What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 334 added, 346 removed, 80 unchanged (89% of the section changed)

1 unchanged sentence

of Assets and Liabilities

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

September 30, 2025

December 31, 2024

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

Investment in platinum (cost:

September 30, 2025:

March 31, 2026 (Unaudited) and December 31, 2025

(Amounts in 000’s

of US$, except for Share and per Share data)

Investment in platinum

March 31, 2026:

$ 1,600,534 ;

1 unchanged sentence

$ 1,663,841 )

Platinum receivable

Fees payable to Sponsor

Fees payable to

Total liabilities

NET ASSETS (1)

share capital is Unlimited with no par value per Share.

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

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

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

and $ 83.52 , respectively.

Shares issued and outstanding at March 31, 2026 were 13,850,000 and

at December 31, 2025 were 15,550,000 .

Net asset values per Share at March 31, 2026 and December 31, 2025 were $ 173.05 and

$ 184.11 , respectively.

Notes to the Financial Statements

1 unchanged sentence

of Investments

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

September 30, 2025

March 31, 2026 (Unaudited) and December 31, 2025

of Net Assets

Investment in platinum (in 000’s of US$, except for oz and percentage data)

Total investment in platinum

Other assets less liabilities

December 31, 2024

in platinum (in 000’s

of US$, except for oz and percentage data )

investment in platinum

Less liabilities

of Net Assets

Investment in platinum (in 000’s of US$, except for oz and percentage data)

Total investment in platinum

in platinum (in 000’s

of US$, except for oz and percentage data)

investment in platinum

Less liabilities

2 unchanged sentences

of Operations (Unaudited)

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

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

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

the three months ended March 31, 2026 and 2025

March 31, 2026

March 31, 2025

(Amounts in 000’s

of US$, except for Share and per Share data)

Sponsor’s Fee

Total expenses

Net investment loss

REALIZED AND UNREALIZED GAINS / (LOSSES)

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

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

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

Total gain/(loss) on investment in platinum

Change in net assets from operations

Net increase / (decrease) in net assets per Share

Net investment

REALIZED AND UNREALIZED

GAINS / (LOSSES)

Realized gain / (loss) on platinum transferred

to pay expenses

Realized gain on platinum distributed

for the redemption of Shares

Change in unrealized

(loss) / gain on investment in platinum

Total (loss) /

gain on investment in platinum

Change in net assets

from operations

$ ( 184,202 )

Net increase / (decrease)

in net assets per Share

Weighted average number of Shares

2 unchanged sentences

of Changes in Net Assets (Unaudited)

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

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

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

Opening balance

the three months ended March 31, 2026 and 2025

Months Ended March 31, 2026

(Amounts in 000’s

of US$, except for Share data)

Opening balance at January

Net investment loss

Realized gain on investment in platinum

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

Change in unrealized (loss) on investment

( 2,850,000 )

Closing balance

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

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

Opening balance

at March 31, 2026

Months Ended March 31, 2025

(Amounts in 000’s

of US$, except for Share data)

Opening balance at January

Net investment loss

Realized gain / (loss) on investment in platinum

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

( 2,500,000 )

( 1,200,000 )

Realized (loss) on investment in platinum

Change in unrealized gain on investment

Closing balance

at March 31, 2025

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

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

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

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

Net asset value per Share at beginning of period

Income from investment operations:

Net investment loss

Total realized and unrealized gains or losses on investment in platinum

Change in net assets from operations

Net asset value per Share at end of period

the three months ended March 31, 2026 and 2025

March 31, 2026

March 31, 2025

Per Share Performance

(for a Share outstanding throughout the entire period)

Net asset value per Share at beginning of

Income from investment

Net investment

realized and unrealized gains or losses on investment in platinum

in net assets from operations

Net asset value per Share at end

Weighted average number of Shares

Expense ratio (1)

Net investment loss ratio (1)

Total return, net asset value (2)

investment loss ratio (1)

return, net asset value (2)

for periods less than one year.

