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Item 9A. Controls and Procedures

2021-03-01 compared with 2020-02-28 · 512 added, 265 removed, 170 unchanged (82% of the section changed)

Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

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

Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e).

Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of December 31, 2019 , the Trust’s disclosure controls and procedures were effective.

I nternal controls over financial reporting have been maintained throughout the Trust’s fiscal year ended December 31, 2019 .

There have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

Management’s Report on Internal Control over Financial Reporting

The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Internal control over financial reporting includes those policies and procedures that:

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

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

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2019 .

In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) .

Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting.

Based on their assessment and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2019 .

KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2019 .

Report of Independent Registered Public Accounting Firm

Regarding the Effectiveness of Disclosure Controls and Procedures

Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its

Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange

Commission’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and

Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required

the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the

Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e)

and 15d-15(e).

Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded

that, as of December 31, 2020, the Trust’s disclosure controls and procedures were effective.

controls over financial reporting have been maintained throughout the Trust’s fiscal year ended December 31, 2020.

have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s

internal control over financial reporting.

Report on Internal Control over Financial Reporting

Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting,

as defined under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a

process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with accounting principles generally accepted in the United States.

Internal control

over financial reporting includes those policies and procedures that:

to the maintenance of records that, in reasonable detail, accurately and fairly reflect

the transactions and dispositions of the Trust’s assets;

reasonable assurance that transactions are recorded as necessary to permit preparation

of financial statements in accordance with generally accepted accounting principles,

and that the Trust’s receipts and expenditures are being made only in accordance

with appropriate authorizations;

reasonable assurance regarding prevention or timely detection of unauthorized acquisition,

use, or disposition of the Trust’s assets that could have a material effect on

the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes

in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control

over financial reporting as of December 31, 2020.

In making this assessment, they used the criteria set forth by the Committee

of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) .

assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of

the operational effectiveness of its internal control over financial reporting.

Based on their assessment and those criteria,

the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal

control over financial reporting as of December 31, 2020.

LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this

Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s

internal control over financial reporting as of December 31, 2020.

of Independent Registered Public Accounting Firm

To the Sponsor, Trustee and Shareholders

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Opinion on Internal Control Over Financial Reporting

We have audited Aberdeen Standard Platinum ETF Trust’s (the Trust) internal control over financial reporting as of December 31, 201 9 , based on criteria established in Internal Control –

Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 201 9 , based on criteria established in Internal Control –

Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets and liabilities of the Trust, including the schedules of investments, as of December 31, 201 9 and 201 8 , the related statements of operations and changes in net assets for each of the years in the three-year period ended December 31, 201 9 , and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period ended December 31, 201 9 , and our report dated February 28 , 20 20 expressed an unqualified opinion on those financial statements and financial highlights.

We have audited Aberdeen Standard Platinum ETF Trust’s

(the Trust) internal control over financial reporting as of December 31, 2020, based on criteria established in Internal

Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31,

2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring

Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of

the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of assets and liabilities of the Trust,

including the schedules of investments, as of December 31, 2020 and 2019, the related statements of operations and changes

in net assets for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively,

the financial statements) and the financial highlights for each of the years in the three-year period ended December 31,

2020, and our report dated February 26, 2021 expressed an unqualified opinion on those financial statements and financial

Basis for Opinion

The Trust’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements and financial highlights for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements and financial highlights.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Sponsor’s management is responsible for maintaining

effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial

reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting.

Our responsibility

is to express an opinion on the Trust’s internal control over financial reporting based on our audit.

We are a public accounting

firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal

control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting

included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,

and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also

included performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a

reasonable basis for our opinion.

Definition and Limitations of Internal Control Over

Financial Reporting

A company’s internal control over financial reporting

is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements and financial highlights for external purposes in accordance with generally accepted accounting principles.

internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records

that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights

in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only

in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding

prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a

material effect on the financial statements and financial highlights.

Because of its inherent limitations, internal control over

financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods

are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

New York, New York

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Other Information

Not applicable.

Directors, Executive Officers and Corporate Governance

The Trust has no directors or executive officers.

The biographies of the President and Chief Executive Officer of the Sponsor and the Chief Financial Officer and Treasurer of the Sponsor are set out below:

Christopher Demetriou –

President and Chief Executive Officer

Demetriou is Chief Executive Officer –

Americas for ASII.

