering became effective on January 6, 2010, the Sponsor is
    unable to conclude that a long-term metal market price impact is being caused
    by the Trust’s holdings. Nevertheless, the Trust and the Sponsor cannot
    provide you 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 prices.

11

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The Shares and their value could decrease if unanticipated operational
or trading problems arise.

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.

If the process of creation and redemption of Baskets encounters any
unanticipated difficulties, the possibility for arbitrage transactions intended
to keep the price of the Shares closely linked to the price of platinum may not
exist and, as a result, the price of the Shares may fall.

If the processes 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.

The liquidity of the Shares may be affected by the withdrawal from
participation of one or more Authorized Participants.

In the event that one or more 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 your incurring a
loss on your investment.

Shareholders do not have the protections associated with ownership of
Shares in an investment company registered under the Investment Company Act of
1940 or the protections afforded by the Commodity Exchange Act. (CEA).

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.
Consequently, Shareholders do not have the regulatory protections provided to
investors in investment companies. The Trust does and will not hold or trade in
commodity futures contracts regulated by the CEA, as administered by the CFTC.
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
Shares. Consequently, Shareholders do not have the regulatory protections
provided to investors in CEA-regulated instruments or commodity pools.

The Trust may be required to terminate and liquidate at a time that is
disadvantageous to Shareholders.

If the Trust is required to terminate and liquidate, such termination
and liquidation could occur at a time which is disadvantageous to Shareholders,
such as when platinum prices are lower than the platinum prices at the time
when Shareholders purchased their Shares. In such a case, when the Trusts
platinum is sold as part of the Trusts liquidation, the resulting proceeds
distributed to Shareholders will be less than if platinum prices were higher at
the time of sale.

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

Although Shares are listed for trading on the NYSE Arca, it cannot be
assumed that an active trading market for the Shares will develop or be
maintained. If an investor needs to sell Shares at a time when no active market
for Shares exists, such lack of an active market will most likely adversely
affect the price the investor receives for the Shares (assuming the investor is
able to sell them).

Shareholders do not have the rights enjoyed by investors in certain
other vehicles.

As interests in an investment trust, the Shares have none of the
statutory rights normally associated with the ownership of Shares of a
corporation (including, for example, the right to bring oppression or
derivative actions). In addition, the Shares have limited voting and
distribution rights (for example, Shareholders do not have the right to elect
directors and do not receive dividends).

12

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An investment in the Shares may be adversely
affected by competition from other methods of investing in platinum.

The Trust competes with other financial vehicles, including traditional
debt and equity securities issued by companies in the platinum industry and
other securities backed by or linked to platinum, direct investments in
platinum and investment vehicles similar to the Trust. Market and financial
conditions, and 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.

The price of platinum may be affected by the
sale of ETVs tracking platinum markets.

To 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.

Crises may motivate large-scale sales of
platinum which could decrease the price of platinum and adversely affect an
investment in the Shares.

The possibility of large-scale distress sales of platinum in times of
crisis may have a short-term negative impact on the price of platinum and
adversely 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 from institutional investors such as hedge
funds and pension funds. Crises in the future may impair platinums price
performance which would, in turn, adversely affect an investment in the Shares.

Several factors may have the effect of
causing a decline in the prices of platinum and a corresponding decline in the
price of Shares. Among them:

| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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.                                                                                                                                                                                        
| |  | A
 significant 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.                                                                                            
| |  | A
 widening of interest rate differentials between the cost of money and the
 cost of platinum could negatively affect the price of platinum which, in
 turn, could negatively affect the price of the Shares.                                                                                                                                                                                                                                                    
| |  | A
 combination of rising money interest rates and a continuation of the current
 low cost of borrowing platinum could improve the 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 price of platinum. Under such circumstances, the price
 of the Shares would be similarly affected.                             
| |  | Autocatalysts, automobile components that use platinum, accounted for approximately 51% of the global demand in platinum
in 2008. The global automotive industry is currently experiencing declining demand and, in certain cases, solvency concerns. Reduced
automotive industry sales may result in a decline in autocatalyst demand. A continued decline in the global automotive industry
may impact the price of platinum and affect the price of the Shares.

The Trusts platinum may be subject to loss,
damage, theft or restriction on access.

There is a risk that part or all of the Trusts platinum could be lost,
damaged or stolen. Access to the Trusts platinum could also be restricted by
natural events (such as an earthquake) or human actions (such as a terrorist
attack). Any of these events may adversely affect the operations of the Trust
and, consequently, an investment in the Shares.

The Trusts lack of insurance protection and
the Shareholders limited rights of legal recourse against the Trust, the
Trustee, the Sponsor, the Custodian, any Zurich Sub-Custodian and any other
sub-custodian exposes the Trust and its Shareholders to the risk of loss of the
Trusts platinum for which no person is liable.

The Trust does not insure its platinum. The Custodian maintains
insurance with regard to its business on such terms and conditions as it
considers appropriate in connection with its custodial obligations and is
responsible for all costs, fees and expenses arising from the insurance policy
or policies. The Trust is not a beneficiary of any such insurance and does not
have the ability to dictate the existence, nature or amount of coverage.
Therefore, Shareholders cannot be assured that the Custodian maintains adequate
insurance or any insurance with respect to the platinum held by the Custodian
on behalf of the Trust. In addition, the Custodian and the Trustee do not
require the Zurich Sub-Custodian or any other direct or indirect sub-custodians
to be insured or bonded with respect to their custodial activities or in
respect of the platinum held by them on behalf of the Trust. Further,
Shareholders recourse against the Trust, the Trustee and the Sponsor, under New
York law, the Custodian, the Zurich Sub-Custodian and any other sub-custodian,
under English law, and any sub-custodians under the law governing their custody
operations is limited.

13

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Consequently, a loss may be suffered with respect to the Trusts platinum
which is not covered by insurance and for which no person is liable in damages.

The Custodians limited liability under the
Custody Agreements and English law may impair the ability of the Trust to
recover losses concerning its platinum and any recovery may be limited, even in
the event of fraud, to the market value of the platinum at the time the fraud
is discovered.

The liability 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, in the case of the Allocated Account Agreement,
to the market value of the platinum held in the Trust Allocated Account at the
time such negligence, fraud or willful default is discovered by the Custodian
and, in the case of the Unallocated Account Agreement, to the amount of
platinum credited to the Trust Unallocated Account at the time such negligence,
fraud or willful default is discovered by the Custodian. Under each Authorized
Participant Unallocated Bullion Account Agreement (between the Custodian or
other platinum bullion clearing bank and an Authorized Participant establishing
an Authorized Participant Unallocated Account), the Custodian is not
contractually or otherwise liable for any losses suffered by any Authorized
Participant or Shareholder that are not the direct 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 the Custodian. 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 the investor, under English law, is limited.
Furthermore, under English common law, the Custodian, the Zurich Sub-Custodian
or any subcustodian 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.

The obligations of the Custodian, the Zurich
Sub-Custodian and any other subcustodians are governed by English law, which
may frustrate the Trust in attempting to receive legal redress against the
Custodian, the Zurich Sub-Custodian or any subcustodian concerning its
platinum.