2 unchanged sentences

Platinum ETF Trust

to the Financial Statements (Unaudited)

abrdn Platinum ETF Trust (the “Trust”) is a common law trust formed on December 30, 2009 under New York law pursuant

to a depositary trust agreement (the “Trust Agreement”) executed by abrdn ETFs Sponsor LLC (the “Sponsor”)

Notes to the Financial Statements

Platinum ETF Trust (the “Trust”) is a common law trust formed on December 30, 2009 under New York law

pursuant to a depositary trust agreement (the “Trust Agreement”) executed by abrdn ETFs Sponsor LLC (the “Sponsor”)

and The Bank of New York Mellon as Trustee (the “Trustee”).

The Trust holds platinum and issues abrdn Physical Platinum

Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for

deposits of platinum and distributes platinum in connection with the redemption of Baskets.

Shares represent units of fractional

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

The Sponsor is a Delaware limited liability

company and a wholly-owned subsidiary of abrdn Inc., which is a wholly-owned indirect subsidiary of abrdn plc.

The Trust is governed

by the Trust Agreement.

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

The Trust holds platinum and issues abrdn

Physical Platinum Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”)

in exchange for deposits of platinum and distributes platinum in connection with the redemption of Baskets.

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

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

of abrdn plc.

The Trust is governed by the Trust Agreement.

The investment

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

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

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

The fiscal year end for the Trust is

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

States of America (“U.S.

The fiscal year end for the Trust

is December 31.

The accompanying

financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America

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

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

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

for all periods presented have been made.

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

December 31, 2024.

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

of the operating results for the full year.

Significant Accounting Policies

preparation of financial statements in accordance with U.S.

GAAP requires those responsible for preparing financial statements

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

In the opinion of the Trust’s

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

and results of operations as of and for the three months ended March 31, 2026, and for all periods presented have been

These financial

statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results

for the full year.

Accounting Policies

The preparation of financial

statements in accordance with U.S.

GAAP requires those responsible for preparing financial statements to make estimates and assumptions

that affect the reported amounts and disclosures.

Actual results could differ from those estimates.

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

Basis of Accounting

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

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

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

The Trust is not registered as an investment company under

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

Valuation of Platinum

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

ASC 820 provides guidance for determining

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

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

between market participants at the measurement date.

The following is a summary

of significant accounting policies followed by the Trust.

of Accounting

The Sponsor has determined that

the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification

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

the Trust is classified as an Investment Company.

The Trust is not registered as an investment company under the Investment Company

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

The Trust follows the provisions

of ASC 820, Fair Value Measurement (“ASC 820”).

ASC 820 provides guidance for determining fair value and requires

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

ASC 820 defines fair value as the

price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants

at the measurement date.

Effective May 23, 2024, the Trustee,

at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account Agreement with ICBC Standard

Bank Plc (the “Custodian” or “ICBC”), providing for the custody of the Trust’s platinum.

Platinum ETF Trust

to the Financial Statements (Unaudited)

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

Agreement with ICBC Standard Bank Plc (the “Custodian” or “ICBC”), providing for the custody of the Trust’s

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

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

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

the Evaluation Time, the Trustee will value the Trust’s platinum on the basis of the London Bullion Market Association (“LBMA”)

Platinum Price PM.

If there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA Platinum Price

AM announced on that day.

If neither price is available for that day, the Trustee will value the Trust’s platinum based

on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.

Realized gains and losses on transfers of platinum,

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

value and average cost of platinum transferred.

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

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

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

fixed prices established by the LME pricing mechanism.

LMEbullion, like the previous London platinum fix processes, establishes

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

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

Notes to the Financial Statements

At March 31, 2026, all of the

Trust’s platinum was held at ICBC.

At the Evaluation Time, the Trustee

will value the Trust’s platinum on the basis of the London Bullion Market Association (“LBMA”) Platinum Price PM.

there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day.

If neither price is available for that day, the Trustee will value the Trust’s platinum based on the most recently announced LBMA

Platinum Price PM or LBMA Platinum Price AM.

Realized gains and losses on transfers of platinum, or platinum distributed for the

redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of platinum

The London Metal Exchange (the “LME”) is responsible for the

administration of the electronic platinum price fixing system (“LMEbullion”) that replicates electronically the manual

London platinum fix processes previously employed by the London Platinum and Palladium Fixing Company Ltd (“LPPFCL”),

as well as providing electronic market clearing processes for platinum bullion transactions at the fixed prices established by

the LME pricing mechanism.

