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abrdn Platinum ETF Trust

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

PPLT$13.86+0.7%Stored close · as of Nov 6, 2026
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**UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from____________________to____________________

**Commission File Number:001-34590 **

(Exact name of registrant as specified in its charter)

New York26-4732885
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
c/o abrdn ETFs Sponsor LLC
1900 Market Street, Suite 200 Philadelphia, PA (Address of principal executive offices)19103 (Zip Code)

(844) 383-7289

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
abrdn Physical Platinum Shares ETFPPLTNYSE Arca

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer☒Accelerated Filer☐
Non-Accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒No

Aggregate market value of the registrant’s Shares outstanding based upon the closing price of a Share on June 30, 2023 as reported by the NYSE Arca, Inc. on that date:$903,420,022.

As of February 26, 2024, abrdn Platinum ETF Trust had 11,100,000 abrdn Physical Platinum Shares ETF outstanding.

DOCUMENTS INCORPORATED BY REFERENCE: None

FORWARD LOOKING STATEMENTS

This Annual Report on Form 10-K contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements usually include the words, “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “understands” and other words suggesting uncertainty. 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.

Additional significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.

TABLE OF CONTENTS

PART I3
Item 1. Business3
Trust Objective3
Overview of the Platinum Industry4
Operation of the Platinum Markets6
Secondary Market Trading9
Valuation of Platinum and Computation of Net Asset Value9
Trust Expense10
Creation and Redemption of Shares11
Creation and Redemption Transaction Fee16
The Sponsor16
The Trustee17
The Custodian17
Inspection of Platinum18
Description of the Shares18
Custody of the Trust’s Platinum19
United States Federal Income Tax Consequences20
ERISA and Related Considerations23
Item 1A. Risk Factors24
Item 1B. Unresolved Staff Comments35
Item 1C. Cybersecurity35
Item 2. Properties36
Item 3. Legal Proceedings36
Item 4. Mine Safety Disclosures36
PART II36
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities36
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations38
Item 7A. Quantitative and Qualitative Disclosures about Market Risk42
Item 8. Financial Statements and Supplementary Data42
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures44
Item 9A. Controls and Procedures44
Item 9B. Other Information47
PART III48
Item 10. Directors, Executive Officers and Corporate Governance48
Item 11. Executive Compensation48
Item 12. Security49
Item 13. Certain Relationships and Related Transactions, and Director Independence49
Item 14. Principal Accounting Fees and Services50
PART IV51
Item 15. Exhibits, Financial Statement Schedule51
Item 16. Form 10K Summary52
ContentsView on SEC.gov

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