abrdn Platinum ETF Trust 10-K

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations This information should be read in conjunction with the financial statements and notes to the financial statements included with this report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Introduction The abrdn Platinum ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and abrdn EFTs Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust and responsible only to the Trustee. The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of the platinum bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of platinum. The Trust issues and redeems Shares only in exchange for platinum, only in aggregations of 50,000 Shares or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants not required to register as broker-dealers such as banks or other financial institutions) who (1) are participants in the DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”). As of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust are Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC. Shares of the Trust trade on the NYSE Arca under the symbol “PPLT.” Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following table illustrates the movement in the NAV of the Shares against the corresponding platinum price (per 1/10 of an oz. of platinum) since inception: NAV per Share vs. 1/10 th Platinum Price from December 30, 2009 (the Date of Inception) to December 31, 2025 31 The divergence of the NAV per Share from the platinum price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception. Critical Accounting Policy The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below we describe the valuation of platinum bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion of the Trust’s accounting policies. Valuation of Platinum Platinum is held by the Custodian on behalf of the Trust, at its London, England vaulting premises. Platinum is recorded at fair value. The cost of platinum is determined according to the average cost method and the fair value is based on the LBMA Platinum Price PM or the LBMA Platinum Price AM if no LBMA Platinum Price PM is available. If neither price is available for that day, the Trust will value its platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. Realized gains and losses on transfers of platinum, or platinum distributed for the redemption of Shares, are calculated on a trade date as the difference between the fair value and cost of platinum transferred. December 31, 2025 December 31, 2024 December 31, 2023 (Amounts in 000’s of US$) Investment in platinum - cost $ 1,663,841 $ 1,074,183 $ 964,036 Unrealized gain/(loss) on investment in platinum 1,200,511 (54,717 ) 33,919 Investment in platinum - fair value $ 2,864,352 $ 1,019,466 $ 997,955 Inspection of Platinum Under 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 Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by them. 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. There 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. Liquidity and Capital Resources The Trust is not aware of any trends, demands, conditions, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only expense of the Trust during the period covered by this report was the Sponsor’s Fee. The Trust’s only source of liquidity is its transfers and sales of platinum. 32 The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell platinum to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor. At December 31, 2025 and 2024, the Trust did not have any cash balances. Results of Operations Financial Highlights Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 (Amounts in 000’s of US$) Total gain/(loss) on platinum $ 1,350,819 $ (88,716 ) $ (27,032 ) Net change assets from operations $ 1,341,630 $ (94,684 ) $ (32,804 ) Net cash provided by operating activities $ — $ — $ — The net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the platinum owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of the Trust on a given day by the number of Shares outstanding on that day. On each day on which the Exchange is open for regular trading, the Trustee will determine the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m. (New York time). The Trustee will value the Trust’s platinum on the basis of the LBMA Platinum Price PM. If there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day. If neither price is available for that day, the Trustee will value the Trust’s platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. If the Sponsor determines that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s platinum. The year ended December 31, 2025 The Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $2,862,967,538 at December 31, 2025, a 180.97% increase for the year. The change in the Trust’s NAV resulted from an increase in the price per ounce of platinum, which rose 122.02% from $913.00 at December 31, 2024 to $2,027.00 at December 31, 2025 and an increase in outstanding Shares, which rose from 12,200,000 at December 31, 2024 to 15,550,000 at December 31, 2025, a result of 6,800,000 Shares (136 Baskets) being created and 3,450,000 Shares (69 Baskets) being redeemed during the year. The NAV per Share increased 120.43% from $83.52 at December 31, 2024 to $184.11 at December 31, 2025. The Trust’s NAV per Share increased slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $9,189,166 for the year, or 0.60% of the Trust’s ANAV. The NAV per Share of $208.48 at December 24, 2025 was the highest during the year, compared with a low of $83.93 at April 7, 2025. The increase in net assets from operations for the year ended December 31, 2025 was $1,341,629,988 resulting from a realized gain of $1,447,143 on the transfer of platinum to pay expenses, a realized gain of $94,144,131 on platinum distributed for the redemption of Shares and a change in unrealized gain on investment in platinum of $1,255,227,880, offset by the Sponsor’s Fee of $9,189,166. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2025. The year ended December 31, 2024 The Trust’s NAV increased from $997,445,666 at December 31, 2023 to $1,018,947,768 at December 31, 2024, a 2.16% increase for the year. The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 8.70% from $1,000.00 at December 31, 2023 to $913.00 at December 31, 2024 and an increase in outstanding Shares, which rose from 10,850,000 at December 31, 2023 to 12,200,000 at December 31, 2024, a result of 2,550,000 Shares (51 Baskets) being created and 1,200,000 Shares (24 Baskets) being redeemed during the year. The NAV per Share decreased 9.15% from $91.93 at December 31, 2023 to $83.52 at December 31, 2024. The Trust’s NAV per Share decreased slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $5,968,067 for the year, or 0.60% of the Trust’s ANAV. 33 The NAV per Share of $97.68 at May 17, 2024 was the highest during the year, compared with a low of $80.08 at March 3, 2024. The decrease in net assets from operations for the year ended December 31, 2024 was $94,683,972 resulting from a realized gain of $5,252 on the transfer of platinum to pay expenses, offset by a realized loss of $84,783 on platinum distributed for the redemption of Shares, a change in unrealized loss on investment in platinum of $88,636,374, and the Sponsor’s Fee of $5,968,067. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024. The year ended December 31, 2023 The Trust’s NAV decreased from $1,096,553,007 at December 31, 2022 to $997,445,666 at December 31, 2023, a 9.04% decrease for the year. The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 3.01% from $1,031.00 at December 31, 2022 to$1,000.00 at December 31, 2023 and a decrease in outstanding Shares, which fell from 11,500,000 at December 31, 2022 to 10,850,000 at December 31, 2023, a result of 1,500,000 Shares (30 Baskets) being created and 2,150,000 Shares (43 Baskets) being redeemed during the year. The NAV per Share decreased 3.59% from $95.35 at December 31, 2022 to $91.93 at December 31, 2023. The Trust’s NAV per Share fell slightly more than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $5,772,056 for the year, or 0.60% of the Trust’s ANAV. The NAV per Share of $104.13 at April 21, 2023 was the highest during the year, compared with a low of $78.20 at November 13, 2023. The decrease in net assets from operations for the year ended December 31, 2023 was $32,804,092 resulting from a realized gain of $5,776 on the transfer of platinum to pay expenses and a realized gain of $8,064,265 on platinum distributed for the redemption of Shares, offset by a change in unrealized loss on investment in platinum of $35,102,077, and the Sponsor’s Fee of $5,772,056. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023. Off-Balance Sheet Arrangements The Trust is not a party to any off-balance sheet arrangements.