Filed 2026-03-02 · Period ending 2025-12-31 · 39,912 words · SEC EDGAR
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# abrdn Platinum ETF Trust (PPLT) — 10-K **Filed:** 2026-03-02 **Period ending:** 2025-12-31 **Accession:** 0001999371-26-004880 **Source:** [SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1460235/000199937126004880/) **Origin leaf:** 538ee5b9967b053aaa15de33b485a0ee365b6b33cc864de368e8edef6c03b284 **Words:** 39,912 --- ** UNITED STATES** **SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549** **Form 10-K** | | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | **For the fiscal year ended December 31, 2025** **or** | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | **For the Transition Period from** ___________________**to**__________________ **Commission File Number: 001-34590** abrdn Platinum ETF Trust (Exact name of registrant as specified in its charter) | New York | 26-4732885 | | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | | | c/o abrdn ETFs Sponsor LLC 1900 Market Street, Suite 200 Philadelphia, PA | 19103 | | | (Address of principal executive offices) | (Zip Code) | | | | | | (844) 383-7289 *(Registrants telephone number, including area code)* Securities registered pursuant to Section 12(b) of the Act: | Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered | | | abrdn Physical Platinum Shares ETF | | PPLT | | NYSE Arca | | Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. | Large Accelerated Filer | | Accelerated Filer | | | | Non-Accelerated Filer | | Smaller Reporting Company | | | | | | Emerging Growth Company | | | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Aggregate market value of the registrants Shares outstanding based upon the closing price of a Share on June 30, 2025 as reported by the NYSE Arca, Inc. on that date: $1,615,740,500. As of February 26, 2026, abrdn Platinum ETF Trust had 15,750,000 abrdn Physical Platinum Shares ETF outstanding. DOCUMENTS INCORPORATED BY REFERENCE: None FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements usually include the words, anticipates, believes, estimates, expects, intends, plans, projects, understands and other words suggesting uncertainty. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Additional significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein. TABLE OF CONTENTS | PART I | 2 | | | Item 1. Business | 2 | | | Trust Objective | 2 | | | Overview of the Platinum Industry | 3 | | | Operation of the Platinum Markets | 5 | | | Secondary Market Trading | 8 | | | Valuation of Platinum and Computation of Net Asset Value | 8 | | | Trust Expense | 9 | | | Creation and Redemption of Shares | 9 | | | Creation and Redemption Transaction Fee | 13 | | | The Sponsor | 13 | | | The Trustee | 13 | | | The Custodian | 14 | | | Inspection of Platinum | 14 | | | Description of the Shares | 15 | | | Custody of the Trusts Platinum | 16 | | | United States Federal Income Tax Consequences | 16 | | | ERISA and Related Considerations | 18 | | | Item 1A. Risk Factors | 19 | | | Item 1B. Unresolved Staff Comments | 27 | | | Item 1C. Cybersecurity | 27 | | | Item 2. Properties | 28 | | | Item 3. Legal Proceedings | 28 | | | Item 4. Mine Safety Disclosures | 28 | | | | | | | PART II | 29 | | | Item 5. Market for Registrants Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities | 29 | | | Item 6. [Reserved] | x | | | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations | 31 | | | Item 7A. Quantitative and Qualitative Disclosures about Market Risk | 34 | | | Item 8. Financial Statements and Supplementary Data | 34 | | | Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures | 36 | | | Item 9A. Controls and Procedures | 36 | | | Item 9B. Other Information | 37 | | | Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 37 | | | | | | | PART III | 38 | | | Item 10. Directors, Executive Officers and Corporate Governance | 38 | | | Item 11. Executive Compensation | 38 | | | Item 12. Security | 38 | | | Item 13. Certain Relationships and Related Transactions, and Director Independence | 39 | | | Item 14. Principal Accounting Fees and Services | 39 | | | | | | | PART IV | 40 | | | Item 15. Exhibits, Financial Statement Schedule | 40 | | | Item 16. Form 10K Summary | 41 | | PART I Item 1. Business The purpose of the abrdn Platinum ETF Trust (the Trust) is to own platinum transferred to the Trust in exchange for shares issued by the Trust (Shares). Each Share represents a fractional undivided beneficial interest in and ownership of the Trust. The assets of the Trust consist solely of platinum bullion. The Trust was formed on December 30, 2009 when an initial deposit of platinum was made in exchange for the issuance of two Baskets (a Basket consists of 50,000 Shares). The sponsor of the Trust is abrdn ETFs Sponsor LLC (the Sponsor). The trustee of the Trust is The Bank of New York Mellon (the Trustee) and the custodian is ICBC Standard Bank Plc (the Custodian or ICBC). The Trusts Shares at redeemable value increased from $1,018,947,768 at December 31, 2024 to $2,862,967,538 at December 31, 2025, the Trusts fiscal year end. Outstanding Shares in the Trust increased from 12,200,000 at December 31, 2024 to 15,550,000 at December 31, 2025. The Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of platinum. The platinum held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the Sponsors Fee), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. The Trust does not and will not hold or trade in commodities futures contracts, commodity interests or any other instruments regulated by the Commodity Exchange Act (the CEA), as administered by the Commodity Futures Trading Commission (the CFTC) and the National Futures Association (NFA). The Trust is not a commodity pool for purposes of the CEA and the Shares are not commodity interests, and neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust has no fixed termination date. The Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through which the registrants annual reports on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably practicable after they have been filed or furnished to the Securities and Exchange Commission (the SEC). The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at www.sec.gov. Trust Objective The investment objective of the Trust is for the Shares to reflect the performance of the price of physical platinum, less the Trusts expenses. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in physical platinum. An investment in physical platinum requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense and complications have resulted in investments in physical platinum being efficient only in amounts beyond the reach of many investors. The Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit risk, of gaining investment benefits similar to those of holding platinum bullion. The Shares offer an investment that: | | Easily Accessible and Relatively Cost Effective. Investors can access the platinum bullion market through a traditional brokerage account. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use platinum bullion by using the Shares instead of using the traditional means of purchasing, trading and holding platinum bullion and for many investors, transaction costs related to the Shares will be lower than those associated with the purchase, storage and insurance of physical platinum bullion. | | 2 | | Exchange Traded and Transparent. The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various investment strategies. The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does not hold or employ any derivative securities. Furthermore, the value of the Trusts holdings are reported on the Trusts website daily. | | | | Minimal Credit Risk. The Shares represent an interest in physical platinum owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole plate of which is held temporarily to effect a creation or redemption of Shares). Physical platinum of the Trust in the Custodians possession is not subject to borrowing arrangements with third parties. Other than the platinum temporarily being held in an unallocated platinum account with the Custodian, the physical platinum of the Trust is not subject to counterparty or credit risks. See Risk FactorsPlatinum held in the Trusts unallocated platinum account and any Authorized Participants unallocated platinum account is not segregated from the Custodians assets... This contrasts with most other financial products that gain exposure to platinum through the use of derivatives that are subject to counterparty and credit risks. | | Investing in the Shares does not insulate the investor from certain risks, including price volatility. See Risk Factors. Overview of the Platinum Industry This section provides a brief introduction to the platinum industry by looking at some of the key participants, detailing the primary sources of demand and supply. In this annual report, the term ounces refers to troy ounces. *Platinum Group Metals* Platinum and palladium are the two best known metals of the six platinum group metals (PGMs). Platinum and palladium have the greatest economic importance and are found in the largest quantities. The other four --iridium, rhodium, ruthenium and osmium --are produced only as co-products of platinum and palladium. PGMs are known for their purity, high melting points and unique catalytic properties. In addition to their oxidation and reduction properties, they are also extremely resistant to corrosion. PGMs are utilized in a number of industrial processes, technologies and commercial applications. Their unique chemical and physical properties make PGMs an excellent raw material, catalyst and ingredient for manufacturing processes. Consumer and industrial products made with platinum and other PGMs include flat panel monitors, glass fiber, medical tools, computer hard drives, nylon and razors, among others. PGMs play a critical role in autocatalysis and pollution control in the automotive sector. PGM mining is heavily concentrated in southern Africa (South Africa and Zimbabwe), with smaller percentages coming from the United States, Russia and other locations. South Africa is the worlds leading platinum producer and one of the largest palladium producers. Russia is the second largest producer of platinum. All of South Africas production is sourced from the Bushveld Igneous Complex, which hosts the worlds largest resource of PGMs. Together, South Africa and Russia accounted for over 83% of platinum supply in 2024. *World Platinum Supply and Demand 2015-2024* The following table sets forth a summary of the world platinum supply and demand over the past 10 years (from 2015 to 2024) and is based on information reported by Johnson Matthey, PGM Market Reports (2015 2025). Information for the year ended 2025 is not available as of the date of this report. | (thousands of ounces) | | 2015 | | | 2016 | | | 2017 | | | 2018 | | | 2019 | | | 2020 | | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | | Supply | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | South Africa | | | 4,572 | | | | 4,392 | | | | 4,450 | | | | 4,467 | | | | 4,344 | | | | 3,243 | | | | 4,609 | | | | 3,966 | | | | 4,003 | | | | 4,112 | | | | Russia | | | 670 | | | | 714 | | | | 720 | | | | 687 | | | | 721 | | | | 699 | | | | 638 | | | | 350 | | | | 850 | | | | 650 | | | | North America | | | 339 | | | | 370 | | | | 368 | | | | 370 | | | | 367 | | | | 334 | | | | 279 | | | | 280 | | | | 288 | | | | 267 | | | | Zimbabwe | | | 400 | | | | 489 | | | | 466 | | | | 474 | | | | 451 | | | | 482 | | | | 465 | | | | 488 | | | | 515 | | | | 507 | | | | Others | | | 158 | | | | 162 | | | | 157 | | | | 152 | | | | 154 | | | | 205 | | | | 222 | | | | 157 | | | | 154 | | | | 187 | | | | Total primary supply | | | 6,139 | | | | 6,127 | | | | 6,161 | | | | 6,150 | | | | 6,037 | | | | 4,963 | | | | 6,213 | | | | 5,241 | | | | 5,810 | | | | 5,723 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Recycling | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Autocatalyst | | | 1,136 | | | | 1,132 | | | | 1,249 | | | | 1,332 | | | | 1,389 | | | | 1,154 | | | | 1,230 | | | | 1,201 | | | | 1,074 | | | | 1,084 | | | | Electrical | | | 30 | | | | 32 | | | | 35 | | | | 38 | | | | 40 | | | | 41 | | | | 49 | | | | 48 | | | | 48 | | | | 56 | | | | Jewellery | | | 574 | | | | 738 | | | | 746 | | | | 699 | | | | 663 | | | | 506 | | | | 366 | | | | 273 | | | | 226 | | | | 232 | | | | Total secondary supply | | | 1,740 | | | | 1,902 | | | | 2,030 | | | | 2,069 | | | | 2,092 | | | | 1,701 | | | | 1,645 | | | | 1,522 | | | | 1,348 | | | | 1,372 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total combined supply | | | 7,879 | | | | 8,029 | | | | 8,191 | | | | 8,219 | | | | 8,129 | | | | 6,664 | | | | 7,858 | | | | 6,763 | | | | 7,158 | | | | 7,095 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Demand by Application | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Auto | | | 3,273 | | | | 3,339 | | | | 3,061 | | | | 2,815 | | | | 2,589 | | | | 2,024 | | | | 2,410 | | | | 2,743 | | | | 3,353 | | | | 3,410 | | | | Chemical | | | 502 | | | | 477 | | | | 453 | | | | 654 | | | | 662 | | | | 614 | | | | 675 | | | | 701 | | | | 649 | | | | 631 | | | | Dental & Biomedical | | | 215 | | | | 218 | | | | 238 | | | | 241 | | | | 254 | | | | 214 | | | | 220 | | | | 249 | | | | 266 | | | | 273 | | | | Electrical & Electronics | | | 228 | | | | 232 | | | | 224 | | | | 228 | | | | 216 | | | | 226 | | | | 262 | | | | 241 | | | | 206 | | | | 245 | | | | Glass | | | 227 | | | | 247 | | | | 314 | | | | 501 | | | | 490 | | | | 518 | | | | 786 | | | | 875 | | | | 782 | | | | 446 | | | | Investment | | | 451 | | | | 620 | | | | 361 | | | | 67 | | | | 1,131 | | | | 1,049 | | | | (1 | ) | | | (475 | ) | | | 179 | | | | 525 | | | | Jewellery | | | 2,746 | | | | 2,413 | | | | 2,385 | | | | 2,258 | | | | 2,073 | | | | 1,657 | | | | 1,468 | | | | 1,401 | | | | 1,372 | | | | 1,375 | | | | Petroleum | | | 140 | | | | 186 | | | | 228 | | | | 380 | | | | 262 | | | | 286 | | | | 222 | | | | 241 | | | | 160 | | | | 144 | | | | Pollution Control | | | - | | | | - | | | | 184 | | | | 193 | | | | 190 | | | | 165 | | | | 187 | | | | 221 | | | | 274 | | | | 269 | | | | Other | | | 494 | | | | 535 | | | | 530 | | | | 531 | | | | 542 | | | | 417 | | | | 444 | | | | 483 | | | | 550 | | | | 551 | | | | Total demand | | | 8,276 | | | | 8,267 | | | | 7,978 | | | | 7,868 | | | | 8,409 | | | | 7,170 | | | | 6,673 | | | | 6,680 | | | | 7,791 | | | | 7,869 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Movements in Stocks | | | (397 | ) | | | (238 | ) | | | 213 | | | | 351 | | | | (280 | ) | | | (506 | ) | | | 1,185 | | | | 83 | | | | (633 | ) | | | (774 | ) | | *Source: Johnson Matthey PGM Market Reports (2015 - 2025).* | 1 | Primary supply: Supply figures represent sales of primary PGM by producers and are allocated to the region where mining took place, rather than the region of subsequent processing. | | | 2 | Secondary supply: Secondary supply is the quantity of metal recovered from open-loop recycling (i.e. where the original purchaser does not retain ownership of the PGM). Outside the automotive, jewelry and electronics markets, open-loop recycling is negligible. | | | 3 | Automotive recycling represents the weight of metal recovered from end-of-life vehicles and aftermarket scrap. It does not include warranty or production scrap. | | | 4 | Demand: Demand figures for any given application represent the sum of industry demand for new metal in that application, net of any closed-loop recycling (i.e. where industry participants retain ownership of the metal: an example would be recycling of spent chemical catalysts where the metal is retained to be used on fresh catalyst that replaces the spent charge). | | 3 | 5 | Automotive demand is allocated to the region where the vehicle is manufactured and is accounted for at the time of vehicle production. It includes emissions catalysts on vehicles, motorcycles and three-wheelers, as well as fuel cell vehicles. Non-road mobile machinery is counted as industrial demand, in the pollution control category. | | | 6 | Jewelry demand is allocated to the region where the finished jewelry is manufactured, not sold. | | | 7 | Movements in stocks: This figure gives the overall market balance in any one year and reflects the extent of stocks that must be mobilized to balance the market in that year. It is thus a proxy for changes in stocks held by fabricators, dealers, banks and depositories, but excludes stocks held by primary and secondary refiners and final consumers. A positive figure (market surplus) thus reflects an increase in global market stocks. A negative value (market deficit) indicates a decrease in global market stocks. | | The following are some of the main characteristics of the platinum market illustrated by the table: The main supplier of platinum is South Africa, providing approximately 72% of total mine supply over the past 10 years (2015-2024). Russia is the second largest supplier of platinum. Its share of world mine production has averaged around 11.4% of total mine supply over the past ten years ended 2024. Scrap supply from recycling of autocatalyst and other sources have accounted for about 22.9% of total supply over the last 10 years. Over the ten years ended December 2024, jewelry demand for platinum peaked at approximately 33% of total demand in 2015. Jewelry demand has since declined to 17% of total demand in 2024, following a consistent downward trend. Automotive demand for platinum, which accounted for around 40% of total demand at the end of 2015, has increased to roughly 43% of total demand as of the end of 2024. Following two consecutive years of growth, investment demand fell from a high of 15% in 2020 into negative territory in 2022 at (7%) but improved to 7% in 2024. Pollution control demand, which captures the production demand of non-road vehicles such as agricultural equipment and industrial machinery as well as small engines and stationary source emissions controls in factories that use technology that is similar to autocatalysts, decreased to 3% in 2024 after increasing to 4% of total demand in 2023. *Historical Chart of the Price of Platinum* The price of platinum is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements in the price of platinum in the past are not a reliable indicator of future movements. The following chart illustrates the movements in the price of an ounce of platinum in U.S. Dollars from December 31, 2015 to December 31, 2025 and is based on information provided by Bloomberg: * Source: Bloomberg, Aberdeen. Chart data from 12/31/2015 to 12/31/2025. Spot Platinum Price = PLTMLNPM Index.* The following is a discussion of the movements in the price of platinum illustrated by the table: In 2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for more than 72% of the worlds supply of platinum. A strike at one of South Africas biggest platinum mines caused the price of platinum to rise from $1,387 to $1,709 per ounce in August 2012. At the beginning of 2013, Anglo American Platinum, the worlds biggest producer of the metal, announced its intention to close four mine shafts and its consideration of selling another mine complex as part of a radical overhaul of its South African operations. This statement prompted a strong reaction on platinum prices, which rose from $1,656 to $1,736 per ounce in the days following the announcement, on fears of a further tightening in platinum supply. However, platinums correlation to gold weighed on platinum prices in 2013 overall. Prolonged strikes at South African mines in 2014 led to the deepest supply deficit in platinum since 1975 (the earliest date we have supply and demand data). However, that failed to arrest the price slide which saw prices fall 11% in 2014, highlighting the extent of negative sentiment towards industrially-exposed precious metals. Despite autocatalyst demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism about the future demand for platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts. Further pessimistic outlook for South Africas economy and its currency the South African Rand weighed on platinum prices throughout 2017, and platinum continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising mine supply. Platinum prices bounced back, rising 19.9% to $952 per ounce at the end of 2019. After seeing the price fall as low as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce. The steep climb in palladium price has led some investors to conclude that platinum appears under-valued, in view of its potential to substitute for palladium in automotive applications in the future. Additionally, the outlook for mining in South Africa is increasingly uncertain, with producers facing steep increases in electricity prices, periodic disruption to power supplies and a risk of industrial action during anticipated wage negotiations. In 2021, platinum took a back seat to risky assets, similarly to other precious metals, as it returned -10% (as of December 31, 2021). Follow through from auto production disruptions during the pandemic were a major contributor to the price performance in 2021. The price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russias invasion of Ukraine and the threat of sanctions on Russian exports, including platinum, pushed prices higher. However, while other precious metals (gold, silver, palladium) saw prices fluctuate throughout the year, platinums volatility was much more pronounced within the first quarter of 2022, as the price fell roughly 15% by March 31, 2022, to close the first quarter at $983 per ounce. Aggressive interest rate hikes by the U.S. Federal Reserve, a strong U.S. Dollar and risks of diminishing global economic growth exerted additional pressure on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022. Through the end of 2022, increasing autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical market tightness, despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December 31, 2022 to $1,031 per ounce. 