abrdn Platinum ETF Trust 10-Q

Item 1. Financial Statements Statements of Assets and Liabilities At September 30, 2025 (Unaudited) and December 31, 2024 September 30, 2025 December 31, 2024 (Amounts in 000’s of US$, except for Share and per Share data) ASSETS Investment in platinum (cost: September 30, 2025: $ 1,289,926 ; December 31, 2024: $ 1,074,183 ) $ 1,937,374 $ 1,019,466 Platinum receivable 21,437 — Total assets 1,958,811 1,019,466 LIABILITIES Fees payable to Sponsor 923 519 Total liabilities 923 519 NET ASSETS (1) $ 1,957,888 $ 1,018,947 (1) Authorized share capital is Unlimited with no par value per Share. 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. See Notes to the Financial Statements 1 abrdn Platinum ETF Trust Schedules of Investments At September 30, 2025 (Unaudited) and December 31, 2024 September 30, 2025 Description oz Cost Fair Value % of Net Assets Investment in platinum (in 000’s of US$, except for oz and percentage data) Platinum 1,233,210.9 $ 1,289,926 $ 1,937,374 98.95 % Total investment in platinum 1,233,210.9 $ 1,289,926 $ 1,937,374 98.95 % Other assets less liabilities 20,514 1.05 % Net Assets $ 1,957,888 100.00 % December 31, 2024 Description oz Cost Fair Value % of Net Assets Investment in platinum (in 000’s of US$, except for oz and percentage data) Platinum 1,115,390.0 $ 1,074,183 $ 1,019,466 100.05 % Total investment in platinum 1,115,390.0 $ 1,074,183 $ 1,019,466 100.05 % Less liabilities ( 519 ) ( 0.05 )% Net Assets $ 1,018,947 100.00 % See Notes to the Financial Statements 2 abrdn Platinum ETF Trust Statements of Operations (Unaudited) For the three and nine months ended September 30, 2025 and 2024 Three Months Ended September 30, 2025 Three Months Ended 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) EXPENSES Sponsor’s Fee $ 2,526 $ 1,486 $ 5,913 $ 4,398 Total expenses 2,526 1,486 5,913 4,398 Net investment loss ( 2,526 ) ( 1,486 ) ( 5,913 ) ( 4,398 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized gain / (loss) on platinum transferred to pay expenses 587 16 589 ( 30 ) Realized gain / (loss) on platinum distributed for the redemption of Shares 50,848 262 49,692 ( 85 ) Change in unrealized gain / (loss) on investment in platinum 210,463 ( 27,213 ) 702,165 ( 9,833 ) Total gain/(loss) on investment in platinum 261,898 ( 26,935 ) 752,446 ( 9,948 ) Change in net assets from operations $ 259,372 $ ( 28,421 ) $ 746,533 $ ( 14,346 ) Net increase / (decrease) in net assets per Share $ 19.77 $ ( 2.55 ) $ 60.55 $ ( 1.29 ) Weighted average number of Shares 13,120,109 11,139,674 12,329,304 11,150,730 See Notes to the Financial Statements 3 abrdn Platinum ETF Trust Statements of Changes in Net Assets (Unaudited) For 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) Shares Amount Shares Amount Opening balance 13,150,000 $ 1,617,370 11,100,000 $ 1,029,588 Net investment loss ( 2,526 ) ( 1,486 ) Realized gain on investment in platinum 51,435 278 Change in unrealized gain/(loss) on investment in platinum 210,463 ( 27,213 ) Creations 2,050,000 269,145 400,000 34,905 Redemptions ( 1,500,000 ) ( 187,999 ) ( 400,000 ) ( 35,468 ) Closing balance 13,700,000 $ 1,957,888 11,100,000 $ 1,000,604 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (Amounts in 000’s of US$, except for Share data) Shares Amount Shares Amount Opening balance 12,200,000 $ 1,018,947 10,850,000 $ 997,446 Net investment loss ( 5,913 ) ( 4,398 ) Realized gain / (loss) on investment in platinum 50,281 ( 115 ) Change in unrealized gain/(loss) on investment in platinum 702,165 ( 9,833 ) Creations 4,000,000 467,190 1,450,000 123,300 Redemptions ( 2,500,000 ) ( 274,782 ) ( 1,200,000 ) ( 105,796 ) Closing balance 13,700,000 $ 1,957,888 11,100,000 $ 1,000,604 See Notes to the Financial Statements 4 abrdn Platinum ETF Trust Financial Highlights (Unaudited) For the three and nine months ended September 30, 2025 and 2024 Three Months Ended September 30, 2025 Three Months Ended 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) Net asset value per Share at beginning of period $ 122.99 $ 92.76 $ 83.52 $ 91.93 Income from investment operations: Net investment loss ( 0.19 ) ( 0.13 ) ( 0.48 ) ( 0.39 ) Total realized and unrealized gains or losses on investment in platinum 20.11 ( 2.49 ) 59.87 ( 1.40 ) Change in net assets from operations 19.92 ( 2.62 ) 59.39 ( 1.79 ) Net asset value per Share at end of period $ 142.91 $ 90.14 $ 142.91 $ 90.14 Weighted average number of Shares 13,120,109 11,139,674 12,329,304 11,150,730 Expense ratio (1) 0.60 % 0.60 % 0.60 % 0.60 % Net investment loss ratio (1) ( 0.60 )% ( 0.60 )% ( 0.60 )% ( 0.60 )% Total return, net asset value (2) 16.20 % ( 2.82 )% 71.11 % ( 1.95 )% (1) Annualized for periods less than one year. (2) Total return is not annualized. See Notes to the Financial Statements 5 abrdn Platinum ETF Trust Notes to the Financial Statements (Unaudited) 1. Organization 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”) 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. The 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. The fiscal 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, 2025, 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, 2024. 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. 2. 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. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. 