What changed in this filing

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Item 1. Financial Statements

2022-08-05 compared with 2022-05-09 · 304 added, 281 removed, 84 unchanged (87% of the section changed)

1 unchanged sentence

of Assets and Liabilities

March 31, 2022 (Unaudited) and December 31, 2021

in 000's of US$, except for Share and per Share data)

in platinum (cost:

March 31, 2022:

June 30, 2022 (Unaudited) and December 31, 2021

June 30, 2022

December 31, 2021

(Amounts in 000’s of US$, except for Share and per Share data)

Investment in platinum (cost:

June 30, 2022:

$ 1,137,641 ;

1 unchanged sentence

$ 1,145,807 )

payable to Sponsor

Fees payable to Sponsor

Platinum payable

Total liabilities

NET ASSETS (1)

share capital is unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2022 were 12,850,000 and

Shares issued and outstanding at June 30, 2022 were 12,650,000 and

at December 31, 2021 were 12,700,000 .

Net asset values per Share at March 31, 2022 and December 31, 2021 were $ 91.33 and $ 89.23 ,

Net asset values per Share at June 30, 2022 and December 31, 2021 were $ 84.14 and $ 89.23 ,

respectively.

2 unchanged sentences

of Investments

March 31, 2022 (Unaudited) and December 31, 2021

March 31, 2022

June 30, 2022 (Unaudited) and December 31, 2021

June 30, 2022

% of Net Assets

10 unchanged sentences

of Operations (Unaudited)

the three months ended March 31, 2022 and 2021

the three and six months ended June 30, 2022 and 2021

Three Months Ended

March 31, 2022

June 30, 2022

Three Months Ended

March 31, 2021

June 30, 2021

Six Months Ended

June 30, 2022

Six Months Ended

June 30, 2021

(Amounts in 000’s of US$, except for Share and per Share data)

5 unchanged sentences

Realized gain on platinum distributed for the redemption of Shares

Change in unrealized gain on investment in platinum

Total gain on investment in platinum

Change in unrealized (loss) on investment in platinum

Total (loss) on investment in platinum

Change in net assets from operations

$ ( 158,323 )

Net increase / (decrease) in net assets per Share

3 unchanged sentences

of Changes in Net Assets (Unaudited)

the three months ended March 31, 2022 and 2021

Three Months Ended March 31, 2022

the three and six months ended June 30, 2022 and 2021

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

(Amounts in 000’s of US$, except for Share data)

Opening balance at January 1, 2022

Opening balance

Net investment loss

Realized gain on investment in platinum

Change in unrealized gain on investment in platinum

Closing balance at March 31, 2022

Three Months Ended March 31, 2021

Change in unrealized (loss) on investment in platinum

Closing balance

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

(Amounts in 000’s of US$, except for Share data)

Opening balance at January 1, 2021

Opening balance

Net investment loss

Realized gain on investment in platinum

Change in unrealized gain on investment in platinum

Closing balance at March 31, 2021

Change in unrealized (loss) on investment in platinum

( 1,250,000 )

Closing balance

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

the three months ended March 31, 2022 and 2021

March 31, 2022

March 31, 2021

the three and six months ended June 30, 2022 and 2021

Three Months Ended

June 30, 2022

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2022

Six Months Ended

June 30, 2021

Per Share Performance (for a Share outstanding throughout the entire period)

4 unchanged sentences

Change in net assets from operations

Net asset value per Share

at end of period

Net asset value per Share at end of period

Weighted average number of Shares

5 unchanged sentences

Notes to the Financial Statements

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

The abrdn Platinum ETF Trust (known

as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the “Trust”) is a common law trust formed on December

30, 2009 under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by abrdn

ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1, 2022) (the “Sponsor”)

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

The Trust holds platinum bullion and issues abrdn

Physical Platinum Shares ETF (known as Aberdeen Standard Physical Platinum Shares ETF prior to March 31, 2022) (“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 abrdn Inc.

Platinum ETF Trust

Notes to the Financial Statements

Platinum ETF Trust (known as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the “Trust”)

is a common law trust formed on December 30, 2009 under New York law pursuant to a depositary trust agreement (the “Trust

Agreement”) executed by abrdn ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1,

2022) (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”).

The Trust holds

platinum bullion and issues abrdn Physical Platinum Shares ETF (known as Aberdeen Standard Physical Platinum

Shares ETF prior to March 31, 2022) (“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 abrdn Inc.

(known as Aberdeen Standard Investments Inc.

prior to January 1, 2022).

is a wholly-owned

indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc.

is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen)

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.

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.

The fiscal year end for the Trust is December 31.

The accompanying financial statements were prepared in accordance

with the accounting principles generally accepted in the United States of America (“U.S.

GAAP”) for interim financial

information and with the instructions for Form 10-Q.

In the opinion of the Trust’s management, all adjustments (which consist

of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the three

months ended March 31, 2022 and for all periods presented have been made.

These financial statements should be read in conjunction with

the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

The results of operations for the three

months ended March 31, 2022 are not necessarily indicative of the operating results for the full year.

Significant Accounting Policies

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.

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.

