What changed in this filing

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Item 1. Financial Statements

2025-05-08 compared with 2024-11-12 · 285 added, 298 removed, 88 unchanged (87% of the section changed)

1 unchanged sentence

of Assets and Liabilities

September 30, 2024 (Unaudited) and December 31, 2023

September 30, 2024

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

December 31, 2024

1 unchanged sentence

Investment in platinum (cost:

September 30, 2024:

March 31, 2025:

$ 1,033,440 ;

December 31, 2024:

$ 1,074,183 )

Fees payable to Sponsor

2 unchanged sentences

share capital is Unlimited with no par value per Share.

Shares issued and outstanding at September 30, 2024 were 11,100,000

and at December 31, 2023 were 10,850,000 .

Net asset values per Share at September 30, 2024 and December 31, 2023 were $ 90.14

and $ 91.93 , respectively.

Shares issued and outstanding at March 31, 2025 were 11,750,000 and

at December 31, 2024 were 12,200,000 .

Net asset values per Share at March 31, 2025 and December 31, 2024 were $ 90.60 and $ 83.52 ,

respectively.

Notes to the Financial Statements

1 unchanged sentence

of Investments

September 30, 2024 (Unaudited) and December 31, 2023

September 30, 2024

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

% of Net Assets

Investment 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

8 unchanged sentences

of Operations (Unaudited)

the three and nine months ended September 30, 2024 and 2023

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

the three months ended March 31, 2025 and 2024

March 31, 2025

March 31, 2024

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

3 unchanged sentences

REALIZED AND UNREALIZED GAINS / (LOSSES)

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

Realized (loss) on platinum transferred to pay expenses

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

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

Total (loss)/gain on investment in platinum

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

Total gain / (loss) on investment in platinum

Change in net assets from operations

$ ( 108,719 )

Net increase / (decrease) in net assets per Share

3 unchanged sentences

of Changes in Net Assets (Unaudited)

the three and nine months ended September 30, 2024 and 2023

the three months ended March 31, 2025 and 2024

Three Months Ended March 31, 2025

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

Opening balance

Opening balance at January 1, 2025

Net investment loss

Realized gain / (loss) on investment in platinum

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

Closing balance

September 30, 2024

September 30, 2023

Realized (loss) on investment in platinum

Change in unrealized gain on investment in platinum

Closing balance at March 31, 2025

Three Months Ended March 31, 2024

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

Opening balance

Opening balance at January 1, 2024

Net investment loss

Realized (loss) / gain on investment in platinum

Realized (loss) on investment in platinum

Change in unrealized (loss) on investment in platinum

( 1,200,000 )

( 2,000,000 )

Closing balance

Closing balance at March 31, 2024

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

the three and nine months ended September 30, 2024 and 2023

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

the three months ended March 31, 2025 and 2024

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024

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

12 unchanged sentences

Notes to the Financial Statements

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

The 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”)

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”)

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.

3 unchanged sentences

The Trust is governed by the Trust Agreement.

The investment objective of the Trust is

for the Shares to reflect the performance of the price of physical platinum, less

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

the Trust’s expenses.

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.

year end for the Trust is December 31.

The accompanying financial statements were prepared in accordance

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

GAAP") for interim financial

information and with the instructions for Form 10-Q.

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

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

and nine months ended September 30, 2024, and for all periods presented have been made.

These financial statements should be read in conjunction with

the Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

The results of operations for the three and

nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year.

Significant Accounting Policies

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

GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts

and disclosures.

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.

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

States of America (“U.S.

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

In the opinion

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

position and results of operations as of and for the three months ended March 31, 2025, and for all periods presented have been

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

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the operating

results for the full year.

Accounting Policies

preparation of financial statements in accordance with U.S.

GAAP requires those responsible for preparing financial statements

to make estimates and assumptions that affect the reported amounts and disclosures.

Actual results could differ from those estimates.

The following is a summary of significant accounting policies

followed by the Trust.

Basis of Accounting

The Sponsor has determined that the Trust falls within the scope

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

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

The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register

under such act.

Valuation of Platinum

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

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

to valuation techniques used to measure fair value.

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

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

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

Effective 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 (“ICBC”), providing for the custody of the Trust's platinum.

Effective August 8, 2024, JPMorgan Chase Bank N.A.

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

of Accounting

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

Standards Codification (“ASC”) 946, Financial Services—Investment Companies , and has concluded that for

reporting purposes, the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under

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

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

ASC 820 provides guidance for determining

fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.

defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date.

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 ETF Trust

Notes to the Financial Statements

August 8, 2024, JPMorgan Chase Bank N.A.

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

At September 30, 2024, all of the Trust’s platinum was held at ICBC.

The Trust's platinum is recorded at fair value.

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

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

Realized gains and losses on transfers

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

the fair value and average cost of platinum transferred.

The LME is responsible for the administration of the electronic

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

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

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

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

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

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

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.

