What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-07 · 179 added, 161 removed, 247 unchanged (58% of the section changed)

1 unchanged sentence

of Assets and Liabilities

June 30, 2025 (Unaudited) and December 31, 2024

June 30, 2025

September 30, 2025 (Unaudited) and December 31, 2024

September 30, 2025

December 31, 2024

1 unchanged sentence

Investment in platinum (cost:

June 30, 2025:

September 30, 2025:

$ 1,289,926 ;

1 unchanged sentence

$ 1,074,183 )

Platinum receivable

Fees payable to Sponsor

2 unchanged sentences

share capital is Unlimited with no par value per Share.

Shares issued and outstanding at June 30, 2025 were 13,150,000 and

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

Net asset values per Share at June 30, 2025 and December 31, 2024 were $ 122.99 and $ 83.52 ,

respectively.

Shares issued and outstanding at September 30, 2025 were 13,700,000

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

Net asset values per Share at September 30, 2025 and December 31, 2024 were $ 142.91

and $ 83.52 , respectively.

Notes to the Financial Statements

1 unchanged sentence

of Investments

June 30, 2025 (Unaudited) and December 31, 2024

June 30, 2025

September 30, 2025 (Unaudited) and December 31, 2024

September 30, 2025

% of Net Assets

1 unchanged sentence

Total investment in platinum

Less liabilities

Other assets less liabilities

December 31, 2024

6 unchanged sentences

of Operations (Unaudited)

the three and six months ended June 30, 2025 and 2024

the three and nine months ended September 30, 2025 and 2024

Three Months Ended

June 30, 2025

September 30, 2025

Three Months Ended

June 30, 2024

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

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

4 unchanged sentences

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

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

Change in unrealized gain on investment in platinum

Total gain on investment in platinum

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

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

Total gain/(loss) on investment in platinum

Change in net assets from operations

4 unchanged sentences

of Changes in Net Assets (Unaudited)

the three and six months ended June 30, 2025 and 2024

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

the three and nine months ended September 30, 2025 and 2024

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

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

1 unchanged sentence

Net investment loss

Realized (loss) / gain on investment in platinum

Change in unrealized gain on investment in platinum

Realized gain on investment in platinum

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

( 1,500,000 )

Closing balance

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

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

1 unchanged sentence

Net investment loss

Realized (loss) on investment in platinum

Change in unrealized gain on investment in platinum

Realized gain / (loss) on investment in platinum

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

( 2,500,000 )

( 1,200,000 )

Closing balance

2 unchanged sentences

Highlights (Unaudited)

the three and six months ended June 30, 2025 and 2024

the three and nine months ended September 30, 2025 and 2024

Three Months Ended

June 30, 2025

September 30, 2025

Three Months Ended

June 30, 2024

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

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

10 unchanged sentences

for periods less than one year.

is not annualized.

return is not annualized.

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 (Unaudited)

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.

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

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

of abrdn plc.

The Trust is governed by the Trust Agreement.

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.

fiscal year end for the Trust is December 31.

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.

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

The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”)

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

The fiscal year end for the Trust is

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

2 unchanged sentences

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 six months ended June 30, 2025, and for all

periods presented have been made.

fairly the financial position and results of operations as of and for the three and nine months ended September 30, 2025, and

for all periods presented have been made.

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

December 31, 2024.

The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of

the operating results for the full year.

Accounting Policies

The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative

of the operating results for the full year.

Significant Accounting Policies

preparation of financial statements in accordance with U.S.

3 unchanged sentences

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

of Accounting

Basis of Accounting

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

3 unchanged sentences

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

Valuation of Platinum

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

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.

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.

Platinum ETF Trust

to the Financial Statements (Unaudited)

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

2 unchanged sentences

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

June 30, 2025, all of the Trust’s platinum was held at ICBC.

Platinum ETF Trust

Notes to the Financial Statements

September 30, 2025, 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”)

15 unchanged sentences

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

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

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

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.

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.

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

3 unchanged sentences

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

1 unchanged sentence

and that would be based on the best information available.

Platinum ETF Trust

to the Financial Statements (Unaudited)

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

2 unchanged sentences

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.

2 unchanged sentences

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.

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

(Amounts in 000’s of US$)

June 30, 2025

September 30, 2025

December 31, 2024

Investment in platinum

There were no transfers between levels during the six months ended June 30, 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.

There were no transfers between levels during the nine months ended September 30, 2025 or the year ended December 31, 2024.

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

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

At June 30, 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

At September 30, 2025, the Trust had $ 21,436,727 of platinum

receivable for the creation of Shares and no platinum payable for the redemption of Shares.

At December 31, 2024, 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 to engage in securities transactions;

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.

(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.

Platinum ETF Trust

to the Financial Statements (Unaudited)

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.

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.

8 unchanged sentences

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.

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.

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

10 unchanged sentences

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

that no reserves for uncertain tax positions are required as of June 30, 2025 or December 31, 2024.

in ounces of platinum and their respective values for the three and six months ended June 30, 2025 and 2024

are set out below:

that no reserves for uncertain tax positions are required as of September 30, 2025 or December 31, 2024.

Investment in Platinum

in ounces of platinum and their respective values for the three and nine months ended September 30, 2025 and 2024 are set out

Three Months Ended

June 30, 2025

September 30, 2025

Three Months Ended

June 30, 2024

September 30, 2024

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

1 unchanged sentence

Opening balance

( 136,556.9 )

Transfers of platinum to pay expenses

2 unchanged sentences

Opening balance

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

Platinum ETF Trust

to the Financial Statements (Unaudited)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Realized gain on platinum distributed for the redemption of Shares

Transfers of platinum to pay expenses

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

Change in unrealized gain on investment in platinum

Realized gain on platinum transferred to pay expenses

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

Closing balance

Platinum ETF Trust

Notes to the Financial Statements

June 30, 2025

June 30, 2024

September 30, 2025

September 30, 2024

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

1 unchanged sentence

Opening balance

( 227,856.0 )

( 110,040.7 )

Transfers of platinum to pay expenses

2 unchanged sentences

Opening balance

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

Change in unrealized gain on investment in platinum

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

Closing balance

/ Realized Gains / Losses

Expenses / 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.

Trust will transfer platinum to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60 %

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

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly

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

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

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

the three months ended June 30, 2025 and 2024, the Sponsor’s Fee was $ 1,825,265 and $ 1,534,625 , respectively.

For the six months ended June 30, 2025 and 2024, the Sponsor’s Fee was $ 3,386,777 and $ 2,912,290 , respectively.

30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 786,416 and $ 518,692 , respectively.

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.

Platinum ETF Trust

Notes to the Financial Statements

to the Financial Statements (Unaudited)

the three months ended September 30, 2025 and 2024, the Sponsor’s Fee was $ 2,525,979 and $ 1,485,499 , respectively.

nine months ended September 30, 2025 and 2024, the Sponsor’s Fee was $ 5,912,756 and $ 4,397,789 , respectively.

September 30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 923,185 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,

3 unchanged sentences

other than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and six months ended June

Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended September

30, 2025 and 2024.

11 unchanged sentences

date basis as the difference between the fair value and average cost of platinum transferred.

Segment Reporting

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”)

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.

14 unchanged sentences

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

Subsequent Events

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

2 unchanged sentences

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.

1 unchanged sentence

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

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.

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.

Platinum ETF Trust

Notes to the Financial Statements

Concentration

to the Financial Statements (Unaudited)

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

6 unchanged sentences

or financial events and situations, including tariffs, sanctions, and other restrictions on trade.

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

7 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements