What changed in this filing

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Item 1. Business

2026-03-02 compared with 2025-02-28 · 570 added, 527 removed, 603 unchanged (65% of the section changed)

purpose of the abrdn Platinum ETF Trust (the “Trust”) is to own platinum transferred to the Trust in exchange

for shares issued by the Trust (“Shares”).

Each Share represents a fractional undivided beneficial interest in and

ownership of the Trust.

purpose of the abrdn Platinum ETF Trust (the “Trust”) is to own platinum transferred to the Trust in exchange for

shares issued by the Trust (“Shares”).

Each Share represents a fractional undivided beneficial interest in and ownership

of the Trust.

The assets of the Trust consist solely of platinum bullion.

The Trust was formed on December 30,

2009 when an initial deposit of platinum was made in exchange for the issuance of two Baskets (a “Basket” consists

of 50,000 Shares).

The Trust was formed on December 30, 2009 when an initial

deposit of platinum was made in exchange for the issuance of two Baskets (a “Basket” consists of 50,000 Shares).

sponsor of the Trust is abrdn ETFs Sponsor LLC (the “Sponsor”).

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The Trust has no directors, officers or employees.

does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of platinum.

The platinum held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the “Sponsor’s

Fee”), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on

an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its

assets, or (3) as otherwise required by law or regulation.

It does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price

The platinum held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the

“Sponsor’s Fee”), distributed to Authorized Participants (defined below) in connection with the redemption

of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust

terminates and liquidates its assets, or (3) as otherwise required by law or regulation.

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

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has no fixed termination date.

Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through which the registrant’s annual reports

on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or

15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably

practicable after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”).

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at www.sec.gov.

Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through

which the registrant’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed

or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made

available free of charge as soon as reasonably practicable after they have been filed or furnished to the Securities and Exchange

Commission (the “SEC”).

The SEC maintains an internet site that contains reports, proxy and information statements,

and other information regarding issuers that file electronically at www.sec.gov.

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 Shares are intended to constitute a simple and cost-effective means of making an investment similar

to an investment in physical platinum.

An investment in physical platinum requires expensive and sometimes complicated arrangements

in connection with the assay, transportation, warehousing and insurance of the metal.

Traditionally, such expense and complications

have resulted in investments in physical platinum being efficient only in amounts beyond the reach of many investors.

The Shares are intended to constitute a simple and cost-effective means of making an investment

similar to an investment in physical platinum.

An investment in physical platinum requires expensive and sometimes

complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal.

Traditionally,

such expense and complications have resulted in investments in physical platinum being efficient only in amounts beyond the

reach of many investors.

Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit

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Accessible and Relatively Cost Effective .

Investors can access the platinum bullion market through a traditional

brokerage account.

The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset

allocation strategies that use platinum bullion by using the Shares instead of using the traditional means of purchasing,

trading and holding platinum bullion and for many investors, transaction costs related to the Shares will be lower than those

associated with the purchase, storage and insurance of physical platinum bullion.

Investors can access the platinum bullion market through a traditional brokerage

The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation

strategies that use platinum bullion by using the Shares instead of using the traditional means of purchasing, trading and holding

platinum bullion and for many investors, transaction costs related to the Shares will be lower than those associated with the

purchase, storage and insurance of physical platinum bullion.

Traded and Transparent.

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website daily.

● Minimal Credit Risk .

The Shares represent an interest in physical platinum owned by the Trust (other than an amount

held in unallocated form which is not sufficient to make up a whole plate of which is held temporarily to effect a creation

or redemption of Shares).

Physical platinum of the Trust in the Custodian’s possession is not subject to borrowing

arrangements with third parties.

Other than the platinum temporarily being held in an unallocated platinum account with

the Custodian, the physical platinum of the Trust is not subject to counterparty or credit risks.

See “Risk Factors—Platinum

held in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account

is not segregated from the Custodian’s assets...” This contrasts with most other financial products that gain

exposure to platinum through the use of derivatives that are subject to counterparty and credit risks.

Credit Risk .

The Shares represent an interest in physical platinum owned by the Trust (other than an amount held in unallocated

form which is not sufficient to make up a whole plate of which is held temporarily to effect a creation or redemption of Shares).

Physical platinum of the Trust in the Custodian’s possession is not subject to borrowing arrangements with third parties.

Other than the platinum temporarily being held in an unallocated platinum account with the Custodian, the physical platinum of

the Trust is not subject to counterparty or credit risks.

See “Risk Factors—Platinum held in the Trust’s

unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s

assets...” This contrasts with most other financial products that gain exposure to platinum through the use of derivatives

that are subject to counterparty and credit risks.

in the Shares does not insulate the investor from certain risks, including price volatility.

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this annual report, the term “ounces” refers to troy ounces.

Platinum Group

and palladium are the two best known metals of the six platinum group metals (“PGMs”).

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the greatest economic importance and are found in the largest quantities.

The other four—iridium, rhodium, ruthenium and

osmium—are produced only as co-products of platinum and palladium.

PGMs are known for their purity, high melting points

and unique catalytic properties.

In addition to their oxidation and reduction properties, they are also extremely resistant to

The other four --iridium, rhodium, ruthenium and osmium

--are produced only as co-products of platinum and palladium.

PGMs are known for their purity, high melting points and unique

catalytic properties.

In addition to their oxidation and reduction properties, they are also extremely resistant to corrosion.

PGMs are utilized in a number of industrial processes, technologies and commercial applications.

Their unique chemical

and physical properties make PGMs an excellent raw material, catalyst and ingredient for manufacturing processes.

industrial products made with platinum and other PGMs include flat panel monitors, glass fiber, medical tools, computer hard drives,

nylon and razors, among others.

Their unique chemical and physical

properties make PGMs an excellent raw material, catalyst and ingredient for manufacturing processes.

Consumer and industrial products

made with platinum and other PGMs include flat panel monitors, glass fiber, medical tools, computer hard drives, nylon and razors,

among others.

PGMs play a critical role in autocatalysis and pollution control in the automotive sector.

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States, Russia and other locations.

South Africa is the world’s leading platinum producer and one of the largest palladium

South Africa is the world’s leading platinum producer and one of the largest palladium producers.

Russia is the second largest producer of platinum.

All of South Africa’s production is sourced from the Bushveld

Igneous Complex, which hosts the world’s largest resource of PGMs.

Together, South Africa and Russia accounted for over

83% of platinum supply in 2023.

All of South Africa’s production is sourced from the Bushveld Igneous Complex,

which hosts the world’s largest resource of PGMs.

Together, South Africa and Russia accounted for over 83% of platinum supply

Platinum Supply and Demand 2015-2024

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based on information reported by Johnson Matthey, PGM Market Reports (2015 – 2025).

Information for the year ended 2025 is not available as of the date of this report.

(thousands of ounces)

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Movements in Stocks

Johnson Matthey PGM Market Report (2015-2024).

Primary supply:

Supply figures represent sales of primary

PGM by producers and are allocated to the region where mining took place, rather than the region of subsequent processing.

Secondary supply:

Secondary supply is the quantity of

metal recovered from open-loop recycling (i.e.

where the original purchaser does not retain ownership of the PGM).

Outside the automotive,

jewelry and electronics markets, open-loop recycling is negligible.

Automotive recycling represents the weight of metal recovered

from end-of-life vehicles and aftermarket scrap.

It does not include warranty or production scrap.

Demand figures for any given application represent

the sum of industry demand for new metal in that application, net of any closed-loop recycling (i.e.

where industry participants retain

ownership of the metal:

an example would be recycling of spent chemical catalysts where the metal is retained to be used on fresh catalyst

that replaces the spent charge).

Automotive demand is allocated to the region where the

vehicle is manufactured and is accounted for at the time of vehicle production.

It includes emissions catalysts on vehicles, motorcycles

and three-wheelers, as well as fuel cell vehicles.

