PPLTMEDIUM SIGNALFINANCIAL10-K
PPLT experienced substantial growth in assets under management with shares outstanding increasing significantly and redeemable value roughly doubling, though profitability declined meaningfully.
The ETF demonstrates strong investor demand for platinum exposure, with assets growing from approximately $1.02 billion to $2.86 billion during 2025. However, the decline in gross profit suggests operational headwinds or fee pressure that may impact the fund's economics going forward.
Comparing 2026-03-02 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS
PPLT's financial profile shows mixed signals with substantial asset growth driving increased scale but reduced profitability. Gross profit declined meaningfully from $375K to $151K, indicating operational challenges despite the fund's significant expansion. The dramatic increase in both outstanding shares (from 12.2 million to 15.55 million) and total redeemable value suggests strong institutional and retail demand for platinum exposure, though management appears to be facing margin pressure in the current operating environment.
FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
$375K→$151K
Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.
LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-28
ADDED
false --12-31 2025 FY 0001460235 0001460235 2025-01-01 2025-12-31 0001460235 2025-06-30 0001460235 2026-02-26 0001460235 2025-12-31 0001460235 2024-12-31 0001460235 2024-01-01 2024-12-31 0001460235 pplt:PlatinumMember 2025-12-31 0001460235 pplt:PlatinumMember 2024-12-31 0001460235 2023-01-01 2023-12-31 0001460235 2023-12-31 0001460235 2022-12-31 0001460235 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001460235 us-gaap:FairValueInputsLevel1Member 2024-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure utr:oz UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of February 26, 2026, abrdn Platinum ETF Trust had 15,750,000 abrdn Physical Platinum Shares ETF outstanding.
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 Trust s Platinum 16 United States Federal Income Tax Consequences 16 ERISA and Related Considerations 18 Item 1A.
Market for Registrant s Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6.
The Trust s Shares at redeemable value increased from $1,018,947,768 at December 31, 2024 to $2,862,967,538 at December 31, 2025, the Trust s 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 other four --iridium, rhodium, ruthenium and osmium --are produced only as co-products of platinum and palladium.
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.
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).
REMOVED
false 2024 FY --12-31 0001460235 0001460235 2024-01-01 2024-12-31 0001460235 2024-06-30 0001460235 2025-02-26 0001460235 2024-12-31 0001460235 2023-12-31 0001460235 2023-01-01 2023-12-31 0001460235 pplt:PlatinumMember 2024-12-31 0001460235 pplt:PlatinumMember 2023-12-31 0001460235 2022-01-01 2022-12-31 0001460235 2022-12-31 0001460235 2021-12-31 0001460235 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001460235 us-gaap:FairValueInputsLevel1Member 2023-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares utr:oz xbrli:pure UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of February 26, 2025, abrdn Platinum ETF Trust had 11,900,000 abrdn Physical Platinum Shares ETF outstanding.
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 15 The Sponsor 15 The Trustee 16 The Custodian 17 Inspection of Platinum 17 Description of the Shares 18 Custody of the Trust s Platinum 19 United States Federal Income Tax Consequences 19 ERISA and Related Considerations 22 Item 1A.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6.
The Trust s Shares at redeemable value increased from $997,445,666 at December 31, 2023 to $1,018,947,768 at December 31, 2024, the Trust s fiscal year end.
Outstanding Shares in the Trust increased from 10,850,000 at December 31, 2023 to 12,200,000 at December 31, 2024.
The other four iridium, rhodium, ruthenium and osmium are produced only as co-products of platinum and palladium.
World Platinum Supply and Demand 2014-2023 The following table sets forth a summary of the world platinum supply and demand over the past 10 years (from 2014 to 2023) and is based on information reported by Johnson Matthey, PGM Market Reports (2015 2024).
4 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 71.4% of total mine supply over the past 10 years (2014-2023).
Its share of world mine production has averaged around 11.7% of total mine supply over the past ten years ended 2023.
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