The obligations of the Custodian under the Custody Agreements are, and
the Authorized Participant Unallocated Bullion Account Agreements may be,
governed by English law. The Custodian has entered into arrangements with the
Zurich Sub-Custodian and may enter into arrangements with any other
subcustodians for all or a significant portion 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 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 the
Zurich Sub-Custodian or any other subcustodian in a United States, New York or
other court situated in the United States. In addition, it may be difficult,
time 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 relationship between the
Custodian and the Zurich Sub-Custodian concerning the Trusts allocated
platinum is expressly governed by English law, a court hearing any legal
dispute concerning that arrangement may disregard that choice of law and apply
Swiss law, in which case the ability of the Trust to seek legal redress against
the Zurich Sub-Custodian may be frustrated.

The obligations 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 an 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.

14

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The Trust may not have adequate sources of
recovery if its platinum is lost, damaged, stolen or destroyed.

If 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, the Zurich Sub-Custodian or any other
subcustodians 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.

Shareholders and Authorized Participants lack
the right under the Custody Agreements to assert claims directly against the
Custodian, the Zurich Sub-Custodian and any subcustodian.

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

The Custodian is reliant on the Zurich
Sub-Custodian for the safekeeping of all or a substantial portion of the
Trusts platinum. Furthermore, the Custodian has limited obligations to oversee
or monitor the Zurich Sub-Custodian. As a result, failure by any Zurich
Sub-Custodian to exercise due care in the safekeeping of the Trusts platinum
could result in a loss to the Trust.

Platinum 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 is reliant on the Zurich Sub-Custodian for the
safekeeping of all or a substantial portion of the Trusts allocated platinum.
Other than obligations to (1) use reasonable care in appointing the Zurich
Sub-Custodian, (2) require any Zurich Sub-Custodian to segregate the platinum
held by it for the Trust from any other platinum held by it for the Custodian
and any other customers of the Custodian by making appropriate entries in its
books and records and (3) ensure that the Zurich Sub-Custodian provide
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-Custodian. Other than as described above, 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
subcustodian. In addition, the ability of the Trustee and the Sponsor to
monitor the performance of the Custodian may be limited because under the
Custody Agreements, the Trustee and the Sponsor have only limited rights to
visit the premises of the Custodian or the Zurich Sub-Custodian for the purpose
of examining the Trusts platinum and certain related records maintained by the
Custodian or Zurich Sub-Custodian.

As a result of the above, any failure by any Zurich Sub-Custodian to
exercise due care in the safekeeping of the Trusts platinum may not be
detectable or controllable by the Custodian or the Trustee and could result in
a loss to the Trust.

The Custodian relies on its Zurich
Sub-Custodian to hold the platinum allocated to the Trust Allocated Account and
used to settle redemptions. As a result, settlement of platinum in connection
with redemptions loco London may require more than three days.

The Custodian is reliant on its Zurich Sub-Custodian to hold the
platinum allocated to the Trust Allocated Account in order to effect redemption
of Shares. As a result, in the case for redemption orders electing platinum
deliveries to be received loco London, it may take longer than three business
days for platinum to be credited to the Authorized Participant Unallocated
Account, which may result in a delay of settlement of the redemption order that
is settled loco London.

Because neither the Trustee nor the Custodian
oversees or monitors the activities of subcustodians who may hold the Trusts
platinum, failure by the subcustodians to exercise due care in the safekeeping
of the Trusts platinum could result in a loss to the Trust.

Under the Allocated Account Agreement, the Custodian may appoint from
time to time one or more subcustodians to hold the Trusts platinum on a
temporary basis pending delivery to the Custodian. The subcustodians which the
Custodian currently uses are the Bank of England, Brinks Global Services Inc.,
Via Mat International and LPPM clearing members that provide bullion vaulting
and clearing services to third parties. The Custodian has selected the Zurich
Sub-Custodian, and the Zurich Sub-Custodian maintains custody of all of the
Trusts allocated platinum 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 subcustodians, making the Custodian liable only for
negligence

15

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or bad faith in the selection of such
subcustodians, and has an obligation to use commercially reasonable efforts to
obtain delivery of the Trusts platinum from any subcustodians appointed by the
Custodian. Otherwise, the Custodian is not liable for the acts or omissions of
its subcustodians. These subcustodians may in turn appoint further
subcustodians, but the Custodian is not responsible for the appointment of
these further subcustodians. The Custodian does not undertake to monitor the
performance by subcustodians of their custody functions or their selection of
further subcustodians. 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 subcustodian. Furthermore, except for the Zurich Sub-Custodian, the Trustee
may have no right to visit the premises of any subcustodian for the purposes of
examining the Trusts platinum or any records maintained by the subcustodian,
and no subcustodian will be obligated to cooperate in any review the Trustee
may wish to conduct of the facilities, procedures, records or creditworthiness
of such subcustodian. 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 obligations of any subcustodian of the
Trusts platinum are not determined by contractual arrangements but by LPPM
rules and London bullion market customs and practices, which may prevent the
Trusts recovery of damages for losses on its platinum custodied with
subcustodians.

Except for the Custodians arrangement with the Zurich Sub-Custodian,
there are expected to be no written contractual arrangements between
subcustodians 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 bullion market. In the 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
subcustodian for losses relating to the safekeeping of platinum. If the Trusts
platinum is lost or damaged while in the custody of a subcustodian, the Trust
may not be able to recover damages from the Custodian or the subcustodian.
Whether a subcustodian will be liable for the failure of subcustodians
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 subcustodians whether appointed by the Custodian or by another
subcustodian for any losses relating to the safekeeping of platinum by such
subcustodian.

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

Neither the Trustee nor the Custodian independently confirms the
fineness of the platinum allocated to the Trust in connection with the creation
of a Basket. 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 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.

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. If the Custodian becomes
insolvent, its assets may not be adequate to satisfy a claim by the Trust or
any Authorized Participant. In addition, in the event of the Custodians
insolvency, there may be a delay and costs incurred in identifying the bullion
held in the Trusts allocated platinum account.

Platinum which is part of a deposit for a purchase order or part 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 subcustodian 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

16

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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.

In the case of the insolvency of the Custodian, a liquidator may seek
to freeze access to the platinum held in all of the accounts held by the
Custodian, including the Trust Allocated Account. Although the Trust would be
able to claim ownership of properly allocated platinum, the Trust could incur
expenses in connection with asserting such claims, and the assertion of such a
claim by the liquidator could delay creations and redemptions of Baskets.

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.

The Custodians definitive records are prepared after the close of its
business day. However, when issuing Baskets, the Trustee relies on information
reporting the amount of platinum credited to the Trusts accounts which it
receives from the Custodian during the business day and which is subject to
correction during the preparation of the Custodians definitive records after
the close of business. If the information relied upon by the Trustee is
incorrect, the amount of platinum actually received by the Trust may be more or
less than the amount required to be deposited for the issuance of Baskets.

The sale of the Trusts platinum to pay
expenses not assumed by the Sponsor at a time of low platinum prices could
adversely affect the value of the Shares.

The Trustee sells platinum held by the Trust to pay Trust expenses not
assumed by the Sponsor on an as-needed basis irrespective of 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, the Trusts platinum may be sold at a
time when the platinum price is low, resulting in a negative effect on the
value of the Shares.