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

electronically the manual London platinum fix processes previously employed by the London Platinum and Palladium Fixing Company

Ltd (“LPPFCL”), as well as providing electronic market clearing processes for platinum bullion transactions at the

fixed prices established by the LME pricing mechanism.

LMEbullion, like the previous London platinum fix processes, establishes

and publishes fixed prices for troy ounces of platinum twice each London trading day during fixing sessions beginning at 9:45

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

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

Once the value of platinum has been determined, the

net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities

of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the platinum

and all other assets held by the Trust.

The Trust recognizes changes in fair value of the investment

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

The per Share amount of platinum exchanged for a purchase

or redemption is calculated daily by the Trustee using the LME PM Fix to calculate the platinum amount in respect of any liabilities

for which covering platinum sales have not yet been made, and represents the per Share amount of platinum held by the

Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation

techniques used to measure fair value.

The three levels of inputs are as follows:

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

all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s

Fee”), from the fair value of the platinum and all other assets held by the Trust.

Trust recognizes changes in fair value of the investment in platinum as changes in unrealized gains or losses on investment

in platinum through the Statements 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

820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value.

The three levels of inputs

are as follows:

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

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

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

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

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

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

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

Accordingly, the degree

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

The inputs used to measure fair value may fall into different

levels of the fair value hierarchy.

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

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

value measurement in its entirety.

The Trust’s investment in platinum is classified

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

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

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

or indirectly.

These inputs may include quoted prices for the identical instrument on

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

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing

the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,

and that would be based on the best information available.

the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination

of fair value requires more judgment.

Accordingly, the degree of judgment exercised in determining fair value is greatest for

instruments categorized in level 3.

Platinum ETF Trust

Notes to the Financial Statements

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

In such cases, for disclosure purposes,

the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the

lowest level input that is significant to the fair value measurement in its entirety.

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

quoted prices from primary market sources.

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

(Amounts in 000’s of US$)

September 30, 2024

March 31, 2025

December 31, 2024

Investment in platinum

were no transfers between levels during the nine months ended September 30, 2024 or the year ended December 31, 2023.

Platinum Receivable and Payable

Platinum receivable or payable represents the quantity

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

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

Generally, ownership of platinum is transferred within one business

day of the trade date.

At September 30, 2024, the Trust had no platinum receivable or payable for the creation or

redemption of Shares.

At December 31, 2023, the Trust had no platinum receivable or payable for the creation or

redemption of Shares.

Creations and Redemptions

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

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

The Trust issues Shares in Baskets to Authorized

Participants on an ongoing basis.

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

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

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

a participant in The Depository Trust Company;

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

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

bullion clearing bank.

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

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

for such creations and redemptions.

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

The creation and redemption of Baskets is only made in exchange

for the delivery to the Trust or the distribution by the Trust of the amount of platinum represented by the Baskets being

created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created

or redeemed determined on the day the order to create or redeem Baskets is properly received.

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

Authorized Participants may, on any business day, place an order

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

Effective May 28, 2024, the settlement standard period for Shares is

one business day.

Prior to May 28, 2024, the 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.

The amount of platinum represented by the Baskets created

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

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

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

In order to ensure that

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

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

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

Changes in the number of Shares

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

The Trust is classified as a “grantor trust” for

There were no transfers between levels during the three months ended March 31, 2025 or the year ended December 31, 2024.

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 one business days of the trade date.

At March 31, 2025, the Trust had no platinum receivable

or payable for the creation or redemption of Shares.

At December 31, 2024, 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

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

Individual investors cannot

purchase or redeem Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered

broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register

as a broker-dealer to engage in securities transactions;

(2) is a participant in The Depository Trust Company;

(3) has entered

into an Authorized Participant Agreement with the Trustee and the Sponsor;

and (4) has established an Authorized Participant Unallocated

Account with the Trust’s Custodian or other platinum bullion clearing bank.

An Authorized Participant Agreement is

an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation

and redemption of Baskets and for the delivery of the platinum required for such creations and redemptions.

An Authorized

Participant Unallocated Account is an unallocated platinum account, either loco London or loco Zurich, established with the

Custodian or a platinum bullion clearing bank by an Authorized Participant.

creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of

the amount of platinum represented by the Baskets being created or redeemed, the amount of which is based on the combined

NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem

Baskets is properly received.

Platinum ETF Trust

Notes to the Financial Statements

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

Effective May

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

Prior to May 28, 2024, the 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.

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

As a result, the value attributed to the creation or redemption of Shares may differ from the value of platinum to be

delivered or distributed by the Trust.

In order to ensure that the correct amount of platinum is available at all times to

back the Shares, the Sponsor accepts an adjustment to its Sponsor’s Fee in the event of any shortfall or excess

on each transaction.

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

the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding

Shares as Net Assets.

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

Trust is classified as a “grantor trust” for U.S.

federal income tax purposes.

As a result, the Trust itself will not be subject to U.S.

As a result, the Trust itself will

not be subject to U.S.

federal income tax.

Instead, the Trust’s

income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds,

income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain

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

required as of September 30, 2024 or December 31, 2023.