Demetriou is a member of the Group Executive Committee as well as several other committees within the organization.

Demetriou is based in Philadelphia and is responsible for Aberdeen Standard Investments’

operations across North and South America.

Demetriou previously held the position of Deputy Chief Executive Officer –

Americas for ASII from December 2016 to April 2018, Chief Financial Officer –

Americas from January 2016 to December 2016, and Head of Finance –

Americas from June 2014 to January 2016.

Demetriou joined ASII in June 2014, as a result of Aberdeen’s acquisition of SVG, a FTSE 250 private equity investor based in London.

While at SVG, from June 2010 to June 2014, Mr.

Trust has no directors or executive officers.

The biographies of the President and Chief Executive Officer of the Sponsor

and the Chief Financial Officer and Treasurer of the Sponsor are set out below:

Demetriou – President and Chief Executive Officer

Demetriou is Chief Executive Officer – Americas for ASII.

Demetriou is a member of the Group Executive Committee as

well as several other committees within the organization.

Demetriou is based in Philadelphia and is responsible for Aberdeen

Standard Investments’ operations across North and South America.

Demetriou previously held the position of Deputy Chief

Executive Officer – Americas for ASII from December 2016 to April 2018, Chief Financial Officer – Americas from January

2016 to December 2016, and Head of Finance – Americas from June 2014 to January 2016.

Demetriou joined ASII in June

2014, as a result of Aberdeen’s acquisition of SVG, a FTSE 250 private equity investor based in London.

While at SVG, from

June 2010 to June 2014, Mr.

Demetriou was Group Financial Controller and Deputy Head of Strategy.

Prior to joining SVG, Mr.

Demetriou worked at Ernst and Young, specializing in Asset and Wealth Management audits and transactions.

Demetriou is a Chartered Accountant and has a BA in Politics from the University of York in England.

Andrea Melia –

Chief Financial Officer and Treasurer

Melia is Vice President and Head of Fund Operations, Traditional Assets –

Americas for ASII.

Melia has managed the fund administration team since joining ASII in September 2009.

worked at Ernst and Young, specializing in Asset and Wealth Management audits and transactions.

Demetriou is a Chartered Accountant

and has a BA in Politics from the University of York in England.

Melia – Chief Financial Officer and Treasurer

Melia is Vice President and Head of Fund Operations, Traditional Assets – Americas for ASII.

Melia has managed the fund

administration team since joining ASII in September 2009.

Prior to joining ASII, Ms.

Melia was Director of fund administration and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc.

and had worked with Princeton Administrators since 1992.

Melia was Director of fund administration

and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc.

and had worked with Princeton Administrators

Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University.

As described under Item 1 above, ASII is the parent of the Sponsor.

described under Item 1 above, ASII is the parent of the Sponsor.

Executive Compensation

The Trust has no directors or executive officers.

The only ordinary expense paid by the Trust is the Sponsor’s Fee.

Trust has no directors or executive officers.

The only ordinary expense paid by the Trust is the Sponsor’s Fee.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners

There are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

Security Ownership of Management

Not applicable.

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.

Ownership of Certain Beneficial Owners

are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

Ownership of Management

the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.

Certain Relationships and Related Transactions, and Director Independence

The Trust has no directors or executive officers.

Trust has no directors or executive officers.

Principal Accounting Fees and Services

Fees for services performed by KPMG LLP for the years ended December 31, 2019 and 2018 were as follows:

for services performed by KPMG LLP for the years ended December 31, 2020 and 2019

December 31, 2020

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Audit related fees – KPMG

Audit Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.

Audit Related Fees are paid by the Sponsor to KPMG LLP for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s financial statements.

Pre-Approval 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 KPMG LLP.

Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements

included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided

by the accountants in connection with regulatory filings or engagements.

Audit Related Fees are paid by the Sponsor to KPMG LLP

for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s

financial statements.

These services include the accountant providing a consent letter related to the Trust's registration statement filing.

Policies and Procedures

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 KPMG LLP.

Such determinations are made by the Sponsor.

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Financial Statements

See index to financial statements on Page F-1 for a list of the financial statements being filed herein.

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

Financial Statement Schedules

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

Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No.

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

Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No.