Non-road mobile machinery is counted as industrial demand, in the pollution control

Jewelry demand is allocated to the region where the finished

jewelry is manufactured, not sold.

Movements in stocks:

This figure gives the overall market

balance in any one year and reflects the extent of stocks that must be mobilized to balance the market in that year.

It is thus a proxy

for changes in stocks held by fabricators, dealers, banks and depositories, but excludes stocks held by primary and secondary refiners

and final consumers.

A positive figure (market surplus) thus reflects an increase in global market stocks.

A negative value (market deficit)

indicates a decrease in global market stocks.

Johnson Matthey PGM Market Reports (2015 - 2025).

Supply figures represent sales of primary PGM by producers and are allocated to the region where mining took place, rather

than the region of subsequent processing.

Secondary supply is the quantity of metal recovered from open-loop recycling (i.e.

where the original purchaser does not

retain ownership of the PGM).

Outside the automotive, jewelry and electronics markets, open-loop recycling is negligible.

recycling represents the weight of metal recovered from end-of-life vehicles and aftermarket scrap.

It does not include warranty

or production scrap.

Demand figures for any given application represent the sum of industry demand for new metal in that application, net of any closed-loop

recycling (i.e.

where industry participants retain ownership of the metal:

an example would be recycling of spent chemical catalysts

where the metal is retained to be used on fresh catalyst that replaces the spent charge).

demand is allocated to the region where the vehicle is manufactured and is accounted for at the time of vehicle production.

includes emissions catalysts on vehicles, motorcycles and three-wheelers, as well as fuel cell vehicles.

Non-road mobile machinery

is counted as industrial demand, in the pollution control category.

demand is allocated to the region where the finished jewelry is manufactured, not sold.

This figure gives the overall market balance in any one year and reflects the extent of stocks that must be mobilized

to balance the market in that year.

It is thus a proxy for changes in stocks held by fabricators, dealers, banks and depositories,

but excludes stocks held by primary and secondary refiners and final consumers.

A positive figure (market surplus) thus reflects

an increase in global market stocks.

A negative value (market deficit) indicates a decrease in global market stocks.

following are some of the main characteristics of the platinum market illustrated by the table:

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Russia is the second largest supplier of platinum.

Its share of world mine production has averaged around 11.7% of total mine supply

over the past ten years ended 2023.

Its share of world mine production has averaged around 11.4% of total mine

supply over the past ten years ended 2024.

Scrap supply from recycling of autocatalyst and other sources have accounted for about

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the ten years ended December 2024, jewelry demand for platinum peaked at approximately 33% of total demand in 2015.

Jewelry demand has

since declined to 18% total demand in 2023, following a consistent downward trend.

Automotive demand for platinum, which accounted for

around 36% of total demand at the end of 2014, has increased to roughly 44% of total demand as of the end of 2023.

Following two consecutive

years of growth, investment demand fell from a high of 14% in 2020 into negative territory in 2022 at (9%) but improved to 1% in 2023.

Pollution control demand, which captures the production demand of non-road vehicles such as agricultural equipment and industrial machinery

as well as small engines and stationary source emissions controls in factories that use technology that is similar to autocatalysts,

increased to 4% of total demand in 2023.

Jewelry demand

has since declined to 17% of total demand in 2024, following a consistent downward trend.

Automotive demand for platinum, which

accounted for around 40% of total demand at the end of 2015, has increased to roughly 43% of total demand as of the end of 2024.

Following two consecutive years of growth, investment demand fell from a high of 15% in 2020 into negative territory in 2022 at

(7%) but improved to 7% in 2024.

Pollution control demand, which captures the production demand of non-road vehicles such as agricultural

equipment and industrial machinery as well as small engines and stationary source emissions controls in factories that use technology

that is similar to autocatalysts, decreased to 3% in 2024 after increasing to 4% of total demand in 2023.

Chart of the Price of Platinum

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in the price of platinum in the past are not a reliable indicator of future movements.

The following chart illustrates the

movements in the price of an ounce of platinum in U.S.

Dollars from December 31, 2014 to December 31, 2024 and is based on information provided by Bloomberg:

Bloomberg, abrdn.

The following chart illustrates the movements

in the price of an ounce of platinum in U.S.

Dollars from December 31, 2015 to December 31, 2025 and is based on information provided

by Bloomberg:

Bloomberg, Aberdeen.

Chart data from 12/31/2015 to 12/31/2025.

Spo Platinum Price = PLTMLNPM Index.

The following is a discussion of the movements in the price of platinum illustrated by the table:

2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for more than 72% of the world’s

supply of platinum.

A strike at one of South Africa’s biggest platinum mines caused the price of platinum to rise from $1,387

to $1,709 per ounce in August 2012.

At the beginning of 2013, Anglo American Platinum, the world’s biggest producer of the

metal, announced its intention to close four mine shafts and its consideration of selling another mine complex as part of a radical

overhaul of its South African operations.

This statement prompted a strong reaction on platinum prices, which rose from $1,656

to $1,736 per ounce in the days following the announcement, on fears of a further tightening in platinum supply.

However, platinum’s

correlation to gold weighed on platinum prices in 2013 overall.

Prolonged strikes at South African mines in 2014 led to the deepest

supply deficit in platinum since 1975 (the earliest date we have supply and demand data).

However, that failed to arrest the price

slide which saw prices fall 11% in 2014, highlighting the extent of negative sentiment towards industrially-exposed precious metals.

Despite autocatalyst demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism

about the future demand for platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts.

Further pessimistic

outlook for South Africa’s economy and its currency the South African Rand weighed on platinum prices throughout 2017, and

platinum continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising

Spot Platinum Price = PLTMLNPM Index.

following is a discussion of the movements in the price of platinum illustrated by the table:

2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for more than 72% of the

world’s supply of platinum.

A strike at one of South Africa’s biggest platinum mines caused the price of platinum

to rise from $1,387 to $1,709 per ounce in August 2012.

At the beginning of 2013, Anglo American Platinum, the world’s

biggest producer of the metal, announced its intention to close four mine shafts and its consideration of selling another

mine complex as part of a radical overhaul of its South African operations.

This statement prompted a strong reaction on

platinum prices, which rose from $1,656 to $1,736 per ounce in the days following the announcement, on fears of a further

tightening in platinum supply.

However, platinum’s correlation to gold weighed on platinum prices in 2013 overall.

Prolonged strikes at South African mines in 2014 led to the deepest supply deficit in platinum since 1975 (the earliest date

we have supply and demand data).

However, that failed to arrest the price slide which saw prices fall 11% in 2014,

highlighting the extent of negative sentiment towards industrially-exposed precious metals.

Despite autocatalyst demand for

platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism about the future demand for

platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts.

Further pessimistic outlook for South

Africa’s economy and its currency the South African Rand weighed on platinum prices throughout 2017, and platinum

continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising mine

Platinum prices bounced back, rising 19.9% to $952 per ounce at the end of 2019.

After seeing the price fall as low

as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce.

climb in palladium price has led some investors to conclude that platinum appears under-valued, in view of its potential to substitute

for palladium in automotive applications in the future.

Additionally, the outlook for mining in South Africa is increasingly uncertain,

with producers facing steep increases in electricity prices, periodic disruption to power supplies and a risk of industrial action

during anticipated wage negotiations.

In 2021, platinum took a back seat to risky assets, similarly to other precious metals,

as it returned -10% (as of December 31, 2021).

Follow through from auto production disruptions during the pandemic were a major

contributor to the price performance in 2021.

The price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russia’s

invasion of Ukraine and the threat of sanctions on Russian exports, including platinum, pushed prices higher.

However, while other

precious metals (gold, silver, palladium) saw prices fluctuate throughout the year, platinum’s volatility was much more

pronounced within the first quarter of 2022, as the price fell roughly 15% by March 31, 2022, to close the first quarter at $983

Aggressive interest rate hikes by the U.S.

After seeing the price fall as

low as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce.

steep climb in palladium price has led some investors to conclude that platinum appears under-valued, in view of its

potential to substitute for palladium in automotive applications in the future.

Additionally, the outlook for mining in South

Africa is increasingly uncertain, with producers facing steep increases in electricity prices, periodic disruption to power

supplies and a risk of industrial action during anticipated wage negotiations.

In 2021, platinum took a back seat to risky

assets, similarly to other precious metals, as it returned -10% (as of December 31, 2021).

Follow through from auto

production disruptions during the pandemic were a major contributor to the price performance in 2021.

The price of platinum

reached as high as $1,151 per ounce on March 8, 2022, as Russia’s invasion of Ukraine and the threat of sanctions on

Russian exports, including platinum, pushed prices higher.

However, while other precious metals (gold, silver, palladium) saw

prices fluctuate throughout the year, platinum’s volatility was much more pronounced within the first quarter of 2022,

as the price fell roughly 15% by March 31, 2022, to close the first quarter at $983 per ounce.

Aggressive interest rate hikes

Federal Reserve, a strong U.S.

Dollar and risks of diminishing global economic

growth exerted additional pressure on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022.

the end of 2022, increasing autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical

market tightness, despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December

Dollar and risks of diminishing global economic growth exerted additional pressure

on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022.

Through the end of 2022, increasing

autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical market tightness,

despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December 31, 2022

to $1,031 per ounce.

2023, a decrease in platinum production in South Africa, the world’s leading producer, has continued to impact global supply (see

“World Platinum Supply and Demand in 2023” above for additional discussion).

While industry analysis groups see potential

for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over the course

of the year as the market remains well supplied pulling from existing above ground stockpiles.

Despite a positive outlook at the

beginning of the year, fueled by China’s loosening of Covid-related restrictions, that drove the price as high as $1,128

per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall as low

as $850 per ounce on November 13, 2023.

While an end-of-year rally saw the price of platinum increase roughly 18% off the yearly

low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.

In 2024, mining production in South Africa has continued to impact global supply, as the country experiences some remaining power supply

disruptions, although at a far lower pace than in 2023.

Political instability, inflation and volatile market prices have compressed profit margins and subsequently led to a decrease in expected supply from the world's leading producer.

As a result, platinum

markets remained volatile throughout the year while prices have not responded to the existing supply side deficit as above ground stocks

are being worked through.

An increase in expected automotive demand provided some tailwinds during the first half of the year sent the

spot price of platinum as high as $1,065 per ounce on May 17, 2024.

However, the lackluster Chinese economic rebound and disappointing

level of stimulus turned to headwinds as the price retreated to $910 per ounce.

The risk of additional sanctions on Russian metal exports

in October provided some temporary price support, however market fears over supply restrictions quickly dissipated, and prices retreated

Headwinds grew as the US election resulted in an increased potential of tariffs that are large enough to slow global economic

growth and the spot price of platinum ended the year down -8.6%, at $914 per ounce.

2023, a decrease in platinum production in South Africa, the world’s leading producer, has continued to impact global supply

(see “World Platinum Supply and Demand in 2023” above for additional discussion).

While industry analysis groups see

potential for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over

the course of the year as the market remains well supplied pulling from existing above ground stockpiles.

Despite a positive outlook

at the beginning of the year, fueled by China’s loosening of Covid-related restrictions, that drove the price as high as

$1,128 per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall

as low as $850 per ounce on November 13, 2023.

While an end-of-year rally saw the price of platinum increase roughly 18% off the

yearly low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.

2024, mining production in South Africa has continued to impact global supply, as the country experiences some remaining power

supply disruptions, although at a far lower pace than in 2023.

Political instability, inflation and volatile market prices have

compressed profit margins and subsequently led to a decrease in expected supply from the world’s leading producer.

platinum markets remained volatile throughout the year while prices have not responded to the existing supply side deficit as

above ground stocks are being worked through.

An increase in expected automotive demand provided some tailwinds during the first

half of the year sent the spot price of platinum as high as $1,065 per ounce on May 17, 2024.

However, the lackluster Chinese

economic rebound and disappointing level of stimulus turned to headwinds as the price retreated to $910 per ounce.

additional sanctions on Russian metal exports in October provided some temporary price support, however market fears over supply

restrictions quickly dissipated, and prices retreated once more.

Headwinds grew as the US election resulted in an increased potential

of tariffs that are large enough to slow global economic growth and the spot price of platinum ended the year down -8.6%, at $914

2025, platinum experienced its strongest rally in years as persistent supply deficits, elevated trading activity and geopolitical

tensions drove prices sharply higher.

While tightening emission standards in China and India supported Industrial Demand from

the automotive industry, the larger trend this year has been from Chinese jewelry demand.

The Chinese and Indian public are significant

however, they are price sensitive and given capital restrictions, jewelry in China is also an investment - and not

just jewelry.

During London Platinum Week, in mid-May, compelling evidence emerged that the Chinese consumer had begun to revert

to platinum jewelry from gold and the spot price of Platinum subsequently rallied from $986 per ounce on May 16, 2025, to $1474

per ounce on July 18, 2025.

Platinum traded in a tighter range between July and mid-September, before U.S.

tariff uncertainty

and heavy buying from China and the U.S.

amplified market tightness, driving the price into a range of $1,500 - $1,600 per ounce,

where it would remain towards the end of November.

However, on November 27th, 2025, the Guangzhou Futures Exchange launched a

new futures contract on Platinum, further boosting optimism about Chinese demand.

Speculative positioning intensified through

the end of the year, sending prices to a 17 year high and lifting platinum to $2,226 per ounce before ending the year at $2,027

on December 31, 2025 (+121.8%).

of the Platinum Market

global trade in platinum consists of Over-the-Counter (“OTC”) transactions in spot, forwards, and options and

other derivatives, together with exchange-traded futures and options.

global trade in platinum consists of Over-the-Counter (“OTC”) transactions in spot, forwards, and options and other

derivatives, together with exchange-traded futures and options.

Over-The-Counter Market

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in the electronic LBMA Platinum Price PM (as described below) process administered by the London Metal Exchange (“LME”).

market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.

dealers customize transactions to meet clients’ requirements.

The OTC market has no formal structure and no open outcry

meeting place.

The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.

Bullion dealers customize transactions to meet clients’ requirements.

The OTC market has no formal structure and no open

outcry meeting place.

main centers of the OTC market for platinum are London, New York, Hong Kong and Zurich.

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The period of greatest liquidity in the platinum market generally occurs at the time of day when trading in the European time

zones overlaps with trading in the United States, which is when OTC market trading in London, New York, and other centers

coincides with futures and options trading on the Commodity Exchange, Inc.

(“COMEX”), a designated contract market

within the CME Group.

zones overlaps with trading in the United States, which is when OTC market trading in London, New York, and other centers coincides

with futures and options trading on the Commodity Exchange, Inc.

(“COMEX”), a designated contract market within the

This period lasts for approximately four hours each New York business day morning.

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Zurich and London Platinum Bullion Markets

Although the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through London and Zurich.

In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators.

A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the London/Zurich Good Delivery Lists, which are the lists of LPPM accredited refiners of platinum.

The LPPM also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.

Platinum is traded generally on a loco London or loco Zurich basis, meaning the precious metal is physically held in vaults in London or Zurich or is transferred into accounts established in London or Zurich.

Delivery of the platinum can either be by physical delivery or through the clearing systems to an unallocated account.

the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through

London and Zurich.

In addition to coordinating market activities, the LPPM acts as the principal point of contact between the

market and its regulators.

A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance

of the “London/Zurich Good Delivery Lists,” which are the lists of LPPM accredited refiners of platinum.

also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.

is traded generally on a “loco London” or “loco Zurich” basis, meaning the precious metal is physically

held in vaults in London or Zurich or is transferred into accounts established in London or Zurich.