LMEbullion, like the previous London platinum fix processes, establishes and publishes fixed prices

for troy ounces of platinum twice each London trading day during fixing sessions beginning at 9:45 a.m.

London time (the “LBMA

Platinum Price AM”) and 2:00 p.m.

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

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

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

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

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

platinum through the Statements of Operations.

per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Platinum

Price PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made,

and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and

liabilities and any losses that may have occurred.

Value Hierarchy

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

The three levels of inputs

are as follows:

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 prices in mid-2026.

Once the value of platinum

has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses

and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from

the fair value of the platinum and all other assets held by the Trust.

The Trust recognizes changes

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

the Statements of Operations.

The per Share amount of platinum

exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Platinum Price PM to calculate the platinum

amount in respect of any liabilities for which covering platinum sales have not yet been made, and represents the per Share

amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses

that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy

that prioritizes inputs to valuation techniques used to measure fair value.

The three levels of inputs are as follows:

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

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

directly or indirectly.

These inputs may include quoted prices for the identical instrument on an inactive market, prices for

similar instruments and similar data.

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

or indirectly.

These inputs may include quoted prices for the identical instrument on

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

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

1 unchanged sentence

and that would be based on the best information available.

To the extent that valuation

is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires

more judgment.

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

Platinum ETF Trust

to the Financial Statements (Unaudited)

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

of fair value requires more judgment.

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

instruments categorized in level 3.

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

In such cases, for disclosure purposes,

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

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

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

from primary market sources.

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

Notes to the Financial Statements

The inputs used to measure fair

value may fall into different levels of the fair value hierarchy.

In such cases, for disclosure purposes, the level in the fair

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

is significant to the fair value measurement in its entirety.

The Trust’s investment

in platinum is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from

primary market sources.

The categorization of the Trust’s

assets is as shown below:

(Amounts in 000’s of US$)

September 30, 2025

December 31, 2024

Investment in platinum

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

Platinum Receivable and Payable

receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption

of Shares respectively, where the platinum has not yet been transferred to or from the Trust’s account.

Generally, ownership

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

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

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

At December 31, 2024, the Trust had

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

Creations and Redemptions of Shares

Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000

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

Individual investors cannot purchase

or redeem Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer

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

to engage in securities transactions;

There were no transfers between levels during the three months ended March 31, 2026 or the year ended December 31, 2025.

Receivable and Payable

Platinum receivable or payable

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

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

Generally, ownership of platinum is

transferred within one business day of the trade date.

At March 31, 2026, the Trust had no platinum receivable or payable for

the creation or redemption of Shares.

At December 31, 2025, the Trust had no platinum receivable or payable for the creation or

redemption of Shares.

and Redemptions of Shares

The Trust expects to create and

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

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

Individual investors cannot purchase or redeem Shares

in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer or other securities

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

in securities transactions;

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

(3) has entered into an Authorized

Participant Agreement with the Trustee and the Sponsor;

and (4) has established an Authorized Participant Unallocated Account

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

An Authorized Participant Agreement is an agreement

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

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

(3) has entered into an Authorized Participant

Agreement with the Trustee and the Sponsor;

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

Custodian or other platinum bullion clearing bank.

An Authorized Participant Agreement is an agreement entered into by each

Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and

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

An Authorized Participant Unallocated

Account is an unallocated platinum account, either loco London or loco Zurich, established with the Custodian or a platinum bullion

clearing bank by an Authorized Participant.

Account is an unallocated platinum account, either loco London or loco Zurich, established with the Custodian or a platinum

bullion clearing bank by an Authorized Participant.

The creation and redemption of

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

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

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

Platinum ETF Trust

to the Financial Statements (Unaudited)

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

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

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

Baskets is properly received.

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

Effective May

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

Prior to May 28, 2024, the settlement period for Shares

was two business days.

In the event of a trade date at period end, where a settlement is pending, a respective account receivable

and/or payable will be recorded.

When platinum is exchanged in settlement of a redemption, it is considered a sale of platinum

for financial statement purposes.

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

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

distributed by the Trust.

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

the Sponsor accepts an adjustment to its Sponsor’s Fee in the event of any shortfall or excess on each transaction.