333-158381 on December 31,

Amendment to the Depositary Trust Agreement effective October 1, 2018

Form of Authorized Participant Agreement, effective as of September 5, 2017 incorporated by reference to Exhibit 4.2 filed with the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017

Global Certificate, incorporated by reference to Exhibit 4.3 filed with Registration Statement No.

to the Depositary Trust Agreement effective October 1, 2018, incorporated by reference to Exhibit 4.1 filed with the Trust’s

Current Report on Form 8-K on October 5, 2018

of Authorized Participant Agreement, effective as of September 5, 2017 incorporated by reference to Exhibit 4.2 filed with

the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017

Certificate, incorporated by reference to Exhibit 4.3 filed with Registration Statement No.

333-158381 on December 31, 2009

Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with Registration Statement No.

Account Agreement, incorporated by reference to Exhibit 10.1 filed with Registration Statement No.

333-158381 on December

Amendment to the Allocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on October 5, 2018

Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No.

to the Allocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.1 filed with the Trust’s

Current Report on Form 8-K on October 5, 2018

Amendment to the Allocated Account Agreement effective June 5, 2020, incorporated by reference to Exhibit 10.1 filed with

the Trust’s Current Report on Form 8-K on June 11, 2020

Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No.

333-158381 on December

Amendment to the Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on October 5, 2018

Depository Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No.

to the Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report

on Form 8-K on October 5, 2018

Amendment to the Unallocated Account Agreement effective June 5, 2020, incorporated by reference to Exhibit 10.2 filed with

the Trust’s Current Report on Form 8-K on June 11, 2020

Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No.

333-158381 on December 31, 2009

Marketing Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No.

Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No.

333-158381 on December 31,

Novation of and Amendment No.

of and Amendment No.

1 to the Marketing Agent Agreement effective as of October 1, 2018

Consent of KPMG LLP, Independent Registered Public Accounting Firm

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

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

Chief Executive Officer’s Certificate, pursuant to 18 U.S.C.

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

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

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

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

The following financial statements from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL:

(i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.

The following financial statements from the

Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL:

(i) Statements of

Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial

Inline XBRL Taxonomy Extension Schema Document

1 unchanged sentence

Inline XBRL Taxonomy Extension Definitions Document

Inline XBRL Taxonomy Extension Presentation Document

The cover page from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL (included as Exhibit 101).

Inline XBRL Taxonomy Extension Presentation

The cover page from the Trust’s Annual

Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL (included as Exhibit 101).

Form 10-K Summary

Not applicable.

ABERDEEN STANDARD PLATINUM ETF TRUST

STANDARD PLATINUM ETF TRUST

FINANCIAL STATEMENTS AS OF DECEMBER 31,2020

6 unchanged sentences

Notes to the Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

of Independent Registered Public Accounting Firm

To the Sponsor, Trustee and Shareholders

1 unchanged sentence

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Aberdeen Standard Platinum ETF Trust (the Trust), including the schedules of investments, as of December 31, 201 9 and 201 8 , the related statements of operations and changes in net assets for each of the years in the three-year period ended December 31, 201 9 , and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three ‑year period ended December 31, 201 9 .

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Trust as of December 31, 201 9 and 201 8 , and the results of its operations and the changes in its net assets, for each of the years in the three ‑year period ended December 31, 201 9 , and the financial highlights for each of the years in the three-year period ended December 31, 201 9 , in conformity with U.S.

generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as of December 31, 201 9 , based on criteria established in Internal Control –

Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 28 , 20 20 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.

We have audited the accompanying statements of assets and

liabilities of Aberdeen Standard Platinum ETF Trust (the Trust), including the schedules of investments, as of December 31,

2020 and 2019, the related statements of operations and changes in net assets for each of the years in the three-year period ended

December 31, 2020, and the related notes (collectively, the financial statements) and the financial highlights for each

of the years in the three-year period ended December 31, 2020.

In our opinion, the financial statements and financial highlights

present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019, and the results

of its operations and the changes in its net assets, for each of the years in the three-year period ended December 31, 2020,

and the financial highlights for each of the years in the three-year period ended December 31, 2020, in conformity with U.S.

accepted accounting principles.

We also have audited, in accordance with the standards of

the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting

as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued

by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2021 expressed

an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Trust’s management.

Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.

These financial statements and financial highlights are the

responsibility of the Sponsor’s management.