Delivery of the platinum can

either be by physical delivery or through the clearing systems to an unallocated account.

unit of trade in London and Zurich is the troy ounce, whose conversion between grams is:

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conducted over the phone and through electronic dealing systems.

December 1, 2014, the LME has been administering the operation of an electronic platinum bullion 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.

The LME’s electronic price fixing processes, 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.

December 1, 2014, the LME has been administering the operation of an electronic platinum bullion 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.

The LME’s electronic price fixing

processes, 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

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

In addition to utilizing the same London platinum fix standards and methods, the LME also supervises the platinum

electronic price fixing processes through its market operations, compliance, internal audit and third-party complaint handling

capabilities in order to support the integrity of the LBMA Platinum Price PM.

The LME, in administering LMEbullion, uses a pricing methodology

that meets the administrative and regulatory needs of platinum market participants, including the International Organization of

Securities Commission’s (IOSCO) Principles for Financial Benchmarks, (the “IOSCO Principles”).

during London trading hours the LBMA Platinum Price AM and the LBMA Platinum Price PM each provide reference platinum prices for that day’s trading.

Many long-term contracts will be priced on the basis of either the LBMA Platinum Price AM or the LBMA Platinum Price PM, and market participants will

usually refer to one or the other of these prices when looking for a basis for valuations.

The Trust values its platinum on the

basis of the LBMA Platinum Price PM.

If on a day when the Trusts NAV is being calculated, the LBMA Platinum Price PM is not available or has not been announced by 4:00 p.m.

New York time, 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 Trusts platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.

In addition to utilizing the same London platinum fix standards

and methods, the LME also supervises the platinum electronic price fixing processes through its market operations, compliance,

internal audit and third-party complaint handling capabilities in order to support the integrity of the LBMA Platinum Price PM.

LME, in administering LMEbullion, uses a pricing methodology that meets the administrative and regulatory needs of platinum market

participants, including the International Organization of Securities Commission’s (IOSCO) Principles for Financial Benchmarks,

(the “IOSCO Principles”).

In January 2026, the LBMA announced that it intends to appoint ICE Benchmark Administration (“IBA”) to replace the LME as the third-party

administrator of the LBMA Platinum and Palladium prices in mid-2026.

during London trading hours the LBMA Platinum Price AM and the LBMA Platinum Price PM each provide reference platinum prices for

that day’s trading.

Many long-term contracts will be priced on the basis of either the LBMA Platinum Price AM or the LBMA

Platinum Price PM, and market participants will usually refer to one or the other of these prices when looking for a basis for

The Trust values its platinum on the basis of the LBMA Platinum Price PM.

If on a day when the Trust’s NAV is

being calculated, the LBMA Platinum Price PM is not available or has not been announced by 4:00 p.m.

New York time, 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.

participation in the LBMA Platinum Price PM is limited to participating LPPM members.

Five LPPM members are currently participating in establishing

the LBMA Platinum Price PM (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey plc and BASF Metals Ltd.).

Any other market participant wishing to participate in the trading on the LBMA Platinum Price PM is required to do so through one of the participating

LPPM members.

Six LPPM members are currently participating

in establishing the LBMA Platinum Price PM (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey

plc, StoneX Financial Ltd and BASF Metals Ltd.).

Any other market participant wishing to participate in the trading on the LBMA Platinum Price PM is

required to do so through one of the participating LPPM members.

are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then

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Nevertheless, the LBMA Platinum Price PM has several advantages over the previous London platinum fix.

The LME’s electronic

price fixing processes are intended to be transparent.

The LME asserts that its electronic price fixing processes are fully auditable

by third parties since an audit trail exists from the beginning of each fixing session.

The LME also asserts that the market operation,

compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity of the LBMA Platinum Price PM.

electronic price fixing processes are intended to be transparent.

The LME asserts that its electronic price fixing processes are

fully auditable by third parties since an audit trail exists from the beginning of each fixing session.

The LME also asserts that

the market operation, compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity

of the LBMA Platinum Price PM.

December 1, 2014, the Sponsor determined that the London platinum fix, which has been revised based on the new LME method and

is now known as the LBMA Platinum Price (PM), which we refer to herein as the LBMA Platinum Price PM, is an appropriate basis for valuing

platinum bullion received upon purchase of the Trust’s Shares, delivered upon redemption of the Trust’s Shares and

for determining the value of the Trust’s platinum bullion each trading day.

The Sponsor also determined that the LME PM Fix fairly represents the commercial value of platinum bullion held by the Trust and the Benchmark Price (as defined in Trust Agreement) as of any day is such days LBMA Platinum Price PM or such days LBMA Platinum Price AM if such days LBMA Platinum Price PM is not available.

is now known as the LBMA Platinum Price (PM), which we refer to herein as the LBMA Platinum Price PM, is an appropriate basis

for valuing platinum bullion received upon purchase of the Trust’s Shares, delivered upon redemption of the Trust’s

Shares and for determining the value of the Trust’s platinum bullion each trading day.

The Sponsor also determined that

the LME PM Fix fairly represents the commercial value of platinum bullion held by the Trust and the “Benchmark Price”

(as defined in Trust Agreement) as of any day is such day’s LBMA Platinum Price PM or such day’s LBMA Platinum Price

AM if such day’s LBMA Platinum Price PM is not available.

of December 1, 2014, the LPPFCL transferred ownership of the historic and future intellectual property of the twice daily “fix”

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Commodity Exchange, Inc.

The COMEX is the largest exchange in the world for trading precious metals futures

and options and launched platinum futures in 1956, followed with options in 1990.

The TOCOM has been trading platinum since 1984.

Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options contracts traded.

The COMEX is the largest exchange in the world for trading precious metals

futures and options and launched platinum futures in 1956, followed with options in 1990.

The TOCOM has been trading platinum

Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options

contracts traded.

Trading costs are negotiable.

As a matter of practice, only a small percentage of the futures market turnover ever comes to physical

delivery of the platinum represented by the contracts traded.

Both exchanges permit trading on margin.

Margin trading can add

to the speculative risk involved given the potential for margin calls if the price moves against the contract holder.

trades platinum futures almost continuously (with one short break in the evening) through its CME Globex electronic trading system

and clears through its central clearing system.

On June 6, 2003, the TOCOM adopted a similar clearing system.

In each case, the

exchange acts as a counterparty for each member for clearing purposes.

As a matter of practice, only a small percentage of the futures market

turnover ever comes to physical delivery of the platinum represented by the contracts traded.

Both exchanges permit trading

Margin trading can add to the speculative risk involved given the potential for margin calls if the price moves

against the contract holder.

The COMEX trades platinum futures almost continuously (with one short break in the evening)

through its CME Globex electronic trading system and clears through its central clearing system.

On June 6, 2003, the TOCOM

adopted a similar clearing system.

In each case, the exchange acts as a counterparty for each member for clearing

global platinum markets are overseen and regulated by both governmental and self-regulatory organizations.

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In the United Kingdom, responsibility

for the regulation of the financial market participants, including the major participating members of the LPPM falls under

the authority of the Financial Conduct Authority (“FCA”) as provided by the Financial Services and Markets

Act 2000 (“FSM Act”).

Under this act, all U.K.-based banks, together with other investment firms, are subject to a

range of requirements, including fitness and properness, capital adequacy, liquidity, and systems and controls.

for the regulation of the financial market participants, including the major participating members of the LPPM falls under the

authority of the Financial Conduct Authority (“FCA”) as provided by the Financial Services and Markets Act 2000 (“FSM

Under this act, all U.K.-based banks, together with other investment firms, are subject to a range of requirements,

including fitness and properness, capital adequacy, liquidity, and systems and controls.

FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products.

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Market Trading

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

the Trust’s expenses, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher relative

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

Trust’s expenses, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher relative

to their net asset value (the value of the Trust’s assets less its liabilities (“NAV”)) per Share.

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between the NYSE Arca, COMEX and the London and Zurich platinum markets.

While the Shares trade on the NYSE Arca until

4:00 PM New York time, liquidity in the global platinum market is reduced after the close of the COMEX at 1:30 PM New York

As a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.

While the Shares trade on the NYSE Arca until 4:00 PM

New York time, liquidity in the global platinum market is reduced after the close of the COMEX at 1:30 PM New York time.

result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.

of Platinum and Computation of Net Asset Value

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and the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s LBMA Platinum Price PM or, if no

LBMA Platinum Price PM is made on such day or has not been announced by the Evaluation Time, the LBMA Platinum Price AM announced on that

day will be used.

If neither price is available for that day, the Trust will value its palladium based on the most recently announced

LBMA Platinum Price PM or LBMA Platinum Price AM, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.

In the event the Sponsor determines that the applicable LBMA Platinum Price PM or such other publicly available price as the Sponsor may

deem fairly represents the commercial value of the Trust’s platinum is not an appropriate basis for evaluation of the Trust’s

platinum, it shall identify an alternative basis for such evaluation to be employed by the Trustee.

Neither the Trustee nor the Sponsor

shall be liable to any person for the determination that the LME PM Fix or such other publicly available price is not appropriate as a

basis for evaluation of the Trust’s platinum or for any determination as to the alternative basis for such evaluation provided that

such determination is made in good faith.

See “Operation of the Platinum Market—the Platinum Market”for a description

of the LBMA Platinum Price PM.

the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s LBMA Platinum Price PM or,

if no LBMA Platinum Price PM is made on such day or has not been announced by the Evaluation Time, the LBMA Platinum Price AM

announced on that day will be used.

If neither price is available for that day, the Trust will value its palladium based on the

most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM, unless the Sponsor determines that such price is inappropriate

as a basis for evaluation.

In the event the Sponsor determines that the applicable LBMA Platinum Price PM or such other publicly

available price as the Sponsor may deem fairly represents the commercial value of the Trust’s platinum is not an appropriate

basis for evaluation of the Trust’s platinum, it shall identify an alternative basis for such evaluation to be employed

by the Trustee.

Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or

such other publicly available price is not appropriate as a basis for evaluation of the Trust’s platinum or for any determination

as to the alternative basis for such evaluation provided that such determination is made in good faith.

See “Operation of

the Platinum Market—the Platinum Market”for a description of the LBMA Platinum Price PM.

the value of the platinum has been determined, the Trustee subtracts all estimated accrued fees (other than the fees accruing

for such day on which the valuation takes place which are computed by reference to the value of the Trust or its assets),

expenses and other liabilities of the Trust from the total value of the platinum and any other assets of the Trust.

The resulting figure is the ANAV of the Trust.

for such day on which the valuation takes place which are computed by reference to the value of the Trust or its assets), expenses

and other liabilities of the Trust from the total value of the platinum and any other assets of the Trust.

The resulting figure

is the ANAV of the Trust.

The ANAV of the Trust is used to compute the Sponsor’s Fee.

fees accruing for the day on which the valuation takes place which are computed by reference to the value of the Trust or

its assets are calculated using the ANAV calculated for such day.

The Trustee subtracts from the ANAV the amount of accrued fees

so computed for such day and the resulting figure is the NAV of the Trust.

The Trustee also determines the NAV per Share

by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes

the net number of any Shares created or redeemed on such evaluation day).

fees accruing for the day on which the valuation takes place which are computed by reference to the value of the Trust or its

assets are calculated using the ANAV calculated for such day.

The Trustee subtracts from the ANAV the amount of accrued fees so

computed for such day and the resulting figure is the NAV of the Trust.

The Trustee also determines the NAV per Share by dividing

the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net

number of any Shares created or redeemed on such evaluation day).

estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust

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Sponsor, The Depository Trust Company (“DTC”).

Authorized Participants, the Shareholders or any other person for errors in judgment.

However, the preceding liability

exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of

On May 23, 2024, the Sponsor entered into an Amendment (the Trust Amendment) to the Depositary Trust Agreement (the Trust Agreement) with the Trustee.

The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and directed by the Sponsor on behalf of the Trust:

(1) the amendment of the definition of Benchmark Price to mean, as of any day, (i) such days LBMA Platinum Price PM or such days LBMA Platinum Price AM if such days LBMA Platinum Price PM is not available;

or (ii) such other publicly available price which is reasonably available to the Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the commercial value of platinum held by the Trust and instructs the Trustee to use as the Benchmark Price;

(2) the deletion and replacement of the defined term for London PM Fix with the defined term LBMA Platinum Price PM, which means the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor administrator of the London [platinum price, at or about 2:00 p.m.

Authorized Participants, the Shareholders or any other person for errors

However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad

faith or gross negligence in the performance of its duties.

May 23, 2024, the Sponsor entered into an Amendment (the “Trust Amendment”) to the Depositary Trust Agreement (the

“Trust Agreement”) with the Trustee.

The Trust Amendment reflects the following changes, effective as of June 18,

2024, as approved and directed by the Sponsor on behalf of the Trust:

(1) the amendment of the definition of “Benchmark

Price” to mean, “as of any day, (i) such day’s LBMA Platinum Price PM or such day’s LBMA Platinum Price

AM if such day’s LBMA Platinum Price PM is not available;

or (ii) such other publicly available price which is reasonably

available to the Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the commercial value

of platinum held by the Trust and instructs the Trustee to use as the Benchmark Price”;

(2) the deletion and replacement

of the defined term for “London PM Fix” with the defined term “LBMA Platinum Price PM”, which means “the

price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected

by the LBMA, or any successor administrator of the London platinum price, at or about 2:00 p.m.

London, England time”;

and (3) the addition of the new definition for LBMA Platinum Price AM which means the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about 9:45 a.m.

and (3) the addition of the new definition for “LBMA Platinum Price AM” which means “the price of a troy ounce

of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any

successor administrator of the London platinum price, at or about 9:45 a.m.

London, England time.

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Accordingly, the amount

of platinum to be sold will vary from time to time depending on the level of the Trust’s expenses and the market price of platinum.

The Custodian is authorized to purchase from the Trust, at the request of the Trustee, platinum needed to cover Trust expenses

not assumed by the Sponsor at the price used by the Trustee to determine the value of the platinum held by the Trust on the date

of platinum to be sold will vary from time to time depending on the level of the Trust’s expenses and the market price of

The Custodian is authorized to purchase from the Trust, at the request of the Trustee, platinum needed to cover Trust

expenses not assumed by the Sponsor at the price used by the Trustee to determine the value of the platinum held by the Trust

on the date of the sale.

Sponsor’s Fee for the year ended December 31, 2025 was $9,189,166 (December 31, 2024:

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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 physical

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

of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of physical platinum

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

included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Participants are the only persons that may place orders to create and redeem Baskets.

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to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian

or a platinum clearing bank to establish an Authorized Participant Unallocated Account in London (Authorized Participant

Unallocated Bullion Account Agreement).

or a platinum clearing bank to establish an Authorized Participant Unallocated Account in London (Authorized Participant Unallocated

Bullion Account Agreement).

Authorized Participant Unallocated Accounts may only be used for transactions with the Trust.

Platinum held in Authorized Participant Unallocated Accounts is typically not segregated

from the Custodian’s or other platinum clearing bank’s assets, as a consequence of which an Authorized Participant

will have no proprietary interest in any specific plates or ingots of platinum held by the Custodian or the platinum

clearing bank.

Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodian’s or other platinum

clearing bank’s insolvency.

No fees will be charged by the Custodian for the use of the Authorized Participant Unallocated

Account as long as the Authorized Participant Unallocated Account is used solely for platinum transfers to and from the Trust

Unallocated Account and the Custodian (or one of its affiliates) receives compensation for maintaining the Trust Allocated Account.

Authorized Participants should be aware that the Custodian’s liability threshold under the Authorized Participant Unallocated

Bullion Account Agreement is generally gross negligence, not negligence, which is the Custodian’s liability threshold under

the Trust’s Custody Agreements.

held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian’s or other platinum clearing

bank’s assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific plates

or ingots of platinum held by the Custodian or the platinum clearing bank.