4 In 2023, a decrease in platinum production in South Africa, the worlds leading producer, has continued to impact global supply (see World Platinum Supply and Demand in 2023 above for additional discussion). While industry analysis groups see potential for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over the course of the year as the market remains well supplied pulling from existing above ground stockpiles. Despite a positive outlook at the beginning of the year, fueled by Chinas loosening of Covid-related restrictions, that drove the price as high as $1,128 per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall as low as $850 per ounce on November 13, 2023. While an end-of-year rally saw the price of platinum increase roughly 18% off the yearly low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price. In 2024, mining production in South Africa has continued to impact global supply, as the country experiences some remaining power supply disruptions, although at a far lower pace than in 2023. Political instability, inflation and volatile market prices have compressed profit margins and subsequently led to a decrease in expected supply from the worlds leading producer. As a result, platinum markets remained volatile throughout the year while prices have not responded to the existing supply side deficit as above ground stocks are being worked through. An increase in expected automotive demand provided some tailwinds during the first half of the year sent the spot price of platinum as high as $1,065 per ounce on May 17, 2024. However, the lackluster Chinese economic rebound and disappointing level of stimulus turned to headwinds as the price retreated to $910 per ounce. The risk of additional sanctions on Russian metal exports in October provided some temporary price support, however market fears over supply restrictions quickly dissipated, and prices retreated once more. Headwinds grew as the US election resulted in an increased potential of tariffs that are large enough to slow global economic growth and the spot price of platinum ended the year down -8.6%, at $914 per ounce. In 2025, platinum experienced its strongest rally in years as persistent supply deficits, elevated trading activity and geopolitical tensions drove prices sharply higher. While tightening emission standards in China and India supported Industrial Demand from the automotive industry, the larger trend this year has been from Chinese jewelry demand. The Chinese and Indian public are significant gold buyers; however, they are price sensitive and given capital restrictions, jewelry in China is also an investment - and not just jewelry. During London Platinum Week, in mid-May, compelling evidence emerged that the Chinese consumer had begun to revert to platinum jewelry from gold and the spot price of Platinum subsequently rallied from $986 per ounce on May 16, 2025, to $1474 per ounce on July 18, 2025. Platinum traded in a tighter range between July and mid-September, before U.S. tariff uncertainty and heavy buying from China and the U.S. amplified market tightness, driving the price into a range of $1,500 - $1,600 per ounce, where it would remain towards the end of November. However, on November 27th, 2025, the Guangzhou Futures Exchange launched a new futures contract on Platinum, further boosting optimism about Chinese demand. Speculative positioning intensified through the end of the year, sending prices to a 17 year high and lifting platinum to $2,226 per ounce before ending the year at $2,027 on December 31, 2025 (+121.8%). Operation of the Platinum Market The global trade in platinum consists of Over-the-Counter (OTC) transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures and options. *Global Over-The-Counter Market* The OTC market trades on a 24-hour per day continuous basis and accounts for most global platinum trading. Market makers, as well as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis. All risks and issues of credit are between the parties directly involved in the transaction. Market makers include the market making members of the London Platinum and Palladium Market (LPPM), the trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the LPPM. Five member participants of the LPPM are currently participating in the electronic LBMA Platinum Price PM (as described below) process administered by the London Metal Exchange (LME). The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors. Bullion dealers customize transactions to meet clients requirements. The OTC market has no formal structure and no open outcry meeting place. The main centers of the OTC market for platinum are London, New York, Hong Kong and Zurich. Mining companies, manufacturers of jewelry and industrial products, together with investors and speculators, tend to transact their business through one of these market centers. Centers such as Dubai and several cities in the Far East also transact substantial OTC market business, typically involving jewelry and small plates or ingots of platinum (1 kilogram or less) and will hedge their exposure by selling into one of these main OTC centers. Precious metals dealers have offices around the world and most of the worlds major bullion dealers are either members or associate members of the London Bullion Market Association (LBMA) and/or the LPPM. In the OTC market for platinum, the standard size of trades between market makers is 1,000 ounces. 5 Liquidity in the OTC market can vary from time to time during the course of the 24-hour trading day. Fluctuations in liquidity are reflected in adjustments to dealing spreadsthe differential between a dealers buy and sell prices. The period of greatest liquidity in the platinum market generally occurs at the time of day when trading in the European time zones overlaps with trading in the United States, which is when OTC market trading in London, New York, and other centers coincides with futures and options trading on the Commodity Exchange, Inc. (COMEX), a designated contract market within the CME Group. This period lasts for approximately four hours each New York business day morning. The Platinum Market *The Zurich and London Platinum Bullion Markets* Although the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through London and Zurich. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators. A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the London/Zurich Good Delivery Lists, which are the lists of LPPM accredited refiners of platinum. The LPPM also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation. Platinum is traded generally on a loco London or loco Zurich basis, meaning the precious metal is physically held in vaults in London or Zurich or is transferred into accounts established in London or Zurich. Delivery of the platinum can either be by physical delivery or through the clearing systems to an unallocated account. The unit of trade in London and Zurich is the troy ounce, whose conversion between grams is: 1,000 grams equals to 32.1507465 troy ounces, and one troy ounce is equivalent to 31.1034768 grams. A good delivery platinum plate or ingot on the LPPM approved list is acceptable for delivery in settlement of a transaction on the OTC market (a Good Delivery Platinum Plate or Ingot). A Good Delivery Platinum Plate or Ingot must contain between 32 and 192 troy ounces of platinum with a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%), be of good appearance, and be easy to handle and stack. The platinum content of a platinum Good Delivery Platinum Plate or Ingot is calculated by multiplying the gross weight by the fineness of the plate or ingot. A Good Delivery Platinum Plate or Ingot must also bear the stamp of one of the refiners who are on the LPPM approved list. Unless otherwise specified, the platinum spot price always refers to the Good Delivery Standards set by the LPPM. Business is generally conducted over the phone and through electronic dealing systems. Since December 1, 2014, the LME has been administering the operation of an electronic platinum bullion 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. The LMEs electronic price fixing processes, 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). In addition to utilizing the same London platinum fix standards and methods, the LME also supervises the platinum electronic price fixing processes through its market operations, compliance, internal audit and third-party complaint handling capabilities in order to support the integrity of the LBMA Platinum Price PM. The LME, in administering LMEbullion, uses a pricing methodology that meets the administrative and regulatory needs of platinum market participants, including the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, (the IOSCO Principles). In January 2026, the LBMA announced that it intends to appoint ICE Benchmark Administration (IBA) to replace the LME as the third-party administrator of the LBMA Platinum and Palladium prices in mid-2026. Daily during London trading hours the LBMA Platinum Price AM and the LBMA Platinum Price PM each provide reference platinum prices for that days trading. Many long-term contracts will be priced on the basis of either the LBMA Platinum Price AM or the LBMA Platinum Price PM, and market participants will usually refer to one or the other of these prices when looking for a basis for valuations. The Trust values its platinum on the basis of the LBMA Platinum Price PM. If on a day when the Trusts NAV is being calculated, the LBMA Platinum Price PM is not available or has not been announced by 4:00 p.m. New York time, 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 Trusts platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. Formal participation in the LBMA Platinum Price PM is limited to participating LPPM members. Six LPPM members are currently participating in establishing the LBMA Platinum Price PM (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey plc, StoneX Financial Ltd and BASF Metals Ltd.). Any other market participant wishing to participate in the trading on the LBMA Platinum Price PM is required to do so through one of the participating LPPM members. 6 Orders are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then be in contact with a participating LPPM member during the fixing. The fix begins with the chair reflecting the market price and other data, prevailing at the opening of the fix. This is relayed by the LPPM member participants to their dealing rooms which have direct communication with all interested parties. Any member participant may enter the fixing process at any time, or adjust or withdraw his order. The platinum price is adjusted up or down until all the buy and sell orders are electronically matched, at which time the price is declared fixed. All orders are transacted on the basis of this fixed price, which is instantly relayed to the market through various media. The LBMA and the LME have asserted that the LMEs electronic price fixing processes are similar to the non-electronic processes previously used to establish the applicable London platinum fix where the London platinum fix process adjusted the platinum price up or down until all the buy and sell orders entered by the participating LPPM members are matched, at which time the price was declared fixed. Nevertheless, the LBMA Platinum Price PM has several advantages over the previous London platinum fix. The LMEs electronic price fixing processes are intended to be transparent. The LME asserts that its electronic price fixing processes are fully auditable by third parties since an audit trail exists from the beginning of each fixing session. The LME also asserts that the market operation, compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity of the LBMA Platinum Price PM. Since December 1, 2014, the Sponsor determined that the London platinum fix, which has been revised based on the new LME method and is now known as the LBMA Platinum Price (PM), which we refer to herein as the LBMA Platinum Price PM, is an appropriate basis for valuing platinum bullion received upon purchase of the Trusts Shares, delivered upon redemption of the Trusts Shares and for determining the value of the Trusts platinum bullion each trading day. The Sponsor also determined that the LME PM Fix fairly represents the commercial value of platinum bullion held by the Trust and the Benchmark Price (as defined in Trust Agreement) as of any day is such days LBMA Platinum Price PM or such days LBMA Platinum Price AM if such days LBMA Platinum Price PM is not available. As of December 1, 2014, the LPPFCL transferred ownership of the historic and future intellectual property of the twice daily fix for platinum and palladium bullion to a subsidiary company of the LBMA. *Futures Exchanges* The most significant platinum futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo Commodity Exchange, Inc. (TOCOM). The COMEX is the largest exchange in the world for trading precious metals futures and options and launched platinum futures in 1956, followed with options in 1990. The TOCOM has been trading platinum since 1984. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options contracts traded. Trading costs are negotiable. As a matter of practice, only a small percentage of the futures market turnover ever comes to physical delivery of the platinum represented by the contracts traded. Both exchanges permit trading on margin. Margin trading can add to the speculative risk involved given the potential for margin calls if the price moves against the contract holder. The COMEX trades platinum futures almost continuously (with one short break in the evening) through its CME Globex electronic trading system and clears through its central clearing system. On June 6, 2003, the TOCOM adopted a similar clearing system. In each case, the exchange acts as a counterparty for each member for clearing purposes. Market Regulation The global platinum markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain trade associations have established rules and protocols for market practices and participants. In the United Kingdom, responsibility for the regulation of the financial market participants, including the major participating members of the LPPM falls under the authority of the Financial Conduct Authority (FCA) as provided by the Financial Services and Markets Act 2000 (FSM Act). Under this act, all U.K.-based banks, together with other investment firms, are subject to a range of requirements, including fitness and properness, capital adequacy, liquidity, and systems and controls. The FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation of spot, commercial forwards, and deposits of platinum not covered by the FSM Act is provided for by The London Code of Conduct for Non-Investment Products, which was established by market participants in conjunction with the Bank of England. The TOCOM has authority to perform financial and operational surveillance on its members trading activities, scrutinize positions held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and other derivative markets prices. To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license from Japans Ministry of Economy, Trade and Industry, the regulatory authority that oversees the operations of the TOCOM. The CFTC regulates trading in commodity contracts, such as futures, options and swaps. In addition, under the CEA, the CFTC has jurisdiction to prosecute manipulation and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well as deliverable forwards. The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses. 7 Secondary Market Trading While the Trusts investment objective is for the Shares to reflect the performance of the price of physical platinum, less the Trusts expenses, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher relative to their net asset value (the value of the Trusts assets less its liabilities (NAV)) per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca, COMEX and the London and Zurich platinum markets. While the Shares trade on the NYSE Arca until 4:00 PM New York time, liquidity in the global platinum market is reduced after the close of the COMEX at 1:30 PM New York time. As a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen. Valuation of Platinum and Computation of Net Asset Value On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 PM New York time, on such day (Evaluation Time), the Trustee evaluates the platinum held by the Trust and determines both the average net asset value (ANAV) and the NAV of the Trust. At the Evaluation Time, the Trustee values the Trusts platinum on the basis of that days LBMA Platinum Price PM or, if no LBMA Platinum Price PM is made on such day or has not been announced by the Evaluation Time, the LBMA Platinum Price AM announced on that day will be used. If neither price is available for that day, the Trust will value its palladium based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the applicable LBMA Platinum Price PM or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trusts platinum is not an appropriate basis for evaluation of the Trusts platinum, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or such other publicly available price is not appropriate as a basis for evaluation of the Trusts platinum or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith. See Operation of the Platinum Marketthe Platinum Marketfor a description of the LBMA Platinum Price PM. Once the value of the platinum has been determined, the Trustee subtracts all estimated accrued fees (other than the fees accruing for such day on which the valuation takes place which 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 any other assets of the Trust. The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsors Fee. All fees accruing for the day on which the valuation takes place which are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day). Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust and ANAV made by the Trustee in good faith shall be conclusive upon all persons interested in the Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid. The Sponsor and the Shareholders may rely on any evaluation furnished by the Trustee, and the Sponsor has no responsibility for the evaluations accuracy. The determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee will not be liable for any errors contained in, information reasonably available to it. The Trustee will not be liable to the Sponsor, The Depository Trust Company (DTC). Authorized Participants, the Shareholders or any other person for errors in judgment. However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of its duties. On May 23, 2024, the Sponsor entered into an Amendment (the Trust Amendment) to the Depositary Trust Agreement (the Trust Agreement) with the Trustee. The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and directed by the Sponsor on behalf of the Trust: (1) the amendment of the definition of Benchmark Price to mean, as of any day, (i) such days LBMA Platinum Price PM or such days LBMA Platinum Price AM if such days LBMA Platinum Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the commercial value of platinum held by the Trust and instructs the Trustee to use as the Benchmark Price; (2) the deletion and replacement of the defined term for London PM Fix with the defined term LBMA Platinum Price PM, which means the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about 2:00 p.m. London, England time; and (3) the addition of the new definition for LBMA Platinum Price AM which means the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about 9:45 a.m. London, England time. 8 Trust Expenses The Trusts only ordinary recurring expense is the Sponsors Fee. In exchange for the Sponsors Fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustees monthly fee and out-of-pocket expenses, the Custodians fee and reimbursement of the Custodians expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsors Fee accrues daily at an annualized rate equal to 0.60% of the ANAV of the Trust and is payable monthly in arrears. The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsors Fee at its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any of its fee. Furthermore, the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsors Fee attributable to Shares held by certain institutional investors subject to minimum shareholding and lock up requirements as determined by the Sponsor to foster stability in the Trusts asset levels. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor on a case by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsors Fee. Neither the Trust nor the Trustee will be a party to any Sponsors Fee rebate arrangements negotiated by the Sponsor. Any Sponsors Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust. The Sponsors Fee is paid by delivery of platinum to an account maintained by the Custodian for the Sponsor on an unallocated basis, monthly on the first business day of the month in respect of fees payable for the prior month. The delivery is of that number of ounces of platinum which equals the daily accrual of the Sponsors Fee for such prior month calculated at the LBMA Platinum Price PM. The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell platinum in such quantity and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee is authorized to sell platinum at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trusts holdings of assets other than platinum. Accordingly, the amount of platinum to be sold will vary from time to time depending on the level of the Trusts expenses and the market price of platinum. The Custodian is authorized to purchase from the Trust, at the request of the Trustee, platinum needed to cover Trust expenses not assumed by the Sponsor at the price used by the Trustee to determine the value of the platinum held by the Trust on the date of the sale. The Sponsors Fee for the year ended December 31, 2025 was $9,189,166 (December 31, 2024: $5,968,067; December 31, 2023: $5,772,056). Cash held by the Trustee pending payment of the Trusts expenses will not bear any interest. Each delivery or sale of platinum by the Trust to pay the Sponsors Fee or other Trust expenses will be a taxable event to Shareholders. Creation and Redemption of Shares The Trust creates and redeems Shares from time to time, but only in one or more Baskets of 50,000 Shares. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of physical platinum represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions, and (2) participants in DTC. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum and any cash required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any Shareholder or Authorized Participant. Authorized Participants pay a transaction fee of $500 to the Trustee for each order they place to create or redeem one or more Baskets. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust for serving as an Authorized Participant, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares. Authorized Participants are cautioned that some of their activities will result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act, as described in Plan of Distribution. 9 Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a platinum clearing bank to establish an Authorized Participant Unallocated Account in London (Authorized Participant Unallocated Bullion Account Agreement). Authorized Participant Unallocated Accounts may only be used for transactions with the Trust. Platinum held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodians or other platinum clearing banks assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific plates or ingots of platinum held by the Custodian or the platinum clearing bank. Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodians or other platinum clearing banks insolvency. No fees will be charged by the Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated Account is used solely for platinum transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates) receives compensation for maintaining the Trust Allocated Account. Authorized Participants should be aware that the Custodians liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not negligence, which is the Custodians liability threshold under the Trusts Custody Agreements. As the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the Trust Unallocated Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant Unallocated Bullion Account Agreement carefully. A copy of the Authorized Participant Agreement may be obtained by potential Authorized Participants from the Trustee. Certain Authorized Participants are expected to have the facility to participate directly in the physical platinum market and the platinum futures market. In some cases, an Authorized Participant may from time to time acquire platinum from or sell platinum to its affiliated platinum trading desk, which may profit in these instances. Each Authorized Participant must be registered as a broker-dealer under the Securities Exchange Act of 1934 (Exchange Act) and regulated by FINRA or be exempt from being or otherwise not be required to be so regulated or registered, and be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants are regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime. Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. As of the date of this report, Goldman Sachs & Co., HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and, upon the effectiveness of such agreement, may create and redeem Baskets as described above. Persons interested in purchasing Baskets should contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant. All platinum is delivered to the Trust and distributed by the Trust in unallocated form through credits and debits between Authorized Participant Unallocated Accounts and the Trust Unallocated Account. Platinum transferred from an Authorized Participant Unallocated Account to the Trust in unallocated form will first be credited to the Trust Unallocated Account. Thereafter, the Custodian will allocate, specific plates or ingots of platinum, in each case representing the amount of platinum credited to the Trust Unallocated Account (to the extent such amount is representable by whole platinum plates or ingots) to the Trust Allocated Account. The movement of platinum is reversed for the distribution of platinum to an Authorized Participant in connection with the redemption of Baskets. All physical platinum represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account and all physical platinum held in the Trust Allocated Account with the Custodian must be of at least a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs of the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot. Under the Authorized Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the Securities Act. The following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. 10 Creation Procedures On any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets. Creation and redemption orders are accepted on business days the NYSE Arca is open for regular trading. Settlements of such orders requiring receipt or delivery, or confirmation of receipt or delivery, of platinum in the United Kingdom, or another jurisdiction will occur on business days when (1) banks in the United Kingdom or other jurisdiction and (2) the London platinum markets are regularly open for business. If such banks or the London platinum markets are not open for regular business for a full day, such a day will only be a business day for settlement purposes if the settlement procedures can be completed by the end of such day. Redemption settlements including platinum deliveries loco London may be delayed longer than two, but no more than five, business days following the redemption order date. Settlement of orders requiring receipt or delivery, or confirmation of receipt or delivery, of Shares will occur, after confirmation of the applicable platinum delivery, on business days when the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and no creation orders for the current trade date will be accepted after that time (the cutoff). Orders placed after the cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the following business day. Purchase orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. By placing a purchase order, an Authorized Participant agrees to deposit platinum with the Trust. Prior to the delivery of Baskets for a purchase order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the purchase order. *Determination of required deposits* The amount of the required platinum deposit is determined by dividing the number of ounces of platinum held by the Trust by the number of Baskets outstanding, as adjusted for the amount of platinum constituting estimated accrued but unpaid fees and expenses of the Trust. Fractions of a fine ounce of platinum smaller than 0.001 of a fine ounce which are included in the platinum deposit amount are disregarded in the foregoing calculation. All questions as to the composition of a Creation Basket Deposit will be finally determined by the Trustee. The Trustees determination of the Creation Basket Deposit shall be final and binding on all persons interested in the Trust. *Delivery of required deposits* An Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account with the required platinum deposit amount by the prescribed settlement date in London. Upon receipt of the platinum deposit amount, the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the prescribed settlement date the platinum deposit amount from the Authorized Participant Unallocated Account to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participants DTC account. The expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the Trust shall be borne solely by the Authorized Participant. The Trustee may accept delivery of platinum by such other means as the Sponsor, from time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed in a prospectus relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act. If platinum is to be delivered other than as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish such custody accounts in addition to those described in this report, as the Sponsor determines to be desirable. Acting on standing instructions given by the Trustee, the Custodian will transfer the platinum deposit amount from the Trust Unallocated Account to the Trust Allocated Account by transferring platinum plates and ingots from its inventory to the Trust Allocated Account. The Custodian uses commercially reasonable efforts to complete the transfer of platinum to the Trust Allocated Account prior to the time by which the Trustee is to credit the Basket to the Authorized Participants DTC account; if, however, such transfers have not been completed by such time, the number of Baskets ordered will be delivered against receipt of the platinum deposit amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated platinum to the extent of that platinum deposit amount until the Custodian completes the allocation process. See Risk FactorsPlatinum held in the Trusts unallocated platinum account and any Authorized Participants unallocated platinum account is not segregated from the Custodians assets.... Because platinum is only allocated in multiples of whole plates or ingots, the amount of platinum allocated from the Trust Unallocated Account to the Trust Allocated Account may be less than the total fine ounces of platinum credited to the Trust Unallocated Account. Any balance will be held in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account; no more than 192 ounces of platinum (maximum weight to make one Good Delivery Platinum Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day. *Rejection of purchase orders* The Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel, might be unlawful. None of the Trustee, the Sponsor or the Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit. 11 Redemption Procedures The procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets. On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and no redemption orders for the current trade date will be accepted after that time (the cutoff). Orders placed after the cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the following business day. A redemption order so received is effective on the date it is received in satisfactory form by the Trustee. The redemption procedures allow Authorized Participants to redeem Baskets and do not entitle an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized Participant. By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTCs book-entry system to the Trust by the prescribed settlement date. Prior to the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order. *Determination of redemption distribution* The redemption distribution from the Trust consists of a credit to the redeeming Authorized Participants Authorized Participant Unallocated Account representing the amount of the platinum held by the Trust evidenced by the Shares being redeemed. Fractions of a fine ounce of platinum included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded. Redemption distributions will be subject to the deduction of any applicable tax or other governmental charges which may be due. *Delivery of redemption distribution* The redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following a loco London redemption order date if, by 10:00 a.m. New York time on the settlement date, the Trustees DTC account has been credited with the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London redemption, the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the prescribed settlement date if, by 10:00 a.m. New York time on the first business day after the loco London redemption order date, the Trustees DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m. New York time on the prescribed settlement date, the Trustees DTC account has not been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure. If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustees DTC account by 10:00 a.m. New York time on the prescribed settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTCs book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon. The Custodian transfers the redemption platinum amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter, to the redeeming Authorized Participants Authorized Participant Unallocated Account. The Authorized Participant and the Trust are each at risk in respect of platinum credited to their respective unallocated accounts in the event of the Custodians insolvency. See Risk FactorsPlatinum held in the Trusts unallocated platinum account and any Authorized Participants unallocated platinum account is not segregated from the Custodians assets.... As with the allocation of platinum to the Trust Allocated Account which occurs upon a purchase order, if in transferring platinum from the Trust Allocated Account to the Trust Unallocated Account in connection with a redemption order there is an excess amount of platinum transferred to the Trust Unallocated Account, the excess over the platinum redemption amount will be held in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account; no more than 192 ounces of platinum (maximum weight to make one Good Delivery Platinum Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day. *Suspension or rejection of redemption orders* The Trustee may, in its discretion, and will, when directed by the Sponsor, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of platinum is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian are liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 12 The Trustee will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. Creation and Redemption Transaction Fee To compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An order may include multiple Baskets. The transaction fee may be reduced, increased or otherwise changed by the Trustee with the consent of the Sponsor. From time to time, the Trustee, with the consent of the Sponsor, may waive all or a portion of the applicable transaction fee. The Trustee shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption of Baskets until 30 days after the date of the notice. The Sponsor The Trusts Sponsor is abrdn ETFs Sponsor LLC, a Delaware limited liability company formed on June 17, 2009. The Sponsors office is located at c/o abrdn ETFs Sponsor LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103. Prior to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company. Effective April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to abrdn Inc. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022) a Delaware corporation. As a result of the sale, abrdn Inc. became the sole member of the Sponsor. abrdn Inc. is a wholly-owned indirect subsidiary of Aberdeen Group plc. (Aberdeen). Aberdeen has retained abrdn as an operational abbreviation across its subsidiary legal entities (including the Sponsor, fund names and descriptors). Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor, the sole member of the Sponsor, abrdn Inc., is not responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole member of the Sponsor. *The Sponsors Role* The Sponsor arranged for the creation of the Trust, and is generally responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the organizational expenses of the Trust and the following administrative and marketing expenses incurred by the Trust: the Trustees monthly fee and out-of-pocket expenses, the Custodians fee and the reimbursement of the Custodians expenses under the Custody Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of the Trusts organization and the initial sale of the Shares, including the applicable SEC registration fees. The Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital, surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to the implementation of an amendment to the Trusts initial Internal Control Over Financial Reporting. The Sponsor also has the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to appoint and any new or additional sub-custodian that the Custodian may wish to appoint. The Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing materials regarding the Shares, including the content of the Trusts website and (3) executes the marketing plan for the Trust. The Trustee The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers (BNYM), serves as the Trustee. BNYM has a Trust office at 240 Greenwich Street, New York, NY 10286. BNYM is subject to supervision by the New York State Financial Services Department and the Board of Governors of the Federal Reserve System. Information regarding creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust Agreement is available for inspection at BNYMs trust office identified above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits of at least $150 million. 13 *The Trustees Role* The Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trusts operational records. The Trustees principal responsibilities include (1) transferring the Trusts platinum as needed to pay the Sponsors Fee in platinum (platinum transfers are expected to occur approximately monthly in the ordinary course), (2) valuing the Trusts platinum and calculating the NAV of the Trust and the NAV per Share, (3) receiving and processing orders from Authorized Participants to create and redeem Baskets and coordinating the processing of such orders with the Custodian and DTC, (4) selling the Trusts platinum as needed to pay any extraordinary Trust expenses that are not assumed by the Sponsor, (5) when appropriate, making distributions of cash or other property to Shareholders, and (6) receiving and reviewing reports from or on the Custodians custody of and transactions in the Trusts platinum. The Trustee shall, with respect to directing the Custodian, act in accordance with the instructions of the Sponsor. If the Custodian resigns, the Trustee shall appoint an additional or replacement Custodian selected by the Sponsor. The Trustee intends to regularly communicate with the Sponsor to monitor the overall performance of the Trust. The Trustee does not monitor the performance of the Custodian, or any sub-custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements. The Trustee, along with the Sponsor, will liaise with the Trusts legal, accounting and other professional service providers as needed. The Trustee will assist and support the Sponsor with the preparation of all periodic reports required to be filed with the SEC on behalf of the Trust. The Trustees monthly fees and out-of-pocket expenses are paid by the Sponsor. Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. Affiliates of the Trustee are subject to the same transaction fee as other Authorized Participants. The Custodian Effective May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account Agreement with ICBC providing for the custody of the Trusts platinum. Effective August 8, 2024, JPMorgan Chase Bank N.A. no longer serves as a custodian of the Trusts platinum. ICBC is a public limited company incorporated under the laws of England and Wales, serves as a Custodian of the Trusts platinum. ICBCs office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom. *The Custodians Role* The Custodian is responsible for the safekeeping of the Trusts platinum deposited with it by Authorized Participants in connection with the creation of Baskets. The Custodian facilitates the transfer of platinum in and out of the Trust through the unallocated platinum accounts it will maintain for each Authorized Participant and the unallocated and allocated platinum accounts it maintains for the Trust. The Custodian holds at its London, England vault premises that portion of the Trusts allocated platinum to be held in London. The Custodian is responsible for allocating specific plates or ingots of physical platinum to the Trusts allocated platinum account. The Custodian provides the Trustee with regular reports detailing the platinum transfers in and out of the Trusts unallocated and allocated platinum accounts and identifying the platinum plates or ingots held in the Trusts allocated platinum account. The Custodians fees and expenses under the Custody Agreements are paid by the Sponsor. The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Custodian and its affiliates are subject to the same transaction fee as other Authorized Participants. Inspection of Platinum Under the Custody Agreements, the Trustee, the Sponsor and the Trusts auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining the Trusts platinum and certain related records maintained by the Custodian. The Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trusts platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian. The Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by the Custodian. Inspections were conducted by Bureau Veritas Commodities UK, Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of August 4, 2025 and January 5, 2026. The results can be found on www.abrdn.com/usa/etf. 14 There can be no guarantee that the Sponsor or the Trusts auditors and inspectors will be able to perform physical inspections of the Trusts platinum as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trusts auditors and inspectors, from performing a physical inspection of the Trusts platinum on a desired date. In those situations, the Sponsor or the Trusts auditors and inspectors may seek to verify the platinum held by the Trust by alternate means, including through virtual inspections of the Trusts platinum and/or a review of pertinent records. Description of the Shares *General* The Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares only in Baskets (a Basket equals a block of 50,000 Shares) and only upon the order of an Authorized Participant. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amount registered on the Trusts then-current and effective registration statement with the SEC will require the registration of such additional Shares. *Description of Limited Rights* The Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated with the ownership of shares of a corporation, including, for example, the right to bring oppression or derivative actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights to distributions. *Distributions* If the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a distribution will be entitled to receive their pro rata portion of any distribution. *Voting and Approvals* Under the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval is required for any amendment to the Trust Agreement. *Redemption of the Shares* The Shares may only be redeemed by or through an Authorized Participant and only in Baskets. *Book-Entry Form* Individual certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers will be made in accordance with standard securities industry practice. 15 Custody of the Trusts Platinum Custody of the physical platinum deposited with and held by the Trust is provided by the Custodian at its London, England vault and by other sub-custodians on a temporary basis. The Custodian is a market maker, clearer and approved weigher under the rules of the LPPM. The Custodian is the custodian of the physical platinum credited to Trust Allocated Account in accordance with the Custody Agreements. The Custodian segregates the physical platinum credited to the Trust Allocated Account from any other precious metal it holds or holds for others by entering appropriate entries in its books and records. Under the Custody Agreements, the Trustee, the Sponsor and the Trusts auditors and inspectors may inspect the vaults of the Custodian. See *Inspection of Platinum*. The Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of platinum in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian allocates platinum deposited in unallocated form with the Trust by selecting plates or ingots of platinum for deposit to the Trust Allocated Account. All physical platinum allocated to the Trust must conform to the rules, regulations, practices and customs of the LPPM, and the Custodian must replace any non-conforming platinum with conforming platinum as soon as practical upon a determination by the Custodian any platinum is non-conforming. The process of withdrawing platinum from the Trust for a redemption of a Basket follows the same general procedure as for depositing platinum with the Trust for a creation of a Basket, only in reverse. Each transfer of platinum between the Trust Allocated Account and the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of platinum being held in the Trust Unallocated Account after the completion of the transfer. In making deposits and withdrawals between the Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account as of the close of each business day. See Creation and Redemption of Shares. United States Federal Income Tax Consequences The following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply to an investment in Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986 as amended (the Code). The discussion below is based on the Code, United States Treasury Regulations (Treasury Regulations) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on the date of this annual report and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders, banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders whose functional currency is not the U.S. Dollar or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who hold Shares as capital assets within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer tax on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state, local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares. For purposes of this discussion, a US Shareholder is a Shareholder that is: | | An individual who is a citizen or resident of the United States; | | | | A corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of the United States or any political subdivision thereof; | | | | An estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or | | | | A trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more US persons have the authority to control all substantial decisions of the trust. | | *Taxation of the Trust* The Trust is classified as a grantor trust for US federal income tax purposes. As a result, the Trust itself is not subject to US federal income tax. Instead, the Trusts income and expenses flow through to the Shareholders, and the Trustee reports the Trusts income, gains, losses and deductions to the Internal Revenue Service (IRS) on that basis. 16 A Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for US federal tax purposes) generally is considered a Non-US Shareholder for purposes of this discussion. For US federal income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences of purchasing, owning and disposing of Shares. *Taxation of US Shareholders* Shareholders generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trusts income, if any, and as if they directly incurred their respective pro rata share of the Trusts expenses. In the case of a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares as part of a creation of a Basket, the delivery of platinum to the Trust in exchange for the Shares is not a taxable event to the Shareholder, and the Shareholders tax basis and holding period for the Shares are the same as its tax basis and holding period for the platinum delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes of this discussion, it is assumed that all of a Shareholders Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their tax advisors. When the Trust sells or transfers platinum, for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount equal to the difference between (1) the Shareholders pro rata share of the amount realized by the Trust upon the sale or transfer and (2) the Shareholders tax basis for its pro rata share of the platinum that was sold or transferred. Such gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period in its Shares of longer than one year. A Shareholders tax basis for its share of any platinum sold by the Trust generally will be determined by multiplying the Shareholders total basis for its Shares immediately prior to the sale, by a fraction the numerator of which is the amount of platinum sold, and the denominator of which is the total amount of the platinum held by the Trust immediately prior to the sale. After any such sale, a Shareholders tax basis for its pro rata share of the platinum remaining in the Trust will be equal to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable to its share of the platinum that was sold. Upon a Shareholders sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the platinum held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on the sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholders tax basis for the Shares sold, as determined in the manner described in the preceding paragraph. A redemption of some or all of a Shareholders Shares in exchange for the underlying platinum represented by the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholders tax basis for the platinum received in the redemption generally will be the same as the Shareholders tax basis for the Shares redeemed. The Shareholders holding period with respect to the platinum received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of the platinum received by the Shareholder will be a taxable event. An Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received from exchange-traded products that are substantially similar to the Trust in the Trusts Shares. Authorized Participants and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis. Under current law, gains recognized by individuals, estates or trusts from the sale of collectibles, including physical platinum, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for more than one year, or attributable to the Trusts sale of any physical platinum which the Shareholder is treated (through its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate taxpayer are generally the same as those at which ordinary income is taxed. In addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed on net investment income and gain. Shareholders should consult their tax advisor regarding this tax. *Brokerage Fees and Trust Expenses* Any brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholders tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized by the Shareholder with respect to the sale. 17 Shareholders will be required to recognize gain or loss upon a sale of platinum by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata share of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that such expenses may be deducted, as miscellaneous itemized deductions. Miscellaneous itemized deductions, including expenses for the production of income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for taxable years beginning after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to the extent that the aggregate of a Shareholders miscellaneous itemized deductions exceeds 2% of such Shareholders adjusted gross income for federal income tax purposes, (ii) not deductible for the purposes of the alternative minimum tax and (iii) are subject to the overall limitation on itemized deductions under the Code. *Investment by Regulated Investment Companies* Mutual funds and other investment vehicles which are regulated investment companies within the meaning of Code section 851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a security within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying platinum for purposes of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation of their qualification under Code section 851. In administrative guidance, the IRS stated that it will no longer issue rulings under Code section 851(b) relating to the determination of whether or not an instrument or position is a security, but, instead, intends to defer to guidance from the SEC for such determination. *United States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders* The Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding its allocable portion of the Trusts annual income (if any) and expenses. A US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures to establish that they are not a US person in order to avoid the backup withholding tax. The amount of any backup withholding tax will be allowed as a credit against a Shareholders US federal income tax liability and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS. *Income Taxation of Non-US Shareholders* The Trust does not expect to generate taxable income except for gains (if any) upon the sale of platinum. A Non-US Shareholder generally is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon the sale of platinum by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United States. *Taxation in Jurisdictions other than the United States* Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing. ERISA and Related Considerations The Employee Retirement Income Security Act of 1974, as amended (ERISA), and/or Code section 4975 impose certain requirements on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans or arrangements are invested (collectively, Plans), and on persons who are fiduciaries with respect to the investment of plan assets of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other federal law, or under state or local law (Other Law). 18 In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan and the Risk Factors discussed above and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited to: (1) whether the investment is permitted under the Plans governing documents, (2) whether the fiduciary has the authority to make the investment, (3) whether the investment is consistent with the Plans funding objectives, (4) the tax effects of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are parties in interest under ERISA or disqualified persons under section 4975 of the Code. A violation of these rules may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar restrictions. It is anticipated that the Shares will constitute publicly offered securities as defined in the Department of Labor Plan Asset Regulations, 2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should be treated as assets of the Plan, for purposes of applying the fiduciary responsibility rules of ERISA and the prohibited transaction rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine whether there would be a similar result under the Other Law. *Investment by Certain Retirement Plans* Code section 408(m) provides that the acquisition of a collectible by an individual retirement account (IRA) or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (Tax Qualified Account) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term collectible is defined to include, with certain exceptions, any metal or gem. The IRS has issued several private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a) plan, of publicly-traded shares in a trust holding precious metals will not be treated as resulting in a taxable distribution to the IRA owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that, if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant, or if any precious metal is received by such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it, the Shares or precious metal so distributed will be subject to federal income tax in the year of distribution, to the extent provided under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors are urged to consult with their own professional advisors concerning the treatment of an investment in Shares under Code section 408(m). Item 1A. Risk Factors Shareholders should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the other information included in this report, including the Trusts financial statements and the related notes. RISKS RELATED TO PLATINUM The value of the Shares relates directly to the value of the platinum held by the Trust and fluctuations in the price of platinum could materially adversely affect an investment in the Shares. The Shares are designed to mirror as closely as possible the performance of the price of physical platinum, and the value of the Shares relates directly to the value of the platinum held by the Trust, less the Trusts liabilities (including estimated accrued but unpaid expenses). The price of physical platinum has fluctuated widely over the past several years, as discussed below. Several factors may affect the price of platinum, including: | | Global platinum supply, which is influenced by such factors as production and cost levels in major platinum-producing countries such as South Africa and Russia. Recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand are also important drivers of platinum supply and demand; | | | | Investors expectations with respect to the rate of inflation; | | | | Currency exchange rates; | | | | Interest rates; | | | | Investment and trading activities of hedge funds and commodity funds; | | 19 | | Global or regional political, economic or financial events and situations; and | | | | A significant change in investor interest, including in response to online campaigns or other activities specifically targeting investments in platinum. | | In addition, investors should be aware that there is no assurance that platinum will maintain its long-term value in terms of purchasing power in the future. In the event that the price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. The price of physical platinum has fluctuated widely over the past several years. The price of physical platinum, and the value of the Shares, has been highly volatile and could continue to be subject to wide fluctuations in response to various factors. See *Overview of the Platinum Industry Historical Chart of the Price of Platinum* for discussion of the fluctuation of platinum prices. Several factors may have the effect of causing a decline in the prices of platinum and a corresponding decline in the price of Shares. Among them: | | A significant increase in platinum hedging activity by platinum producers. Should there be an increase in the level of hedge activity of platinum producing companies, it could cause a decline in world platinum prices, adversely affecting the price of the Shares. | | | | A significant change in the attitude of speculators, investors and central banks towards platinum. Should the speculative community take a negative view towards platinum or central banking authorities determine to sell national platinum reserves, either event could cause a decline in world platinum prices, negatively impacting the price of the Shares. | | | | A widening of interest rate differentials between the cost of money and the cost of platinum could negatively affect the price of platinum which, in turn, could negatively affect the price of the Shares. | | | | A combination of rising money interest rates and a continuation of the current low cost of borrowing platinum could improve the economics of selling platinum forward. This could result in an increase in hedging by platinum mining companies and short selling by speculative interests, which would negatively affect the price of platinum. Under such circumstances, the price of the Shares would be similarly affected. | | Conversely, several factors may trigger a temporary increase in the price of platinum prior to your investment in the Shares. For example, sudden increased investor interest in platinum may cause an increase in world platinum prices, increasing the price of the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of platinum, and you may incur losses when the causes for the temporary increase disappear. A decline in the automobile industry may have the effect of causing a decline in the prices of platinum and a corresponding decline in the price of Shares. Autocatalysts, automobile components for emissions control that use platinum, accounted for approximately 43% of the global demand in platinum in 2024. Reduced automotive industry sales or a shift from gasoline-powered to electric vehicles may result in a decline in autocatalyst demand which may impact the price of platinum and the price of Shares. Crises may motivate large-scale sales of platinum which could decrease the price of platinum and adversely affect an investment in the Shares. The possibility of large-scale distress sales of platinum in times of crisis may have a short-term negative impact on the price of platinum and adversely affect an investment in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed prices of platinum largely due to forced sales and deleveraging from institutional investors such as hedge funds and pension funds as expectations of economic growth slumped. Crises in the future may impair platinums price performance which would, in turn, adversely affect an investment in the Shares. The price of platinum may be affected by the sale of ETVs tracking platinum markets. To the extent existing exchange traded vehicles (ETVs) tracking platinum markets represent a significant proportion of demand for physical platinum bullion, large redemptions of the securities of these ETVs could negatively affect physical platinum bullion prices and the price and NAV of the Shares. 