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Item 9A. Controls and Procedures

2025-02-28 compared with 2024-02-29 · 336 added, 297 removed, 379 unchanged (63% of the section changed)

46 unchanged sentences

internal control over financial reporting as of December 31, 2024.

of Independent Registered Public Accounting Firm

345 Park Avenue

New York, NY 10154-0102

Report of Independent Registered Public Accounting

To the Sponsor, Trustee and Shareholders

Platinum ETF Trust:

Opinion on Internal Control Over Financial Reporting

We have audited abrdn Platinum ETF Trust’s (known

as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the Trust) internal control over financial reporting as of December

31, 2023, 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, 2023, 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, 2023 and 2022, the related statements of operations and changes in net assets and the

financial highlights for each of the years in the three-year period ended December 31, 2023, and the related notes (collectively, the

financial statements), and our report dated February 28, 2024 expressed an unqualified opinion on those financial statements.

abrdn Platinum ETF Trust:

Opinion on Internal Control Over Financial

We have audited abrdn Platinum ETF

Trust’s (known as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the Trust) internal control over financial

reporting as of December 31, 2024, 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, 2024, based on criteria established in Internal Control

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

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, 2024 and 2023, the related statements of operations and changes

in net assets and the financial highlights for each of the years in the three-year period ended December 31, 2024, and the related notes

(collectively, the financial statements), and our report dated February 28, 2025 expressed an unqualified opinion on those financial statements.

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.

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.

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

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

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 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;

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 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;

(2) provide reasonable

assurance that transactions are recorded as necessary to permit preparation of financial statements 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.

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.

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

February 28, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

Other Information

officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b51

trading arrangement for the year ended December 31, 2023.

officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule

10b51 trading arrangement for the year ended December 31, 2024.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Directors, Executive Officers and Corporate Governance

Trust has no directors or executive officers.

The Trust has no officers, employees or board of trustees and is administered by the Trustee pursuant to the Trust Agreement.

Accordingly, the Trust has not adopted a code of ethics or an insider trading policy governing the purchase, sale and other disposition of the Trusts securities.

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

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Dunn, CIMA®, is the Head of Exchange Traded Funds at abrdn Inc.

Dunn guides the firm’s strategic direction and

distribution strategy for ETFs.

Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing

relationships with US ETF Strategists and overseeing the Eastern Division sales team.

Dunn guides the firm’s strategic direction and distribution

strategy for ETFs.

Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships

with US ETF Strategists and overseeing the Eastern Division sales team.

Prior to that, Mr.

Dunn was a consultant

at Brandywine Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and

Dunn was a consultant at Brandywine

Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard.

Dunn holds a B.A.

degree in Public Administration from Shippensburg University of Pennsylvania and has completed

his MBA at Pennsylvania State University.

He holds the Series 7, 24, and 63 registrations as well as the Certified Investment

Management Analyst® (CIMA®).

Kordeck – Chief Financial Officer and Treasurer

Kordeck age 44, joined abrdn Inc.

(the parent company of the Sponsor) as a Senior Fund Administrator in 2013 and is currently

a Senior Product Manager with the company.

Prior to joining abrdn Inc., Mr.

Kordeck held financial reporting manager roles at

the Bank of New York Mellon and The Investment Fund for Foundations.

Kordeck began his career as an auditor with PricewaterhouseCoopers

LLP, focusing on the investment management industry.

Kordeck holds a BS in Business Administration from La Salle University.

degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania

State University.

He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst®

Ferrari – Chief Financial Officer and Treasurer

Ferrari is currently a Director, Product Management at abrdn Inc.

(the parent company of the Sponser).

Ferrari joined abrdn in

Prior to working at abrdn, Ms.

Ferrari worked at Delaware Investments for about 3 years and began her career at SEI Investments.

Ferrari holds a BS in Business Administration from University of Pittsburgh and a MBA from Villanova University.

of Directors or Principal Officers;

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Appointment of Principal Officers.

connection with her retirement, Andrea Melia resigned as Chief Financial Officer and Treasurer of the Sponsor, effective on February

Melia served as Principal Financial Officer of the Registrant.

Kordeck was appointed as Chief Financial Officer and Treasurer of the Sponsor, effective on February 28, 2023.

Kordeck serves

November 12, 2024, Brian Kordeck resigned as Chief Financial Officer and Treasurer of the Sponsor.

Kordeck served as Principal

Financial Officer of the Registrant.

Ferrari was appointed as Chief Financial Officer and Treasurer of the Sponsor, effective on November 12, 2024.