Credits to its Authorized Participant Unallocated Account

are therefore at risk of the Custodian’s or other platinum clearing bank’s insolvency.

No fees will be charged by

the Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated

Account is used solely for platinum transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates)

receives compensation for maintaining the Trust Allocated Account.

Authorized Participants should be aware that the Custodian’s

liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not

negligence, which is the Custodian’s liability threshold under the Trust’s Custody Agreements.

the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the

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platinum futures market.

In some cases, an Authorized Participant may from time to time acquire platinum from or sell platinum

to its affiliated platinum trading desk, which may profit in these instances.

Each Authorized Participant must be registered

as a broker-dealer under the Securities Exchange Act of 1934 (Exchange Act) and regulated by FINRA or be exempt from being or

otherwise not be required to be so regulated or registered, and be qualified to act as a broker or dealer in the states or

other jurisdictions where the nature of its business so requires.

Certain Authorized Participants are regulated under federal

and state banking laws and regulations.

Each Authorized Participant has its own set of rules and procedures, internal controls

and information barriers as it determines is appropriate in light of its own regulatory regime.

In some cases, an Authorized Participant may from time to time acquire platinum from or sell

platinum to its affiliated platinum trading desk, which may profit in these instances.

Each Authorized Participant must be

registered as a broker-dealer under the Securities Exchange Act of 1934 (Exchange Act) and regulated by FINRA or be exempt

from being or otherwise not be required to be so regulated or registered, and be qualified to act as a broker or dealer in

the states or other jurisdictions where the nature of its business so requires.

Certain Authorized Participants are regulated

under federal and state banking laws and regulations.

Each Authorized Participant has its own set of rules and procedures,

internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants

5 unchanged sentences

Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co.

Inc., Scotia Capital (USA)

Inc., UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and,

upon the effectiveness of such agreement, may create and redeem Baskets as described above.

Persons interested in purchasing Baskets

should contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants.

Shareholders who

are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant.

Inc., Scotia Capital (USA) Inc.,

UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and, upon the effectiveness

of such agreement, may create and redeem Baskets as described above.

Persons interested in purchasing Baskets should contact the

Sponsor or the Trustee to obtain the contact information for the Authorized Participants.

Shareholders who are not Authorized

Participants will only be able to redeem their Shares through an Authorized Participant.

platinum is delivered to the Trust and distributed by the Trust in unallocated form through credits and debits between Authorized

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Thereafter, the Custodian will

allocate, specific plates or ingots of platinum, in each case representing

the amount of platinum credited to the Trust Unallocated Account (to the extent such amount is representable by whole platinum

plates or ingots) to the Trust Allocated Account.

The movement of platinum is reversed for the distribution of platinum to an

Authorized Participant in connection with the redemption of Baskets.

physical platinum represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account

and all physical platinum held in the Trust Allocated Account with the Custodian must be of at least a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations

practices and customs of the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot.

allocate, specific plates or ingots of platinum, in each case representing the amount of platinum credited to the Trust Unallocated

Account (to the extent such amount is representable by whole platinum plates or ingots) to the Trust Allocated Account.

of platinum is reversed for the distribution of platinum to an Authorized Participant in connection with the redemption of Baskets.

physical platinum represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated

Account and all physical platinum held in the Trust Allocated Account with the Custodian must be of at least a minimum

fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs

of the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot.

the Authorized Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities,

including liabilities under the Securities Act.

following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should

refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more

following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer

to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail.

any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets.

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Settlements of such orders requiring

receipt or delivery, or confirmation of receipt or delivery, of platinum in the United Kingdom, or another jurisdiction

will occur on “business days” when (1) banks in the United Kingdom or other jurisdiction and (2) the

London platinum markets are regularly open for business.

If such banks or the London platinum markets are

not open for regular business for a full day, such a day will only be a “business day” for settlement purposes if

the settlement procedures can be completed by the end of such day.

Redemption settlements including platinum deliveries loco London

may be delayed longer than two, but no more than five, business days following the redemption order date.

Settlement of orders

requiring receipt or delivery, or confirmation of receipt or delivery, of Shares will occur, after confirmation of the applicable

platinum delivery, on “business days” when the NYSE Arca is open for regular trading.

In the event of a level 3 market-wide

circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading halt is

considered the close of regular trading and no creation orders for the current trade date will be accepted after that time (the

Orders placed after the cutoff will be deemed to be rejected and will not be processed.

Orders should be

placed in proper form on the following business day.

receipt or delivery, or confirmation of receipt or delivery, of platinum in the United Kingdom, or another jurisdiction will occur

on “business days” when (1) banks in the United Kingdom or other jurisdiction and (2) the London platinum markets

are regularly open for business.

If such banks or the London platinum markets are not open for regular business for a full day,

such a day will only be a “business day” for settlement purposes if the settlement procedures can be completed by

the end of such day.

Redemption settlements including platinum deliveries loco London may be delayed longer than two, but no more

than five, business days following the redemption order date.

Settlement of orders requiring receipt or delivery, or confirmation

of receipt or delivery, of Shares will occur, after confirmation of the applicable platinum delivery, on “business days”

when the NYSE Arca is open for regular trading.

In the event of a level 3 market-wide circuit breaker resulting in a trading halt

for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and

no creation orders for the current trade date will be accepted after that time (the “cutoff”).

Orders placed after

the cutoff will be deemed to be rejected and will not be processed.

Orders should be placed in proper form on the following business

Purchase orders must be placed no later than 3:59:59 p.m.

on each business

day the NYSE Arca is open for regular trading.

on each business day the NYSE Arca is open for regular trading.

placing a purchase order, an Authorized Participant agrees to deposit platinum with the Trust.

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Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s DTC account.

expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the Trust shall be

borne solely by the Authorized Participant.

The Trustee may accept delivery of platinum by such other means as the Sponsor, from

time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed in a prospectus

The expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the Trust shall

be borne solely by the Authorized Participant.

The Trustee may accept delivery of platinum by such other means as the Sponsor,

from time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed in a prospectus

relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act.

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an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized

placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system

to the Trust by the prescribed settlement date.

Prior to the delivery of the redemption distribution for a redemption order, the

Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.

placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry

system to the Trust by the prescribed settlement date.

Prior to the delivery of the redemption distribution for a redemption order,

the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.

Determination

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a loco London redemption order date if, by 10:00 a.m.

New York time on the settlement date, the Trustee’s DTC account has been

credited with the Baskets to be redeemed.

New York time on the settlement date, the Trustee’s DTC account has

been credited with the Baskets to be redeemed.

If a loco swap or physical transfer is necessary to effect a loco London redemption,

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date if, by 10:00 a.m.

New York time on the first business day after the loco London redemption order date, the Trustee’s DTC account has been credited with the Baskets

to be redeemed.

New York time on the first business day after the loco London redemption order date, the Trustee’s

DTC account has been credited with the Baskets to be redeemed.

In the event that, by 10:00 a.m.

New York time on the prescribed settlement date, the Trustee’s DTC account has

not been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such

redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice

of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure.

If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such

redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and

the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the

Custodian related to the cancelled order.

The Trustee is also authorized to deliver the redemption distribution notwithstanding

that the Baskets to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m.

New York time on the prescribed settlement

date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on

such terms as the Sponsor and the Trustee may from time to time agree upon.

New York time on the prescribed

settlement date, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total

number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the

Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have one business day following

receipt of such notice to correct such failure.

If such failure is not cured within such one business day period, the Trustee

(in consultation with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of

such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for

all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order.

The Trustee is also authorized to

deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC

account by 10:00 a.m.

New York time on the prescribed settlement date if the Authorized Participant has collateralized its obligation

to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time

Custodian transfers the redemption platinum amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter,

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Sponsor’s office is located at c/o abrdn ETFs Sponsor LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

Prior to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company.

