abrdn Platinum ETF Trust

Previous wording

At the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s LME PM Fix or, if no LME PM Fix is made on such day, the next most recent LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LME PM Fix 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.

Current wording

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, that day’s LBMA Platinum Price AM will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LBMA Platinum Price PM, the LBMA Platinum Price AM 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 LBMA Platinum Price PM, the LBMA Platinum Price AM 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.

Previous wording

The Trust's NAV decreased from $997,445,666 at December 31, 2023 to $919,981,811 at March 31, 2024, a 7.77% decrease for the period. The change in the Trust's NAV resulted primarily from a decrease in the price per ounce of platinum, which fell 9.30% from $1,000.00 at December 31, 2023 to $907.00 at March 31, 2024 and a increase in outstanding Shares, which increased from 10,850,000 Shares at December 31, 2023 to 11,050,000 Shares at March 31, 2024, as a result of 600,000 Shares (12 Baskets) being created and 400,000 Shares (8 Baskets) being redeemed during the quarter.

Current wording

The Trust’s NAV increased from $919,981,811 at March 31, 2024 to $1,029,587,672 at June 30, 2024, a 11.91% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of platinum, which rose 11.58% from $907.00 at March 31, 2024 to $1,012.00 at June 30, 2024 and an increase in outstanding Shares, which increased from 11,050,000 Shares at March 31, 2024 to 11,100,000 Shares at June 30, 2024, as a result of 450,000 Shares (9 Baskets) being created and 400,000 Shares (8 Baskets) being redeemed during the quarter.

Previous wording

The NAV per Share decreased 9.43% from $91.93 at March 31, 2023 to $83.26 at March 31, 2024. 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 $1,377,665 for the period, or 0.60% of the Trust's ANAV on an annualized basis.

Current wording

The NAV per Share increased 11.41% from $83.26 at March 31, 2024 to $92.76 at June 30, 2024. The Trust’s NAV per Share rose slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $1,534,625 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.

Previous wording

The NAV per Share of $101.72 at January 11, 2023 was the highest during the period, compared with a low of $84.28 at February 16, 2023.

Current wording

The NAV per Share of $97.68 at May 17, 2024 was the highest during the period, compared with a low of $83.04 at April 23, 2024.

Previous wording

The decrease in net assets from operations for the quarter ended March 31, 2024 was $93,304,014, resulting from a realized loss of $34,789 on the transfer of platinum to pay expenses, a realized loss of $1,718,405 on platinum distributed for the redemption of Shares, a change in unrealized loss on investment in platinum of $90,173,155, and the Sponsor's Fee of $1,377,665. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended March 31, 2024.

Current wording

The increase in net assets from operations for the quarter ended June 30, 2024 was $107,379,422, resulting from a realized gain of $1,371,949 on platinum distributed for the redemption of Shares, and a change in unrealized gain on investment in platinum of $107,552,670, offset by a realized loss of $10,572 on the transfer of platinum to pay expenses and the Sponsor’s Fee of $1,534,625. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2024.

Previous wording

The Trust's NAV decreased from $1,096,553,007 at December 31, 2022 to $960,292,516 at March 31, 2023, a 12.43% decrease for the period. The change in the Trust's NAV resulted primarily from a decrease in the price per ounce of platinum, which fell 4.85% from $1,031.00 at December 31, 2022 to $981.00 at March 31, 2023 and a decrease in outstanding Shares, which decreased from 11,500,000 Shares at December 31, 2022 to 10,600,000 Shares at March 31, 2023, as a result of 200,000 Shares (4 Baskets) being created and 1,100,000 Shares (22 Baskets) being redeemed during the quarter.

Current wording

The Trust’s NAV increased from $997,445,666 at December 31, 2023 to $1,029,587,672 at June 30, 2024, a 3.22% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of platinum, which rose 1.20% from $1,000.00 at December 31, 2023 to $1,012.00 at June 30, 2024 and an increase in outstanding Shares, which increased from 10,850,000 Shares at December 31, 2023 to 11,100,000 Shares at June 30, 2024, as a result of 1,050,000 Shares (21 Baskets) being created and 800,000 Shares (16 Baskets) being redeemed during the period.

Previous wording

The NAV per Share decreased 4.99% from $95.35 at December 31, 2022 to $90.59 at March 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 $1,512,190 for the period, or 0.60% of the Trust's ANAV on an annualized basis.

Current wording

The NAV per Share increased 0.90% from $91.93 at December 31, 2023 to $92.76 at June 30, 2024. The Trust’s NAV per Share rose slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $2,912,090 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.

Previous wording

The NAV per Share of $91.93 at January 1, 2024 was the highest during the period, compared with a low of $80.08 at March 1, 2024.

Current wording

The NAV per Share of $97.68 at May 17, 2024 was the highest during the period, compared with a low of $80.08 at March 1, 2024.

Previous wording

The decrease in net assets from operations for the period ended March 31, 2023 was $52,206,008, resulting from a realized gain of $73,967 on the transfer of platinum to pay expenses and a realized gain of $4,769,773 on platinum distributed for the redemption of Shares, offset by a change in unrealized loss on investment in platinum of $55,537,558, and the Sponsor's Fee of $1,512,190. Other than the Sponsor's Fee, the Trust had no expenses during the period ended March 31, 2023.

Current wording

The increase in net assets from operations for the period ended June 30, 2024 was $14,075,408, resulting from a change in unrealized gain on investment in platinum of $17,379,515, offset by a realized loss of $45,761 on the transfer of platinum to pay expenses, a realized loss of $346,456 on platinum distributed for the redemption of Shares, and the Sponsor’s Fee of $2,912,090. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2024.