abrdn Platinum ETF Trust

Previous wording

The Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum and to distribute platinum in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of physical platinum, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in platinum.

Current wording

The Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum and to distribute platinum in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum bullion, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in platinum.

Previous wording

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PPLT”.

Current wording

Shares of the Trust trade on the NYSE Arca, Inc. (“NYSE Arca”) under the symbol “PPLT”.

Previous wording

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 wording

At the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s 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.

Previous wording

Once the value of the platinum has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the platinum and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

Current wording

Once the value of the platinum has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the platinum and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

Previous 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.

Current wording

The Trust’s NAV increased from $1,617,369,872 at June 30, 2025 to $1,957,887,832 at September 30, 2025, a 21.05% 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 16.37% from $1,350.00 at June 30, 2025 to $1,571.00 at September 30, 2025 and an increase outstanding shares, which rose from 13,150,000 Shares at June 30, 2025 to 13,700,000 Shares at September 30, 2025, as a result of 2,050,000 (41 Baskets) being created and 1,500,000 Shares (30 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The NAV per Share increased 16.20% from $122.99 at June 30, 2025 to $142.91 at September 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 $2,525,979 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

Previous 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.

Current wording

The NAV per Share of $144.55 at September 29, 2025 was the highest during the quarter, compared with a low of $118.55 at August 03, 2025.

Previous 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.

Current wording

The increase in net assets from operations for the quarter ended September 30, 2025 was $259,371,488, resulting from a realized gain of $586,649 on the transfer of platinum to pay expenses, a realized gain of $50,847,502 on platinum distributed for the redemption of Shares, and a change in unrealized gain on investment in platinum of $210,463,316, offset by the Sponsor’s Fee of $2,525,979. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2025.

Previous 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.

Current wording

The Trust’s NAV increased from $1,018,947,768 at December 31, 2024 to $1,957,887,832 at September 30, 2025, a 92.15% 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 72.07% from $913.00 at December 31, 2024 to $1,571.00 at September 30, 2025 and an increase in outstanding Shares, which increased from 12,200,000 Shares at December 31, 2024 to 13,700,000 Shares at September 30, 2025, as a result of 4,000,000 Shares (80 Baskets) being created and 2,500,000 Shares (50 Baskets) being redeemed during the period.

Previous 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.

Current wording

The NAV per Share increased 71.11% from $83.52 at December 31, 2024 to $142.91 at September 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 $5,912,756 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.

Previous 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.

Current wording

The NAV per Share of $144.55 at September 29, 2025 was the highest during the period, compared with a low of $83.52 at January 1, 2025.

Previous 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.

Current wording

The increase in net assets from operations for the period ended September 30, 2025 was $746,533,880, resulting from a realized gain of $589,322 on the transfer of platinum to pay expenses, a realized gain of $49,692,082 on platinum distributed for the redemption of Shares, and a change in unrealized gain on investment in platinum of $702,165,232, offset by the Sponsor’s Fee of $5,912,756. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2025.

Previous wording

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

Current wording

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee. The Trust’s only source of liquidity is its transfer and sales of platinum.