The value of the Shares will be adversely
affected if the Trust is required to indemnify the Sponsor or the Trustee under
the Trust Agreement.

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 or willful misconduct 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.

Item 1B.
Unresolved Staff Comments

None.

Item 2.
Properties

Not applicable.

Item 3. Legal
Proceedings

None.

Item 4. (Removed
and Reserved)

17

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PART II

Item 5. Market
for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.

Note: The Trust was audited for seed purposes on December 30,
    2009 and had no operations for the remainder of 2009. Therefore no full audit
    was required and the Trust did not submit a 10-K for the year ended December
    31, 2009. In the 10-K for the year ended December 31, 2010, the Statement
    of Financial Condition will be presented for the period ended December 31,
    2010 and the Statement of Operations will be presented for the period December
    30, 2009 through December 31, 2010.

The Trusts Shares are listed on the NYSE Arca under the symbol PPLT
since its initial public offering on January 8, 2010. The following tables set
out the range of high and low closing prices for the Shares have been reported
for NYSE Arca transactions for each of the quarters during the fiscal period
commencing December 30, 2009 and ending December 31, 2010 (the Reporting
Period):

|                                               |  |      |        |     |   |        | 
|---------------------------------------------- |  | ---- | ------ | --- | - | ------ | 
|Fiscal Year Ended
 December 31, 2010:          |  |      |        |     |   |        | 
|                                              
|Quarter Ended                                  |  | High |        | Low |  
|                                               |  |      |        |     |  
|                                              
|March 31,
 2010 (commencing December 30, 2009) |  | $    | 165.12 |     | $ | 147.10 | 
|June 30,
 2010                                 |  | $    | 174.30 |     | $ | 150.16 | 
|September
 30, 2010                            |  | $    | 165.01 |     | $ | 149.98 | 
|December 31,
 2010                             |  | $    | 177.54 |     | $ | 162.92 | 

The number of Shares of record of the Trust as of March 8,
2011 was approximately 4,800,000.

Monthly Share
Price

The
following table 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.

|                |  |      |        |     |   |        | 
|--------------- |  | ---- | ------ | --- | - | ------ | 
|Month           |  | High |        | Low |  
|                |  |      |        |     |  
|September
 2010 |  | $    | 165.01 |     | $ | 152.87 | 
|October 2010    |  | $    | 170.86 |     | $ | 165.56 | 
|November
 2010  |  | $    | 177.54 |     | $ | 162.92 | 
|December
 2010  |  | $    | 176.11 |     | $ | 167.15 | 
|January 2011    |  | $    | 182.16 |     | $ | 171.39 | 
|February
 2011  |  | $    | 184.76 |     | $ | 176.88 | 

18

---



Issuer
Purchase of Equity Securities

The Trust issues and redeems Shares only with Authorized
    Participants in exchange for platinum, only in aggregations of 50,000 or
    integral multiples thereof. A list of current Authorized Participants is
    available from the Sponsor or the Trustee. Although the Trust does not purchase
    Shares directly from its Shareholders in connection with the redemption of
Baskets, the Trust redeemed as follows during the Reporting Period:

|                     |  |                                   |           |                                      |  |        | 
|-------------------- |  | --------------------------------- | --------- | ------------------------------------ |  | ------ | 
|Period               |  | Total number of 
 Shares redeemed |           | Average ouncesof platinum per
 Share | 
|                     |  |                                   |           |                                      | 
|                     |  |                                   |           |                                      |  |       
|01/08/10 to 01/31/10 |  |                                   |          |                                      |  |       | 
|02/01/10 to 02/28/10 |  |                                   | 250,000   |                                      |  | 0.0999 | 
|03/01/10 to 03/31/10 |  |                                   |          |                                      |  |       | 
|04/01/10 to 04/30/10 |  |                                   |          |                                      |  |       | 
|05/01/10 to 05/31/10 |  |                                   | 400,000   |                                      |  | 0.0998 | 
|06/01/10 to 06/30/10 |  |                                   | 250,000   |                                      |  | 0.0997 | 
|07/01/10 to 07/31/10 |  |                                   | 250,000   |                                      |  | 0.0997 | 
|08/01/10 to 08/31/10 |  |                                   |          |                                      |  |       | 
|09/01/10 to 09/30/10 |  |                                   |          |                                      |  |       | 
|10/01/10 to 10/31/10 |  |                                   | 100,000   |                                      |  | 0.0995 | 
|11/01/10 to 11/30/10 |  |                                   |          |                                      |  |       | 
|12/01/10 to 12/31/10 |  |                                   |          |                                      |  |       | 
|                     |  |                                   |           |                                      |  |        | 
|                     |  |                                   |           |                                      |  |        | 
|Total                |  |                                   | 1,250,000 |                                      |  | 0.0998 | 

Item 6. Selected
Financial Data.


The following selected financial data for the Reporting Period should
be read in conjunction with the Trusts financial statements and related notes
and Managements Discussion and Analysis of Financial Condition and Results of
Operations.


|                                                               |  |                    |             |  
|-------------------------------------------------------------- |  | ------------------ | ----------- | -
|                                                               |  | December 31, 2010* |            
|                                                               |  |                    |             |  
|                                                               |  |                    |            
|Total assets                                                   |  | $                  | 718,356,579 |  
|Total loss on platinum                                         |  | $                  | (1,676,894  | )
|Net loss from operations                                       |  | $                  | (4,658,805  | )
|Weighted average
     number of Shares                         |  |                    | 3,059,589   |  
|Net loss per Share                                             |  | $                  | (1.52       | )
|Net cash provided by operating activities                      |  | $                  |            |  
|                                                               |  |                    |            
|                                                               |  |                    |             |  
|* For the period
 from December 30, 2009 to December 31, 2010. |  |                    |             |  

Item 7.
Managements Discussion and Analysis of Financial Condition and Results of
Operations.

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.
Neither the Sponsor, nor any other person assumes responsibility for the
accuracy or completeness of forward-looking statements. Neither the Trust nor
the Sponsor is under a duty to update any of the forward-looking statements to
conform such statements to actual results or to a change in the Sponsors
expectations or predictions.

19

---



Introduction.

The ETFS Platinum 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 ETF Securities USA 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.

The Trust is a passive investment vehicle
and the objective of the Trust is merely 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.

The Trust issues and redeems Shares
only in exchange for platinum, only in aggregations of 50,000 or integral multiples thereof (each, a “Basket”), and
only in transactions with registered broker-dealers that have previously entered into an agreement with the Trust governing the
terms and conditions of such issuance (such dealers, the “Authorized Participants”). A list of current Authorized Participants
is available from the Sponsor or the Trustee.

Shares of the Trust trade on the NYSE
Arca under the symbol “PPLT.”

Investing in the Shares does not insulate
the investor from certain risks, including price volatility. The following table
    illustrates the movement in the price of the Shares and NAV of the Shares
    against the corresponding platinum price (per 1/10 of an oz. of platinum)
since inception:

Closing
Share price v. 1/10th platinum price from  inception to December
31, 2010

(LINE GRAPH)

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

Critical Accounting Estimates

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

20

---



Valuation of Platinum

Platinum is held by the Custodian on behalf of the Trust and is valued,
for financial statement purposes, at the lower of cost or market value. The
cost of platinum is determined according to the average cost method and the
market value is based on the London PM Fix used to determine the NAV of the
Trust. Realized gains and losses on transfers of platinum to pay the Sponsors
Fee, or platinum distributed for the redemption of Shares, are calculated on a
trade date basis using average cost.