Ferrari serves

as Principal Financial Officer of the Registrant.

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for services performed by KPMG LLP for the years ended December 31, 2024 and 2023

York, NY Auditor ID:

New York, NY Auditor ID:

December 31, 2024

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financial statements.

These services include the accountant providing a consent letter related to the Trust’s registration

statement filing.

These services include the accountant providing a consent letter related to the Trust’s registration statement

Policies and Procedures

9 unchanged sentences

333-158381 on December 31,

Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1(b) filed with the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 28, 2020

Second Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current Report on Form 8-K on March 14, 2022

Form of Authorized Participant Agreement, incorporated by reference to Exhibit 4.2 filed with the Trust’s Registration Statement on Form S-3 (File No.

333-276490) on January 12, 2024

to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1(b) filed with the Trust’s Annual Report

on Form 10-K for the year ended December 31, 2019 file on February 28, 2020

Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current

Report on Form 8-K on March 14, 2022

Third Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

Form of Authorized Participant Agreement is filed herewith

of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No.

333-158381 on December

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

333-158381 on December

to the Allocated Account Agreement, 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, incorporated by reference to Exhibit 10.1 filed with

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

Third Amendment to the Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on March 14, 2022

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

333-158381 on December

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, incorporated by reference to Exhibit 10.2 filed with

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

Third 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 March 14, 2022

Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on May 28, 2024

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

4 unchanged sentences

1 to the Marketing Agent Agreement

Consent of KPMG LLP, Independent Registered Public Accounting Firm

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

4 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Policy for Recovery of Erroneously Awarded Compensation

for Recovery of Erroneously Awarded Compensation , incorporated by reference to Exhibit 97.1 filed with the Trust's Annual Report of Form 10-K on February 29, 2024.

The following financial statements from the

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Notes to the Financial Statements

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

345 Park Avenue

New York, NY 10154-0102

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Sponsor, Trustee and Shareholders

Platinum ETF Trust:

abrdn Platinum ETF Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of

assets and liabilities of abrdn Platinum ETF Trust (known as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the Trust),

including the schedules of investments, as of December 31, 2023 and 2022, the related statements of operations and changes in net assets

and the financial highlights for each of the years in the three-year period ended December 31, 2023, and the related notes (collectively,

the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of

the Trust as of December 31, 2023 and 2022, and the results of its operations, changes in its net assets and financial highlights for

each of the years in the three-year period ended December 31, 2023, in conformity with U.S.

We have audited the accompanying statements of assets and liabilities

of abrdn Platinum ETF Trust (known as Aberdeen Standard Platinum ETF Trust prior to March 31, 2022) (the Trust), including the schedules

of investments, as of December 31, 2024 and 2023, the related statements of operations and changes in net assets and the financial highlights

for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the financial statements).

our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31,

2024 and 2023, and the results of its operations, changes in its net assets and financial highlights for each of the years in the three-year

period ended December 31, 2024, 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, 2023, 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, 2024 expressed an unqualified opinion on the

effectiveness of the Trust’s internal control over financial reporting.

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, 2024, 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, 2025 expressed an unqualified opinion on the effectiveness

of the Trust’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of

the Trust’s management.

These financial statements are the responsibility of the Trust’s

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

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

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, 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.

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.

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 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, 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.

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

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

1 unchanged sentence

The critical audit matter communicated below is a matter arising from

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

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,

subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the financial

statements, 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, 2023 schedule

of investments and in Note 2.2, the fair value of the Trust's investment in platinum is $997,955 thousand, representing 100.05% of the

Trust's net assets, and 997,955.2 ounces of platinum holdings.

The investment in platinum was 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 related

to the critical audit matter.

the current period audit of the financial statements 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 (2) involved our especially challenging, subjective,

or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the financial statements,

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

As presented on the December 31, 2024 schedule of investments and in

Note 2.2, the fair value of the Trust’s investment in platinum is $1,019,466 thousand, representing

100.05% of the Trust’s net assets, and 1,115,390.0 ounces of platinum holdings.

investment i n platinum was held by a third-party custodian (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 related to the critical

audit matter.

This included 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 physical

counts of the Trust's platinum holdings performed at the custodian's locations by a third party engaged by the Trust's sponsor.

a schedule directly from the custodian of the Trust's platinum holdings held by the custodian

as of December 31, 2023.

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

We also attended and

observed a part of the physical counts of the Trust's platinum holdings.

We obtained and read the physical counts results reports of the

third party and reconciled those reports to both the Trust's and custodian's records.

