abrdn Platinum ETF Trust

Previous wording

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 wording

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 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”).

Previous 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.

Current wording

The Trust’s NAV increased from $1,064,605,134 at March 31, 2025 to $1,617,369,872 at June 30, 2025, a 51.92% increase for the quarter. The change in the Trust’s NAV resulted primarily from an increase in the price per ounce of platinum, which rose 35.95% from $993.00 at March 31, 2025 to $1,350.00 at June 30, 2025 and an increase outstanding shares, which rose from 11,750,000 Shares at March 31, 2025 to 13,150,000 Shares at June 30, 2025, as a result of 1,700,000 (34 Baskets) being created and 300,000 Shares (6 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The NAV per Share increased 35.75% from $90.60 at March 31, 2025 to $122.99 at June 30, 2025. 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 $1,825,265 for the quarter, or 0.60% of the Trust’s NAV on an annualized basis. as well as the timing of the subscriptions and redemptions compared to the timing of the change in price per ounce of platinum.

Previous 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.

Current wording

The NAV per Share of $126.83 at June 26, 2025 was the highest during the quarter, compared with a low of $83.93 at April 9, 2025.

Previous 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.

Current wording

The increase in net assets from operations for the quarter ended June 30, 2025 was $402,319,604, resulting from a realized gain of $30,504 on the transfer of platinum to pay expenses, a change in unrealized gain on investment in platinum of $405,275,902, offset by a realized loss of $1,161,537 on platinum distributed for the redemption of Shares and the Sponsor’s Fee of $1,825,265. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2025.

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 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.

Current wording

The Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $1,617,369,872 at June 30, 2025, a 58.73% increase for the period. The change in the Trust’s NAV resulted primarily from an increase in the price per ounce of platinum, which rose 47.86% from $913.00 at December 31, 2024 to $1,350.00 at June 30, 2025 and an increase in outstanding Shares, which increased from 12,200,000 Shares at December 31, 2024 to 13,150,000 Shares at June 30, 2025, as a result of 1,950,000 Shares (39 Baskets) being created and 1,000,000 Shares (20 Baskets) being redeemed during the period.

Previous 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.

Current wording

The NAV per Share increased 47.26% from $83.52 at December 31, 2024 to $122.99 at June 30, 2025. 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 $3,386,777 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 $126.83 at June 26, 2025 was the highest during the period, compared with a low of $83.52 at January 1, 2025.

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 period ended June 30, 2025 was $487,162,392, resulting from a realized gain of $2,673 on the transfer of platinum to pay expenses and a change in unrealized gain on investment in platinum of $491,701,916, offset by a realized loss of $1,155,420 on platinum distributed for the redemption of Shares and the Sponsor’s Fee of $3,386,777. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2025.