What changed in this filing

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Item 9A. Controls and Procedures

2024-02-29 compared with 2023-03-01 · 286 added, 299 removed, 390 unchanged (60% of the section changed)

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internal control over financial reporting as of December 31, 2023.

Report of Independent

Registered Public Accounting Firm

of Independent Registered Public Accounting Firm

To the Sponsor, Trustee and Shareholders

abrdn Platinum

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, 2022, 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, 2022, 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, 2022 and 2021, 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, 2022, and the related notes (collectively, the financial statements),

and our report dated February 28, 2023 expressed an unqualified opinion on those financial statements.

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.

Basis for Opinion

The Trust’s management is responsible for maintaining

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

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

Our responsibility is to express

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

We are a public accounting firm registered

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

federal securities laws and the

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

We conducted our audit in accordance with the standards of the

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.

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 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.

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;

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

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.

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.

New York, New York

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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.

Directors, Executive Officers and Corporate Governance

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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 Vanguard.

Dunn was a consultant

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

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®

Melia – Chief Financial Officer and Treasurer

Melia is Vice President and Senior Director of Product Management for abrdn Inc.

Melia has managed the fund administration

team since joining abrdn Inc.

in September 2009.

Prior to joining abrdn Inc., Ms.

Melia was Director of fund administration

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

and had worked with Princeton Administrators

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

Departure of Directors or Principal Officers;

Election of Directors;

Appointment of Principal Officers.

In connection with her retirement, Andrea Melia has resigned as Chief Financial Officer and Treasurer of the Sponsor, to be effective

on February 28, 2023, immediately after the filing of this report.

Melia has served as Principal Financial Officer of the Registrant.

Brian Kordeck was appointed as Chief Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately

after the filing of this report.

Kordeck will serve as Principal Financial Officer of the Registrant.

Brian 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.

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 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.

of Directors or Principal Officers;

Election of Directors;

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

as Principal Financial Officer of the Registrant.

described under Item 1 above, abrdn Inc.

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financial statements.

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

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

statement filing.

Policies and Procedures

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333-158381 on December 31,

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

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

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

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

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

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

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333-158381 on December

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

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 effective June 5, 2020, incorporated by reference to Exhibit 10.1 filed with

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.

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on Form 8-K on October 5, 2018

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

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

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

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of and Amendment No.

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

1 to the Marketing Agent Agreement

Consent of KPMG LLP, Independent Registered Public Accounting Firm

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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

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Notes to the Financial Statements

Report of Independent Registered

Public Accounting Firm

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor, Trustee and Shareholders

abrdn Platinum

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, 2022 and 2021, 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, 2022, 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, 2022 and 2021, 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, 2022, 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, 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.

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, 2022, 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, 2023 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, 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.

Basis for Opinion

These financial statements are the responsibility of the Trust’s

These financial statements are the responsibility of

the Trust’s management.

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

We are a public accounting

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

federal securities

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

We conducted our audits in accordance with the standards of the

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

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Critical Audit Matter

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

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,

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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, 2022 schedule of investments

and in Note 2.2, the fair value of the Trust’s investment in platinum is $1,097,107 thousand, representing 100.05% of the Trust’s

net assets, and 1,064,119 ounces of platinum holdings.

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

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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.

We obtained a schedule

directly from the custodian of the Trust’s platinum holdings held by the custodian as of December 31, 2022.

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.

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.

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

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December 31, 2022:

$ 1,028,086 )

Fees payable to Sponsor

Platinum payable

Total liabilities

NET ASSETS (1)

Authorized share

capital is unlimited with no par value per Share.

Shares issued and outstanding at December 31, 2022 were 11,500,000 and at

December 31, 2021 were 12,700,000 .

Net asset values per Share at December 31, 2022 and December 31, 2021 were $ 95.35 and $ 89.23 ,

respectively.

share capital is unlimited with no par value per Share.

Shares issued and outstanding at December 31, 2023 were 10,850,000

and at December 31, 2022 were 11,500,000 .

Net asset values per Share at December 31, 2023 and December 31, 2022 were $ 91.93

and $ 95.35 , respectively.

