abrdn Platinum ETF Trust Files 2023 Annual Report

TL;DR

<b>abrdn Platinum ETF Trust (PPLT) has filed its 2023 10-K, confirming its status as a seasoned issuer and compliance with all filing requirements.</b>

AI Summary

abrdn Platinum ETF Trust (PPLT) filed a Annual Report (10-K) with the SEC on February 29, 2024. The abrdn Platinum ETF Trust (PPLT) filed its 10-K for the fiscal year ended December 31, 2023. The ETF is registered under the Securities Exchange Act of 1934. It is a well-known seasoned issuer. The ETF has filed all required reports for the preceding 12 months and the past 90 days. It has also submitted all Interactive Data Files required by Rule 405 of Regulation S-T.

Why It Matters

For investors and stakeholders tracking abrdn Platinum ETF Trust, this filing contains several important signals. The filing confirms PPLT's adherence to SEC regulations, indicating a stable operational and reporting framework. As a well-known seasoned issuer, PPLT likely meets specific size and reporting history thresholds, suggesting a degree of market maturity and investor confidence.

Risk Assessment

Risk Level: low — abrdn Platinum ETF Trust shows low risk based on this filing. The filing indicates no immediate red flags or deviations from standard reporting procedures, suggesting a low-risk profile based on this document alone.

Analyst Insight

Monitor PPLT's future filings for any changes in its reporting status or financial disclosures that could impact its investment profile.

Key Numbers

• 2023-12-31 — Fiscal Year End (abrdn Platinum ETF Trust)
• 001-34590 — Commission File Number (abrdn Platinum ETF Trust)
• 26-4732885 — IRS Employer Identification No. (abrdn Platinum ETF Trust)

Key Players & Entities

• abrdn Platinum ETF Trust (company) — Registrant
• PPLT (company) — Trading Symbol
• Securities Exchange Act of 1934 (regulator) — Act
• Rule 405 of Regulation S-T (regulator) — Rule

FAQ

Industry Context

The abrdn Platinum ETF Trust is an exchange-traded fund designed to track the price of platinum. As an ETF, it holds physical platinum bullion.

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, indicating regulatory oversight by the SEC.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and risk factors.
2. Analyze the ETF's holdings and performance metrics for the fiscal year 2023.
3. Compare PPLT's 2023 performance against relevant platinum market benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, following the previous year's reporting cycle.

Key Financial Figures

• $1,096,553,007 — ares at redeemable value decreased from $1,096,553,007 at December 31, 2022 to $997,445,666 at
• $997,445,666 — $1,096,553,007 at December 31, 2022 to $997,445,666 at December 31, 2023, the Trust's fisca
• $1,128 — ictions, that drove theprice as high as $1,128 per ounce on April 21, 2023, the Chines
• $850 — the price of platinum to fall as low as $850 per ounce on November 13, 2023.While an
• $1,000 — rease roughly 18% off the yearly low to $1,000 per ounce, platinum ended the year appr
• $1,387 — used the price of platinum to rise from $1,387 to $1,709 per ounce in August 2012. At
• $1,709 — rice of platinum to rise from $1,387 to $1,709 per ounce in August 2012. At the beginn
• $1,656 — ion on platinum prices, which rose from $1,656 to $1,736 per ounce in the days followi
• $1,736 — tinum prices, which rose from $1,656 to $1,736 per ounce in the days following the ann
• $952 — um prices bounced back, rising 19.9% to $952 per ounce at the end of 2019. After see
• $593 — . After seeing the price fall as low as $593 per ounce on March 19, 2020, platinum r
• $1,068 — pandemic lows and finished the year at $1,068 per ounce. The steep climb in palladium
• $1,151 — he price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russia's
• $983 — 31, 2022, to close the first quarter at $983 per ounce. Aggressive interest rate hik
• $831 — as the price of platinum fell as low as $831 per ounce on July 14, 2022. Through the

Filing Documents

• pplt-10k_123123.htm (10-K) — 736KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• ex97-1.htm (EX-97.1) — 31KB
• pplt10k123123001.jpg (GRAPHIC) — 22KB
• pplt10k123123002.jpg (GRAPHIC) — 37KB
• 0001999371-24-002926.txt (&nbsp;) — 2454KB
• pplt-20231231.xsd (EX-101.SCH) — 18KB
• pplt-20231231_cal.xml (EX-101.CAL) — 13KB
• pplt-20231231_def.xml (EX-101.DEF) — 20KB
• pplt-20231231_lab.xml (EX-101.LAB) — 162KB
• pplt-20231231_pre.xml (EX-101.PRE) — 119KB
• pplt-10k_123123_htm.xml (XML) — 176KB

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains various "forward-looking Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking "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

forward-looking statements are presented in the Risk Factors section herein. TABLE OF CONTENTS PART I 3

Business

Item 1. Business 3 Trust Objective 3 Overview of the Platinum Industry 4 Operation of the Platinum Markets 6 Secondary Market Trading 9 Valuation of Platinum and Computation of Net Asset Value 9 Trust Expense 10 Creation and Redemption of Shares 11 Creation and Redemption Transaction Fee 16 The Sponsor 16 The Trustee 17 The Custodian 17 Inspection of Platinum 18 Description of the Shares 18 Custody of the Trust's Platinum 19 United States Federal Income Tax Consequences 20 ERISA and Related Considerations 23

Risk Factors

Item 1A. Risk Factors 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II 36

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 44

Controls and Procedures

Item 9A. Controls and Procedures 44

Other Information

Item 9B. Other Information 47 PART III 48

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 48

Executive Compensation

Item 11. Executive Compensation 48

Security

Item 12. Security 49

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 49

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 50 PART IV 51

Exhibits, Financial Statement Schedule

Item 15. Exhibits, Financial Statement Schedule 51

Form 10K Summary

Item 16. Form 10K Summary 52 2 PART I

Business

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 JPMorgan Chase Bank N.A., London Branch (the "Custodian"). The Trust's Shares at redeemable value decreased from $1,096,553,007 at December 31, 2022 to $997,445,666 at December 31, 2023, the Trust's fiscal year end. Outstanding Shares in the Trust decreased from 11,500,000 at December 31, 2022 to 10,850,000 at December 31, 2023. 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 "Sponsor's 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

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View this 10-K filing on SEC EDGAR