20 RISKS RELATED TO THE SHARES Since there is no limit on the amount of platinum that the Trust may acquire, the Trust, as it grows, may have an impact on the supply and demand of platinum that ultimately may affect the price of the Shares in a manner unrelated to other factors affecting the global market for platinum. The Trust Agreement places no limit on the amount of platinum the Trust may hold. Moreover, the Trust may issue an unlimited number of Shares, subject to registration requirements, and thereby acquire an unlimited amount of platinum. The global market for platinum is characterized by supply and demand constraints that are generally not present in the markets for other precious metals such as gold and silver. From 2019 to 2023, world platinum mine supply averaged 5.7 million ounces, while world net demand averaged 7.3 million ounces. If the amount of platinum acquired by the Trust is large enough in relation to global platinum supply and demand, further in-kind creations and redemptions of Shares could have an impact on the supply and demand of platinum unrelated to other factors affecting the global market for platinum. Such an impact could affect the price for platinum that would directly affect the price at which Shares are traded on the Exchange or the price of future Baskets created or redeemed by the Trust. The Trust and the Sponsor cannot provide Shareholders any assurance that increased metal holdings by the Trust in the future will have no such long-term metal price impact thereby affecting Share trading prices. The Shares and their value could decrease if unanticipated operational or trading problems arise. There may be unanticipated problems or issues with respect to the mechanics of the Trusts operations and the trading of the Shares that could have a material adverse effect on an investment in the Shares. In addition, although the Trust is not actively managed by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsors past experience and qualifications may not be suitable for solving these problems or issues. Discrepancies, disruptions or unreliability of the LBMA Platinum Price PM could impact the value of the Trusts platinum and the market price of the Shares. The Trustee values the Trusts platinum pursuant to the LBMA Platinum Price PM. In the event that the LBMA Platinum Price PM proves to be an inaccurate benchmark, or the LBMA Platinum Price PM varies materially from the prices determined by other mechanisms for valuing platinum, the value of the Trusts platinum and the market price of the Shares could be adversely impacted. Any future developments in the LBMA Platinum Price PM, to the extent it has a material impact on the LBMA Platinum Price PM, could adversely impact the value of the Trusts platinum and the market price of the Shares. It is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability of the benchmark to produce, the LBMA Platinum Price PM on any given date. Furthermore, any actual or perceived disruptions that result in the perception that the LBMA Platinum Price PM is vulnerable to actual or attempted manipulation could adversely affect the behavior of market participants, which may have an effect on the price of platinum. If the LBMA Platinum Price PM is unreliable for any reason, the price of platinum and the market price for the Shares may decline or be subject to greater volatility. If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions the effect of which would be to keep the price of the Shares closely linked to the price of platinum by allowing the market participants to profit from divergences, may not exist and, as a result, the price of the Shares may fall. If the processes of creation and redemption of Shares (which depend on timely transfers of platinum to and by the Custodian) encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying platinum may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate independently of the price of platinum and may fall. Additionally, redemptions could be suspended for any period during which (1) the NYSE Arca is closed (other than customary weekend or holiday closings) or trading on the NYSE Arca is suspended or restricted, or (2) an emergency exists as a result of which delivery, disposal or evaluation of the platinum is not reasonably practicable. A possible short squeeze due to a sudden increase in demand of Shares that largely exceeds supply may lead to price volatility in the Shares. Investors may purchase Shares to hedge existing platinum exposure or to speculate on the price of platinum. Speculation on the price of platinum may involve long and short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn, dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a short squeeze. A short squeeze could lead to volatile price movements in Shares that are not directly correlated to the price of platinum. 21 The liquidity of the Shares may be affected by the withdrawal from participation of one or more Authorized Participants. In the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant portion of the Shares daily trading volume on the Exchange withdraw from participation, the liquidity of the Shares will likely decrease which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment. Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940 or the protections afforded by the CEA. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies. The Trust does not and will not hold or trade in commodity futures contracts, commodity interests or any other instruments regulated by the CEA, as administered by the CFTC and the NFA. Furthermore, the Trust is not a commodity pool for purposes of the CEA, and neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the Trust or the Shares. Consequently, Shareholders do not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools operated by registered commodity pool operators or advised by registered commodity trading advisors. The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders. If the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time which is disadvantageous to Shareholders, such as when platinum prices are lower than the platinum prices at the time when Shareholders purchased their Shares. In such a case, when the Trusts platinum is sold as part of the Trusts liquidation, the resulting proceeds distributed to Shareholders will be less than if platinum prices were higher at the time of sale. The lack of an active trading market for the Shares may result in losses on investment at the time of disposition of the Shares. Although Shares are listed for trading on the NYSE Arca, it cannot be assumed that an active trading market for the Shares will be maintained. If an investor needs to sell Shares at a time when no active market for Shares exists, such lack of an active market will most likely adversely affect the price the investor receives for the Shares (assuming the investor is able to sell them). Shareholders do not have the rights enjoyed by investors in certain other vehicles. As interests in an investment trust, the Shares have none of the statutory rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring oppression or derivative actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors or approve amendments to the Trust Agreement, and do not receive dividends). An investment in the Shares may be adversely affected by competition from other methods of investing in platinum. The Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the platinum industry and other securities backed by or linked to platinum, direct investments in platinum and investment vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Sponsors control, may make it more attractive to invest in other financial vehicles or to invest in platinum directly, which could limit the market for the Shares and reduce the liquidity of the Shares. The amount of platinum represented by each Share will decrease over the life of the Trust due to the recurring deliveries of platinum necessary to pay the Sponsors Fee in-kind and potential sales of platinum to pay in cash the Trust expenses not assumed by the Sponsor. Without increases in the price of platinum sufficient to compensate for that decrease, the price of the Shares will also decline proportionately over the life of the Trust. The amount of platinum represented by each Share decreases each day by the Sponsors Fee. In addition, although the Sponsor has agreed to assume all organizational and certain administrative and marketing expenses incurred by the Trust (the Trustees monthly fee and out-of-pocket expenses, the Custodians fee and reimbursement of the Custodians expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses), in exceptional cases certain Trust expenses may need to be paid by the Trust. Because the Trust does not have any income, it must either make payments in-kind by deliveries of platinum (as is the case with the Sponsors Fee) or it must sell platinum to obtain cash (as in the case of any exceptional expenses). The result of these sales of platinum and recurring deliveries of platinum to pay the Sponsors Fee in-kind is a decrease in the amount of platinum represented by each Share. New deposits of platinum, received in exchange for new Shares issued by the Trust, will not reverse this trend. 22 A decrease in the amount of platinum represented by each Share results in a decrease in each Shares price even if the price of platinum does not change. To retain the Shares original price, the price of platinum must increase. Without that increase, the lesser amount of platinum represented by the Share will have a correspondingly lower price. If this increase does not occur, or is not sufficient to counter the lesser amount of platinum represented by each Share, Shareholders will sustain losses on their investment in Shares. An increase in Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will require the Trustee to sell larger amounts of platinum, and will result in a more rapid decrease of the amount of platinum represented by each Share and corresponding decrease in its value. The sale of the Trusts platinum to pay expenses not assumed by the Sponsor, or unexpected liabilities affecting the Trust, at a time of low platinum prices could adversely affect the value of the Shares. The Trustee sells platinum held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective of then-current platinum prices. The Trust is not actively managed and no attempt will be made to buy or sell platinum to protect against or to take advantage of fluctuations in the price of platinum. Consequently, the Trusts platinum may be sold at a time when the platinum price is low, resulting in the sale of more platinum than would be required if the Trust sold when prices were higher. The sale of the Trusts platinum to pay expenses not assumed by the Sponsor, or unexpected liabilities affecting the Trust, at a time of low platinum prices could adversely affect the value of the Shares. The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Trustee under the Trust Agreement. Under the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense it incurs without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard on its part. That means the Sponsor or the Trustee may require the assets of the Trust to be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of the Shares. The Shares may trade at a price which is at, above or below the NAV per Share and any discount or premium in the trading price relative to the NAV per Share may widen as a result of non-concurrent trading hours between the NYSE Arca and London, Zurich and COMEX. The Shares may trade at, above or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trusts assets. The trading price of the Shares fluctuates in accordance with changes in the NAV per Share as well as market supply and demand. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and the major platinum markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity in the market for platinum will be reduced after the close of the major world platinum markets, including London, Zurich and the COMEX. As a result, during these periods, trading spreads, and the resulting premium or discount on the Shares, may widen. Purchasing activity in the platinum market associated with Basket creations or selling activity following Basket redemptions may affect the price of platinum and Share trading prices. These price changes may adversely affect an investment in the Shares. Purchasing activity associated with acquiring the platinum required for deposit into the Trust in connection with the creation of Baskets may increase the market price of platinum, which will result in higher prices for the Shares. Increases in the market price of platinum may also occur as a result of the purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in the market price of platinum that may result from increased purchasing activity of platinum connected with the issuance of Baskets. Consequently, the market price of platinum may decline immediately after Baskets are created. If the price of platinum declines, the trading price of the Shares will also decline. Selling activity associated with sales of platinum withdrawn from the Trust in connection with the redemption of Baskets may decrease the market price of platinum, which will result in lower prices for the Shares. Decreases in the market price of platinum may also occur as a result of the selling activity of other market participants. If the price of platinum declines, the trading price of the Shares will also decline. The Sponsor is unable to ascertain whether the platinum price movements since the commencement of the Trusts initial public offering on January 8, 2010 were attributable to the Trusts Basket creation and redemption process or independent metal market forces or both. Nevertheless, the Trust and the Sponsor cannot provide assurance that future Basket creations or redemptions will have no effect on the platinum metal prices and, consequently, Share trading prices. 23 RISKS RELATED TO THE CUSTODY OF PLATINUM The Trusts platinum may be subject to loss, damage, theft or restriction on access. There is a risk that part or all of the Trusts platinum could be lost, damaged or stolen. Access to the Trusts platinum could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the Shares. The Trusts lack of insurance protection and the Shareholders limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian and any sub-custodian exposes the Trust and its Shareholders to the risk of loss of the Trusts platinum for which no person is liable. The Trust does not insure its platinum. The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate in connection with its custodial obligations and is responsible for all costs, fees and expenses arising from the insurance policy or policies. The Trust is not a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the platinum held by the Custodian on behalf of the Trust. In addition, the Custodian and the Trustee do not require any direct or indirect sub-custodians to be insured or bonded with respect to their custodial activities or in respect of the platinum held by them on behalf of the Trust. Further, Shareholders recourse against the Trust, the Trustee and the Sponsor, under New York law, the Custodian, under English law and any sub-custodians under the law governing their custody operations is limited. Consequently, a loss may be suffered with respect to the Trusts platinum which is not covered by insurance and for which no person is liable in damages. The Custodians limited liability under the Custody Agreements and English law may impair the ability of the Trust to recover losses concerning its platinum and any recovery may be limited, even in the event of fraud, to the market value of the platinum at the time the fraud is discovered. The liability of the Custodian is limited under the Custody Agreements. Under the Custody Agreements between the Trustee and the Custodian which establish the Trust Unallocated Account and the Trust Allocated Account, the Custodian is only liable for losses that are the direct result of its own negligence, fraud or willful default in the performance of its duties. Any such liability is further limited to the market value of the platinum lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian provided the Custodian notifies the Trust and the Trustee promptly after the discovery of the loss or damage. Under each Authorized Participant Unallocated Bullion Account Agreement (between the Custodian and an Authorized Participant establishing an Authorized Participant Unallocated Account), the Custodian is not contractually or otherwise liable for any losses suffered by any Authorized Participant or Shareholder that are not the direct result of its own gross negligence, fraud or willful default in the performance of its duties under such agreement, and in no event will its liability exceed the market value of the balance in the Authorized Participant Unallocated Account at the time such gross negligence, fraud or willful default is discovered by the Custodian. For any Authorized Participant Unallocated Bullion Account Agreement between an Authorized Participant and another platinum clearing bank, the liability of the platinum clearing bank to the Authorized Participant may be greater or lesser than the Custodians liability to the Authorized Participant described in the preceding sentence, depending on the terms of the agreement. In addition, the Custodian will not be liable for any delay in performance or any non-performance of any of its obligations under the Allocated Account Agreement, the Unallocated Account Agreement or the Authorized Participant Unallocated Bullion Account Agreement by reason of any cause beyond its reasonable control, including acts of God, war or terrorism. As a result, the recourse of the Trustee or a Shareholder, under English law, is limited. Furthermore, under English common law, the Custodian or any sub-custodian will not be liable for any delay in the performance or any non-performance of its custodial obligations by reason of any cause beyond its reasonable control. The obligations of the Custodian are governed by English law, which may frustrate the Trust in attempting to seek legal redress against the Custodian or any sub-custodian concerning its platinum. The obligations of the Custodian under the Custody Agreements are, and the Authorized Participant Unallocated Bullion Account Agreements may be, governed by English law. The Custodian may enter into arrangements with other sub-custodians for the temporary custody of the Trusts platinum, which arrangements may also be governed by English law. The Trust is a New York common law trust. Any United States, New York or other court situated in the United States may have difficulty interpreting English law (which, insofar as it relates to custody arrangements, is largely derived from court rulings rather than statute), LPPM rules or the customs and practices in the London custody market. It may be difficult or impossible for the Trust to sue any sub-custodian in a United States, New York or other court situated in the United States. In addition, it may be difficult, time consuming and/or expensive for the Trust to enforce in a foreign court a judgment rendered by a United States, New York or other court situated in the United States. The Trust may not have adequate sources of recovery if its platinum is lost, damaged, stolen or destroyed. If the Trusts platinum is lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources sufficient to satisfy the Trusts claim. For example, as to a particular event of loss, the only source of recovery for the Trust might be limited to the Custodian or any sub-custodian or, to the extent identifiable, other responsible third parties (e.g., a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust. Shareholders and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian and any sub-custodian. Neither the Shareholders nor any Authorized Participant have a right under the Custody Agreements to assert a claim of the Trust against the Custodian or any sub-custodian. Claims under the Custody Agreements may only be asserted by the Trustee on behalf of the Trust. 