Our responsibility is to express an opinion on these financial statements and

financial highlights based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent

with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of

the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements and financial highlights are free of material misstatement, whether due to error or fraud.

Our audits included performing

procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error

or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements and financial highlights.

Our audits also included evaluating

the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of

the financial statements and financial highlights.

We believe that our audits provide a reasonable basis for our opinion.

We have served as the Trust’s auditor since 2015.

Critical Audit Matter

The critical audit matter communicated below is a matter arising

from the current period audit of the financial statements and financial highlights that was communicated or required to be communicated

to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and

the financial highlights and (2) involved our especially challenging, subjective, or complex judgment.

The communication of

a critical audit matter does not alter in any way our opinion on the financial statements and the financial highlights, taken as

a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter

or on the accounts or disclosures to which it relates.

Evaluation of the Evidence Pertaining to the

Existence of the Platinum Holdings

As presented on the December 31, 2020 schedule of investments,

the fair value of the Trust’s investment in platinum was $1.33 billion, representing 100% of the Trust’s total assets,

and 1,245,573.6 ounces of platinum holdings.

The investment is held by a third-party custodian or sub-custodian (collectively,

the custodian).

We identified the evaluation of the evidence pertaining

to the existence of the platinum holdings as a critical audit matter.

Given the nature and volume of the platinum holdings, subjective

auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of platinum held by

the custodian.

The following are the primary procedures we performed

to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls

over the Trust’s platinum holdings process, including controls over (1) the comparison of the Trust’s records of platinum

held to the custodian’s records, (2) the approval of platinum deposits and withdrawals by the trustee of the Trust and (3)

the roll forward of platinum holdings from the date of the Trust’s most recent physical inspection through December 31, 2020.

We obtained a schedule directly from the custodian of the Trust’s platinum holdings held by the custodian as of December

We compared the total ounces on such schedule to the Trust’s record of platinum holdings.

We also tested the Trust’s

roll forward of platinum holdings from August 14, 2020 (the date of the Trust’s most recent physical inspection performed

at the custodian’s locations by a third party engaged by the Trust’s sponsor (the inspector)) through December 31,

2020 by (1) agreeing the Trust’s records of platinum holdings as of the last inspection date to the inspector’s and/or

custodian’s records, (2) agreeing platinum holdings transactions to order confirmations and trade tickets, and (3) comparing

the Trust’s expected holdings to the schedule obtained directly from the custodian of the Trust’s platinum holdings

at December 31, 2020.

We have served as the Trust’s auditor since 2015.

New York, New York

February 26, 2021

ABERDEEN STANDARD PLATINUM ETF TRUST

Statements of Ass ets and Liabilities

At December 31, 2019 and 2018

STANDARD PLATINUM ETF TRUST

of Assets and Liabilities

December 31, 2020 and 2019

December 31, 2020

3 unchanged sentences

December 31, 2020:

$ 1,181,607 ;

December 31, 2019:

2 unchanged sentences

NET ASSETS (1)

(1) Authorized share capital is unlimited and no par value per share.

Shares issued and outstanding at December 31, 2019 were 7,950,000 and at December 31, 2018 were 6,600,000 .

Net asset value per Share at December 31, 2019 was $89.65 and at December 31, 2018 was $75.22 .

See Notes to the Financial Statements.

ABERDEEN STANDARD PLATINUM ETF TRUST

Schedules of Inves tments

At December 31, 2019 and 2018

share capital is unlimited with no par value per Share.

Shares issued and outstanding at December 31, 2020 were 13,300,000

and at December 31, 2019 were 7,950,000 .

Net asset values per Share at December 31, 2020 and December 31, 2019 were $ 99.97

and $ 89.65 , respectively.

Notes to the Financial Statements

STANDARD PLATINUM ETF TRUST

of Investments

December 31, 2020 and 2019

December 31, 2020

8 unchanged sentences

Less liabilities

See Notes to the Financial Statements.

ABERDEEN STANDARD PLATINUM ETF TRUST

Statements of Operations

For the years ended December 31, 2019, 2018 and 2017

Notes to the Financial Statements

STANDARD PLATINUM ETF TRUST

of Operations

the years ended December 31, 2020, 2019, and 2018

December 31, 2020

13 unchanged sentences

Weighted average number of Shares

See Notes to the Financial Statements.