Once the value of the platinum has been determined,
the NAV is computed by the Trustee by deducting all accrued fees and other
liabilities of the Trust, including the remuneration due to the Sponsor
(the Sponsors Fee), from the fair value of the platinum and
all other assets held by the Trust.

The table below summarizes the impact of unrealized gains on the
Trusts platinum at December 31, 2010.

|                                          |  |                               |             |  | 
|----------------------------------------- |  | ----------------------------- | ----------- |  | 
|                                          |  | December 31,
            2010
|                                          |  |                              
|Investment in platinum  average cost     |  | $                             | 694,543,538
|                                          |  |                               |            
|Unrealized gain on investment in platinum |  | $                             | 47,772,685 
|                                          |  |                               |            
|                                          |  |                               |            
|Investment in platinum  market value     |  | $                             | 740,316,223
|                                          |  |                               |            

Liquidity

The Trust is not aware of any trends, demands, conditions, 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
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 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 December 31, 2010, the Trust did not have any cash balances.

21

---



Review of Financial Results

Financial Highlights

|                                           |  |   |                    |  
|------------------------------------------ |  | - | ------------------ | -
|                                           |  |   | December 31, 2010* |  
|                                           |  |   |                    |  
|Total loss
 on platinum                    |  | $ | (1,676,894         | )
|                                           |  |   |                    |  
|Net loss
 from operations                  |  | $ | (4,658,805         | )
|                                           |  |   |                    |  
|Net cash
 provided by operating activities |  | $ |                   |  
|                                           |  |   |                   
|                                           |  |   |                    |  

* Period from December 30, 2009 through December
31, 2010.

The net asset value (NAV) of the Trust is obtained by subtracting the
Trusts expenses and liabilities on any day from the value of the platinum
owned by the Trust on that day; the NAV per Share is obtained by dividing the
NAV of the Trust on a given day by the number of Shares outstanding on that
day.

Period ended December 31, 2010

The Trust was formed as a legal entity on December 30, 2009 with an
initial deposit of platinum. The NAV at December 30, 2009 was $14,610,000.

The Trusts Shares commenced trading on the NYSE Arca under the symbol
PPLT on January 8, 2010. The Trust began accruing expenses and calculating NAV
from this date. The Trusts NAV grew from $14,610,000 at December 30, 2009 to
$15,690,000 at January 8, 2010, in line with the increase in the price per ounce
of platinum, which rose from $1,416 at December 30, 2009 to $1,569 at January 8, 2010.
The Trusts NAV grew from $15,690,000 at January 8, 2010 to $765,761,606
at December 31, 2010, a 4,780.57% increase for the period. The Trusts NAV
per Share increased by 9.67% from $156.90 at January 8, 2010 to $172.08 at December
31, 2010, which directly relates to the increase in  the price per ounce of
platinum. The increase in the Trusts NAV occurred primarily from an increase
in the price per ounce of platinum which rose 10.33% from $1,569 on January 8,
2010 to $1,731 on December 31, 2010 and an increase in outstanding Shares, which
rose from 100,000 at January 8, 2010 to 4,450,000 Shares at December 31, 2010,
a consequence of 5,600,000 Shares (112 Baskets) being created and 1,250,000 Shares
(25 Baskets) being redeemed during the period.The Trusts NAV per Share rose slightly less than the
price per ounce of platinum on a percentage basis due to Sponsors Fee,
which was $2,981,911 for the period, or 0.60% of the Trusts assets on an annualized
basis.The NAV per Share of $177.70 on November 9, 2010 was the highest during
the period, compared with a low of $147.43 on February 5, 2010.
Net loss for
the period ended December 31, 2010 was $4,658,805 resulting from a net gain of
$39,699 on the transfer of platinum to pay the Sponsors Fee, a net loss
of $1,716,593 on platinum distributed for the redemption of Baskets and the
Sponsors Fee of $2,981,911. Other than the Sponsors Fee, the Trust
had no expenses during the period ended December 31, 2010.

|         |                                                            
|-------- | -----------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures about Market Risk.

The 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.

22

---



|        |                                                           
|------- | ----------------------------------------------------------
|Item 8. | Financial Statements and Supplementary Data - (Unaudited).

|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|--------------------------------------------------------------- |  | --------- | ---------- | ------------------ | - | ------------- | - | ----------- | ---------- | -------------------------------------- | - | --------- | - | - | ---------- | -
|                                                                |  |           |            |                    |   |               |   |             |            | For the
 Period
 Ended 
 December
 31* |  
|                                                                |  |           |            |                    |   |               |   |             |            |                                       
|Period Ended
 December 31, 2010                                 |  |           |            | Three months ended |   |               |   |            
|                                                                |  | March 31* |            | June 30            |   | September
 30 |   | December 31 |            |                                       
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |  
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Revenues                                                        |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Value of platinum transferred to pay
 expenses                  |  | $         | 290,272    |                    | $ | 801,255       |   | $           | 705,621    |                                        | $ | 813,760   |   | $ | 2,610,908  |  
|Cost of platinum transferred to pay
 expenses                   |  |           | (297,230   | )                  |   | (768,049      | ) |             | (724,326   | )                                      |   | (781,604  | ) |   | (2,571,209 | )
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Gain on platinum transferred to pay
 expenses                   |  |           | (6,958     | )                  |   | 33,206        |   |             | (18,705    | )                                      |   | 32,156    |   |   | 39,699     |  
|Gain on platinum distributed for the
 redemption of Shares      |  |           | (1,397,131 | )                  |   | 1,019,178     |   |             | (2,293,399 | )                                      |   | 954,759   |   |   | (1,716,593 | )
|Unrealized gain / (loss) on investment in
 platinum             |  |           |           |                    |   | (16,227,649   | ) |             | 16,227,649 |                                        |   |          |   |   |           |  
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Total gain / (loss) on transfers and
 distributions of platinum |  | $         | (1,404,089 | )                  | $ | (15,175,265   | ) | $           | 13,915,545 |                                        | $ | 986,915   |   | $ | (1,676,894 | )
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Expenses                                                        |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Sponsors
     Fee                                              |  | $         | 530,459    |                    | $ | 799,697       |   | $           | 706,062    |                                        | $ | 945,693   |   | $ | 2,981,911  |  
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Total expenses                                                  |  | $         | 530,459    |                    | $ | 799,697       |   | $           | 706,062    |                                        | $ | 945,693   |   | $ | 2,981,911  |  
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Net gain / (loss)
     from operations                          |  | $         | (1,934,548 | )                  | $ | (15,974,962   | ) | $           | 13,209,483 |                                        | $ | 41,222    |   | $ | (4,658,805 | )
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Net gain / (loss) per Share                                     |  | $         | (0.85      | )                  | $ | (4.87         | ) | $           | 4.40       |                                        | $ | 0.01      |   | $ | (1.52      | )
|                                                                |  |           |            |                    |   |               |   |             |            |                                        |   |           |   |   |            |  
|Weighted average number of Shares                               |  |           | 2,284,444  |                    |   | 3,276,923     |   |             | 3,004,348  |                                        |   | 3,659,783 |   |   | 3,059,589  |  

|                                     
|-------------------------------------
|                                     
|*Period
 commenced December 30, 2009.

