abrdn Platinum ETF Trust (NYSE: PPLT)

abrdn Platinum ETF Trust is an exchange traded trust that holds physical platinum bullion to provide investors with exposure to the price of platinum. The trust was formed on December 30, 2009 when an initial deposit of platinum was exchanged for two baskets of shares. abrdn ETFs Sponsor LLC serves as sponsor, The Bank of New York Mellon acts as trustee and ICBC Standard Bank Plc serves as custodian of the platinum. Each share represents a fractional undivided beneficial interest in the trust and shares are created and redeemed only in baskets of 50,000 shares by authorized participants. The trust does not have a board of directors officers or employees and is not managed as an active investment vehicle.

The trust does not generate operating revenue; its value is derived from the platinum it holds and changes in that metal’s market price. Authorized participants create and redeem baskets of shares in exchange for platinum, which provides liquidity and allows the trust’s shares to trade on NYSE Arca at prices that reflect net asset value. The sponsor receives an annual fee of 0.60% of the trust’s average net asset value, paid in platinum, and this fee is deducted from the trust’s assets. When the trust needs to pay expenses not covered by the sponsor, the trustee may sell small amounts of platinum, which reduces the metal backing the shares. Consequently, the net asset value per share moves closely with the spot price of platinum less the accrued sponsor fee and other trust expenses.

abrdn Platinum ETF Trust competes with other platinum exchange traded products such as ETFS Physical Platinum Shares (PPLT) and the Sprott Physical Platinum and Palladium Trust. According to its filings, the trust’s assets grew from approximately $1,018,947,768 at the end of 2024 to $2,862,967,538 at the end of 2025, making it one of the larger platinum ETFs by assets under management. Its competitive advantages include a low expense ratio of 0.60%, full physical backing of platinum held in allocated accounts, and daily transparency of holdings via the LBMA Platinum Price PM. The trust’s shares are listed on NYSE Arca, providing broad accessibility to both institutional and retail investors and enabling efficient trading throughout the market session. Unlike many platinum exposures that rely on derivatives, the trust holds actual metal, which minimizes counterparty and credit risk for investors.

The trust’s shares are held by a mix of institutional and retail investors who trade through brokerage accounts. Authorized participants that create and redeem baskets include 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. These participants act as intermediaries, facilitating the creation and redemption of shares in exchange for platinum and providing liquidity to the secondary market. Institutional investors such as asset managers, hedge funds and pension plans use the trust to gain platinum exposure as part of tactical asset allocation strategies. Retail investors can purchase shares via any brokerage account that offers access to NYSE Arca listed securities.