Notes to the Financial Statements

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December 31, 2023 and 2022

December 31, 2023

% of Net Assets

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

investment in platinum

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

Total investment in platinum

Less liabilities

December 31, 2022

% of Net Assets

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

investment in platinum

Total investment in platinum

Less liabilities

Notes to the Financial Statements

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REALIZED AND UNREALIZED GAINS / (LOSSES)

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

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

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

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

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

Change in unrealized (loss) on unsettled creations or redemptions

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

Total gain / (loss) on investment in platinum

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the years ended December 31, 2023, 2022 and 2021

Ended December 31, 2022

(Amounts in 000’s

of US$, except for Share data)

Year Ended December 31, 2023

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

Opening balance at January 1, 2023

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 )

Closing balance

at December 31, 2022

Ended December 31, 2021

(Amounts in 000’s

of US$, except for Share data)

Closing balance at December 31, 2023

Year Ended December 31, 2022

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

Opening balance at January 1, 2022

Net investment loss

Realized gain on investment

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 )

Closing balance

at December 31, 2021

Ended December 31, 2020

(Amounts in 000’s

of US$, except for Share data)

Closing balance at December 31, 2022

Year Ended December 31, 2021

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

Opening balance at January 1, 2021

Net investment loss

Realized (loss) on

investment in platinum

Change in unrealized

gain on investment in platinum

Realized gain on investment in platinum

Change in unrealized (loss) on investment in platinum

Change in unrealized (loss) on unsettled creations or redemptions

( 1,900,000 )

Closing balance

at December 31, 2020

Closing balance at December 31, 2021

Notes to the Financial Statements

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December 31, 2021

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

Net asset value per Share

at beginning of period

from investment operations:

investment loss

realized and unrealized gains or losses on investment in platinum

in net assets from operations

Net asset value

per Share at end of period

Weighted average

number of Shares

investment loss ratio

return, net asset value

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

Net asset value per Share at beginning of period

Income from investment operations:

Net investment loss

Total realized and unrealized gains or losses on investment in platinum

Change in net assets from operations

Net asset value per Share at end of period

Weighted average number of Shares

Expense ratio

Net investment loss ratio

Total return, net asset value

Notes to the Financial Statements

Platinum ETF Trust

Notes to the Financial Statements

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”)

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”)

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.

is a wholly-owned indirect subsidiary

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

The Trust is governed by the Trust Agreement.

investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s

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.

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an opportunity to participate in the platinum market through an investment in securities.

Accounting Policies

Significant Accounting Policies

preparation of financial statements in accordance with U.S.

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

of Accounting

Basis of Accounting

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

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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”).

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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

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.

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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.

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

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

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London time (the “LME PM Fix”).

Platinum ETF Trust

Notes to the Financial Statements

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 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

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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.

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

Notes to the Financial Statements

to the Financial Statements

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, 2023 and 2022.

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.

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.

Generally, ownership

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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).

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

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.

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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.

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

Notes to the Financial Statements

to the Financial Statements

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, 2023 or December 31, 2022.

in ounces of platinum and their respective values for the years ended December 31, 2022 and 2021 are set out

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

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

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Opening balance

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

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

Transfers of platinum to pay expenses

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

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

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

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

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

Change in unrealized gain on unsettled creations or redemptions

Closing balance

/ 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.

Platinum ETF Trust

Notes to the Financial Statements

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.

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, 2022, 2021 and 2020, the Sponsor’s Fee was $ 6,556,049 , $ 8,241,060 and

$ 5,187,040 , respectively.

31, 2022 and at December 31, 2021, the fees payable to the Sponsor were $ 554,247 and $ 595,693 , respectively.

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.

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, 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.

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

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.

In connection with her retirement, Andrea Melia has resigned as Chief Financial Officer and Treasurer of the Sponsor, to be effective

on February 28, 2023, immediately after the filing of this report.

Melia has served as Principal Financial Officer of the Registrant.

Brian Kordeck was appointed as Chief Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately

after the filing of this report.

Kordeck will serve as Principal Financial Officer of the Registrant.

During this period,

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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Platinum ETF Trust

Notes to the Financial Statements

Concentration

to the Financial Statements

Concentration of Risk

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, 2024

Andrea Melia*

Brian Kordeck*

Financial Officer and Treasurer

Financial Officer and Principal Accounting Officer)

originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for

inspection upon request.

originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available

for inspection upon request.

Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of

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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