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Item 2. Management’s Discussion and Analysis

2023-05-09 compared with 2022-11-04 · 39 added, 39 removed, 99 unchanged (44% of the section changed)

59 unchanged sentences

of the Trust is used to compute the Sponsor’s Fee.

abrdn Platinum ETF Trust

All fees accruing for the day on which the valuation takes place

9 unchanged sentences

per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Quarter Ended September 30, 2022

The Trust’s NAV decreased from $1,064,359,854

at June 30, 2022 to $920,329,794 at September 30, 2022, a 13.53% decrease for the quarter.

The decrease in the Trust’s NAV resulted

from a decrease in the price per ounce of platinum, which fell 4.74% from $907.00 at June 30, 2022 to $864.00 at September 30,

There was a decrease in outstanding Shares, which decreased from 12,650,000 Shares at June 30, 2022 to 11,500,000 Shares

at September 30, 2022, as a result of 100,000 Shares (2 Baskets) being created and 1,250,000 Shares (25 Baskets) being redeemed

during the quarter.

The NAV per Share decreased 4.88% from to $84.14

at June 30, to $80.03 at September 30, 2022.

The Trust’s NAV per Share decreased slightly more than the price per ounce of platinum

on a percentage basis due to the Sponsor’s Fee, which was $1,525,048 for the quarter, or 0.60% of the Trust’s ANAV on an annualized

The NAV per Share of $89.64 at August 11, 2022

was the highest during the quarter, compared with a low of $77.07 at July 14, 2022.

The decrease in net assets from operations for

the quarter ended September 30, 2022 was $49,725,911, resulting from a realized loss of $99,108 on the transfer of platinum to

pay expenses, a realized loss of $9,465,506 on platinum distributed for the redemption of Shares, a decrease in unrealized

loss on investment in platinum of $38,636,249 and the Sponsor’s Fee of $1,525,048.

Other than the Sponsor’s Fee, the Trust had

no expenses during the quarter ended September 30, 2022.

The Nine Months Ended September 30, 2022

The Quarter Ended March 31, 2023

The Trust’s NAV decreased from $1,096,553,007

at December 31, 2021 to $920,329,794 at September 30, 2022, a 18.79% decrease for the period.

The decrease in the Trust’s NAV resulted

at December 31, 2022 to $960,292,516 at March 31, 2023, a 12.43% decrease for the period.

The change in the Trust’s NAV resulted

primarily from a decrease in the price per ounce of platinum, which fell 4.85% from $1,031.00 at December 31, 2022 to $981.00 at

September 30, 2022, as well as a decrease in outstanding Shares, which fell from 12,700,000 Shares at December 31, 2021 to 11,500,000

Shares at September 30, 2022, as a result of 1,300,000 Shares (26 Baskets) being created and 2,500,000 Shares (50 Baskets) being

March 31, 2023 and a decrease in outstanding Shares, which decreased from 11,500,000 Shares at December 31, 2022 to 10,600,000

Shares at March 31, 2023, as a result of 200,000 Shares (4 Baskets) being created and 1,100,000 Shares (22 Baskets) being redeemed

during the quarter.

The NAV per Share decreased 4.99% from $95.35

at December 31, 2021 to $80.03 at September 30, 2022.

The Trust’s NAV per Share fell slightly more than the price per ounce of

platinum on a percentage basis due to the Sponsor’s Fee, which was $4,984,222 for the period, or 0.60% of the Trust’s ANAV on an

annualized basis.

at December 31, 2022 to $90.59 at March 31, 2023.

The Trust’s NAV per Share fell slightly more than the price per ounce of platinum

on a percentage basis due to the Sponsor’s Fee, which was $1,512,190 for the period, or 0.60% of the Trust’s ANAV on an annualized

The NAV per Share of $101.72 at January 11,

2023 was the highest during the period, compared with a low of $84.28 at February 16, 2023.

The decrease in net assets from operations for

the period ended March 31, 2023 was $52,206,008, resulting from a realized gain of $73,967 on the transfer of platinum to pay expenses

and a realized gain of $4,769,773 on platinum distributed for the redemption of Shares, offset by a change in unrealized loss on

investment in platinum of $55,537,558, and the Sponsor’s Fee of $1,512,190.

Other than the Sponsor’s Fee, the Trust had no expenses

during the period ended March 31, 2023.

The Quarter Ended March 31, 2022

The Trust’s NAV increased from $1,133,206,525

at December 31, 2021 to $1,173,542,796 at March 31, 2022, a 3.56% increase for the quarter.

The increase in the Trust’s NAV

resulted from an increase in the price per ounce of platinum, which rose 2.50% from $959.00 at December 31, 2021 to $983.00 at

March 31, 2022.

There was an increase in outstanding Shares, which increased from 12,700,000 Shares at December 31, 2021 to 12,850,000

Shares at March 31, 2022, as a result of 650,000 Shares (13 Baskets) being created and 500,000 Shares (10 Baskets) being redeemed

during the quarter.

The NAV per Share increased 2.35% from to $89.23

at December 31, 2021 to $91.33 at March 31, 2022.

The Trust’s NAV per Share increased slightly less than the price per ounce

of platinum on a percentage basis due to the Sponsor’s Fee, which was $1,743,092 for the quarter, or 0.60% of the Trust’s

ANAV on an annualized basis.

The NAV per Share of $106.98 at March 8, 2022

was the highest during the period, compared with a low of $77.07 at July 14, 2022.

abrdn Platinum ETF Trust

The decrease in net assets from operations for the period ended

September 30, 2022 was $115,380,190, resulting from a realized loss of $8,390 on the transfer of platinum to pay expenses, a

realized loss of $6,509,453 on platinum distributed for the redemption of Shares, a change in unrealized loss on investment in

platinum of $103,839,141, a change in unrealized loss on unsettled creations and redemptions of $38,984 and the Sponsor’s Fee

of $4,984,222.

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2022.

was the highest during the quarter, compared with a low of $86.61 at January 10, 2022.

The increase in net assets from operations for

the quarter ended March 31, 2022 was $25,361,273, resulting from a realized gain of $56,437 on the transfer of platinum to pay

expenses, a realized gain of $2,890,066 on platinum distributed for the redemption of Shares, and an increase in unrealized gain

on investment in platinum of $24,157,861, offset by the Sponsor’s Fee of $1,743,092.

Other than the Sponsor’s Fee,

the Trust had no expenses during the quarter ended March 31, 2022.

Liquidity & Capital Resources

10 unchanged sentences

in-kind transfers of platinum to the Sponsor.

At September 30, 2022, the Trust did not have any cash balances.

At March 31, 2023, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

11 unchanged sentences

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 2. Management’s Discussion and Analysis