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

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

Shares as Net Assets.

Notes to the Financial Statements

Authorized Participants may,

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

Effective May 28, 2024, the standard

settlement period for Shares is one business day.

Prior to May 28, 2024, the settlement period for Shares was two business days.

In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will

When platinum is exchanged in settlement of a redemption, it is considered a sale of platinum for financial

statement purposes.

The amount of platinum represented

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

As a result, the value attributed

to the creation or redemption of Shares may differ from the value of platinum to be delivered or distributed by the

In order to ensure that the correct amount of platinum is available at all times to back the Shares, the Sponsor accepts

an adjustment to its Sponsor’s Fee in the event of any shortfall or excess on each transaction.

For each transaction,

this amount is not more than 1/1000th of an ounce of platinum.

As the Shares of the Trust are

subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets.

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

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

The Trust is classified as a

“grantor trust” for U.S.

federal income tax purposes.

As a result, the Trust itself will

not be subject to U.S.

federal income tax.

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

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

Service on that basis.

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

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

Investment in Platinum

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

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

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

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

will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether

or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for

uncertain tax positions are required as of March 31, 2026 or December 31, 2025.

Changes in ounces of platinum

and their respective values for the three months ended March 31, 2026 and 2025 are set out below:

March 31, 2026

March 31, 2025

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

6 unchanged sentences

Opening balance

Platinum ETF Trust

to the Financial Statements (Unaudited)

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Realized gain on platinum distributed for the redemption of Shares

Transfers of platinum to pay expenses

Realized gain on platinum transferred to pay expenses

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

Closing balance

September 30, 2025

September 30, 2024

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

Ounces of platinum

Opening balance

( 227,856.0 )

( 110,040.7 )

Transfers of platinum to pay expenses

Closing balance

Investment in platinum

Opening balance

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

Transfers of platinum to pay expenses

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

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

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

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

Closing balance

Expenses / Realized Gains / Losses

Platinum ETF Trust

Notes to the Financial Statements

/ Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of platinum

to the Sponsor.

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

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

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

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

fees, United States

Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to

$ 100,000 per annum in legal expenses.

Platinum ETF Trust

to the Financial Statements (Unaudited)

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

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

September 30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 923,185 and $ 518,692 , respectively.

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

sell the Trust’s platinum as necessary to pay these expenses.

When selling platinum to pay expenses, the Trustee will endeavor

to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets

other than platinum.

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

30, 2025 and 2024.

otherwise directed by the Sponsor, when selling platinum, the Trustee will endeavor to sell at the price established by the LBMA

Platinum Price PM.

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects

to receive the most favorable price and execution of orders.

The Custodian may be the purchaser of such platinum only if the sale

transaction is made at the next LBMA Platinum Price PM or such other publicly available price that the Sponsor deems fair, in

each case as set following the sale order.

A gain or loss is recognized based on the difference between the selling price and

the average cost of the platinum sold.

Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason

gains and losses result from the transfer of platinum for Share redemptions and/or to pay expenses and are recognized on a trade

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

Segment Reporting

December 31, 2024, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to

Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new standard impacted disclosures only and did not

affect the Trust’s financial position nor the results of its operations.

Operating segments are components of a public entity

that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information

available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”)

when assessing segment performance and making decisions about segment resources.

The Chief Financial Officer of the Sponsor acts

as the Fund’s CODM.

The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation

is managed in accordance with its Prospectus.

The Trust will transfer platinum

to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60 % of the adjusted daily net

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

The Sponsor has agreed to assume

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

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

and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $ 100,000 per

annum in legal expenses.

For the three months ended March

31, 2026 and 2025, the Sponsor’s Fee was $ 4,357,955 and $ 1,561,511 , respectively.

At March 31, 2026 and at

December 31, 2025, the fees payable to the Sponsor were $ 1,312,955 and $ 1,384,155 , respectively.

With respect to expenses not

otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s

platinum as necessary to pay these expenses.

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

amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets other than platinum.

than the Sponsor’s Fee, the Trust had no expenses during the three months ended March 31, 2026 and 2025.

Unless otherwise directed by

the Sponsor, when selling platinum, the Trustee will endeavor to sell at the price established by the LBMA Platinum Price PM.