ABERDEEN STANDARD PLATINUM ETF TRUST

Statements of Changes in N et Assets

For the years ended December 31, 2019, 2018 and 2017

Notes to the Financial Statements

STANDARD PLATINUM ETF TRUST

of Changes in Net Assets

the years ended December 31, 2020, 2019 and 2018

Year Ended December 31, 2020

4 unchanged sentences

Change in unrealized gain on investment in platinum

( 1,700,000 )

Closing balance at December 31, 2020

4 unchanged sentences

Realized (loss) on investment in platinum

Change in unrealized loss on investment in platinum

Change in unrealized gain on investment in platinum

( 1,150,000 )

Closing balance at December 31, 2019

4 unchanged sentences

Realized (loss) on investment in platinum

Change in unrealized gain on investment in platinum

Change in unrealized (loss) on investment in platinum

( 1,600,000 )

Closing balance at December 31, 2018

See Notes to the Financial Statements.

ABERDEEN STANDARD PLATINUM ETF TRUST

Financial Hi ghlights

For the years ended December 31, 2019, 2018 and 2017

Notes to the Financial Statements

STANDARD PLATINUM ETF TRUST

the years ended December 31, 2020, 2019 and 2018

December 31, 2020

5 unchanged sentences

Net investment loss

Total realized and unrealized gains and losses on investment in platinum

Total realized and unrealized gains or losses on investment in platinum

Change in net assets from operations

3 unchanged sentences

Net investment loss ratio

Total return, at net asset value

See Notes to the Financial Statements.

Total return, net asset value

Notes to the Financial Statements

ABERDEEN STANDARD PLATINUM ETF TRUST

Notes to the Financial Statements

Organiz ation

The Aberdeen Standard Platinum ETF 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 Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as trustee (the “Trustee”) at the time of the Trust’s organization.

The Trust holds platinum bullion and issues Aberdeen Standard Physical Platinum Shares ETF (the “Shares”) (in minimum blocks of 50,000 Shares, also referred to as “Baskets”) in exchange for deposits of platinum and distributes platinum in connection with the 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 and a wholly owned subsidiary of Aberdeen Standard Investments Inc.

(“ASII”) .

The Aberdeen Standard Platinum ETF Trust (the “Trust”)

is a common law trust formed on December 30, 2009 (the "Date of Inception”) under New York law pursuant to

a depositary trust agreement (the “Trust Agreement”) executed by Aberdeen Standard Investments ETFs Sponsor LLC (the

“Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”).

The Trust holds platinum bullion and

issues Aberdeen Standard Physical Platinum Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also

referred to as “Baskets”) in exchange for deposits of platinum and distributes platinum in connection with

the 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 and a wholly-owned subsidiary of Aberdeen Standard

Investments Inc.

ASII is a wholly-owned indirect subsidiary of Standard Life Aberdeen plc.

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 throu gh an investment in securities.

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.

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.

The preparation of financial statements in accordance with U.S.

GAAP 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.

The following is a summary of significant accounting policies

followed by the Trust.

Basis of Accounting

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies , and has concluded that for reporting purposes, the Trust is classified as an Investment Company.

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 Sponsor has determined that the Trust falls within the scope

of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial

Services—Investment Companies , and has concluded that for reporting purposes, the Trust is classified as an Investment

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.

Valuation of Platinum

The Trust follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”).

ASC 820 provides guidance for determining fair value and requires disclosure regarding the inputs to valuation techniques used to measure fair value.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Trust follows the provisions of ASC 820, Fair Value Measurement

ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the

inputs to valuation techniques used to measure fair value.

ASC 820 defines fair value as the price that would be received to sell

an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Platinum is held by JPMorgan Chase Bank, N.A.

(the “Custodian”), on behalf of the Trust, at its London, England vaulting premises.

Platinum may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s platinum in the Trust’s allocated account in the firm’s Zurich, Switzerland vault premises on a segregated basis and whose appointment has been approved by the Sponsor (the “Zurich Sub-Custodian”).

(the “Custodian”),

on behalf of the Trust, at its London, England vaulting premises.

Platinum may also be held by UBS AG, or any other firm selected

by the Custodian to hold the Trust’s platinum in the Trust’s allocated account in the firm’s vault premises

on a segregated basis and whose appointment has been approved by the Sponsor.