Item 9. Changes
in and Disagreements with Accountants on Accounting and Financial Disclosure.

Deloitte & Touche LLP was
appointed independent accountants to the Trust from the Date of Inception.
There have been no disagreements with accountants during the period ended
December 31, 2010.

23

---



|         |                         
|-------- | ------------------------
|Item 9A. | Controls and Procedures.

The authorized officers of the Sponsor performing functions equivalent
to those that a principal executive officer and principal financial officer of
the Trust would perform if the Trust had any officers, and with the
participation of the Trustee, have evaluated the effectiveness of the Trusts
disclosure controls and procedures, and have concluded that the disclosure
controls and procedures of the Trust were effective as of December 31, 2010.

There have been changes in the Trusts or Sponsors internal control
over financial reporting that occurred during the Trusts recently completed
fiscal quarter ended December 31, 2010 that have materially affected, or are
reasonably likely to materially affect, the Trusts or Sponsors internal
control over financial reporting. These changes have occurred as a result of
the Sponsors review of the control processes. The changes include strengthening the
review procedures over the financial statements and the creation of an audit
committee to act in respect of the Trust on behalf of the Sponsors audit
committee.This Annual Report does not include a report of managements
assessment regarding internal control over financial reporting or an
attestation report of the Trusts registered public accounting firm due to a
transition period established by rules of the SEC for newly public companies.

|         |                   
|-------- | ------------------
|Item 9B. | Other Information.

Not
applicable.

24

---



PART III

Item 10.
Directors, Executive Officers and Corporate Governance.

Not
applicable.

Item 11.
Executive Compensation.

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

Item 12. Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.

Security Ownership of Certain Beneficial
Owners

The Sponsor has no knowledge of any person being the beneficial
    owner of more than 5% of the Shares of the Trust.

Security Ownership of Management

The Trustee
does not beneficially own any of the Trust Shares.

Change in Control

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

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

The Trust has
no directors or executive officers.

Item 14.
Principal Accounting Fees and Services.

Fees for
services performed by Deloitte & Touche LLP for the period ended December
31, 2010 were as follows:

|                   |  |  |  |                    |   |        | 
|------------------ |  |  |  | ------------------ | - | ------ | 
|                   |  |  |  | December 31,
 2010 |  
|                   |  |  |  |                    |   |        | 
|Audit fees         |  |  |  |                    | $ | 90,000 | 
|Audit-related fees |  |  |  |                    | $ |       | 
|                   |  |  |  |                    |   |        | 
|                   |  |  |  |                    | $ | 90,000 | 

Pre-Approved Policies and 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 with respect to fees paid to Deloitte & Touche LLP. Such
determinations are made by the Sponsor.


None of the hours expended by
Deloitte & Touche LLP to audit the Trusts financial statements for the
fiscal period ended December 31, 2010 were attributable to work performed by
persons other than the principal accountants full-time, permanent employees.

25

---



PART IV

Item 15. Exhibits, Financial Statement
Schedules

1. Financial StatementsSee Index to Financial Statements on Page F-1 for a
list of the financial statements being filed herein.

2. Financial Statement SchedulesSchedules have been omitted since they are either not
required, not applicable, or the information has otherwise been included.

3. Exhibits

|            |            
|----------- | -----------
|Exhibit No. | Description
|           

|4.1  | Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158381 on December 31, 2009                 
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                            
|4.2  | Form
    of Authorized Participant Agreement                                                                                                               
|     |                                                                                                                                                            
|4.3  | Global Certificate, 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 Registration Statement No. 333-158381 on December 31, 2009               
|     |                                                                                                                                                            
|10.2 | Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-158381 on December 31, 2009             
|     |                                                                                                                                                            
|10.3 | Depository Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-158381 on December 31, 2009                      
|     |                                                                                                                                                            
|10.4 | Marketing Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 333-158381 on December 31, 2009                 
|     |                                                                                                                                                            
|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

26

---



ETFS PLATINUM TRUST

FINANCIAL
STATEMENTS AS OF DECEMBER 31, 2010

INDEX

|                                                                                                          |  |     
|--------------------------------------------------------------------------------------------------------- |  | ----
|                                                                                                          |  | Page
|                                                                                                         
|Report of Independent Registered Public Accounting Firm                                                   |  | F-2 
|                                                                                                          |  |     
|Statement of Financial Condition at
       December 31, 2010                                              |  | F-3 
|                                                                                                          |  |     
|Statement of Operations for the period December 30, 2009 through
 December 31, 2010                       |  | F-4 
|                                                                                                          |  |     
|Statement of Cash Flows for the period December 30, 2009 through
 December 31, 2010                       |  | F-5 
|                                                                                                          |  |     
|Statement of Changes in Shareholders Deficit for the period December
 30, 2009 through December 31, 2010 |  | F-6 
|                                                                                                          |  |     
|Notes to the Financial Statements                                                                         |  | F-7 

F-1

---



REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Sponsor, Trustee and the Shareholders of the ETFS Platinum Trust:

We have audited the accompanying statement of
financial condition of ETFS Platinum Trust (the Trust) as of December
31, 2010, and the related statements of operations, changes in Shareholders
deficit, and cash flows for the period  December 30, 2009 to December 31, 2010.
These financial statements are the responsibility of the Trusts management.
Our responsibility is to express an opinion on these financial statements based
on our audit.

We conducted our audit in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. The Trust is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. Our audit
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Trusts internal control over financial reporting. Accordingly, we express
no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.

In our opinion, such financial statements present
fairly, in all material respects, the financial position of ETFS Platinum Trust
at December 31, 2010, and the results of its operations and its cash flows for
the period December 30, 2009 to December 31, 2010, in conformity with accounting
principles generally accepted in the United States of America.

DELOITTE &
TOUCHE LLP

New York, New
York
March 28, 2011

F-2

---



ETFS PLATINUM TRUST

Statement of Financial
Condition

At December 31, 2010

|                                                             |  |                     |             |  
|------------------------------------------------------------ |  | ------------------- | ----------- | -
|                                                             |  | December
 31,
 2010 |            
|                                                             |  |                    
|ASSETS                                                       |  |                     |             |  
|Investment in platinum (1)                                   |  | $                   | 692,543,538 |  
|Platinum receivable                                          |  |                     | 25,813,041  |  
|                                                             |  |                     |            
|Total assets                                                 |  | $                   | 718,356,579 |  
|                                                             |  |                     |             |  
|                                                             |  |                     |             |  
|LIABILITIES                                                  |  |                     |             |  
|Accounts payable to Sponsor                                  |  | $                   | 367,658     |  
|                                                             |  |                     |            
|Total liabilities                                            |  | $                   | 367,658     |  
|                                                             |  |                     |            
|                                                             |  |                     |             |  
|Redeemable Shares:                                           |  |                     |             |  
|Shares at redemption value to investors (2)                  |  |                     | 765,761,606 |  
|                                                             |  |                     |             |  
|Shareholders deficit                                        |  |                     | (47,772,685 | )
|                                                             |  |                     |            
|Total liabilities, redeemable Shares & shareholders deficit |  | $                   | 718,356,579 |  
|                                                             |  |                     |            

|    |                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------
|(1) | The market value of
 investment in platinum at December 31, 2010 is $740,316,223.                                                    
|(2) | Authorized share capital
 is unlimited and no par value per share. Shares issued and outstanding at
 December 31, 2010 are 4,450,000.