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

the trustee of the Trust and (3) the physical counts of the Trust’s platinum holdings performed

at the custodian’s locations by a third party engaged by the Trust’s sponsor.

We obtained a schedule directly from the custodian of the

Trust’s platinum holdings held by the custodian as of December 31, 2024.

We compared the

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

We also attended

and observed a part of the physical counts of the Trust’s platinum holdings.

and read the physical counts results reports of the third party and reconciled those reports to both the Trust’s and custodian’s records.

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

1 unchanged sentence

February 28, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

Platinum ETF Trust

6 unchanged sentences

December 31, 2024:

December 31, 2022:

$ 1,074,183 ;

December 31, 2023:

Fees payable to Sponsor

17 unchanged sentences

% of Net Assets

in platinum (in 000’s of US$, except for oz and percentage data)

Investment in platinum (in 000’s of US$, except for oz and percentage data)

Total investment in platinum

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Realized gain / (loss) on platinum transferred to pay expenses

Realized gain / (loss) on platinum distributed for the redemption of Shares

Realized (loss) / gain on platinum distributed for the redemption of Shares

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

Change in unrealized gain / (loss) on unsettled creations or

Change in unrealized gain on unsettled creations or redemptions

Total gain / (loss) on investment in platinum

Change in net assets from operations

$ ( 144,840 )

Net increase / (decrease) in net assets per Share

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Net investment loss

Realized gain on investment in platinum

Realized (loss) on investment in platinum

Change in unrealized (loss) on investment in platinum

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Net investment loss

Realized (loss) on investment in platinum

Change in unrealized gain on investment in platinum

Change in unrealized gain on unsettled creations or redemptions

Realized gain on investment in platinum

Change in unrealized (loss) on investment in platinum

( 2,150,000 )

4 unchanged sentences

Net investment loss

Realized gain on investment in platinum

Change in unrealized (loss) on investment in platinum

Change in unrealized (loss) on unsettled creations or redemptions

Realized (loss) on investment in platinum

Change in unrealized gain on investment in platinum

Change in unrealized gain on unsettled creations or redemptions

( 3,000,000 )

20 unchanged sentences

to the Financial Statements

abrdn Platinum ETF Trust (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 (the “Sponsor”)

Platinum ETF Trust (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 (the “Sponsor”)

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

The Trust holds platinum and issues abrdn 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 abrdn Inc., which is a wholly-owned indirect subsidiary of abrdn plc.

The Trust is governed

by the Trust Agreement.

February 28, 2023, Andrea Melia resigned as Treasurer and Chief Financial Officer of the Sponsor.

Melia had served as Principal

Financial Officer of the Registrant.

Effective February 28, 2023, Brian Kordeck was appointed Treasurer and Chief Financial Officer

of the Sponsor.

Kordeck serves as Principal Financial Officer of the Registrant.

investment objective of the Trust is for the Shares to reflect the performance of the price of physical 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 Trust holds platinum and issues abrdn 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.

represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust.

is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc., which is a wholly-owned indirect subsidiary

of abrdn plc.

The Trust is governed by the Trust Agreement.

Effective November 12, 2024, Brian Kordeck resigned as Treasurer and Chief Financial Officer of the Sponsor.

Kordeck had served as

Principal Financial Officer of the Registrant.

Effective November 12, 2024, Sharon Ferrari was appointed Treasurer and Chief Financial

Officer of the Sponsor.

Ferrari serves as Principal Financial Officer of the Registrant.

investment objective of the Trust is for the Shares to reflect the performance of the price of physical 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.

Accounting Policies

preparation of financial statements in accordance with U.S.

3 unchanged sentences

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

Basis of Accounting

of Accounting

Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting

3 unchanged sentences

the Investment Company Act of 1940 and is not required to register under such act.

Valuation of Platinum

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

3 unchanged sentences

transaction between market participants at the measurement date.

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 December 31, 2023, approximately 2.92 % 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 (“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.

Platinum ETF Trust

to the Financial Statements

May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account

Agreement with ICBC Standard Bank Plc (the Custodian or ICBC), providing for the custody of the Trust’s platinum.

Effective August 8, 2024,

JPMorgan Chase Bank N.A.

no longer serves as a custodian of the Trust’s platinum.

At December 31, 2024, all of the Trust’s platinum

was held at ICBC.

the Evaluation Time, the Trustee will value the Trust’s platinum on the basis of the London Bullion Market Association

(“LBMA”) Platinum Price PM.

If there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA

Platinum Price AM announced on that day.

