abrdn Platinum ETF Trust
For the period ended Mar 31, 2025. Filed May 8, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
PPLT$13.86+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001999371-24-014547
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001999371-25-005704
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 30 previous paragraphs and 31 current paragraphs.
18 unchanged; 9 reworded; 4 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
At the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s London Bullion Market Association (“LBMA”) Platinum Price PM. If 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.
Current report
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”).
Current report
The Quarter EndedMarch 31, 2025
Current report
The Quarter EndedMarch 31, 2024
Removed paragraphs (3)
Previous report
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 report
The Quarter Ended September 30, 2024
Previous report
The Nine Months Ended September 30, 2024
Reworded paragraphs (9)
Previous wording
The Trust's NAV decreased from $1,029,587,672 at June 30, 2024 to $1,000,603,638 at September 30, 2024, a 2.82% decrease for the quarter. The change in the Trust's NAV resulted from a decrease in the price per ounce of platinum, which fell 2.67% from $1,012.00 at June 30, 2024 to $985.00 at September 30, 2024. There was no change in outstanding Shares, which stayed the same from 11,100,000 Shares at June 30, 2024 to 11,100,000 Shares at September 30, 2024, as a result of 400,000 Shares (8 Baskets) being created and 400,000 Shares (8 Baskets) being redeemed during the quarter.
Current wording
The Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $1,064,605,134 at March 31, 2025, a 4.48% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of platinum, which rose 8.76% from $913.00 at December 31, 2024 to $993.00 at March 31, 2025 and a decrease in outstanding Shares, which fell from 12,200,000 at December 31, 2024 to 11,750,000 at March 31, 2025, a result of 250,000 Shares (5 Baskets) being created and 700,000 Shares (14 Baskets) being redeemed during the quarter.
Previous wording
The NAV per Share decreased 2.82% from $92.76 at June 30, 2024 to $90.14 at September 30, 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 $1,485,499 for the quarter, or 0.60% of the Trust's ANAV on an annualized basis.
Current wording
The NAV per Share increased 8.48% from $83.52 at December 31, 2024 to $90.60 at March 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 $1,561,511 for the quarter, or 0.60% of the Trust’s ANAV.
Previous wording
The NAV per Share of $93.76 at July 5, 2024 was the highest during the period, compared with a low of $83.32 at September 4, 2024.
Current wording
The NAV per Share of $91.35 at March 18, 2025 was the highest during the quarter, compared with a low of $84.16 at January 2, 2025.
Previous wording
The decrease in net assets from operations for the quarter ended September 30, 2024 was $28,421,262, resulting from a realized gain of $15,497 on the transfer of platinum to pay expenses, a realized gain of $261,673 on platinum distributed for the redemption of Shares, offset by a change in unrealized loss on investment in platinum of $27,212,933, and the Sponsor's Fee of $1,485,499. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended September 30, 2024.
Current wording
The increase in net assets from operations for the quarter ended March 31, 2025 was $84,842,789 resulting from a realized gain of $6,117 on platinum distributed for the redemption of Shares and a change in unrealized gain on investment in platinum of $86,426,015, offset by a realized loss of $27,831 on the transfer of platinum to pay expenses and the Sponsor’s Fee of $1,561,511. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.
Previous wording
The Trust's NAV increased from $997,445,666 at December 31, 2023 to $1,000,603,638 at September 30, 2024, a 0.32% increase for the period. The change in the Trust's NAV resulted from a decrease in the price per ounce of platinum,which fell 1.50% from $1,000.00 at December 31, 2023 to $985.00 at September 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 September 30,2024, as a result of 1,450,000 Shares (29 Baskets) being created and 1,200,000 Shares (24 Baskets) being redeemed.
Current 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 an 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.
Previous wording
The NAV per Share decreased 1.95% from $91.93 at December 31, 2023 to $90.14 at September 30, 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 $4,397,789 for the period, or 0.60% of the Trust's ANAV on an annualized basis.
Current wording
The NAV per Share decreased 9.43% from $91.93 at December 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.
Previous 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.
Current 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.
Previous wording
The decrease in net assets from operations for the period ended September 30, 2024 was $14,345,853, resulting from a realized loss of $29,864 on the transfer of platinum to pay expenses and a realized loss of $84,783 on platinum distributed for the redemption of Shares, a change in unrealized loss on investment in platinum of $9,833,417, and the Sponsor's Fee of $4,397,789. Other than the Sponsor's Fee, the Trust had no expenses during the period ended September 30, 2024.
Current 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.
Previous wording
The Trust has no off-balance sheet arrangements.
Current wording
The Trust is not a party to any off-balance sheet arrangements.