24 Because the Trustee does not, and the Custodian has limited obligations to, oversee or monitor the activities of sub-custodians who may hold the Trusts platinum, failure by the sub-custodians to exercise due care in the safekeeping of the Trusts platinum could result in a loss to the Trust. Under the Allocated Account Agreement, the Custodian may appoint from time to time one or more sub-custodians to hold the Trusts platinum on a temporary basis pending delivery to the Custodian. Any sub-custodian selected by the Custodian shall be a member of the LBMA or any equity member of the London Precious Metals Clearing Limited, except for the Governor and Company of the Bank of England. The Custodian is not currently using a sub-custodian as of the date of this report. The Custodian is required under the Allocated Account Agreement to use reasonable care in appointing any sub-custodians, making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians, and has an obligation to use commercially reasonable efforts to obtain delivery of the Trusts platinum from any sub-custodians appointed by the Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its sub-custodians. These sub-custodians may in turn appoint further sub-custodians, but the Custodian is not responsible for the appointment of these further sub-custodians. The Custodian does not undertake to monitor the performance by sub-custodians of their custody functions or their selection of further sub-custodians. The Trustee does not monitor the performance of the Custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements and does not undertake to monitor the performance of any sub-custodian. Furthermore, the Trustee may have no right to visit the premises of any sub-custodian for the purposes of examining the Trusts platinum or any records maintained by the sub-custodian, and no sub-custodian will be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian. In addition, the ability of the Trustee to monitor the performance of the Custodian may be limited because under the Allocated Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to visit the premises of the Custodian for the purpose of examining the Trusts platinum and certain related records maintained by the Custodian. See Custody of the Trusts Platinum for more information about sub-custodians that may hold the Trusts platinum. The obligations of any sub-custodian of the Trusts platinum are not determined by contractual arrangements but by LPPM rules and London platinum market customs and practices, which may prevent the Trusts recovery of damages for losses on its platinum custodied with sub-custodians. There are expected to be no written contractual arrangements between sub-custodians that hold the Trusts platinum and the Trustee or the Custodian because traditionally such arrangements are based on the LPPMs rules and on the customs and practices of the London platinum markets. In the event of a legal dispute with respect to or arising from such arrangements, it may be difficult to define such customs and practices. The LPPMs rules may be subject to change outside the control of the Trust. Under English law, neither the Trustee nor the Custodian would have a supportable breach of contract claim against a sub-custodian for losses relating to the safekeeping of platinum. If the Trusts platinum is lost or damaged while in the custody of a sub-custodian, the Trust may not be able to recover damages from the Custodian or the sub-custodian. Whether a sub-custodian will be liable for the failure of sub-custodians appointed by it to exercise due care in the safekeeping of the Trusts platinum will depend on the facts and circumstances of the particular situation. Shareholders cannot be assured that the Trustee will be able to recover damages from sub-custodians whether appointed by the Custodian or by another sub-custodian for any losses relating to the safekeeping of platinum by such sub-custodians. Platinum bullion allocated to the Trust in connection with the creation of a Basket may not meet the London Good Delivery Standards and, if a Basket is issued against such platinum, the Trust may suffer a loss. Neither the Trustee nor the Custodian independently confirms the fineness of the physical platinum allocated to the Trust in connection with the creation of a Basket. The platinum bullion allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LPPMs standards for platinum plates or ingots delivered in settlement of a platinum trade (London Good Delivery Standards), the standards required by the Trust. The Custodian is responsible to replace any platinum bullion that is different from the London Good Delivery Standards. If the Trustee nevertheless issues a Basket against such platinum, and if the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss. Platinum held in the Trusts unallocated platinum account and any Authorized Participants unallocated platinum account is not segregated from the Custodians assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodians insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trusts allocated platinum account. Platinum which is part of a deposit for a purchase order or part of a redemption distribution is held for a time in the Trust Unallocated Account and, previously or subsequently in, the Authorized Participant Unallocated Account of the purchasing or redeeming Authorized Participant. During those times, the Trust and the Authorized Participant, as the case may be, have no proprietary rights to any specific plates or ingots of platinum held by the Custodian and are each an unsecured creditor of the Custodian with respect to the amount of platinum held in such unallocated accounts. In addition, if the Custodian fails to allocate the Trusts platinum in a timely manner, in the proper amounts or otherwise in accordance with the terms of the Unallocated Account Agreement, or if a sub-custodian fails to so segregate platinum held by it on behalf of the Trust, unallocated platinum will not be segregated from the Custodians assets, and the Trust will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian. In the event the Custodian becomes insolvent, the Custodians assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for the amount of platinum held in their respective unallocated platinum accounts. 25 In the case of the insolvency of the Custodian, a liquidator may seek to freeze access to the platinum held in all of the accounts held by the Custodian, including the Trust Allocated Account. Although the Trust would be able to claim ownership of properly allocated platinum, the Trust could incur expenses in connection with asserting such claims, and the assertion of such a claim by the liquidator could delay creations and redemptions of Baskets. In issuing Baskets, the Trustee relies on certain information received from the Custodian which is subject to confirmation after the Trustee has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for an amount of platinum which is more or less than the amount of platinum which is required to be deposited with the Trust. The Custodians definitive records are prepared after the close of its business day. However, when issuing Baskets, the Trustee relies on information reporting the amount of platinum credited to the Trusts accounts which it receives from the Custodian during the business day and which is subject to correction during the preparation of the Custodians definitive records after the close of business. If the information relied upon by the Trustee is incorrect, the amount of platinum actually received by the Trust may be more or less than the amount required to be deposited for the issuance of Baskets. GENERAL RISKS The Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions which could have a material adverse effect on the Trusts record keeping and operations. The Custodian, the Trustee, the Marketing Agent and the Sponsor depend upon information technology infrastructure, including network, hardware and software systems to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their computer systems, networks and information against cybersecurity threats, could result in a loss of information and adversely impact their ability to conduct their business, including their business on behalf of the Trust. Despite implementation of network and other cybersecurity measures, their security measures may not be adequate to protect against all cybersecurity threats. War, a major terrorist attack and other geopolitical events, including but not limited to the war between Russia and Ukraine, outbreaks or public health emergencies (as declared by the World Health Organization), the continuation or expansion of war or other hostilities, or a prolonged government shutdown may cause volatility in the price of platinum due to the importance of a country or region to the platinum markets, market access restrictions imposed on some local platinum producers and refiners, potential impacts to global transportation and shipping and other supply chain disruptions. These events are unpredictable and may lead to extended periods of price volatility. The operations of the Trust, the exchanges, brokers and counterparties with which the Trust does business, and the markets in which the Trust does business, could be severely disrupted in the event of war, a major terrorist attack and other geopolitical events, including but not limited to, the war between Russia and Ukraine, outbreaks or public health emergencies (as declared by the World Health Organization), the continuation or expansion of war or other hostilities, or a prolonged government shutdown. Such events may cause volatility in the price of platinum due to the importance of a country or region to the platinum markets, market access restrictions imposed on some local platinum producers and refiners, or potential impacts to global transportation, shipping, and other supply chain disruptions. In late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the West. The responses of countries and political bodies to Russias actions, the larger overarching tensions, and Ukraines military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in the price of platinum and the share price of the Trust. The conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraines borders, could disturb the platinum markets. Russia is one of the worlds largest producers of several precious metals, including platinum. On April 8, 2022, the LPPM suspended its accreditation of two Russian refiners of platinum and palladium. The LPPM stated that existing bars produced by the refiners before their suspension will still be accepted as good delivery. See Overview of the Platinum Industry Historical Chart of the Price of Platinum for a discussion of how the Russian platinum refiners accreditation has impacted the platinum market and how Russias production levels have impacted platinum prices subsequent to the suspension. War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including precious metals prices. These events are unpredictable and may lead to extended periods of price volatility. 26 The Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy and the markets and service providers relevant to the performance of the Trust. Public health emergencies, such as the COVID-19 pandemic, could have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce or store platinum, restrictions on travel that delay or prevent the transportation of platinum and an increase in demand for platinum may disrupt supply chains for platinum, which could cause secondary market spreads to widen and compromise the Trusts ability to settle transactions on time. Any inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver platinum as a result of an infectious disease outbreak or public health emergency will negatively affect the Trusts operations. Future infectious illness outbreaks or other public health emergencies could have similar or other unforeseen impacts and may exacerbate pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the value of the Shares. Public health emergencies could increase the Trusts costs and affect liquidity in the market for platinum, as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely affect the value of your Shares. In addition, public health emergencies could impair the information technology and other operational systems upon which the Trusts service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trusts service providers to perform essential tasks on behalf of the Trust. Governmental and quasi-governmental authorities and regulators throughout the world have at times responded to major economic disruptions with a variety of fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary tools and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market for platinum, which could adversely affect the price of the Shares. Further, public health emergencies could interfere with or prevent the operation of the electronic auction hosted by IBA to determine the LBMA Platinum Price PM, which the Trustee uses to value the platinum held by the Trust and calculate the net asset value of the Trust. Public health emergencies could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact the Trust. Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust and its Shareholders. As an example, the Sponsor, its affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with the Trust. Item 1B. Unresolved Staff Comments None. Item 1C. Cybersecurity Cybersecurity The Trust, through its service providers, has processes in place to assess, identify and manage material risks from cybersecurity threats. The Trusts business is dependent on the communications and information systems of the Trustee, the Sponsor, the Custodian and other third-party service providers. The Trustee is responsible for day-to-day administration of the Trust and has implemented a cybersecurity program that applies to the Trustee and its business, including the administration of the Trust. Cybersecurity Program Overview The Trustee has instituted a cybersecurity program designed to identify, assess and mitigate cyber risks applicable to the administration by the Trustee of the Trust. The cyber risk management program involves risk assessments, implementation of security measures and ongoing monitoring of systems and networks, including networks on which the Trust relies. The Trustee actively monitors the current threat landscape to seek to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Trust. 27 The Trust relies on the Trustee, the Sponsor and the Custodian to engage external experts, including cybersecurity assessors, risk management and information technology professionals, attorneys, consultants and auditors to evaluate cybersecurity measures and risk management processes, including those applicable to the Trust. Board Oversight of Cybersecurity Risks The Trust has no board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for oversight of cybersecurity risks applicable to the Trust. Managements Role in Cybersecurity Risk Management The Trust has no officers or employees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for management of cybersecurity risks applicable to the Trust. Assessment of Cybersecurity Risk The potential impact of risks from cybersecurity threats to the Trust are assessed by the Trustee, the Sponsor, the Custodian and third-party service providers on an ongoing basis, and how such risks could materially affect the Trusts objective, operational results and financial condition are regularly evaluated. During the reporting period, the Trustee has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Trustee believes have materially affected, or are reasonably likely to materially affect, the Trust, including its objective, operational results and financial condition. Item 2. Properties Not applicable. Item 3. Legal Proceedings None Item 4. Mine Safety Disclosures Not applicable. 28 PART II Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Trusts Shares have been listed on the NYSE Arca under the symbol PPLT since its initial public offering on January 8, 2010. The following tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the quarters during the years ended December 31, 2025 and 2024: **Fiscal Year Ended December 31, 2025: Quarter Ended** | | | High | | | Low | | | | March 31, 2025 | | $ | 91.91 | | | $ | 83.80 | | | | June 30, 2025 | | $ | 130.59 | | | $ | 82.81 | | | | September 30, 2025 | | $ | 146.00 | | | $ | 117.26 | | | | December 31, 2025 | | $ | 225.51 | | | $ | 137.06 | | | **Fiscal Year Ended December 31, 2024: Quarter Ended** | | | High | | | Low | | | | March 31, 2024 | | $ | 91.39 | | | $ | 80.10 | | | | June 30, 2024 | | $ | 100.00 | | | $ | 82.25 | | | | September 30, 2024 | | $ | 94.81 | | | $ | 82.58 | | | | December 31, 2024 | | $ | 96.38 | | | $ | 82.35 | | | | | | | | | | | | | | | The number of outstanding Shares of the Trust as of February 26, 2026 was 15,750,000. | | | | | | | | | | | | | | | | | | | | | | Monthly Share Price | | | | | | | | | | The following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported for NYSE Arca transactions. | Month | | High | | | Low | | | | August 2025 | | $ | 126.11 | | | $ | 117.47 | | | | September 2025 | | $ | 146.00 | | | $ | 123.48 | | | | October 2025 | | $ | 157.74 | | | $ | 137.73 | | | | November 2025 | | $ | 152.95 | | | $ | 137.06 | | | | December 2025 | | $ | 225.51 | | | $ | 146.73 | | | | January 2026 | | $ | 261.62 | | | $ | 182.62 | | | 29 *Issuer Purchase of Equity Securities* The Trust issues and redeems Shares only with Authorized Participants in exchange for platinum, only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee and is included in Item 7 of this report. Although the Trust does not purchase Shares directly from its Shareholders in connection with the redemption of Baskets, the Trust redeemed as follows during the years ended December 31, 2025 and 2024: | Month | | | Total number of Shares redeemed | | | Average ounces of platinum per share | | | | January 2025 | | | | 350,000 | | | | 0.091 | | | | February 2025 | | | | 100,000 | | | | 0.091 | | | | March 2025 | | | | 250,000 | | | | 0.091 | | | | April 2025 | | | | 300,000 | | | | 0.091 | | | | May 2025 | | | | | | | | | | | | June 2025 | | | | | | | | | | | | July 2025 | | | | 600,000 | | | | 0.091 | | | | August 2025 | | | | 600,000 | | | | 0.091 | | | | September 2025 | | | | 300,000 | | | | 0.091 | | | | October 2025 | | | | 550,000 | | | | 0.091 | | | | November 2025 | | | | 400,000 | | | | 0.091 | | | | December 2025 | | | | | | | | | | | | Total | | | | 3,450,000 | | | | 0.091 | | | | Month | | | Total number of Shares redeemed | | | Average ounces of platinum per share | | | | January 2024 | | | | 50,000 | | | | 0.092 | | | | February 2024 | | | | 200,000 | | | | 0.092 | | | | March 2024 | | | | 150,000 | | | | 0.092 | | | | April 2024 | | | | | | | | | | | | May 2024 | | | | 100,000 | | | | 0.092 | | | | June 2024 | | | | 300,000 | | | | 0.092 | | | | July 2024 | | | | 50,000 | | | | 0.092 | | | | August 2024 | | | | 50,000 | | | | 0.092 | | | | September 2024 | | | | 300,000 | | | | 0.092 | | | | October 2024 | | | | | | | | | | | | November 2024 | | | | | | | | | | | | December 2024 | | | | | | | | | | | | Total | | | | 1,200,000 | | | | 0.092 | | | **Item 6. [Reserved]** 30 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations *This information should be read in conjunction with the financial statements and notes to the financial statements included with this report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as may, should, expect, plan, anticipate, believe, estimate, predict, potential or the negative of these terms or other comparable terminology. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.* *Introduction* The abrdn Platinum ETF Trust (the Trust) is a trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the Trustee) acting as trustee pursuant to the Depositary Trust Agreement (the Trust Agreement) between the Trustee and abrdn EFTs Sponsor LLC, the sponsor of the Trust (the Sponsor). The Trust issues shares (Shares) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust and responsible only to the Trustee. The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of the platinum bullion owned by the Trust, less the Trusts liabilities (anticipated to be principally for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of platinum. The Trust issues and redeems Shares only in exchange for platinum, only in aggregations of 50,000 Shares or integral multiples thereof (each, a Basket), and only in transactions with registered broker-dealers (or other securities market participants not required to register as broker-dealers such as banks or other financial institutions) who (1) are participants in the DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the Authorized Participants). As of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust are Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC. Shares of the Trust trade on the NYSE Arca under the symbol PPLT. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following table illustrates the movement in the NAV of the Shares against the corresponding platinum price (per 1/10 of an oz. of platinum) since inception: NAV per Share vs. 1/10th Platinum Price from December 30, 2009 (the Date of Inception) to December 31, 2025 * 31 The divergence of the NAV per Share from the platinum price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception. Critical Accounting Policy The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trusts financial position and results of operations. These estimates and assumptions affect the Trusts application of accounting policies. Below we describe the valuation of platinum bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion of the Trusts accounting policies. Valuation of Platinum* Platinum is held by the Custodian on behalf of the Trust, at its London, England vaulting premises. Platinum is recorded at fair value. The cost of platinum is determined according to the average cost method and the fair value is based on the LBMA Platinum Price PM or the LBMA Platinum Price AM if no LBMA Platinum Price PM is available. If neither price is available for that day, the Trust will value its 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 as the difference between the fair value and cost of platinum transferred. | | | December 31, 2025 | | | December 31, 2024 | | | December 31, 2023 | | | | (Amounts in 000s of US$) | | | | | | | | | | | | | | | Investment in platinum - cost | | $ | 1,663,841 | | | $ | 1,074,183 | | | $ | 964,036 | | | | Unrealized gain/(loss) on investment in platinum | | | 1,200,511 | | | | (54,717 | ) | | | 33,919 | | | | Investment in platinum - fair value | | $ | 2,864,352 | | | $ | 1,019,466 | | | $ | 997,955 | | | **Inspection of Platinum** Under the Custody Agreements, the Trustee, the Sponsor and the Trusts auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining the Trusts platinum and certain related records maintained by the Custodian. The Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trusts platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian. The Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by them. Inspections were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of August 4, 2025 and January 5, 2026. There can be no guarantee that the Sponsor or the Trusts auditors and inspectors will be able to perform physical inspections of the Trusts platinum as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trusts auditors and inspectors, from performing a physical inspection of the Trusts platinum on a desired date. In those situations, the Sponsor or the Trusts auditors and inspectors may seek to verify the platinum held by the Trust by alternate means, including through virtual inspections of the Trusts platinum and/or a review of pertinent records. Liquidity and Capital Resources The Trust is not aware of any trends, demands, conditions, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsors Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only expense of the Trust during the period covered by this report was the Sponsors Fee. The Trusts only source of liquidity is its transfers and sales of platinum. 32 The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trusts platinum as necessary to pay the Trusts expenses not otherwise assumed by the Sponsor. The Trustee will not sell platinum to pay the Sponsors Fee but will pay the Sponsors Fee through in-kind transfers of platinum to the Sponsor. At December 31, 2025 and 2024, the Trust did not have any cash balances. **Results of Operations** *Financial Highlights* | | | Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | | Year Ended December 31, 2023 | | | | (Amounts in 000s of US$) | | | | | | | | | | | | | | | Total gain/(loss) on platinum | | $ | 1,350,819 | | | $ | (88,716 | ) | | $ | (27,032 | ) | | | Net change assets from operations | | $ | 1,341,630 | | | $ | (94,684 | ) | | $ | (32,804 | ) | | | Net cash provided by operating activities | | $ | | | | $ | | | | $ | | | | The net asset value of the Trust will be obtained by subtracting the Trusts expenses and liabilities on any day from the value of the platinum owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of the Trust on a given day by the number of Shares outstanding on that day. On each day on which the Exchange is open for regular trading, the Trustee will determine the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m. (New York time). The Trustee will value the Trusts platinum on the basis of the 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 Trusts platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. If the Sponsor determines that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trusts platinum. *The year ended December 31, 2025* The Trusts NAV increased from $1,018,947,768 at December 31, 2024 to $2,862,967,538 at December 31, 2025, a 180.97% increase for the year. The change in the Trusts NAV resulted from an increase in the price per ounce of platinum, which rose 122.02% from $913.00 at December 31, 2024 to $2,027.00 at December 31, 2025 and an increase in outstanding Shares, which rose from 12,200,000 at December 31, 2024 to 15,550,000 at December 31, 2025, a result of 6,800,000 Shares (136 Baskets) being created and 3,450,000 Shares (69 Baskets) being redeemed during the year. The NAV per Share increased 120.43% from $83.52 at December 31, 2024 to $184.11 at December 31, 2025. The Trusts NAV per Share increased slightly less than the price per ounce of platinum on a percentage basis due to the Sponsors Fee, which was $9,189,166 for the year, or 0.60% of the Trusts ANAV. The NAV per Share of $208.48 at December 24, 2025 was the highest during the year, compared with a low of $83.93 at April 7, 2025. The increase in net assets from operations for the year ended December 31, 2025 was $1,341,629,988 resulting from a realized gain of $1,447,143 on the transfer of platinum to pay expenses, a realized gain of $94,144,131 on platinum distributed for the redemption of Shares and a change in unrealized gain on investment in platinum of $1,255,227,880, offset by the Sponsors Fee of $9,189,166. Other than the Sponsors Fee, the Trust had no expenses during the year ended December 31, 2025. *The year ended December 31, 2024* The Trusts NAV increased from $997,445,666 at December 31, 2023 to $1,018,947,768 at December 31, 2024, a 2.16% increase for the year. The change in the Trusts NAV resulted from a decrease in the price per ounce of platinum, which fell 8.70% from $1,000.00 at December 31, 2023 to $913.00 at December 31, 2024 and an increase in outstanding Shares, which rose from 10,850,000 at December 31, 2023 to 12,200,000 at December 31, 2024, a result of 2,550,000 Shares (51 Baskets) being created and 1,200,000 Shares (24 Baskets) being redeemed during the year. The NAV per Share decreased 9.15% from $91.93 at December 31, 2023 to $83.52 at December 31, 2024. The Trusts NAV per Share decreased slightly more than the price per ounce of platinum on a percentage basis due to the Sponsors Fee, which was $5,968,067 for the year, or 0.60% of the Trusts ANAV. 33 The NAV per Share of $97.68 at May 17, 2024 was the highest during the year, compared with a low of $80.08 at March 3, 2024. The decrease in net assets from operations for the year ended December 31, 2024 was $94,683,972 resulting from a realized gain of $5,252 on the transfer of platinum to pay expenses, offset by a realized loss of $84,783 on platinum distributed for the redemption of Shares, a change in unrealized loss on investment in platinum of $88,636,374, and the Sponsors Fee of $5,968,067. Other than the Sponsors Fee, the Trust had no expenses during the year ended December 31, 2024. The year ended December 31, 2023 The Trusts NAV decreased from $1,096,553,007 at December 31, 2022 to $997,445,666 at December 31, 2023, a 9.04% decrease for the year. The change in the Trusts NAV resulted from a decrease in the price per ounce of platinum, which fell 3.01% from $1,031.00 at December 31, 2022 to$1,000.00 at December 31, 2023 and a decrease in outstanding Shares, which fell from 11,500,000 at December 31, 2022 to 10,850,000 at December 31, 2023, a result of 1,500,000 Shares (30 Baskets) being created and 2,150,000 Shares (43 Baskets) being redeemed during the year. The NAV per Share decreased 3.59% from $95.35 at December 31, 2022 to $91.93 at December 31, 2023. The Trusts NAV per Share fell slightly more than the price per ounce of platinum on a percentage basis due to the Sponsors Fee, which was $5,772,056 for the year, or 0.60% of the Trusts ANAV. The NAV per Share of $104.13 at April 21, 2023 was the highest during the year, compared with a low of $78.20 at November 13, 2023. The decrease in net assets from operations for the year ended December 31, 2023 was $32,804,092 resulting from a realized gain of $5,776 on the transfer of platinum to pay expenses and a realized gain of $8,064,265 on platinum distributed for the redemption of Shares, offset by a change in unrealized loss on investment in platinum of $35,102,077, and the Sponsors Fee of $5,772,056. Other than the Sponsors Fee, the Trust had no expenses during the year ended December 31, 2023. *Off-Balance Sheet Arrangements* The Trust is not a party to any off-balance sheet arrangements. Item 7A. Quantitative and Qualitative Disclosures about Market Risk The Trust Agreement does not authorize the Trustee to borrow for payment of the Trusts ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments. Item 8. Financial Statements and Supplementary Data *(Unaudited)* **Quarterly Income Statements** **Year Ended December 31, 2025** | | | Three months ended | | | | | | | (Amounts in 000s of US$, except for Share and per Share data) | | March 31 | | | June 30 | | | September 30 | | | December 31 | | | Year ended December 31 | | | | EXPENSES | | | | | | | | | | | | | | | | | | Sponsors Fee | | $ | 1,562 | | | $ | 1,825 | | | $ | 2,526 | | | $ | 3,276 | | | $ | 9,189 | | | | Total expenses | | | 1,562 | | | | 1,825 | | | | 2,526 | | | | 3,276 | | | | 9,189 | | | | Net investment loss | | | (1,562 | ) | | | (1,825 | ) | | | (2,526 | ) | | | (3,276 | ) | | | (9,189 | ) | | | REALIZED AND UNREALIZED GAINS / (LOSSES) | | | | | | | | | | | | | | | | | | | | | | | Realized gain on platinum transferred to pay expenses | | | (28 | ) | | | 31 | | | | 587 | | | | 857 | | | | 1,447 | | | | Realized gain / (loss) on platinum distributed for the redemption of Shares | | | 6 | | | | (1,162 | ) | | | 50,848 | | | | 44,452 | | | | 94,144 | | | | Change in unrealized gain / (loss) on investment in | | | | | | | | | | | | | | | | | | | | | | | platinum | | | 86,426 | | | | 405,276 | | | | 210,463 | | | | 553,063 | | | | 1,255,228 | | | | Total gain / (loss) on investment in platinum | | | 86,404 | | | | 404,145 | | | | 261,898 | | | | 598,372 | | | | 1,350,819 | | | | | | | | | | | | | | | | | | | | | | | | | | | Change in net assets from operations | | $ | 84,842 | | | $ | 402,320 | | | $ | 259,372 | | | $ | 595,096 | | | $ | 1,341,630 | | | | Net increase / (decrease) in net assets per Share | | $ | 7.17 | | | $ | 33.47 | | | $ | 19.77 | | | $ | 42.63 | | | $ | 105.31 | | | | Weighted average number of Shares | | | 11,835,000 | | | | 12,018,681 | | | | 13,120,109 | | | | 13,959,783 | | | | 12,740,274 | | | 34 **Year Ended December 31, 2024** | | | Three months ended | | | | | | | (Amounts in 000s of US$, except for Share and per Share data) | | March 31 | | | June 30 | | | September 30 | | | December 31 | | | Year ended December 31 | | | | EXPENSES | | | | | | | | | | | | | | | | | | Sponsors Fee | | $ | 1,378 | | | $ | 1,535 | | | $ | 1,486 | | | $ | 1,569 | | | $ | 5,968 | | | | Total expenses | | | 1,378 | | | | 1,535 | | | | 1,486 | | | | 1,569 | | | | 5,968 | | | | Net investment loss | | | (1,378 | ) | | | (1,535 | ) | | | (1,486 | ) | | | (1,569 | ) | | | (5,968 | ) | | | REALIZED AND UNREALIZED GAINS / (LOSSES) | | | | | | | | | | | | | | | | | | | | | | | Realized gain on platinum transferred to pay expenses | | | (35 | ) | | | (11 | ) | | | 16 | | | | 35 | | | | 5 | | | | Realized gain / (loss) on platinum distributed for the redemption of Shares | | | (1,718 | ) | | | 1,372 | | | | 262 | | | | (1 | ) | | | (85 | ) | | | Change in unrealized gain / (loss) on investment in | | | | | | | | | | | | | | | | | | | | | | | platinum | | | (90,173 | ) | | | 107,553 | | | | (27,213 | ) | | | (78,803 | ) | | | (88,636 | ) | | | Total gain / (loss) on investment in platinum | | | (91,926 | ) | | | 108,914 | | | | (26,935 | ) | | | (78,769 | ) | | | (88,716 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | Change in net assets from operations | | $ | (93,304 | ) | | $ | 107,379 | | | $ | (28,421 | ) | | $ | (80,338 | ) | | $ | (94,684 | ) | | | Net increase / (decrease) in net assets per Share | | $ | (8.47 | ) | | $ | 9.50 | | | $ | (2.55 | ) | | $ | (6.79 | ) | | $ | (8.36 | ) | | | Weighted average number of Shares | | | 11,015,385 | | | | 11,297,253 | | | | 11,139,674 | | | | 11,830,978 | | | | 11,321,721 | | | *Note: Quarterly balances may not add to totals due to independent rounding.* 35 The financial statements required by Regulation S-X, together with the report of the Trusts independent registered public accounting firm appear on pages F-1 to F-13 of this filing. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures *Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures* The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trusts disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of December 31, 2025, the Trusts disclosure controls and procedures were effective. Internal controls over financial reporting have been maintained throughout the Trusts fiscal year ended December 31, 2025. There have been no changes that have materially affected, or are reasonably likely to materially affect, the Trusts or Sponsors internal control over financial reporting. *Managements Report on Internal Control over Financial Reporting* The Sponsors management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trusts internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that: | (1) | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trusts assets; | | | (2) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trusts receipts and expenditures are being made only in accordance with appropriate authorizations; and | | | (3) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trusts assets that could have a material effect on the financial statements. | | Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trusts internal control over financial reporting as of December 31, 2025. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in *Internal ControlIntegrated Framework (2013)*. Their assessment included an evaluation of the design of the Trusts internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2025. KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trusts internal control over financial reporting as of December 31, 2025. 36 Report of Independent Registered Public Accounting Firm Item 9B. Other Information No officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement for the year ended December 31, 2025. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 37 PART III Item 10. Directors, Executive Officers and Corporate Governance The Trust has no officers, employees or board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust has not adopted a code of ethics or an insider trading policy governing the purchase, sale and other disposition of the Trusts securities. The biographies of the President and Chief Executive Officer of the Sponsor and the Chief Financial Officer and Treasurer of the Sponsor are set out below: Steven Dunn President and Chief Executive Officer Steven Dunn, CIMA, is the Head of US Wealth Management at Aberdeen Investments. Mr. Dunn guides the firms strategic direction and distribution strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard. Mr. Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst (CIMA). Sharon Ferrari Chief Financial Officer and Treasurer Ms. Ferrari is currently a Director, Product Management at abrdn Inc. (the parent company of the Sponser). Ms. Ferrari joined abrdn Inc. in 2008. Prior to working at abrdn Inc., Ms. Ferrari worked at Delaware Investments for about 3 years and began her career at SEI Investments. Ms. Ferrari holds a BS in Business Administration from University of Pittsburgh and a MBA from Villanova University. Item 11. Executive Compensation The Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsors Fee. **** **Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters** *Security Ownership of Certain Beneficial Owners* There are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust. 38 *Security Ownership of Management* Not applicable. *Change in Control* Neither the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust. **Item 13. Certain Relationships and Related Transactions, and Director Independence** The Trust has no directors or executive officers. **Item 14. Principal Accounting Fees and Services** Fees for services performed by KPMG LLP for the years ended December 31, 2025 and 2024 | | | December 31, 2025 | | | December 31, 2024 | | | | Audit fees KPMG | | $ | 80,000 | | | | 94,000 | | | | Audit related fees - KPMG | | | 0 | | | | 0 | | | | | | $ | 80,000 | | | $ | 94,000 | | | Audit Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trusts financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP for assurance and related services that are reasonably related to the performance of the audit or review of the Trusts financial statements. These services include the accountant providing a consent letter related to the Trusts registration statement filing. Pre-Approval Policies and Procedures As referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor. 39 PART IV Item 15. Exhibits, Financial Statement Schedules **1. Financial Statements** See Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein. 2. Financial Statement Schedules Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included. | Exhibit No. | Description | | | 4.1(a) | Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158381 on December 31, 2009 | | | 4.1(b) | Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1(b) filed with the Trusts Annual Report on Form 10-K for the y ear ended December 31, 2019 file on February 28, 2020 | | | 4.1(c) | Second Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trusts Current Report on Form 8-K on March 14, 2022 | | | 4.1(d) | Third Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trusts Current Report on Form 8-K on May 28, 2024 | | | 4.2 | Form of Authorized Participant Agreement, incorporated by reference to Exhibit 4.2 filed with the Trusts Annual Report on Form 10-K on February 28, 2025. | | | 4.3 | Certificate of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-158381 on December 31, 2009 | | | 10.1 | Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trusts Current Report on Form 8-K on May 28, 2024 | | | 10.2 | Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trusts Current Report on Form 8-K on May 28, 2024 | | | 10.3 | Depository Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-158381 on December 31, 2009 | | | 10.4(a) | Marketing Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 333-158381 on December 31, 2009 | | | 10.4(b) | Novation of and Amendment No. 1 to the Marketing Agent Agreement | | | 23.1 | Consent of KPMG LLP, Independent Registered Public Accounting Firm | | 40 | 31.1 | Chief Executive Officers Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | 31.2 | Chief Financial Officers Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | 32.1 | Chief Executive Officers Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | 32.2 | Chief Financial Officers Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | 97.1 | Policy for Recovery of Erroneously Awarded Compensation , incorporated by reference to Exhibit 97.1 filed with the Trusts Annual Report of Form 10-K on February 29, 2024. | | | 101 | The following financial statements from the Trusts Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements. | | | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Document | | | 101.DEF | Inline XBRL Taxonomy Extension Definitions Document | | | 101.LAB | Inline XBRL Taxonomy Extension Labels Document | | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Document | | | 104 | The cover page from the Trusts Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL (included as Exhibit 101). | | Item 16. Form 10-K Summary Not applicable. 41 ABRDN PLATINUM ETF TRUST Financial Statements as of December 31, 2025 **Index** | | Page | | | | | | | Report of Independent Registered Public Accounting Firm | F-2 | | | | | | | Statements of Assets and Liabilities at December 31, 2025 and 2024 | F-4 | | | | | | | Schedules of Investments at December 31, 2025 and 2024 | F-5 | | | | | | | Statements of Operations for the y ears ended December 31, 2025, 2024 and 2023 | F-6 | | | | | | | Statements of Changes in Net Assets for the y ears ended December 31, 2025, 2024 and 2023 | F-7 | | | | | | | Financial Highlights for the y ears ended December 31, 2025, 2024 and 2023 | F-8 | | | | | | | Notes to the Financial Statements | F-9 | | F-1 *KPMG LLP Suite 4000 1735 Market Street Philadelphia, PA 19103-7501 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Sponsor, Trustee and Shareholders abrdn Platinum ETF Trust: Auditor Opinion Opinion on the Financial Statements We have audited the accompanying statements of assets and liabilities of abrdn Platinum ETF Trust (the Trust) including the schedules of investments, as of December 31, 2025 and December 31, 2024, the related statements of operations and changes in net assets and the financial highlights for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the financial statements).In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2025 and December 31, 2024, and the results of its operations, changes in its net assets and financial highlights for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trusts internal control over financial reporting as of December 31, 2025, based oncriteria established in Internal Control Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 2, 2026 expressed an unqualified opinion on the effectiveness of the Trusts internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Trusts management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which they relate. | | KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. | | | F-2 * Evaluation of the evidence pertaining to the existence of the platinum holdings As presented on the December 31, 2025 schedule of investments and in Note 2.2, the fair value of the Trust's investment in platinum is $2,864,352 thousand, representing 100.05% of the Trust's net assets, and 1,413,099.0 ounces of platinum holdings. The investment in platinum was held by a third-party custodian (the custodian). We identified the evaluation of the evidence pertaining to the existence of the platinum holdings as a critical audit matter. Given the nature and volume of the platinum holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of platinum held by the custodian. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls over (1) the comparison of the Trust's records of platinum held to the custodian's records, (2) the approval of platinum deposits and withdrawals by the trustee of the Trust and (3) the physical counts of the Trust's platinum holdings performed at the custodian's locations by a third party engaged by the Trust's sponsor. We obtained a schedule directly from the custodian of the Trust's platinum holdings held by the custodian as of December 31, 2025. We compared the total ounces on such schedule to the Trust's record of platinum holdings. We also attended and observed a part of the physical counts of the Trust's platinum holdings. We obtained and read the physical counts results reports of the third party and reconciled those reports to both the Trust's and custodian's records. We have served as the Trusts auditor since 2015. Philadelphia, Pennsylvania March 2, 2026 Auditor ID: 185 F-3 **abrdn Platinum ETF Trust** Statements of Assets and Liabilities At December 31, 2025and 2024 | | | December 31, 2025 | | | December 31, 2024 | | | | (Amounts in 000s of US$, except for Share and per Share data) | | | | | | | | | | | ASSETS | | | | | | | | | | | Investment in platinum (cost: December 31, 2025: $1,663,841; December 31, 2024: $1,074,183) | | $ | 2,864,352 | | | $ | 1,019,466 | | | | Total assets | | | 2,864,352 | | | | 1,019,466 | | | | | | | | | | | | | | | LIABILITIES | | | | | | | | | | | Fees payable to Sponsor | | | 1,384 | | | | 519 | | | | Total liabilities | | | 1,384 | | | | 519 | | | | | | | | | | | | | | | NET ASSETS(1) | | $ | 2,862,968 | | | $ | 1,018,947 | | | | (1) | Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at December 31, 2025 were 15,550,000 and at December 31, 2024 were 12,200,000. Net asset values per Share at December 31, 2025 and December 31, 2024 were $184.11 and $83.52, respectively. | | **See Notes to the Financial Statements** F-4 **abrdn Platinum ETF Trust** Schedules of Investments At December 31, 2025 and 2024 | | | December 31, 2025 | | | | Description | | oz | | | Cost | | | Fair Value | | | % of Net Assets | | | | Investment in platinum (in 000s of US$, except for oz and percentage data) | | | Platinum | | | 1,413,099.0 | | | $ | 1,663,841 | | | $ | 2,864,352 | | | | 100.05 | % | | | Total investment in platinum | | | 1,413,099.0 | | | $ | 1,663,841 | | | $ | 2,864,352 | | | | 100.05 | % | | | Less liabilities | | | | | | | | | | | (1,384 | ) | | | (0.05 | )% | | | Net Assets | | | | | | | | | | $ | 2,862,968 | | | | 100.00 | % | | | | | December 31, 2024 | | | | Description | | oz | | | Cost | | | Fair Value | | | % of Net Assets | | | | Investment in platinum (in 000s of US$, except for oz and percentage data) | | | Platinum | | | 1,115,390.0 | | | $ | 1,074,183 | | | $ | 1,019,466 | | | | 100.05 | % | | | Total investment in platinum | | | 1,115,390.0 | | | $ | 1,074,183 | | | $ | 1,019,466 | | | | 100.05 | % | | | Less liabilities | | | | | | | | | | | (519 | ) | | | (0.05 | )% | | | Net Assets | | | | | | | | | | $ | 1,018,947 | | | | 100.00 | % | | **See Notes to the Financial Statements** F-5 **abrdn Platinum ETF Trust** Statements of Operations For the years ended December 31, 2025, 2024, and 2023 | | | Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | | Year Ended December 31, 2023 | | | | (Amounts in 000s of US$, except for Share and per Share data) | | | | | | | | | | | | | | | EXPENSES | | | | | | | | | | | | | | | Sponsors Fee | | $ | 9,189 | | | $ | 5,968 | | | $ | 5,772 | | | | Total expenses | | | 9,189 | | | | 5,968 | | | | 5,772 | | | | Net investment loss | | | (9,189 | ) | | | (5,968 | ) | | | (5,772 | ) | | | | | | | | | | | | | | | | | | REALIZED AND UNREALIZED GAINS / (LOSSES) | | | | | | | | | | | | | | | Realized gain on platinum transferred to pay expenses | | | 1,447 | | | | 5 | | | | 6 | | | | Realized gain / (loss) on platinum distributed for the redemption of Shares | | | 94,144 | | | | (85 | ) | | | 8,064 | | | | Change in unrealized gain / (loss) on investment in platinum | | | 1,255,228 | | | | (88,636 | ) | | | (35,102 | ) | | | Total gain / (loss) on investment in platinum | | | 1,350,819 | | | | (88,716 | ) | | | (27,032 | ) | | | | | | | | | | | | | | | | | | Change in net assets from operations | | $ | 1,341,630 | | | $ | (94,684 | ) | | $ | (32,804 | ) | | | | | | | | | | | | | | | | | | Net increase / (decrease) in net assets per Share | | $ | 105.31 | | | $ | (8.36 | ) | | $ | (3.05 | ) | | | | | | | | | | | | | | | | | | Weighted average number of Shares | | | 12,740,274 | | | | 11,321,721 | | | | 10,763,562 | | | **See Notes to the Financial Statements** F-6 **abrdn Platinum ETF Trust** Statements of Changes in Net Assets For the years ended December 31, 2025, 2024 and 2023 | | | Year Ended December 31, 2025 | | | | (Amounts in 000s of US$, except for Share data) | | Shares | | | Amount | | | | Opening balance at January 1, 2025 | | | 12,200,000 | | | $ | 1,018,947 | | | | Net investment loss | | | | | | | (9,189 | ) | | | Realized gain on investment in platinum | | | | | | | 95,591 | | | | Change in unrealized gain on investment in platinum | | | | | | | 1,255,228 | | | | Creations | | | 6,800,000 | | | | 913,597 | | | | Redemptions | | | (3,450,000 | ) | | | (411,206 | ) | | | Closing balance at December 31, 2025 | | | 15,550,000 | | | $ | 2,862,968 | | | | | | Year Ended December 31, 2024 | | | | (Amounts in 000s of US$, except for Share data) | | Shares | | | Amount | | | | Opening balance at January 1, 2024 | | | 10,850,000 | | | $ | 997,446 | | | | Net investment loss | | | | | | | (5,968 | ) | | | Realized (loss) on investment in platinum | | | | | | | (80 | ) | | | Change in unrealized (loss) on investment in platinum | | | | | | | (88,636 | ) | | | Creations | | | 2,550,000 | | | | 221,982 | | | | Redemptions | | | (1,200,000 | ) | | | (105,797 | ) | | | Closing balance at December 31, 2024 | | | 12,200,000 | | | $ | 1,018,947 | | | | | | Year Ended December 31, 2023 | | | | (Amounts in 000s of US$, except for Share data) | | Shares | | | Amount | | | | Opening balance at January 1, 2023 | | | 11,500,000 | | | $ | 1,096,553 | | | | Net investment loss | | | | | | | (5,772 | ) | | | Realized gain on investment in platinum | | | | | | | 8,070 | | | | Change in unrealized (loss) on investment in platinum | | | | | | | (35,102 | ) | | | Creations | | | 1,500,000 | | | | 133,843 | | | | Redemptions | | | (2,150,000 | ) | | | (200,146 | ) | | | Closing balance at December 31, 2023 | | | 10,850,000 | | | $ | 997,446 | | | **See Notes to the Financial Statements** F-7 **abrdn Platinum ETF Trust** Financial Highlights For the yearsended December 31, 2025, 2024and 2023 | | | Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | | Year Ended December 31, 2023 | | | | Per Share Performance (for a Share outstanding throughout the entire period) | | | | | | | | | | | | | | | Net asset value per Share at beginning of period | | $ | 83.52 | | | $ | 91.93 | | | $ | 95.35 | | | | Income from investment operations: | | | | | | | | | | | | | | | Net investment loss | | | (0.72 | ) | | | (0.53 | ) | | | (0.54 | ) | | | Total realized and unrealized gains or losses on investment in platinum | | | 101.31 | | | | (7.88 | ) | | | (2.88 | ) | | | Change in net assets from operations | | | 100.59 | | | | (8.41 | ) | | | (3.42 | ) | | | | | | | | | | | | | | | | | | Net asset value per Share at end of period | | $ | 184.11 | | | $ | 83.52 | | | $ | 91.93 | | | | | | | | | | | | | | | | | | | Weighted average number of Shares | | | 12,740,274 | | | | 11,321,721 | | | | 10,763,562 | | | | | | | | | | | | | | | | | | | Expense ratio | | | 0.60 | % | | | 0.60 | % | | | 0.60 | % | | | | | | | | | | | | | | | | | | Net investment loss ratio | | | (0.60 | )% | | | (0.60 | )% | | | (0.60 | )% | | | | | | | | | | | | | | | | | | Total return, net asset value | | | 120.44 | % | | | (9.15 | )% | | | (3.59 | )% | | | | | | | | | | | | | | | | | **See Notes to the Financial Statements** F-8 abrdn Platinum ETF Trust Notes to the Financial Statements 1. Organization The abrdn Platinum ETF Trust (the Trust) is a common law trust formed on December 30, 2009 under New York law pursuant to a depositary trust agreement (the Trust Agreement) executed by abrdn ETFs Sponsor LLC (the Sponsor) and The Bank of New York Mellon as Trustee (the Trustee). The Trust holds platinum and issues abrdn Physical Platinum Shares ETF (Shares) in minimum blocks of 50,000 Shares (also referred to as Baskets) in exchange for deposits of platinum and distributes platinum in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of Aberdeen Group plc, which is a wholly-owned indirect subsidiary of Aberdeen Group plc. The Trust is governed by the Trust Agreement. The investment objective of the Trust is for the Shares to reflect the performance of the price of physical platinum, less the Trusts expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a Shareholder) an opportunity to participate in the platinum market through an investment in securities. 2. Significant Accounting Policies The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946, Financial ServicesInvestment Companies*, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. 2.2. Valuation of Platinum The Trust follows the provisions of ASC 820, *Fair Value Measurement* (ASC 820). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. At the Evaluation Time, the Trustee will value the Trusts platinum on the basis of the London Bullion Market Association (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 Trusts 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. F-9 abrdn Platinum ETF Trust Notes to the Financial Statements 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). Once the value of platinum has been determined, the net asset value (the NAV) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the Sponsors Fee), from the fair value of the platinum and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in platinum as changes in unrealized gains or losses on investment in platinum through the Statement of Operations. The per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Platinum Price PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made, and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. *Fair Value Hierarchy* ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: | | Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. | | | | Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data. | | | | Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trusts own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. | | To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. F-10 abrdn Platinum ETF Trust Notes to the Financial Statements The Trusts investment in platinum is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources. The categorization of the Trusts assets is as shown below: | (Amounts in 000s of US$) | | December 31, 2025 | | | December 31, 2024 | | | | Level 1 | | | | | | | | | | | Investment in platinum | | $ | 2,864,352 | | | $ | 1,019,466 | | | There were no transfers between levels during the years ended December 31, 2025 and 2024. 2.3. Platinum Receivable and Payable Platinum receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption of Shares respectively, where the platinum has not yet been transferred to or from the Trusts account. Generally, ownership of platinum is transferred within one business day of the trade date. At December 31, 2025, the Trust had no platinum receivable or payable for the creation or redemption of Shares. At December 31, 2024, the Trust had no platinum receivable or payable for the creation or redemption of Shares. 2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trusts Custodian or other platinum bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated platinum account, either loco London or loco Zurich, established with the Custodian or a platinum bullion clearing bank by an Authorized Participant. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of platinum represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective May 28, 2024, the settlement period for Shares is one business day. Prior to May 28, 2024, the standard settlement period for Shares was two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When platinum is exchanged in settlement of a redemption, it is considered a sale of platinum for financial statement purposes. F-11 abrdn Platinum ETF Trust Notes to the Financial Statements The amount of platinum represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of platinum to be delivered or distributed by the Trust. In order to ensure that the correct amount of platinum is available at all times to back the Shares, the Sponsor accepts an adjustment to its Sponsor Fee in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of platinum. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets. 2.5. Income Taxes The Trust is classified as a grantor trust for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trusts income and expenses will flow through to the Shareholders, and the Trustee will report the Trusts proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2025 or December 31, 2024. 2.6. Investment in Platinum Changes in ounces of platinum and their respective values for the years ended December 31, 2025 and 2024 are set out below: | | | Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | | | (Amounts in 000s of US$, except for ounces data) | | | | | | | | | Ounces of platinum | | | | | | | | | Opening balance | | | 1,115,390.0 | | | | 997,955.2 | | | | Creations | | | 618,810.6 | | | | 233,660.1 | | | | Redemptions | | | (314,237.6 | ) | | | (110,040.7 | ) | | | Transfers of platinum to pay expenses | | | (6,864.0 | ) | | | (6,184.6 | ) | | | Closing balance | | | 1,413,099.0 | | | | 1,115,390.0 | | | | | | | | | | | | | | | Investment in platinum | | | | | | | | | | | Opening balance | | $ | 1,019,466 | | | $ | 997,955 | | | | Creations | | | 913,597 | | | | 221,982 | | | | Redemptions | | | (411,206 | ) | | | (105,797 | ) | | | Realized gain / (loss) on platinum distributed for the redemption of Shares | | | 94,144 | | | | (85 | ) | | | Transfers of platinum to pay expenses | | | (8,324 | ) | | | (5,958 | ) | | | Realized gain / (loss) on platinum transferred to pay expenses | | | 1,447 | | | | 5 | | | | Change in unrealized (loss) / gain on investment in platinum | | | 1,255,228 | | | | (88,636 | ) | | | Closing balance | | $ | 2,864,352 | | | $ | 1,019,466 | | | F-12 abrdn Platinum ETF Trust Notes to the Financial Statements 2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsors Fee, which is paid by the Trust through in-kind transfers of platinum to the Sponsor. The Trust will transfer platinum to the Sponsor to pay the Sponsors Fee that accrues daily at an annualized rate equal to 0.60% of the adjusted daily net asset value (ANAV) of the Trust, paid monthly in arrears. The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustees monthly fee and out of pocket expenses, the Custodians fee and the reimbursement of the Custodians expenses, exchange listing fees, United States Securities and Exchange Commission (the SEC) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. For the years ended December 31, 2025, 2024 and 2023, the Sponsors Fee was $9,189,166, $5,968,067 and $5,772,056, respectively. At December 31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $1,384,155 and $518,692, respectively. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trusts platinum as necessary to pay these expenses. When selling platinum to pay expenses, the Trustee will endeavor to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trusts holdings of assets other than platinum. Other than the Sponsors Fee, the Trust had no expenses during the years ended December 31, 2025 and 2024. Unless otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LBMA Platinum Price PM. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such platinum only if the sale transaction is made at the next LBMA Platinum Price PM or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the platinum sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of platinum transferred. 2.8 Segment Reporting Adoption of the new standard impacted disclosures only and did not affect the Trusts financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entitys chief operating decision maker (CODM) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Sponsor acts as the Trusts CODM. The CODM monitors the operating results of the Trust as a whole, and the Trusts asset allocation is managed in accordance with its Prospectus. The Trust operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Trusts prospectus describes the Trusts fees, investment objective, principal investment strategy and principal risks, among other items. The Trusts portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trusts financial statements. The accompanying financial statements detail the Trusts segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Trusts Statement of Assets and Liabilities as Total Assets and significant segment expenses are listed on the Statement of Operations. 2.9. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, *Subsequent Events*, the Trusts management has evaluated the possibility of subsequent events impacting the Trusts financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified. F-13 **abrdn Platinum ETF Trust** Notes to the Financial Statements 3. Related Parties The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell platinum directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustees and Custodians fees are paid by the Sponsor and are not separate expenses of the Trust. 4. Concentration of Risk The Trusts sole business activity is the investment in platinum, and substantially all the Trusts assets are holdings of platinum, which creates a concentration of risk associated with fluctuations in the price of platinum. Several factors could affect the price of platinum, including: (i) global platinum supply and demand, which is influenced by factors such as production and cost levels in major platinum producing countries, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand; (ii) investors expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that platinum will maintain its long-term value in terms of purchasing power in the future. In the event that the price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trusts financial position and results of operations. 5. Indemnification Under the Trusts organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trusts organizational documents. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. F-14 abrdn Platinum ETF Trust **SIGNATURES** Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized. | | | abrdn ETFs Sponsor LLC | | | | | | | | Date: March 2, 2026 | | /s/ Steven Dunn* | | | | | Steven Dunn ** | | | | | President and Chief Executive Officer | | | | | (Principal Executive Officer) | | | Date: March 2, 2026 | | /s/ Sharon Ferrari* | | | | | Sharon Ferrari ** | | | | | Chief Financial Officer and Treasurer | | | | | (Principal Financial Officer and Principal Accounting Officer) | | | * | The originally executed copy of this Certification will be maintained at the Sponsors offices and will be made available for inspection upon request. | | | ** | The Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant. | | **Exhibit Index** | Exhibit No. | | Description | | | 23.1 | | Consent of KPMG LLP, Independent Registered Public Accounting Firm | | | 31.1 | | Chief Executive Officers Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | 31.2 | | Chief Financial Officers Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | 32.1 | | Chief Executive Officers Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | 32.2 | | Chief Financial Officers Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | 101 | | The following financial statements from the Trusts Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements. | | | 101.SCH | | XBRL Taxonomy Extension Schema Document | | | 101.CAL | | XBRL Taxonomy Extension Calculation Document | | | 101.DEF | | XBRL Taxonomy Extension Definitions Document | | | 101.LAB | | XBRL Taxonomy Extension Labels Document | | | 101.PRE | | XBRL Taxonomy Extension Presentation Document | | | 104 | | The cover page from the Trusts Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL (included as Exhibit 101). | |