The fiscal year end for the Trust

is December 31.

accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United

States of America (“U.S.

GAAP”) for interim financial information and with the instructions for Form 10-Q.

opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present

fairly the financial position and results of operations as of June 30, 2022, and for the three and six month periods then ended have been made.

financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended

December 31, 2021.

The results of operations for the three and six months ended June 30, 2022 are not necessarily

indicative of the operating results for the full year.

Accounting Policies

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.

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

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 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.

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

The Trust's platinum is held by JPMorgan Chase Bank, N.A.

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

The Trust's 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.

31, 2022, approximately 2.44 % of the Trust’s platinum was held by one or more sub-custodians.

The Trust's platinum is recorded at fair value.

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.

The following is a summary of significant accounting policies followed by the Trust.

of Accounting

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.

Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”).

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 ETF Trust

Notes to the Financial Statements

Trust’s platinum is held by JPMorgan Chase Bank, N.A.

(the “Custodian”), on behalf of the Trust, at its London,

England vaulting premises.

The Trust’s 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 June 30, 2022, approximately 2.48 % of the Trust’s platinum

was held by one or more sub-custodians.

Trust’s 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

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.

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.

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

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

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 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.

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

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 Trust’s investment in platinum is classified

as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources.

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

London time (the “LME PM Fix”).

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.

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.

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.

Value Hierarchy

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 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.

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.

Platinum ETF Trust

Notes to the Financial Statements

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.

Trust’s investment in platinum is classified as a level 1 asset, as its value is calculated using unadjusted

quoted prices from primary market sources.

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

in 000’s of US$)

There were no transfers between levels during the three months ended March 31, 2022 or the year ended December 31, 2021.

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.

Generally, ownership of platinum is transferred within two business

days of the trade date.

At March 31, 2022, the Trust had no platinum receivable or payable for the creation or redemption

At December 31, 2021, the Trust had no platinum receivable for the creation of Shares and $ 4,461,443 of

platinum payable for the 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;

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.

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

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

Investment in

were no transfers between levels during the six months ended June 30, 2022 or the year ended December 31, 2021.

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.

Generally, ownership

of platinum is transferred within two business days of the trade date.

At June 30, 2022, the Trust had no platinum receivable

or payable for the creation or redemption of Shares.

At December 31, 2021, the Trust had no platinum receivable

for the creation of Shares and $ 4,461,443 of platinum payable for the redemption of Shares.

and Redemptions of Shares

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.

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.

Platinum ETF Trust

Notes to the Financial Statements

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.

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 a redemption, it is considered

a sale of platinum for financial statement purposes.

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 Sponsor’s Fee 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.

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.

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.

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 March 31, 2022 or December 31, 2021.

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

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.

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 June 30, 2022 or December 31, 2021.

in ounces of platinum and their respective values for the three and six months ended June 30, 2022 and 2021

are set out below:

Three Months Ended

June 30, 2022

Three Months Ended

June 30, 2021

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

Ounces of platinum

Opening balance

Transfers of platinum to pay expenses

Closing balance

Investment in platinum

Changes in ounces of platinum and their respective values

for the three months ended March 31, 2022 and 2021 are set out below:

March 31, 2022

March 31, 2021

Opening balance

Realized gain on platinum distributed for the redemption of Shares

Transfers of platinum to pay expenses

Realized gain on platinum transferred to pay expenses

Change in unrealized (loss) on investment in platinum

Closing balance

Platinum ETF Trust

Notes to the Financial Statements

June 30, 2022

June 30, 2021

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

1 unchanged sentence

Opening balance

( 120,778.5 )

Transfers of platinum to pay expenses

5 unchanged sentences

Realized gain on platinum transferred to pay expenses

Change in unrealized gain on investment in platinum

Change in unrealized (loss) on investment in platinum

Closing balance

Expenses / Realized Gains

/ Realized Gains / Losses

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.

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 daily 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 three months ended March 31, 2022 and 2021, the Sponsor's

Fee was $ 1,743,092 and $ 2,187,594 , respectively.

At March 31, 2022 and at December 31, 2021, the fees

payable to the Sponsor were $ 588,295 and $ 595,693 , 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 three months ended March 31, 2022 and 2021.

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.

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

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 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 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 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;

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 daily net asset value (“ANAV”) of the Trust, paid monthly in arrears.

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.

the three months ended June 30, 2022 and 2021, the Sponsor’s Fee was $ 1,716,082 and $ 2,208,292 ,

respectively.

For the six months ended June 30, 2022 and 2021, the Sponsor’s Fee was $ 3,459,174

and $ 4,396,187 , respectively.

30, 2022 and at December 31, 2021, the fees payable to the Sponsor were $ 525,837 and $ 595,693 , respectively.

Platinum ETF Trust

Notes to the Financial Statements

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 three and six

months ended June 30, 2022 and 2021.

otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the

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

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.

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.

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

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

(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.

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, 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.

(iv) interest

(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.

Platinum ETF Trust

Notes to the Financial Statements

Indemnification

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.

abrdn Platinum ETF Trust

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-Q

Item 1. Financial Statements