abrdn Platinum ETF Trust
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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.
Jun 30, 2026 · Filed Aug 7, 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 2026-03-31; filed 2026-05-08.
0001999371-26-010354
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001999371-26-017414
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 35 previous paragraphs and 35 current paragraphs.
21 unchanged; 12 reworded; 2 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 (2)
Current report
The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.
Current report
The Six Months Ended June 30, 2026
Removed paragraphs (2)
Previous 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.
Previous report
The Quarter Ended March 31, 2025
Reworded paragraphs (12)
Previous 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.
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 there is 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
On April 22, 2026, the Sponsor announced a 10-for-1 forward share split (the "Split") of the Shares issued by the Trust.
Current wording
After the close of markets on May 14, 2026, the Trust effected a ten-for-one forward share split of the Shares issued by the Trust (the “Split”).
Previous wording
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 wording
The Split applied to shareholders of record as of the close of the markets on May 14, 2026, and was payable after the close of the markets on May 15, 2026. The Split was effective prior to the market open on May 18, 2026, when the Shares of the Trust began trading at their post-Split prices. In the ten-for-one Split, shareholders received ten post-Split-Shares for every Share held of record as of the close of the markets on May 14, 2026.
Previous 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.
Current wording
The Trust’s NAV decreased from $2,396,712,689 at March 31, 2026 to $1,773,133,277 at June 30, 2026, a 26.02% 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 17.87% from $1,908.00 at March 31, 2026 to $1,567.00 at June 30, 2026 and a decrease in outstanding Shares, which fell from 138,500,000 Shares at March 31, 2026 to 124,950,000 Shares at June 30, 2026, as a result of 4,800,000 Shares (96 Baskets) being created and 18,350,000 Shares (367 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share decreased 17.98% from $17.30 at March 31, 2026 to $14.19 at June 30, 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 $3,509,784 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $19.43 at April 17, 2026 was the highest during the quarter, compared with a low of $14.19 at June 30, 2026.
Previous 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.
Current wording
The decrease in net assets from operations for the quarter ended June 30, 2026 was $400,692,903, resulting from a change in unrealized loss on investment in platinum of $493,083,455 and the Sponsor’s Fee of $3,509,784, offset by a realized gain of $1,429,056 on the transfer of platinum to pay expenses anda realized gain of $94,471,280 on platinum distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2026.
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 decreased from $2,862,967,538 at December 31, 2025 to $1,773,133,277 at June 30, 2026, a 38.07% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 22.69% from $2,027.00 at December 31, 2025 to $1,567.00 at June 30, 2026 and a decrease in outstanding Shares, which fell from 155,500,000 at December 31, 2025 to 124,950,000 at June 30, 2026, as a result of 16,300,000 Shares (326 Baskets) being created and 46,850,000 Shares (937 Baskets) being redeemed during the period.
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 decreased 22.92% from $18.41 at December 31, 2025 to $14.19 at June 30, 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 $7,867,739 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
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 $25.52 at January 26, 2026 was the highest during the period, compared with a low of $14.19 at June 30, 2026.
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 decrease in net assets from operations for the period ended June 30, 2026 was $584,894,639, resulting from a change in unrealized loss on investment in platinum of $896,103,112 and the Sponsor’s Fee of $7,867,739, offset by a realized gain of $315,759,911 on platinum distributed for the redemption of Shares and a realized gain of $3,316,301 on the transfer of platinum to pay expenses. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2026.
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. The Trust’s only source of liquidity is its transfer and sales of platinum.
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 transfers and sales of platinum.