abrdn Physical Platinum Shares ETF

What they do

The Trust's sole assets are platinum bullion; it was formed December 30, 2009 and each share represents a fractional undivided beneficial interest in the Trust. abrdn ETFs Sponsor LLC is the sponsor, The Bank of New York Mellon is the trustee, and ICBC Standard Bank Plc is the custodian. The Trust has no directors, officers or employees, is not managed like a corporation, and does not trade futures or commodity interests. Shares are created and redeemed with Authorized Participants only in 50,000-share Baskets and trade on NYSE Arca under the symbol PPLT.

Revenue drivers

• Platinum price exposure (sole asset) — The Trust's entire economic return comes from changes in the price of the platinum bullion it holds; there are no operating product lines or sales.
• Share creation and redemption — Shares are issued or redeemed with Authorized Participants in 50,000-share Baskets in exchange for platinum; outstanding shares rose from 12,200,000 at December 31, 2024 to 15,550,000 at December 31, 2025.
• Sponsor's Fee — The Trust delivers platinum to pay the Sponsor's Fee, which is computed by reference to the Trust's adjusted net asset value and is the principal recurring cost borne by the Trust.

Recent performance

Reported net income was -$144.8M in 2021, $63.5M in 2022, -$32.8M in 2023, -$94.7M in 2024, and $1.34B in 2025, with diluted EPS of -$10.77, $5.19, -$3.05, -$8.36 and $105.31 respectively. Shares at redeemable value increased from $1,018,947,768 at December 31, 2024 to $2,862,967,538 at December 31, 2025. Outstanding shares increased from 12,200,000 to 15,550,000 over the same period. The latest balance sheet (2026-06-30) shows total assets of $1.77B, total liabilities of $902,000, and shareholder equity of $1.77B. Operating cash flow is reported as $0.00 for 2010 through 2013.

Strategy

The Trust's stated objective is for the Shares to reflect the performance of the price of physical platinum, less the Trust's expenses. It is designed to be easily accessible and relatively cost effective, giving institutional and retail investors platinum exposure through a traditional brokerage account with minimal credit risk. The Trust does not engage in activities designed to profit from or improve losses caused by platinum price changes; platinum is only delivered for the Sponsor's Fee, distributed on Basket redemptions, or sold to pay expenses or on termination. It has no fixed termination date and does not hold or employ derivative securities.

Risks

• Single-commodity concentration — The Trust's assets consist solely of platinum bullion, so results are entirely dependent on the price of platinum and have swung from -$144.8M in 2021 to $1.34B in 2025.
• No active management — The Trust has no directors, officers or employees and does not engage in activities designed to obtain a profit from or improve losses caused by changes in the price of platinum.
• Custodian and counterparty reliance — Platinum is held by a single custodian, ICBC Standard Bank Plc, and share creation/redemption depends on Authorized Participants.
• Expense and fee drag — Platinum is sold or delivered to pay the Sponsor's Fee and Trust expenses not assumed by the Sponsor, so Share performance trails the platinum price.

Outlook

The filings do not present management revenue or earnings guidance; the Trust's stated investment objective is for Shares to reflect the price of physical platinum less expenses. Creation and redemption activity remains the mechanism for share count changes, which rose to 15,550,000 shares at December 31, 2025. The Trust has no fixed termination date and states it will continue to hold platinum bullion.