abrdn Platinum ETF Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001999371-26-017414
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001999371-26-024821
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 34 current paragraphs.
26 unchanged; 7 reworded; 1 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 (1)
Current report
The Nine Months Ended September 30, 2026
Removed paragraphs (2)
Previous report
The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.
Previous report
The Six Months Ended June 30, 2026
Reworded paragraphs (7)
Previous 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.
Current wording
The Trust’s NAV increased from $1,773,133,277 at June 30, 2026 to $2,077,687,996 at September 30, 2026, a 17.18% 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 9.39% from $1,567.00 at June 30, 2026 to $1,714.10 at September 30, 2026 and an increase in outstanding shares, which rose from 124,950,000 Shares at June 30, 2026 to 134,050,000 Shares at September 30, 2026, as a result of 13,650,000 Shares (273 Baskets) being created and 4,550,000 Shares (91 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share increased 9.23% from $14.19 at June 30, 2026 to $15.50 at September 30, 2026. 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 $3,142,202 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $17.11 at August 24, 2026 was the highest during the period, compared with a low of $14.21 at July 1, 2026.
Previous 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.
Current wording
The increase in net assets from operations for the period ended September 30, 2026 was $160,217,411, resulting from a realized gain of $699,797 on the transfer of platinum to pay expenses, a realized gain of $17,446,192 on platinum distributed for the redemption of Shares and achange in unrealized gain on investment in platinum of $145,213,624, offset by the Sponsor’s Fee of $3,142,202. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2026.
Previous 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.
Current wording
The Trust’s NAV decreased from $2,862,967,538 at December 31, 2025 to $2,077,687,996 at September 30, 2026, a 27.43% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of platinum, which fell 15.44% from $2,027.00 at December 31, 2025 to $1,714.10 at September 30, 2026 and a decrease in outstanding Shares, which fell from 155,500,000 Shares at December 31, 2025 to 134,050,000 Shares at September 30, 2026, as a result of 29,950,000 Shares (599 Baskets) being created and 51,400,000 Shares (1,028 Baskets) being redeemed during the period.
Previous 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.
Current wording
The NAV per Share decreased 15.81% from $18.41 at December 31, 2025 to $15.50 at September 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 $11,009,940 for the period, or 0.60% of the Trust’s ANAV on an annual basis.
Previous 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.
Current wording
The decrease in net assets from operations for the period ended September 30, 2026 was $424,677,228, resulting from a change in unrealized loss on investment in platinum of $750,889,488 and the Sponsor’s Fee of $11,009,940, offset by a realized gain of $333,206,103 on platinum distributed for the redemption of Shares and a realized gain of $4,016,097 on the transfer of platinum to pay expenses. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2026.