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the

most favorable price and execution of orders.

The Custodian may be the purchaser of such platinum only if the sale transaction

is made at the next LBMA Platinum Price PM or such other publicly available price that the Sponsor deems fair, in each case as

set following the sale order.

A gain or loss is recognized based on the difference between the selling price and the average cost

of the platinum sold.

Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result

from the transfer of platinum for Share redemptions and/or to pay expenses and are recognized on a trade date basis as the difference

between the fair value and average cost of platinum transferred.

Operating segments are components of a public entity that engage in business

activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their

operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing

segment performance and making decisions about segment resources.

The Chief Financial Officer of the Sponsor acts as the

Trust’s CODM.

The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation is

managed in accordance with its Prospectus.

The Trust operates as a single operating and reporting segment pursuant to its investment

2 unchanged sentences

principal investment strategy and principal risks, among other items.

The Fund’s portfolio composition, total returns, expense

ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with

the information presented within the Trust’s financial statements.

The accompanying financial statements detail the Fund’s

segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Fund’s Statement of Assets and

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

Subsequent Events

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

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

During this period,

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

Related Parties

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

The Trustee and the Custodian and their affiliates

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

and for accounts

over which they exercise investment discretion.

In addition, the Trustee and the Custodian and their affiliates may from time

to time purchase or sell platinum directly, for their own account, as agent for their customers and for accounts over which they

The Trust’s portfolio composition, total returns,

expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent

with the information presented within the Trust’s financial statements.

The accompanying financial statements detail the

Trust’s segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Trust’s Statement of

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

Platinum ETF Trust

Notes to the Financial Statements

In accordance with the provisions

set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated the possibility of subsequent

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

During this period, no material subsequent events

requiring adjustment to or disclosure in the financial statements were identified, other than noted below.

On April 22, 2026, the Sponsor announce a 10 -for-1 forward share split (the "Split") of the Shares issued by the Trust.

The Split will apply to shareholders of record as of the close of the markets on May 14, 2026, and will be payable after the close of

the markets on May 15, 2026.

The Split will be effective prior to the market open on May 18, 2026, when the Shares of the Registrant will

trade at their post-Split prices.

The ticker symbol and CUSIP number for the Shares will not change.

The Split will decrease the price

per Share of the Registrant with a proportionate increase in the number of Shares outstanding.

In the 10 -for-1 Split, shareholders will

receive ten post-Split-Shares for every Share held of record as of the close of the markets on May 14, 2026.

The post-Split Shares will

be priced at one-tenth the NAV of a pre-Split Share.

The Sponsor and the Trustee are

considered to be related parties to the Trust.

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

Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over

which they exercise investment discretion.

In addition, the Trustee and the Custodian and their affiliates may from time to time

purchase or sell platinum directly, for their own account, as agent for their customers and for accounts over which they

exercise investment discretion.

1 unchanged sentence

of the Trust.

Platinum ETF Trust

to the Financial Statements (Unaudited)

Concentration of Risk

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

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

Several factors could

affect the price of platinum, including:

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

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

Concentration

The Trust’s sole business

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

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

Several factors could affect the price

of platinum, including:

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

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

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

(iii) currency exchange rates;

(iv) interest

(iv) interest rates;

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

and (vi) global or regional political, economic

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

In addition, there is no assurance

that platinum will maintain its long-term value in terms of purchasing power in the future.

In the event that the price of platinum

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

Each of these events could

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

and (vi) global or regional political, economic or financial

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

In addition, there is no assurance that platinum

will maintain its long-term value in terms of purchasing power in the future.

In the event that the price of platinum declines,

the Sponsor expects the value of an investment in the Shares to decline proportionately.

Each of these events could have a material

effect on the Trust’s financial position and results of operations.

Indemnification

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

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

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

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

The Trust’s maximum exposure

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

Under the Trust’s organizational

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

employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence,

bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations

and duties under the Trust’s organizational documents.

The Trust’s maximum exposure under these arrangements is unknown

as this would involve future claims that may be made against the Trust that have not yet occurred.

Platinum ETF Trust

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

What changed 10-Q

Item 1. Financial Statements