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 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. 2.2. Valuation of Platinum The 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. 6 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 (the “Custodian” or “ICBC”), providing for the custody of the Trust’s platinum. Effective August 8, 2024, JPMorgan Chase Bank N.A. no longer serves as a custodian of the Trust’s platinum. At September 30, 2025, all of the Trust’s platinum was held at ICBC. At 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. 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. 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 a.m. 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 Statements of Operations. The 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. 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: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. 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. – Level 3. 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. 7 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: (Amounts in 000’s of US$) September 30, 2025 December 31, 2024 Level 1 Investment in platinum $ 1,937,374 $ 1,019,466 There were no transfers between levels during the nine months ended September 30, 2025 or the year ended December 31, 2024. 2.3. 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 two business days of the trade date. 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. 2.4. Creations and Redemptions of Shares 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; (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. 8 abrdn Platinum ETF Trust Notes to the Financial Statements (Unaudited) 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. 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 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. 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’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. 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. 2.5. Income Taxes The 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. 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, 2025 or December 31, 2024. 2.6. Investment in Platinum Changes in ounces of platinum and their respective values for the three and nine months ended September 30, 2025 and 2024 are set out below: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (Amounts in 000’s of US$, except for ounces data) Ounces of platinum Opening balance 1,198,634.3 1,017,890.3 Creations 172,939.4 36,631.1 Redemptions ( 136,556.9 ) ( 36,625.6 ) Transfers of platinum to pay expenses ( 1,805.9 ) ( 1,551.4 ) Closing balance 1,233,210.9 1,016,344.4 Investment in platinum Opening balance $ 1,618,156 $ 1,030,105 Creations 247,708 34,905 9 abrdn Platinum ETF Trust Notes to the Financial Statements (Unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Redemptions ( 187,997 ) ( 35,468 ) Realized gain on platinum distributed for the redemption of Shares 50,848 262 Transfers of platinum to pay expenses ( 2,391 ) ( 1,508 ) Realized gain on platinum transferred to pay expenses 587 16 Change in unrealized gain / (loss) on investment in platinum 210,463 ( 27,213 ) Closing balance $ 1,937,374 $ 1,001,099 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (Amounts in 000’s of US$, except for ounces data) Ounces of platinum Opening balance 1,115,390.0 997,955.2 Creations 350,714.0 133,043.8 Redemptions ( 227,856.0 ) ( 110,040.7 ) Transfers of platinum to pay expenses ( 5,037.1 ) ( 4,613.9 ) Closing balance 1,233,210.9 1,016,344.4 Investment in platinum Opening balance $ 1,019,466 $ 997,955 Creations 445,753 123,300 Redemptions ( 274,782 ) ( 105,796 ) Realized gain / (loss) on platinum distributed for the redemption of Shares 49,692 ( 85 ) Transfers of platinum to pay expenses ( 5,509 ) ( 4,412 ) Realized gain / (loss) on platinum transferred to pay expenses 589 ( 30 ) Change in unrealized gain / (loss) on investment in platinum 702,165 ( 9,833 ) Closing balance $ 1,937,374 $ 1,001,099 2.7. 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. 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. 10 abrdn Platinum ETF Trust Notes to the Financial Statements (Unaudited) For the three months ended September 30, 2025 and 2024, the Sponsor’s Fee was $ 2,525,979 and $ 1,485,499 , respectively. For the nine months ended September 30, 2025 and 2024, the Sponsor’s Fee was $ 5,912,756 and $ 4,397,789 , respectively. At September 30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 923,185 and $ 518,692 , 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 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 and nine months ended September 30, 2025 and 2024. 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. 2.8. Segment Reporting 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. 2.9. Subsequent Events In 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. 3. 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. 11 abrdn Platinum ETF Trust Notes to the Financial Statements (Unaudited) 4. 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; (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, 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. 5. 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. 12 abrdn Platinum ETF Trust