At December 31, 2020, approximately 2.34 % of

the Trust’s platinum was held by one or more sub-custodians.

Platinum is recorded at fair value.

The cost of platinum is determined according to the average cost method and the fair value is based on the afternoon session of the twice daily fix of an ounce of platinum administered by the London Metal Exchange (“LME”) (the “LME PM Fix”).

Realized gains and losses on transfers of platinum, or platinum distributed for the redemption of Shares, are calculated on a trade date basis using as the difference between the fair value and cost of platinum transferred.

Since December 1, 2014, the LME has been responsible for the administration of the electronic platinum bullion price fixing system (“LMEbullion”) that replicates electronically the previous manual London platinum fix processes previously employed by the London Platinum and Palladium Fixing Company Ltd (“LPPFCL”) as well as providing electronic market clearing processes for platinum bullion transactions at the fixed prices established by the LME pricing mechanism.

LMEbullion, like the previous London platinum fix processes, establishes and publishes fixed prices for troy ounces of platinum twice each London trading day during fixing sessions beginning at 9:45 a.m.

London time (the “LME AM Fix”) and 2:00 p.m.

London time (the “LME PM Fix”).

Prior to December 1, 2014, the Trust utilized the London PM Fix as its benchmark for valuation purposes.

The London PM Fix for platinum was the price of an ounce of platinum as set by four fixing members of the London Platinum and Palladium Market (“LPPM”) at approximately 2:00 p.m., London time, on each working day and was widely accepted among platinum market participants.

The London PM Fix was discontinued on November 30, 2014.

Once the value of platinum has been determined, the Net Asset Value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses 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.

ABERDEEN STANDARD PLATINUM ETF TRUST

Notes to the Financial Statements

Valuation of Platinum (continued)

The Trust recognizes changes in fair value of the investment in platinum as changes in unrealized gains or losses on investment in platinum through the Statement of Operations.

The per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee, using the LME 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.

The cost of platinum is

determined according to the average cost method and the fair value is based on the afternoon session of the twice daily fix of

an ounce of platinum administered by the London Metal Exchange (“LME”).

Realized gains and losses on transfers of platinum,

or platinum distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value

and average cost of platinum transferred.

The LME is responsible for the administration of the electronic

platinum price fixing system (“LMEbullion”) that replicates electronically the manual London platinum fix processes

previously employed by the London Platinum and Palladium Fixing Company Ltd (“LPPFCL”), as well as providing electronic

market clearing processes for platinum bullion transactions at the fixed prices established by the LME pricing mechanism.

like the previous London platinum fix processes, establishes and publishes fixed prices for troy ounces of platinum twice each

London trading day during fixing sessions beginning at 9:45 a.m.

London time (the “LME AM Fix”) and 2:00 p.m.

time (the “LME PM Fix”).

Once the value of platinum has been determined, the net

asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses 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 Trust recognizes changes in fair value of the investment

in platinum as changes in unrealized gains or losses on investment in platinum through the Statement of Operations.

The per Share amount of platinum exchanged for a purchase

or redemption is calculated daily by the Trustee, using the LME 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.

Fair Value Hierarchy

Generally accepted accounting principles establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value.

ASC 820 establishes a hierarchy that prioritizes inputs to valuation

techniques used to measure fair value.

The three levels of inputs are as follows:

Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.

These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.

In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The investment in platinum is classified as a level 2 asset, as the Trust’s investment in platinum is calculated using primary market pricing sources supported by observable, verifiable inputs.

The categorization of the Trust’s assets is as shown below:

Unadjusted quoted prices

in active markets for identical assets or liabilities that the Trust has the ability to access.

Observable inputs other

than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.

These inputs may include quoted prices for the identical instrument

on an inactive market, prices for similar instruments and similar data.

Unobservable inputs for

the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions

about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best

information available.

To the extent that valuation is based on models or inputs that

are less observable or unobservable in the market, the determination of fair value requires more judgment.

Accordingly, the degree

of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different

levels of the fair value hierarchy.

In such cases, for disclosure purposes, the level in the fair value hierarchy within which

the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair

value measurement in its entirety.

The investment in platinum is classified as a

level 1 asset, as the value of the Trust’s investment in platinum is calculated using unadjusted quoted

prices from primary market sources.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)

December 31, 2019

December 31, 2018

Investment in platinum

There were no re-allocations or transfers between levels during the years ended December 31, 2019 and 2018 .

