abrdn Platinum ETF Trust
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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, 2026 · Filed May 8, 2026
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 2025-09-30; filed 2025-11-07.
0001999371-25-017268
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001999371-26-010354
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 31 previous paragraphs and 35 current paragraphs.
21 unchanged; 8 reworded; 6 added; 2 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 (6)
Current report
Recent Events
Current report
On April 22, 2026, the Sponsor announced a 10-for-1 forward share split (the "Split") of the Shares issued by the Trust.
Current report
The Split will apply to shareholders of record as of the close of the markets on May 14, 2026, and will be payable after the close of the markets on May 15, 2026. The Split will be effective prior to the market open on May 18, 2026, when the Shares of the Registrant will trade at their post-Split prices. The ticker symbol and CUSIP number for the Shares will not change.
Current report
The Split will decrease the price per Share of the Trust with a proportionate increase in the number of Shares outstanding. In the Split, shareholders will receive ten post-Split-Shares for every Share held of record as of the close of the markets on May 14, 2026. The post-Split Shares will be priced at one-tenth the NAV of a pre-Split Share.
Current report
The Quarter Ended March 31, 2026
Current report
The Quarter Ended March 31, 2025
Removed paragraphs (2)
Previous report
The Quarter EndedSeptember 30, 2025
Previous report
The Nine Months EndedSeptember 30, 2025
Reworded paragraphs (8)
Previous 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.
Current wording
The Trust’s NAV decreased from $2,862,967,538 at December 31, 2025 to $2,396,712,689 at March 31, 2026, a 16.24% decrease for the quarter. The change in the Trust’s NAV resulted primarily from a decrease in the price per ounce of platinum, which fell 5.87% from $2,027.00 at December 31, 2025 to $1,908.00 at March 31, 2026 and a decrease outstanding shares, which fell from 15,550,000 Shares at December 31, 2025 to 13,850,000 Shares at March 31, 2026, as a result of 1,150,000 (23 Baskets) being created and 2,850,000 Shares (57 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share decreased 6.01% from $184.11 at December 31, 2025 to $173.05 at March 31, 2026. 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 $4,357,955 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $255.22 at January 26, 2026 was the highest during the quarter, compared with a low of $167.70 at March 29, 2026.
Previous 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.
Current wording
The decrease in net assets from operations for the quarter ended March 31, 2026 was $184,201,736, resulting from a change in unrealized loss on investment in platinum of $403,019,657 and the Sponsor’s Fee of $4,357,955, offset by a realized gain of $1,887,245 on the transfer of platinum to pay expenses anda realized gain of $221,288,631 on platinum distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2026.
Previous 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.
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 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.
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 $144.55 at September 29, 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 $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 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.
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.