If neither price is available for that day, the Trustee will value the Trust’s

platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.

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.

abrdn Platinum ETF Trust

Notes to the Financial Statements

LME is responsible for the administration of the electronic platinum price fixing system (“LMEbullion”) that replicates

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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.

London time (the “LME PM Fix”).

London time (the “LBMA Platinum Price AM”) and 2:00 p.m.

London time (the “LBMA Platinum Price PM”).

the value of platinum has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting

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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.

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 LBMA Platinum Price PM

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

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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.

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

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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.

Platinum ETF Trust

to the Financial Statements

abrdn Platinum ETF Trust

Notes to the Financial Statements

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:

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There were no transfers between levels during the years ended December 31, 2024 and 2023.

Platinum Receivable and Payable

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.

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.

of platinum is transferred within one business day of the trade date.

At December 31, 2024, the Trust had no platinum receivable

or payable for the creation or redemption of Shares.

At December 31, 2022, the Trust had no platinum receivable or payable for

the creation or redemption of Shares.

Creations 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

At December 31, 2023, the Trust had no platinum receivable

or payable for the creation or 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

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;

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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.

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

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.

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.

Effective May

28, 2024, the settlement period for Shares is one business day.

Prior to May 28, 2024, the standard settlement period for Shares

was 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.

abrdn Platinum ETF Trust

Notes to the Financial Statements

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

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 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.

Platinum ETF Trust

to the Financial Statements

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 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

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that no reserves for uncertain tax positions are required as of December 31, 2024 or December 31, 2023.

Investment in Platinum

in ounces of platinum and their respective values for the years ended December 31, 2023 and 2022 are set out below:

December 31, 2023

December 31, 2022

in ounces of platinum and their respective values for the years ended December 31, 2024 and 2023 are set out

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

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

Change in unrealized gain on unsettled creations or redemptions

Closing balance

Platinum ETF Trust

to the Financial Statements

Expenses / Realized Gains / Losses

primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of platinum to 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.

abrdn Platinum ETF Trust

Notes to the Financial Statements

/ 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.

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

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audit fees and up to $ 100,000 per annum in legal expenses.

the year ended December 31, 2023, 2022 and 2021, the Sponsor’s Fee was $ 5,772,056 , $ 6,556,049 and $ 8,241,060 , respectively.

December 31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $ 509,494 and $ 554,247 , respectively.

the years ended December 31, 2024, 2023 and 2022, the Sponsor’s Fee was $ 5,968,067 , $ 5,772,056 and

$ 6,556,049 , respectively.

31, 2024 and at December 31, 2023, the fees payable to the Sponsor were $ 518,692 and $ 509,494 , respectively.

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, 2023 and

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

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

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

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

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, 2024 and 2023.

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

LBMA Platinum Price PM.

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 LBMA Platinum Price PM 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.

2.8 Segment Reporting

In this reporting period, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to

Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new standard impacted disclosures only and did not affect

the Trust's financial position nor the results of its operations.

Operating segments are components of a public entity that engage in

business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their

operating results regularly reviewed by the public entity's chief operating decision maker (“CODM”) when assessing segment

performance and making decisions about segment resources.

The Chief Financial Officer of the Sponsor acts as the Fund's CODM.

monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with its Prospectus.

The Trust operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy.

The Trust's prospectus describes the Trust's fees, investment objective, principal investment strategy and principal risks, among other

The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance

and make resource allocations are consistent with the information presented within the Trust's financial statements.

The accompanying

financial statements detail the Fund's segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Fund's

Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated

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

Related Parties

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

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not separate expenses of the Trust.

Platinum ETF Trust

to the Financial Statements

Concentration of Risk

abrdn Platinum ETF Trust

Notes to the Financial Statements

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:

Several factors

could affect the price of platinum, including:

(i) global platinum supply and demand, which is influenced by factors such as production

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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.

Each of these events could have a material effect on the Trust’s

financial position and results of operations.

Indemnification

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February 28, 2025

Brian Kordeck*

Sharon Ferrari*

Financial Officer and Treasurer

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the Registrant.

EXHIBIT INDEX

Form of Authorized Participant Agreement

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.

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

Policy for Recovery of Erroneously

Awarded Compensation

The following financial statements from the

Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, 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

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Document

XBRL Taxonomy Extension Definitions Document

XBRL Taxonomy Extension Labels Document

XBRL Taxonomy Extension Presentation Document

The cover page from the Trust’s Annual

Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL (included as Exhibit 101).

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