Investment in Platinum

Changes in ounces of platinum and their respective values

for the three and nine months ended September 30, 2024 and 2023 are set out below:

September 30, 2024

September 30, 2023

Instead, the Trust’s income and expenses will “flow through” to the

Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue

Service on that basis.

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of March 31, 2025 or December 31, 2024.

in ounces of platinum and their respective values for the three months ended March 31, 2025 and 2024 are set

March 31, 2025

March 31, 2024

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

8 unchanged sentences

Realized gain (loss) on platinum transferred to pay expenses

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

Closing balance

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

September 30, 2024

September 30, 2023

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

Ounces of platinum

Opening balance

( 110,040.7 )

( 184,657.7 )

Transfers of platinum to pay expenses

Closing balance

Investment in platinum

Opening balance

Realized (loss) / gain 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 (loss) on investment in platinum

Closing balance

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 Trust will transfer platinum to the Sponsor to pay

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

of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing

expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee

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

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

For the three months ended September 30, 2024 and

2023, the Sponsor's Fee was $ 1,485,499 and $ 1,431,625 , respectively.

For the nine months ended September 30, 2024 and

2023, the Sponsor's Fee was $ 4,397,789 and $ 4,402,993 , respectively.

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

At September 30, 2024 and at December 31, 2023, the fees

payable to the Sponsor were $ 495,431 and $ 509,494 , respectively.

With respect to expenses not otherwise assumed by the Sponsor,

the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust's platinum as necessary to pay these

When selling platinum to pay expenses, the Trustee will endeavor to sell the smallest amounts of platinum needed to pay

these expenses in order to minimize the Trust's holdings of assets other than platinum.

Other than the Sponsor's Fee, the Trust

had no expenses during the three and nine months ended September 30, 2024 and 2023.

Unless 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 sale.

Realized gains and losses result from the transfer of platinum

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

and average cost of platinum transferred.

Subsequent Events

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

possibility of subsequent events impacting the Trust’s financial statements through the filing date.

During this period, the following

material subsequent events were identified.

Effective November 12, 2024, immediately following the filing of this report, 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 will serve as Principal Financial Officer of the Registrant.

Related Parties

The Sponsor and the Trustee are considered to be related parties

to the Trust.

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

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

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

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

The Trustee’s

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

Concentration of Risk

The Trust’s sole business activity is the investment in platinum,

and substantially all the Trust’s assets are holdings of platinum, which creates a concentration of risk associated

with fluctuations in the price of platinum.

Several factors could affect the price of platinum, including:

(i) global platinum

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

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

(ii) investors’ expectations with respect to

the rate of inflation;

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

fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing

fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs,

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

the three months ended March 31, 2025 and 2024, the Sponsor’s Fee was $ 1,561,511 and $ 1,377,665 , respectively.

31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 543,610 and $ 518,692 , 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 three months ended March 31, 2025 and 2024.

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

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.

Effective December 31, 2024, 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.

The 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 items.

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.

Platinum ETF Trust

Notes to the Financial Statements

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

the possibility of subsequent events impacting the Trust’s financial statements through the filing date.

During this period,

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

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

The Trustee and the Custodian and their affiliates

may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers

and for accounts over which they exercise investment discretion.

In addition, the Trustee and the Custodian and their affiliates

may from time to time purchase or sell platinum directly, for their own account, as agent for their customers and for accounts

over which they exercise investment discretion.

The Trustee’s and Custodian’s fees are paid by the Sponsor and are

not separate expenses of the Trust.

Concentration

Trust’s sole business activity is the investment in platinum, and substantially all the Trust’s assets are holdings

of platinum, which creates a concentration of risk associated with fluctuations in the price of platinum.

Several factors

could affect the price of platinum, including:

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

and cost levels in major platinum producing countries, recycling, autocatalyst demand, industrial demand, jewelry demand and investment

(ii) investors’ expectations with respect to the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(v) investment and trading activities of hedge funds

and commodity funds;

and (vi) global or regional political, economic or financial events and situations.

In addition, there is

no assurance that platinum will maintain its long-term value in terms of purchasing power in the future.

In the event that

the price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

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

abrdn Platinum ETF Trust

Notes to the Financial Statements (Unaudited)

(iv) interest

(v) investment and trading activities of hedge funds and commodity funds;

and (vi) global or regional political, economic

or financial events and situations.

In addition, there is no assurance that platinum will maintain its long-term value in

terms of purchasing power in the future.

In the event that the price of platinum declines, the Sponsor expects the value

of an investment in the Shares to decline proportionately.

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

financial position and results of operations.

Indemnification

Under the Trust’s organizational documents, the Trustee

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

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

or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s

organizational documents.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims

that may be made against the Trust that have not yet occurred.

abrdn Platinum ETF Trust

the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members,

managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it

incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard

on its part of its obligations and duties under the Trust’s organizational documents.

The Trust’s maximum exposure

under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Platinum ETF Trust

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

What changed 10-Q

Item 1. Financial Statements