Effective April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to abrdn Inc.

(known as Aberdeen

Standard Investments Inc.

April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company.

Effective April 27,

2018, ETF Securities Limited sold its membership interest in the Sponsor to abrdn Inc.

(known as Aberdeen Standard Investments Inc.

prior to January 1, 2022) a Delaware corporation.

As a result of the sale, abrdn Inc.

sole member of the Sponsor.

is a wholly-owned indirect subsidiary of abrdn plc, which together with its affiliates

and subsidiaries, is collectively referred to as “abrdn.” Under the Delaware Limited Liability Company Act and

the governing documents of the Sponsor, the sole member of the Sponsor, abrdn Inc., is not responsible for the debts,

obligations and liabilities of the Sponsor solely by reason of being the sole member of the Sponsor.

became the sole member of the Sponsor.

is a wholly-owned indirect subsidiary of Aberdeen Group plc.

(“Aberdeen”).

Aberdeen has retained “abrdn” as an operational

abbreviation across its subsidiary legal entities (including the Sponsor, fund names and descriptors).” Under the Delaware

Limited Liability Company Act and the governing documents of the Sponsor, the sole member of the Sponsor, abrdn Inc., is not

responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole member of the

Sponsor’s Role

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public offering in the United States and the listing of the Shares on the NYSE Arca.

The Sponsor has agreed to assume the

organizational expenses of the Trust and the following administrative and marketing expenses incurred by the Trust:

Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s

expenses under the Custody Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up

to $100,000 per annum in legal expenses.

The Sponsor also paid the costs of the Trust’s organization and the initial sale of

the Shares, including the applicable SEC registration fees.

The Sponsor has agreed to assume the organizational

expenses of the Trust and the following administrative and marketing expenses incurred by the Trust:

the Trustee’s monthly

fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses under the Custody

Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum

in legal expenses.

The Sponsor also paid the costs of the Trust’s organization and the initial sale of the Shares, including

the applicable SEC registration fees.

Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian.

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materials regarding the Shares, including the content of the Trust’s website and (3) executes the marketing plan for the

Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers (“BNYM”),

serves as the Trustee.

Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers

(“BNYM”), serves as the Trustee.

BNYM has a Trust office at 240 Greenwich Street, New York, NY 10286.

BNYM is subject to supervision by

the New York State Financial Services Department and the Board of Governors of the Federal Reserve System.

Information regarding

creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed

an Authorized Participant Agreement may be obtained from BNYM.

A copy of the Trust Agreement is available for inspection at BNYM’s

trust office identified above.

Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits

of at least $150 million.

subject to supervision by the New York State Financial Services Department and the Board of Governors of the Federal Reserve

Information regarding creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of

the parties that have each executed an Authorized Participant Agreement may be obtained from BNYM.

A copy of the Trust

Agreement is available for inspection at BNYM’s trust office identified above.

Under the Trust Agreement, the Trustee

is required to have capital, surplus and undivided profits of at least $150 million.

Trustee’s Role

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to the same transaction fee as other Authorized Participants.

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

Agreement with ICBC providing for the custody of the Trust’s platinum.

Effective August 8, 2024,

JPMorgan Chase Bank N.A.

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

Account Agreement with ICBC providing for the custody of the Trust’s platinum.

Effective August 8, 2024, JPMorgan Chase

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

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affiliates are subject to the same transaction fee as other Authorized Participants.

the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit the

premises of the Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian.

The Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s

platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee

or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.

the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit

the premises of the Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by

the Custodian.

The Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining

the Trust’s platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any

review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.

Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by the Custodian.

Inspections were conducted by Bureau Veritas Commodities UK, Ltd, a leading commodity inspection and testing company retained by the

Sponsor, as of July 26, 2024 and January 4, 2025.

Inspections were conducted by Bureau Veritas Commodities UK, Ltd, a leading commodity inspection and testing company retained

by the Sponsor, as of August 4, 2025 and January 5, 2026.

The results can be found on www.abrdn.com/usa/etf .

can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections of the

Trust’s platinum as planned.

Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian

or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s auditors and inspectors,

from performing a physical inspection of the Trust’s platinum on a desired date.

In those situations, the Sponsor or the Trust’s

auditors and inspectors may seek to verify the platinum held by the Trust by alternate means, including through virtual inspections

of the Trust’s platinum and/or a review of pertinent records.

can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections

of the Trust’s platinum as planned.

Local policies, regulations, or ordinances, as well as polices or restrictions adopted

by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s

auditors and inspectors, from performing a physical inspection of the Trust’s platinum on a desired date.

In those situations,

the Sponsor or the Trust’s auditors and inspectors may seek to verify the platinum held by the Trust by alternate means,

including through virtual inspections of the Trust’s platinum and/or a review of pertinent records.

of the Shares

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is non-conforming.

process of withdrawing platinum from the Trust for a redemption of a Basket follows the same general procedure as for depositing platinum

with the Trust for a creation of a Basket, only in reverse.

Each transfer of platinum between the Trust Allocated Account

and the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of platinum

being held in the Trust Unallocated Account after the completion of the transfer.

In making deposits and withdrawals between the

Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize

the amount of platinum held in the Trust Unallocated Account as of the close of each business day.

See “Creation and

Redemption of Shares.”

process of withdrawing platinum from the Trust for a redemption of a Basket follows the same general procedure as for

depositing platinum with the Trust for a creation of a Basket, only in reverse.

Each transfer of platinum between the Trust

Allocated Account and the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small

amount of platinum being held in the Trust Unallocated Account after the completion of the transfer.

In making deposits and

withdrawals between the Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially

reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account as of the close of each business

See “Creation and Redemption of Shares.”

States Federal Income Tax Consequences

following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition

of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply to an investment

in Shares by a Non-US Shareholder (as defined below).

The discussion is based on the United States Internal Revenue Code of 1986

as amended (the “Code”).

The discussion below is based on the Code, United States Treasury Regulations (“Treasury

Regulations”) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on

the date of this annual report and all of which are subject to change either prospectively or retroactively.

The tax treatment

of Shareholders may vary depending upon their own particular circumstances.

Certain Shareholders (including broker-dealers, traders,

banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders

whose functional currency is not the U.S.

Dollar or other investors with special circumstances) may be subject to special rules

not discussed below.

In addition, the following discussion applies only to investors who hold Shares as “capital assets”

within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale

Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer

tax on an owner of Shares.

Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state,

local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares.

following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and

disposition of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply

to an investment in Shares by a Non-US Shareholder (as defined below).

The discussion is based on the United States Internal

Revenue Code of 1986 as amended (the “Code”).

The discussion below is based on the Code, United States Treasury

Regulations (“Treasury Regulations”) promulgated under the Code and judicial and administrative interpretations

of the Code, all as in effect on the date of this annual report and all of which are subject to change either prospectively

or retroactively.

The tax treatment of Shareholders may vary depending upon their own particular circumstances.

Shareholders (including broker-dealers, traders, banks and other financial institutions, insurance companies, real estate

investment trusts, tax-exempt entities, Shareholders whose functional currency is not the U.S.

Dollar or other investors with

special circumstances) may be subject to special rules not discussed below.

In addition, the following discussion applies

only to investors who hold Shares as “capital assets” within the meaning of Code section 1221 and not as part of

a straddle, hedging transaction or a conversion or constructive sale transaction.

Moreover, the discussion below does not

address the effect of any state, local or foreign tax law or any transfer tax on an owner of Shares.

Purchasers of Shares are

urged to consult their own tax advisors with respect to all federal, state, local and foreign tax law or any transfer tax

considerations potentially applicable to their investment in Shares.

purposes of this discussion, a “US Shareholder” is a Shareholder that is:

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on that basis.

Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership

for US federal tax purposes) generally is considered a “Non-US Shareholder” for purposes of this discussion.

US federal income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity

treated as a partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the

activities of the partnership.