See Notes to the Financial Statements.

F-3

---



ETFS PLATINUM TRUST

Statement
of Operations

For the period December 30,
2009* through December 31, 2010

|                                                           |  |                                                  |            |  
|---------------------------------------------------------- |  | ------------------------------------------------ | ---------- | -
|                                                           |  | PeriodDecember 30, 2009*throughDecember 31, 2010 |           
|                                                           |  |                                                  |           
|REVENUES                                                   |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|Value of platinum
 transferred to pay expenses             |  | $                                                | 2,610,908  |  
|Cost of platinum
 transferred to pay expenses              |  |                                                  | (2,571,209 | )
|                                                           |  |                                                  |            |  
|Gain on platinum
 transferred to pay expenses              |  |                                                  | 39,699     |  
|                                                           |  |                                                  |            |  
|Loss on platinum
 distributed for the redemption of shares |  |                                                  | (1,716,593 | )
|                                                           |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|Total loss on platinum                                     |  | $                                                | (1,676,894 | )
|                                                           |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|EXPENSES                                                   |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|Sponsors Fee                                              |  |                                                  | 2,981,911  |  
|                                                           |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|Total expenses                                             |  |                                                  | 2,981,911  |  
|                                                           |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|Net loss from operations                                   |  | $                                                | (4,658,805 | )
|                                                           |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|Net loss
 per Share                                        |  | $                                                | (1.52      | )
|                                                           |  |                                                  |            |  
|                                                           |  |                                                  |            |  
|Weighted
 average number of Shares                         |  |                                                  | 3,059,589  |  
|                                                           |  |                                                  |            |  

|                   
|-------------------
|                   
|* Date of Inception

See Notes to the Financial Statements.

F-4

---



ETFS PLATINUM TRUST

|                                                            
|------------------------------------------------------------
|Statement
 of Cash Flows                                    
|For the
 period December 30, 2009* through December 31, 2010
|                                                            
|                                                            

|                                                                                     |  |                                                    |             | 
|------------------------------------------------------------------------------------ |  | -------------------------------------------------- | ----------- | 
|                                                                                     |  | PeriodDecember 30, 2009*through
 December 31, 2010 |            
|                                                                                     |  |                                                    |            
|INCREASE / (DECREASE) IN CASH FROM OPERATIONS:                                       |  |                                                    |             | 
|Cash proceeds received from transfer of platinum                                     |  | $                                                  |            | 
|Cash expenses paid                                                                   |  |                                                    |            | 
|                                                                                     |  |                                                    |             | 
|Increase in cash resulting from operations                                           |  |                                                    |            | 
|Cash and cash equivalents at beginning of period                                     |  |                                                    |            | 
|                                                                                     |  |                                                    |             | 
|Cash and cash equivalents at end of period                                           |  | $                                                  |            | 
|                                                                                     |  |                                                    |             | 
|                                                                                     |  |                                                    |             | 
|SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING
 ACTIVITIES:                           |  |                                                    |             | 
|Value of
      platinum received for creation of Shares - net of platinum receivable |  | $                                                  | 892,214,281 | 
|                                                                                     |  |                                                    |             | 
|                                                                                     |  |                                                    |             | 
|Value of platinum distributed for redemption of
 Shares - at average cost            |  | $                                                  | 197,099,534 | 
|                                                                                     |  |                                                    |             | 

|                                                                                               |  |                                                    |              |  
|---------------------------------------------------------------------------------------------- |  | -------------------------------------------------- | ------------ | -
|                                                                                               |  | PeriodDecember 30, 2009*through
 December 31, 2010 |             
|                                                                                               |  |                                                    |             
|RECONCILIATION OF NET GAIN/(LOSS) TO NET CASH
 PROVIDED BY OPERATING ACTIVITIES:               |  |                                                    |              |  
|Net loss from operations                                                                       |  | $                                                  | (4,658,805   | )
|Adjustments
     to reconcile net loss to net cash provided by/(used in) operating activities: |  |                                                    |              |  
|Increase in platinum assets                                                                    |  |                                                    | (692,543,538 | )
|Decrease in platinum receivable                                                                |  |                                                    | (25,813,041  | )
|Increase in unrealized gain on platinum receivable                                             |  |                                                    | (208,771     | )
|Increase in accounts payable to sponsor                                                        |  |                                                    | 367,658      |  
|Increase/(decrease) in redeemable Shares:                                                      |  |                                                    |              |  
|Creations                                                                                      |  |                                                    | 918,238,688  |  
|Redemptions                                                                                    |  |                                                    | (195,382,191 | )
|                                                                                               |  |                                                    |              |  
|Net cash provided by operating activities                                                      |  | $                                                  |             |  
|                                                                                               |  |                                                    |              |  
|                                                                                               |  |                                                    |              |  
|Supplemental disclosure of non-cash item:                                                      |  |                                                    |              |  
|Value of platinum transferred to pay expenses                                                  |  | $                                                  | 2,610,908    |  
|                                                                                               |  |                                                    |              |  
|                                                                                               |  |                                                    |              |  

* Date of Inception.

See Notes to the Financial Statements.

F-5

---



ETFS PLATINUM TRUST

|                                                            
|------------------------------------------------------------
|Statement
 of Changes in Shareholders Deficit              
|For the
 period December 30, 2009* through December 31, 2010

|                                                     |  |                                                    |             |  
|---------------------------------------------------- |  | -------------------------------------------------- | ----------- | -
|                                                     |  | PeriodDecember 30, 2009*through
 December 31, 2010 |            
|                                                     |  |                                                    |            
|Shareholders deficit -
 opening balance             |  | $                                                  |            |  
|Net loss for the
 period                             |  |                                                    | (4,658,805  | )
|Adjustment of redeemable
 Shares to redemption value |  |                                                    | (42,905,109 | )
|Adjustment of platinum receivable to market value    |  |                                                    | (208,771    | )
|                                                     |  |                                                    |             |  
|Shareholders deficit 
 closing balance             |  | $                                                  | (47,772,685 | )
|                                                     |  |                                                    |             |  
|                                                     |  |                                                    |             |  
|                                                     |  |                                                    |             |  

* Date of Inception.

See Notes to the Financial Statements.