Based on its continuous assessment of the valuation

techniques and inputs used to value the Trust's platinum, the Sponsor determined that the inputs used in determining the

value of the Trust's platinum are more representative of Level 1 inputs, rather than Level 2 inputs.

Therefore, all of the

Trust's platinum was transferred from Level 2 to Level 1 at December 31, 2020.

The December 31, 2019 information has been

reclassified to level 1 for comparative purposes.

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 the platinum has not yet been transferred to or from the Trust’s account.

At December 31, 2019 and December 31, 2018 , the Trust had no platinum receivable or payable for the creation or redemption of Shares.

Generally, for all orders accepted, ownership of platinum is transferred within two business days of the trade date.

ABERDEEN STANDARD PLATINUM ETF TRUST

Notes to the Financial Statements

Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares).

The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis.

Platinum receivable or payable represents the quantity

of platinum covered by contractually binding orders for the creation or redemption of Shares respectively, where the platinum

has not yet been transferred to or from the Trust’s account.

Generally, ownership of platinum is transferred within two business

days of the trade date.

At December 31, 2020, the Trust had no platinum receivable or payable for the creation or

redemption of Shares.

At December 31, 2019, the Trust had no platinum receivable or payable for the creation or

redemption of Shares.

Creations and Redemptions

The Trust expects to create and redeem Shares from time to time,

but only in one or more Baskets (a Basket equals a block of 50,000 Shares).

The Trust issues Shares in Baskets to Authorized

Participants on an ongoing basis.

Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other platinum bullion clearing bank.

An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum required for such creations and redemptions.

An Authorized Participant Unallocated Account is an unallocated platinum account, either loco London or loco Zurich, established with the Custodian or a platinum bullion clearing bank by an Authorized Participant.

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 may, on any business day, place an order with the Trustee to create or redeem one or more Baskets.

T he typical settlement period for Shares is two business days.

In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded.

When platinum is exchanged in settlement of redemption, it is considered a sale of platinum for financial statement purposes.

The amount of bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000 th of an ounce.

As a result, the value attributed to the creation or redemption of Shares may differ from the value of bullion to be delivered or distributed by the Trust.

In order to ensure that the correct metal is available at all times to back the Shares, the Sponsor accepts an adjustment to its Sponsor’s Fee in the event of any shortfall or excess.

For each transaction, this amount is not more than 1/1000 th of an ounce.

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets.

Changes in Shares are presented in the Statement of Changes in Net Assets.

The Trust is classified as a “grantor trust”

for US federal income tax purposes.

As a result, the Trust itself will not be subject to US 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 FASB ASC 740-10, Income Taxes .

The Sponsor has evaluated the application of ASC 740-10 to the Trust, to determine whether or not there are uncertain tax positions in its major jurisdictions that require financial statement recognition.

Based on this evaluation, the Sponsor has determined the Trust’s major jurisdictions to be where it is organized and where bullion is held.

No uncertain tax positions have been identified.

As a result, no income tax liability or expense has been recorded in the accompanying financial statements.

ABERDEEN STANDARD PLATINUM ETF TRUST

Notes to the Financial Statements

An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank

or other financial institution which is not required to register as a broker-dealer to engage in securities transactions;

a participant in The Depository Trust Company;

(3) has entered into an Authorized Participant Agreement with the Trustee and the

and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other platinum

bullion clearing bank.

An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor

and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum required

for such creations and redemptions.

An Authorized Participant Unallocated Account is an unallocated platinum account, either

loco London or loco Zurich, established with the Custodian or a platinum bullion clearing bank by an Authorized Participant.

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 may, on any business day, place an order

with the Trustee to create or redeem one or more Baskets.

The typical settlement period for Shares is two business days.

event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded.

When platinum is exchanged in settlement of a redemption, it is considered a sale of platinum for financial statement

The amount of platinum represented by the Baskets created

or redeemed can only be settled to the nearest 1/1000th of an ounce.

As a result, the value attributed to the creation or redemption

of Shares may differ from the value of platinum to be delivered or distributed by the Trust.

In order to ensure that

the correct amount of platinum is available at all times to back the Shares, the Sponsor accepts an adjustment to its management

fees in the event of any shortfall or excess on each transaction.