Partnerships and partners in partnerships should consult their tax advisors about the US

federal income tax consequences of purchasing, owning and disposing of Shares.

Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for

US federal tax purposes) generally is considered a “Non-US Shareholder” for purposes of this discussion.

For US federal

income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a

partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the

Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences

of purchasing, owning and disposing of Shares.

of US Shareholders

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In the case of a Shareholder that acquires its Shares

as part of a creation of a Basket, the delivery of platinum to the Trust in exchange for the Shares is not a taxable event

to the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and

holding period for the platinum delivered in exchange therefore (except to the extent of any cash contributed for such Shares).

For purposes of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the

same price per Share.

Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares,

should consult their tax advisors.

as part of a creation of a Basket, the delivery of platinum to the Trust in exchange for the Shares is not a taxable event to

the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and holding

period for the platinum delivered in exchange therefore (except to the extent of any cash contributed for such Shares).

of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the same price

Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should

consult their tax advisors.

the Trust sells or transfers platinum, for example to pay expenses, a Shareholder generally will recognize gain or loss in an

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less the portion of such basis allocable to its share of the platinum that was sold.

a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the platinum

held in the Trust at the time of the sale.

Accordingly, the Shareholder generally will recognize a gain or loss on the sale

in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s

a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the

platinum held in the Trust at the time of the sale.

Accordingly, the Shareholder generally will recognize a gain or loss on the

sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s

tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.

redemption of some or all of a Shareholder’s Shares in exchange for the underlying platinum represented by the Shares

redeemed generally will not be a taxable event to the Shareholder.

The Shareholder’s tax basis for the platinum received

in the redemption generally will be the same as the Shareholder’s tax basis for the Shares redeemed.

The Shareholder’s

holding period with respect to the platinum received should include the period during which the Shareholder held the Shares

A subsequent sale of the platinum received by the Shareholder will be a taxable event.

redemption of some or all of a Shareholder’s Shares in exchange for the underlying platinum represented by the Shares redeemed

generally will not be a taxable event to the Shareholder.

The Shareholder’s tax basis for the platinum received in the redemption

generally will be the same as the Shareholder’s tax basis for the Shares redeemed.

The Shareholder’s holding period

with respect to the platinum received should include the period during which the Shareholder held the Shares redeemed.

sale of the platinum received by the Shareholder will be a taxable event.

Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received

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by the Shareholder with respect to the sale.

will be required to recognize gain or loss upon a sale of platinum by the Trust (as discussed above), even though some or

all of the proceeds of such sale are used by the Trustee to pay Trust expenses.

will be required to recognize gain or loss upon a sale of platinum by the Trust (as discussed above), even though some or all

of the proceeds of such sale are used by the Trustee to pay Trust expenses.

Shareholders may deduct their respective pro rata

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851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a “security”

within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying platinum for

purposes of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation

within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying platinum for purposes

of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation

of their qualification under Code section 851.

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is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon

the sale of platinum by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States

for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States

the sale of platinum by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for

183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States

or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United

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and Related Considerations

Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Code section 4975 impose certain requirements

on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,

Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans

or arrangements are invested (collectively, “Plans”), and on persons who are fiduciaries with respect to the investment

of “plan assets” of a Plan.

Government plans and some church plans are not subject to the fiduciary responsibility

provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other

federal law, or under state or local law (“Other Law”).

contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should

carefully consider, taking into account the facts and circumstances of the Plan and the “Risk Factors” discussed above

and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited

(1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority

to make the investment, (3) whether the investment is consistent with the Plan’s funding objectives, (4) the tax effects

of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report.

addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties

in interest” under ERISA or “disqualified persons” under section 4975 of the Code.

A violation of these rules

may result in the imposition of significant excise taxes and other liabilities.

Plans subject to Other Law may be subject to similar

restrictions.

is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of Labor

“Plan Asset Regulations,” §2510.3-101 (b)(2) as modified by section 3(42) of ERISA.

Accordingly, pursuant to

the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should

be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” rules of ERISA and the “prohibited

transaction” rules of ERISA and the Code.

Fiduciaries of plans subject to Other Law should consult legal counsel to determine

whether there would be a similar result under the Other Law.

Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Code section 4975 impose certain

requirements on certain employee benefit plans and certain other plans and arrangements, including individual retirement

accounts and annuities, Keogh plans, and certain commingled investment vehicles or insurance company general or separate

accounts in which such plans or arrangements are invested (collectively, “Plans”), and on persons who are

fiduciaries with respect to the investment of “plan assets” of a Plan.

Government plans and some church plans are

not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be

subject to substantially similar rules under other federal law, or under state or local law (“Other

contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment

should carefully consider, taking into account the facts and circumstances of the Plan and the “Risk Factors”

discussed above and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law,

including, but not limited to:

(1) whether the investment is permitted under the Plan’s governing documents, (2)

whether the fiduciary has the authority to make the investment, (3) whether the investment is consistent with the

Plan’s funding objectives, (4) the tax effects of the investment on the Plan, and (5) whether the investment is prudent

considering the factors discussed in this report.

In addition, ERISA and Code section 4975 prohibit a broad range of

transactions involving assets of a plan and persons who are “parties in interest” under ERISA or

“disqualified persons” under section 4975 of the Code.

A violation of these rules may result in the imposition of

significant excise taxes and other liabilities.

Plans subject to Other Law may be subject to similar restrictions.

is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of

Labor “Plan Asset Regulations,” §2510.3-101 (b)(2) as modified by section 3(42) of ERISA.

pursuant to the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in

the Trust, should be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” rules

of ERISA and the “prohibited transaction” rules of ERISA and the Code.

Fiduciaries of plans subject to Other Law

should consult legal counsel to determine whether there would be a similar result under the Other Law.

by Certain Retirement Plans

section 408(m) provides that the acquisition of a “collectible” by an individual retirement account (“IRA”)

or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (“Tax Qualified

Account”) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom

the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible.

“collectible” is defined to include, with certain exceptions, “any metal or gem”.

The IRS has issued several

private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)

plan, of publicly-traded shares in a trust holding precious metals will not be treated as resulting in a taxable distribution

to the IRA owner or Tax Qualified Account participant under Code section 408(m).

However the private letter rulings provide that,

if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account

participant, or if any precious metal is received by such IRA or Tax Qualified Account upon the redemption of any of the

Shares purchased by it, the Shares or precious metal so distributed will be subject to federal income tax in the year of

distribution, to the extent provided under the applicable provisions of Code sections 408(d), 408(m) or 402.

Accordingly, potential

IRA or Tax Qualified Account investors are urged to consult with their own professional advisors concerning the treatment of an

investment in Shares under Code section 408(m).

section 408(m) provides that the acquisition of a “collectible” by an individual retirement account

(“IRA”) or a participant-directed account maintained under any plan that is tax-qualified under Code section

401(a) (“Tax Qualified Account”) is treated as a taxable distribution from the account to the owner of the IRA,

or to the participant for whom the Tax Qualified Account is maintained, of an amount equal to the cost to the account of

acquiring the collectible.

The term “collectible” is defined to include, with certain exceptions, “any

metal or gem”.

The IRS has issued several private letter rulings to the effect that a purchase by an IRA, or by a

participant-directed account under a Code section 401(a) plan, of publicly-traded shares in a trust holding precious metals

will not be treated as resulting in a taxable distribution to the IRA owner or Tax Qualified Account participant under Code

section 408(m).

However the private letter rulings provide that, if any of the Shares so purchased are distributed from the

IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant, or if any precious metal is received by

such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it, the Shares or precious metal so

distributed will be subject to federal income tax in the year of distribution, to the extent provided under the applicable

provisions of Code sections 408(d), 408(m) or 402.

Accordingly, potential IRA or Tax Qualified Account investors are urged to

consult with their own professional advisors concerning the treatment of an investment in Shares under Code section

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

What changed 10-K

Item 1. Business