F-6

---



ETFS PLATINUM TRUST

Notes to the Financial Statements

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|1. | Organization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | The ETFS Platinum Trust (the Trust)
     is an investment trust formed on December 30, 2009, under New York law pursuant
     to a depositary trust agreement (the Trust Agreement) executed
     by ETF Securities USA LLC (the
 Sponsor) and the Bank of New York Mellon (the Trustee)
 at the time of the Trusts organization. The Trust holds platinum bullion
 and issues ETFS Physical Platinum Shares (the Shares) (in minimum
 blocks of 50,000 Shares, referred to as Baskets) in exchange for
 deposits of platinum and distributes platinum in connection with redemption
 of Baskets. Shares represent units of fractional undivided beneficial interest
 in and ownership of the Trust which are issued by the Trust. The Sponsor is
 a Delaware limited liability company that is a wholly-owned subsidiary of ETF
 Securities Limited, a Jersey, Channel Islands based company. The Trust
 is governed by the Trust Agreement.The investment objective of the Trust is for the Shares
 to reflect the performance of the price of platinum, less the Trusts
 expenses and liabilities. The Trust is designed to provide an individual
 owner of beneficial interests in the Shares (a Shareholder) an opportunity
 to participate in the platinum market through an investment in securities.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|2. | Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     | The preparation of financial statements in accordance with accounting
 principles generally accepted in the United States of America requires those
 responsible for preparing financial statements to make estimates and
 assumptions that affect the reported amounts and disclosures. Actual results
 could differ from those estimates. The following is a summary of significant
 accounting policies followed by the Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.1. | Valuation of
 Platinum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     | Platinum is held by JP Morgan Chase Bank, N.A. (the Custodian), on
 behalf of the Trust, at the Zurich, Switzerland vaulting premises of UBS A.G.
 (the Zurich Sub-Custodian) and is valued, for financial statement purposes,
 at the lower of cost or market. The cost of platinum is determined according
 to the average cost method and the market value is based on the London PM Fix
 used to determine the net asset value (NAV) of the Trust. Realized gains
 and losses on transfers of platinum to pay the Sponsors Fee, or platinum
 distributed for the redemption of Shares, are calculated on a trade date
 basis using average cost. The price for an ounce of platinum is set by five
 market making members of the LPPM at
 approximately 3:00 PM London Time.Once the value of platinum has been
 determined, the NAV is computed by the Trustee by deducting all accrued fees
 and other liabilities of the Trust, including the remuneration due to the
 Sponsor (the Sponsors Fee), from the fair value of the platinum and all
 other assets held by the Trust.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     | The table below summarizes the unrealized gains or losses on the
 Trusts platinum holdings as of December 31, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

|                                           |  |                    |             |  | 
|------------------------------------------ |  | ------------------ | ----------- |  | 
|                                           |  | December 31,
 2010 |            
|                                           |  |                    |            
|Investment in
 platinum - average cost     |  | $                  | 692,543,538 | 
|Unrealized gain on
 investment in platinum |  |                    | 47,772,685  |  | 
|                                           |  |                    |             |  | 
|Investment in platinum - market
 value     |  | $                  | 740,316,223 | 
|                                           |  |                    |             |  | 

F-7

---



Notes to the Financial Statements

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.   | Significant Accounting Policies (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.1. | Valuation of
 Platinum (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     | The Trust recognizes the diminution in value of the investment in
 platinum which arises from market declines on an interim basis. Increases in
 the value of the investment in platinum through market price recoveries in
 later interim periods of the same fiscal year are recognized in the later
 interim period. Increases in value recognized on an interim basis may not
 exceed the previously recognized diminution in value.The per Share amount of
 platinum exchanged for a purchase or redemption is calculated daily by the
 Trustee, using the London PM Fix to calculate the platinum amount in respect
 of any liabilities for which covering platinum sales have not yet been made,
 and represents the per Share amount of platinum held by the Trust, after
 giving effect to its liabilities, to cover expenses and liabilities and any
 losses that may have occurred.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.2. | Platinum
 Receivable and Payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     | Platinum receivable or payable represents the quantity of platinum
 covered by contractually binding orders for the creation or redemption of
 Shares respectively, where platinum has not yet been transferred to or from
 the Trusts account. Generally, ownership of the platinum is transferred
 within three days of trade date.
 At December 31, 2010 there was $25,813,041
 of platinum receivable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.3. | Creations and
 Redemptions of Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     | The Shares of the Trust are classified as Redeemable
     Capital Shares
 for financial statement purposes, since they are subject to redemption at the
 option of Authorized Participants. Outstanding Shares are reflected at
 redemption value, which represents the maximum obligation (based on NAV per
 Share), with the difference from historical cost recorded as an offsetting
 amount to retained earnings. Changes in the Shares for the period from
 December 30, 2009 (the Date of Inception) through December 31, 2010
 are as follows:
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

F-8

---



Notes to the Financial Statements

|     |                                                 
|---- | ------------------------------------------------
|2.   | Significant Accounting Policies (continued)     
|     |                                                 
|2.3. | Creations and
 Redemptions of Shares (continued)

|                              |  |                                                                   |            |  
|----------------------------- |  | ----------------------------------------------------------------- | ---------- | -
|                              |  | For the period
from
December 30, 2009*
through
 December 31, 2010 |           
|                              |  |                                                                   |           
|                              |  |                                                                   |           
|Number of
 Redeemable Shares: |  |                                                                   |            |  
|Opening balance               |  |                                                                   |           |  
|Creations                     |  |                                                                   | 5,700,000  |  
|Redemptions                   |  |                                                                   | (1,250,000 | )
|                              |  |                                                                   |            |  
|Closing balance               |  |                                                                   | 4,450,000  |  
|                              |  |                                                                   |            |  

|                                          |  |                                                                   |              |  
|----------------------------------------- |  | ----------------------------------------------------------------- | ------------ | -
|                                          |  | For the period
from
December 30, 2009*
through
 December 31, 2010 |             
|                                          |  |                                                                   |             
|Redeemable
 Shares:                       |  |                                                                   |              |  
|Opening balance                           |  | $                                                                 |             |  
|Creations                                 |  |                                                                   | 918,238,688  |  
|Redemptions                               |  |                                                                   | (195,382,191 | )
|Adjustment to redemption
 value           |  |                                                                   | 42,905,109   |  
|                                          |  |                                                                   |              |  
|Closing balance                           |  | $                                                                 | 765,761,606  |  
|                                          |  |                                                                   |              |  
|                                          |  |                                                                   |              |  
|Redemption value per Share
 at period end |  | $                                                                 | 172.08       |  
|                                          |  |                                                                   |              |  

|                   
|-------------------
|                   
|* Date of Inception

F-9

---



ETFS PLATINUM TRUST

Notes to the Financial Statements

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.4. | Revenue Recognition Policy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     | The primary expense of the Trust is the Sponsors Fee, which is paid
 by the Trust through in-kind transfers of platinum to the Sponsor. With
 respect to expenses not otherwise assumed by the Sponsor, the Trustee will,
 at the direction of the Sponsor or in its own discretion, sell the Trusts
 platinum as necessary to pay these expenses. When selling platinum to pay
 expenses, the Trustee will endeavor to sell the smallest amounts of platinum
 needed to pay these expenses in order to minimize the Trusts holdings of
 assets other than platinum.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     | Unless otherwise directed by the Sponsor, when selling platinum the
 Trustee will endeavor to sell at the price established by the London PM Fix.
 The Trustee will place orders with dealers (which may include the Custodian)
 through which the Trustee expects to receive the most favorable price and
 execution of orders. The Custodian may be the purchaser of such platinum only
 if the sale transaction is made at the London PM Fix used by the Trustee to
 value the Trusts platinum                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     | A gain or loss is recognized based on the difference between the
 selling price and the average cost of the platinum sold. Neither the Trustee
 nor the Sponsor is liable for depreciation or loss incurred by reason of any
 sale.                                                                                                                                                                                                                                                                                                                                    

F-10

---



ETFS PLATINUM TRUST

Notes to the Financial Statements

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.   | Significant Accounting Policies (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|2.5. | Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | The Trust is classified as a grantor trust for U.S. federal income
 tax purposes. As a result, the Trust itself will not be subject to U.S.
 federal income tax. Instead, the Trusts income and expenses will flow
 through to the Shareholders, and the Trustee will report the Trusts
 proceeds, income, deductions, gains, and losses to the Internal Revenue
 Service on that basis. The Trust has adopted Financial Accounting Standards
 Board (FASB) Accounting Standards Codification (ASC) 740-10, Income Taxes
 (formerly FASB Interpretation Number 48, Accounting for Uncertainty in Income
 Taxes). FASB ASC 740-10 prescribes a recognition threshold and a measurement
 attribute for the financial statement recognition and measurement of a tax position
 taken or expected to be taken in a tax return. FASB ASC 740-10 also provides
 guidance on the related derecognition, classification, interest and
 penalties, accounting for interim periods, disclosure and transition of
 uncertain tax positions. The Sponsor has evaluated the effects of FASB ASC
 740-10 and has determined that it does not have a significant effect on the
 financial position or results of operations of the Trust.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|2.6. | Investment in Platinum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | The following represents the changes in ounces of platinum and the
 respective values for the period from the Date of Inception through December
 31, 2010:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

|                                                                                  |  |                                                               |              |  
|--------------------------------------------------------------------------------- |  | ------------------------------------------------------------- | ------------ | -
|                                                                                  |  | For the periodfromDecember 30, 2009*throughDecember
 31, 2010 |             
|                                                                                  |  |                                                               |             
|Ounces of platinum:                                                               |  |                                                               |              |  
|Opening balance                                                                   |  |                                                               |             |  
|Creations(excluding
      platinum receivable at December 31, 2010 - 14,912.2)    |  |                                                               | 553,999.3    |  
|Redemptions                                                                       |  |                                                               | (124,694.1   | )
|Transfers of platinum                                                             |  |                                                               | (1,624.0     | )
|                                                                                  |  |                                                               |              |  
|Closing balance                                                                   |  |                                                               | 427,681.2    |  
|                                                                                  |  |                                                               |              |  
|Investment in platinum (lower of cost or market):                                 |  |                                                               |              |  
|Opening
     balance                                                              |  | $                                                             |             |  
|Creations(excluding
      platinum receivable at December 31, 2010 - $25,813,041) |  |                                                               | 892,214,281  |  
|Redemptions                                                                       |  |                                                               | (197,099,534 | )
|Transfers of platinum                                                             |  |                                                               | (2,571,209   | )
|                                                                                  |  |                                                               |              |  
|                                                                                  |  |                                                               |              |  
|Closing balance                                                                   |  | $                                                             | 692,543,538  |  
|                                                                                  |  |                                                               |              |  

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     | * Date of Inception.                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.7. | Expenses                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | The Trust will transfer platinum to the Sponsor to pay the Sponsors
 Fee that will accrue daily at an annualized rate equal to 0.60% of the
 adjusted daily NAV of the Trust, paid monthly in arrears.                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | The Sponsor has agreed to assume administrative
     and marketing expenses incurred by the Trust, including the Trustees
     monthly fee and out of pocket expenses, the Custodians fee and the
     reimbursement of theCustodians
 expenses, exchange listing fees, United States Securities and Exchange Commission
 (the SEC) registration fees, printing and mailing costs, audit fees
 and certain legal expenses.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                

F-11

---



ETFS PLATINUM TRUST

Notes to the Financial Statements

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.   | Significant Accounting Policies (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2.8. | Subsequent Events                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | In accordance with the provisions set forth in FASB ASC 855-10,
 Subsequent Events, the Trusts management has evaluated the possibility of
 subsequent events existing in the Trusts financial statements through the
 issuance date. Management has determined that there are no material events
 that would require adjustment to or disclosure in the Trusts financial
 statements through this date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|3.   | Related Parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | The Sponsor and the Trustee are considered to be related parties to
 the Trust. The Trustees fee is paid by the Sponsor and is not a separate
 expense of the Trust. The Trustee and the Custodian and their 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 for
 accounts over which they exercise investment discretion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | For the period December 30, 2009 through December
       31, 2010, the Sponsor’s Fee was $2,981,911. At December 31, 2010,
       $367,658 was payable to the Sponsor.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4.   | Concentration of Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | The Trusts sole business activity is the investment in platinum, and
 substantially all the Trusts assets are holdings of platinum which creates a
 concentration risk associated with fluctuations in the price of platinum.
 Several factors could affect the price of platinum, including:
 (i) global platinum supply and demand, which is influenced by factors
 such as forward selling by platinum producers, purchases made by platinum
 producers to unwind platinum hedge positions, central bank purchases and
 sales, and production and cost levels in major platinum-producing countries;
 (ii) investors expectations with respect to the rate of inflation;
 (iii) currency exchange rates; (iv) interest rates; (v) investment
 and trading activities of hedge funds and commodity funds; and
 (vi) global or regional political, economic or financial events and
 situations. In addition, 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. Each of these events
 could have a material effect on the Trusts financial position and results of
 operations.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|5.   | Indemnification                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | Under the Trusts organizational documents, each of the Trustee (and
 its directors, employees and agents) and the Sponsor (and its members,
 managers, directors, officers, employees, and affiliates) is indemnified by
 the Trust against any liability, cost or expense it incurs without gross
 negligence, bad faith or willful misconduct on its part and without reckless
 disregard on its part of its obligations and duties under the Trusts
 organizational documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | The Trusts maximum exposure under these arrangements is unknown as
 this would involve future claims that may be made against the Trust that have
 not yet occurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

F-12

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned in the capacities* indicated thereunto duly authorized.

|                                 |                                                                           | 
|-------------------------------- | ------------------------------------------------------------------------- | 
|                                 | ETF
 SECURITIES USA LLC
 Sponsor of the ETFS Platinum Trust
 (Registrant)
|                                 |                                                                           | 
|                                 | /s/ Graham
 Tuckwell                                                      | 
|                                 |                                                                           | 
|                                 | Graham
 Tuckwell                                                         
|                                 | President
 and Chief Executive Officer                                   
|                                 | (Principal
 Executive Officer)                                           
|                                 |                                                                          
|Date:
           March 28,
 2011 |                                                                          
|                                 |                                                                          
|                                 | /s/ Thomas
 Quigley                                                       | 
|                                 |                                                                           | 
|                                 | Thomas
 Quigley                                                          
|                                 | Chief
 Financial Officer and Treasurer                                   
|                                 | (Principal
 Financial Officer and Principal Accounting Officer)          
|                                 |                                                                          
|Date:
           March 28,
 2011 |                                                                          

* The Registrant is a trust and
the persons are signing in their capacities as officers of ETF Securities USA
LLC, the Sponsor of the Registrant.

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