For each transaction, this amount is not more than 1/1000th of

an ounce of platinum.

As the Shares of the Trust are subject to redemption at the

option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets.

Changes in the number of Shares

outstanding are presented in the Statement of Changes in Net Assets.

The Trust is classified as a “grantor trust” for

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 Sponsor has evaluated whether or not there are uncertain

tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are

required as of December 31, 2020 and December 31, 2019.

Investment in Platinum

Changes in ounces of platinum and the respective values for the years ended December 31, 2019 and 2018 are set out below:

(Amounts in 000's of US$, except for ounces data)

Changes in ounces of platinum and their respective values

for the years ended December 31, 2020 and 2019 are set out below:

December 31, 2020

December 31, 2019

(Amounts in 000's of US$, except for ounces data)

Ounces of platinum

Opening balance

( 159,727.4 )

( 108,601.3 )

Transfers of platinum to pay expenses

5 unchanged sentences

Realized loss on platinum transferred to pay expenses

Change in unrealized gain / (loss) on investment in platinum

Change in unrealized gain on investment in platinum

Closing balance

Expenses / Realized Gains / Losses

The Trust will transfer platinum to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (“ANAV”) 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 the Custodian’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.

For the year ended December 31, 2019 , the Sponsor’s Fee was $ 3,705,285 ( December 31, 2018 :

Expenses / Realized Gains

The Trust will transfer platinum to the Sponsor to pay

the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60 % of the adjusted net asset value (“ANAV”)

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 the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission

(the “SEC”) registration fees, printing and mailing costs, audit fees and up to $ 100,000 per annum in legal expenses.

For the year ended December 31, 2020, the Sponsor’s

Fee was $ 5,187,040 (December 31, 2019:

$ 3,705,285 ;

1 unchanged sentence

$ 3,050,913 ).

At December 31, 2019 the fees payable to the Sponsor were $ 363,272 ( December 31, 2018 :

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.

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2019, 2018 and 2017 .

Unless otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LME 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 next LME PM Fix, or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order.

A gain or loss is recognized based on the difference between the selling price and the cost of the platinum sold.

Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains / losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of the platinum transferred.

ABERDEEN STANDARD PLATINUM ETF TRUST

Notes to the Financial Statements

At December 31, 2020 and at December 31, 2019, the fees

payable to the Sponsor were $ 665,333 and $ 363,272 , respectively.

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.

Other than the

Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2020 , 2019 and 2020.

Unless otherwise directed by the Sponsor, when selling platinum

the Trustee will endeavor to sell at the price established by the LME 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 next LME PM Fix or such other publicly

available price that the Sponsor deems fair, in each case as set following the sale order.

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.

Realized gains and losses result from the transfer of platinum

for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value

and average cost of platinum transferred.

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 filing date.

During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified .

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 impacting the Trust’s

financial statements through the filing date.

During this period, no material subsequent events requiring adjustment to or disclosure

in the financial statements were identified.

Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust.

The Trustee’s and Custodian’s fee are paid by the Sponsor and are not separate expenses 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.

The Sponsor and the Trustee are considered to be related parties

to the Trust.

The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase

or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell platinum directly,

for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

The Trustee’s

and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust.

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.

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 of 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 production and cost levels in major platinum-producing countries, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand;

(ii) investors’

expectations with respect to the rate of inflation;

(i) global platinum

supply and demand, which is influenced by factors such as production and cost levels in major platinum producing countries, recycling,

autocatalyst demand, industrial demand, jewelry demand and investment demand;

(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;

(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.

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.

of these events could have a material effect on the Trust’s financial position and results of operations.

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, willful malfeasance 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.

Under the Trust’s organizational documents, the Trustee

(and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates)

are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct

or willful malfeasance 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.

ABERDEEN STANDARD PLATINUM ETF TRUST

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.

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

thereunto duly authorized.

ABERDEEN STANDARD INVESTMENTS ETFs SPONSOR LLC

9 unchanged sentences

(Principal Financial Officer and Principal Accounting Officer)

* The Registrant is a trust and the persons are signing in their capacities as officers of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.

* The Registrant is

a trust and the persons are signing in their capacities as officers of Aberdeen Standard Investments ETFs Sponsor LLC, the

Sponsor of the Registrant.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures