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UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-Q
|
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended
September 30, 2022
|
| |
|
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
(Address
of principal executive offices)
|
|
19103
(Zip
Code)
|
|
|
|
|
(844)
383-7289
(Registrant’s
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 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 is a shell company (as defined
in Rule 12b-2 of the Exchange Act). ☐ Yes ☒
No
As of
November 2, 2022, abrdn Platinum ETF Trust had
11,750,000 abrdn Physical Platinum Shares ETF
outstanding.
abrdn
Platinum ETF TRUST
FORM
10-Q
FOR
THE QUARTER ENDED SEPTEMBER 30, 2022
INDEX
abrdn
Platinum ETF Trust
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statements
of Assets and Liabilities
At
September 30, 2022 (Unaudited) and December 31,
2021
| |
|
September 30, 2022 |
|
|
December 31, 2021 |
|
| (Amounts in 000’s
of US$, except for Share and per Share data) |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Investment in platinum (cost: September 30,
2022: $1,028,177; December
31, 2021: $1,145,807) |
|
$ |
916,795 |
|
|
$ |
1,138,264 |
|
| Platinum
receivable |
|
|
8,003 |
|
|
|
— |
|
| Total assets |
|
|
924,798 |
|
|
|
1,138,264 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Fees payable to Sponsor |
|
|
467 |
|
|
|
596 |
|
| Platinum
payable |
|
|
4,001 |
|
|
|
4,461 |
|
| Total
liabilities |
|
|
4,468 |
|
|
|
5,057 |
|
| |
|
|
|
|
|
|
|
|
| NET
ASSETS(1) |
|
$ |
920,330 |
|
|
$ |
1,133,207 |
|
|
(1) |
Authorized
share capital is
unlimited
with no par value per Share. Shares issued and outstanding at
September 30, 2022 were 11,500,000
and at December 31, 2021 were 12,700,000.
Net asset values per Share at September 30, 2022 and December 31,
2021 were $80.03 and
$89.23,
respectively. |
|
|
|
See Notes to the Financial Statements
abrdn
Platinum ETF Trust
Schedules
of Investments
At
September 30, 2022 (Unaudited) and December 31, 2021
| |
|
September 30, 2022 |
|
| Description |
|
oz |
|
|
Cost |
|
|
Fair Value |
|
|
% of Net Assets |
|
| Investment
in platinum (in 000’s of US$, except for oz and percentage
data) |
| Platinum |
|
|
1,061,104.8 |
|
|
$ |
1,028,177 |
|
|
$ |
916,795 |
|
|
|
99.62 |
% |
| Total
investment in platinum |
|
|
1,061,104.8 |
|
|
$ |
1,028,177 |
|
|
$ |
916,795 |
|
|
|
99.62 |
% |
| Other assets less
liabilities |
|
|
|
|
|
|
|
|
|
|
3,535 |
|
|
|
0.38 |
% |
| Net
Assets |
|
|
|
|
|
|
|
|
|
$ |
920,330 |
|
|
|
100.00 |
% |
| |
|
December 31, 2021 |
|
| Description |
|
oz |
|
|
Cost |
|
|
Fair Value |
|
|
% of Net Assets |
|
| Investment
in platinum (in 000’s of US$, except for oz and percentage
data) |
| Platinum |
|
|
1,186,927.7 |
|
|
$ |
1,145,807 |
|
|
$ |
1,138,264 |
|
|
|
100.45 |
% |
| Total
investment in platinum |
|
|
1,186,927.7 |
|
|
$ |
1,145,807 |
|
|
$ |
1,138,264 |
|
|
|
100.45 |
% |
| Less
liabilities |
|
|
|
|
|
|
|
|
|
|
(5,057 |
) |
|
|
(0.45 |
)% |
| Net
Assets |
|
|
|
|
|
|
|
|
|
$ |
1,133,207 |
|
|
|
100.00 |
% |
See
Notes to the Financial Statements
abrdn
Platinum ETF Trust
Statements
of Operations (Unaudited)
For
the three and nine months ended September 30,
2022 and 2021
| |
|
Three Months Ended
September 30, 2022 |
|
|
Three Months Ended
September 30, 2021 |
|
|
Nine Months Ended
September 30, 2022 |
|
|
Nine Months Ended
September 30, 2021 |
|
| (Amounts in 000’s
of US$, except for Share and per Share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total expenses |
|
|
1,525 |
|
|
|
1,985 |
|
|
|
4,984 |
|
|
|
6,381 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment
loss |
|
|
(1,525 |
) |
|
|
(1,985 |
) |
|
|
(4,984 |
) |
|
|
(6,381 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED AND
UNREALIZED GAINS / (LOSSES) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized
(loss) / gain on platinum transferred to pay expenses |
|
|
(99 |
) |
|
|
207 |
|
|
|
(8 |
) |
|
|
975 |
|
| Realized
(loss) / gain on platinum distributed for the redemption of
Shares |
|
|
(9,466 |
) |
|
|
2,855 |
|
|
|
(6,510 |
) |
|
|
19,096 |
|
| Change
in unrealized (loss) on investment in platinum |
|
|
(38,627 |
) |
|
|
(123,151 |
) |
|
|
(103,839 |
) |
|
|
(150,785 |
) |
|
Change in unrealized (loss) gain on unsettled creations or
redemptions |
|
|
(9 |
) |
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
Total (loss) on investment in platinum |
|
$ |
(48,201 |
) |
|
$ |
(120,089 |
) |
|
$ |
(110,396 |
) |
|
$ |
(130,714 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net assets from operations |
|
$ |
(49,726 |
) |
|
$ |
(122,074 |
) |
|
$ |
(115,380 |
) |
|
$ |
(137,095 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase / (decrease) in net assets per Share |
|
$ |
(4.12 |
) |
|
$ |
(9.06 |
) |
|
$ |
(9.25 |
) |
|
$ |
(10.11 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of Shares |
|
|
12,060,326 |
|
|
|
13,466,848 |
|
|
|
12,464,835 |
|
|
|
13,558,791 |
|
See
Notes to the Financial Statements
abrdn
Platinum ETF Trust
Statements
of Changes in Net Assets (Unaudited)
For
the three and nine months ended September 30, 2022 and
2021
| |
|
Three Months Ended September 30, 2022 |
|
|
Three Months Ended September 30, 2021 |
|
| (Amounts in 000’s of US$, except for
Share data) |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Opening balance |
|
|
12,650,000 |
|
|
$ |
1,064,360 |
|
|
|
13,750,000 |
|
|
$ |
1,358,948 |
|
| Net investment loss |
|
|
|
|
|
|
(1,525 |
) |
|
|
|
|
|
|
(1,985 |
) |
| Realized
(loss) / gain on investment in platinum |
|
|
|
|
|
|
(9,565 |
) |
|
|
|
|
|
|
3,062 |
|
| Change
in unrealized (loss) on investment in platinum |
|
|
|
|
|
|
(38,627 |
) |
|
|
|
|
|
|
(123,151 |
) |
| Change
in unrealized (loss) gain on unsettled creations or
redemptions |
|
|
|
|
|
|
(9 |
) |
|
|
|
|
|
|
— |
|
| Creations |
|
|
100,000 |
|
|
|
8,012 |
|
|
|
— |
|
|
|
— |
|
| Redemptions |
|
|
(1,250,000 |
) |
|
|
(102,316 |
) |
|
|
(600,000 |
) |
|
|
(56,832 |
) |
| Closing
balance |
|
|
11,500,000 |
|
|
$ |
920,330 |
|
|
|
13,150,000 |
|
|
$ |
1,180,042 |
|
| |
|
Nine Months Ended September 30, 2022 |
|
|
Nine Months Ended September 30, 2021 |
|
| (Amounts in 000’s of US$, except for
Share data) |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Opening balance |
|
|
12,700,000 |
|
|
$ |
1,133,207 |
|
|
|
13,300,000 |
|
|
$ |
1,329,607 |
|
| Net investment loss |
|
|
|
|
|
|
(4,984 |
) |
|
|
|
|
|
|
(6,381 |
) |
| Realized (loss) / gain on investment
in platinum |
|
|
|
|
|
|
(6,518 |
) |
|
|
|
|
|
|
20,071 |
|
| Change in unrealized (loss) on
investment in platinum |
|
|
|
|
|
|
(103,839 |
) |
|
|
|
|
|
|
(150,785 |
) |
| Change
in unrealized (loss) gain on unsettled creations or
redemptions |
|
|
|
|
|
|
(39 |
) |
|
|
|
|
|
|
— |
|
| Creations |
|
|
1,300,000 |
|
|
|
120,177 |
|
|
|
1,150,000 |
|
|
|
123,371 |
|
| Redemptions |
|
|
(2,500,000 |
) |
|
|
(217,674 |
) |
|
|
(1,300,000 |
) |
|
|
(135,841 |
) |
| Closing
balance |
|
|
11,500,000 |
|
|
$ |
920,330 |
|
|
|
13,150,000 |
|
|
$ |
1,180,042 |
|
See
Notes to the Financial Statements
abrdn
Platinum ETF Trust
Financial
Highlights (Unaudited)
For
the three and nine months ended September 30, 2022 and
2021
| |
|
Three Months Ended
September 30, 2022 |
|
|
Three Months Ended
September 30, 2021 |
|
|
Nine Months Ended
September 30, 2022 |
|
|
Nine Months Ended
September 30, 2021 |
|
| Per Share
Performance (for a Share outstanding throughout the entire
period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
asset value per Share at beginning of period |
|
$ |
84.14 |
|
|
$ |
98.83 |
|
|
$ |
89.23 |
|
|
$ |
99.97 |
|
| Income from
investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment loss |
|
|
(0.13 |
) |
|
|
(0.15 |
) |
|
|
(0.40 |
) |
|
|
(0.47 |
) |
|
Total realized and unrealized gains or losses on investment in
platinum |
|
|
(3.98 |
) |
|
|
(8.94 |
) |
|
|
(8.80 |
) |
|
|
(9.76 |
) |
|
Change in net assets from operations |
|
|
(4.11 |
) |
|
|
(9.09 |
) |
|
|
(9.20 |
) |
|
|
(10.23 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value per Share at end
of period |
|
$ |
80.03 |
|
|
$ |
89.74 |
|
|
$ |
80.03 |
|
|
$ |
89.74 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of
Shares |
|
|
12,060,326 |
|
|
|
13,466,848 |
|
|
|
12,464,835 |
|
|
|
13,558,791 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss ratio(1) |
|
|
(0.60 |
)% |
|
|
(0.60 |
)% |
|
|
(0.60 |
)% |
|
|
(0.60 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return, net asset value(2) |
|
|
(4.88 |
)% |
|
|
(9.20 |
)% |
|
|
(10.31 |
)% |
|
|
(10.23 |
)% |
|
(1) |
Annualized
for periods less than one year. |
|
(2) |
Total
return is not annualized. |
See Notes to the Financial Statements
abrdn
Platinum ETF Trust
Notes
to the Financial Statements (Unaudited)
1. Organization
The abrdn
Platinum ETF Trust (known as Aberdeen Standard Platinum
ETF Trust prior to March 31, 2022) (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 (known as Aberdeen Standard
Investments ETFs Sponsor LLC prior to March 1, 2022) (the
“Sponsor”) and The Bank of New York Mellon as Trustee (the
“Trustee”). The Trust holds platinum bullion
and issues abrdn Physical Platinum Shares ETF (known
as Aberdeen Standard Physical Platinum Shares ETF prior
to March 31, 2022) (“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 abrdn Inc.
(known as Aberdeen Standard Investments Inc. prior to January 1,
2022). abrdn Inc. is a wholly-owned indirect subsidiary of abrdn
(formerly known as Standard Life Aberdeen) 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 platinum, less the Trust’s
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. The fiscal year end for
the Trust is December 31.
The
accompanying financial statements were prepared in accordance with
the accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information and with
the instructions for Form 10-Q. In the opinion of the Trust’s
management, all adjustments (which consist of normal recurring
adjustments) necessary to present fairly the financial position and
results of operations as of September 30, 2022, and for the
three and nine month period then ended have been made.
These
financial statements should be read in conjunction with the Trust’s
Annual Report on Form 10-K and Form 10-K/A for the fiscal year
ended December 31, 2021. The results of operations for
the three and nine months ended September 30, 2022 are
not necessarily indicative of the operating results for the full
year.
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 Services—Investment
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.
abrdn
Platinum ETF Trust
Notes
to the Financial Statements (Unaudited)
The
Trust’s platinum is held by JPMorgan Chase Bank, N.A. (the
“Custodian”), on behalf of the Trust, at its London, England
vaulting premises. The Trust’s platinum may also be held by UBS AG,
or any other firm selected by the Custodian to hold the
Trust’s platinum in the Trust’s allocated account in the
firm’s vault premises on a segregated basis and whose appointment
has been approved by the Sponsor. At September 30, 2022,
approximately 2.75%
of the Trust’s platinum was held by one or more
sub-custodians.
The
Trust’s 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 afternoon session of the twice daily fix of an
ounce of platinum administered by the London Metal Exchange
(“LME”). 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.
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
“LME AM Fix”) and 2:00 p.m. London time (the “LME PM
Fix”).
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 “Sponsor’s
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 LME PM Fix
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 Trust’s 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.
abrdn
Platinum ETF Trust
Notes
to the Financial Statements (Unaudited)
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.
The
Trust’s 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 Trust’s assets is as shown below:
| (Amounts in 000’s of US$) |
|
September 30,
2022 |
|
|
December 31,
2021 |
|
| |
|
|
|
|
|
|
| Level 1 |
|
|
|
|
|
|
|
|
| Investment in platinum |
|
$ |
916,795 |
|
|
$ |
1,138,264 |
|
There were
no transfers between levels during the nine months ended September
30, 2022 or the year ended December 31, 2021.
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 Trust’s account. Generally, ownership of
platinum is transferred within two business days of the trade date.
At September 30, 2022, the Trust had $8,003,000 of
platinum receivable for the creation of shares
and $4,001,434 of
platinum payable for the redemption of Shares. At December 31,
2021, the Trust had
no platinum receivable for the creation of Shares
and $4,461,443 of
platinum payable for the 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 Trust’s 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.
abrdn
Platinum ETF Trust
Notes
to the Financial Statements (Unaudited)
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. The typical
settlement period for Shares is 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.
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’s 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 Trust’s income and expenses
will “flow through” to the Shareholders, and the Trustee will
report the Trust’s 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 September 30, 2022 or December 31, 2021.
2.6. Investment
in Platinum
Changes
in ounces of platinum and their respective values for the
three and nine months ended September 30, 2022
and 2021 are set out below:
| |
|
Three Months
Ended
September 30, 2022 |
|
|
Three Months
Ended
September 30, 2021 |
|
| (Amounts in 000’s
of US$, except for ounces data) |
|
|
|
|
|
|
|
|
| Ounces of platinum |
|
|
|
|
|
|
|
|
| Opening balance |
|
|
1,174,074.6 |
|
|
|
1,283,867.5 |
|
| Creations |
|
|
— |
|
|
|
— |
|
| Redemptions |
|
|
(111,232.2 |
) |
|
|
(55,950.1 |
) |
| Transfers of
platinum to pay expenses |
|
|
(1,737.6 |
) |
|
|
(1,924.6 |
) |
| Closing
balance |
|
|
1,061,104.8 |
|
|
|
1,225,992.8 |
|
| |
|
|
|
|
|
|
|
|
| Investment in
platinum |
|
|
|
|
|
|
|
|
| Opening balance |
|
$ |
1,064,886 |
|
|
$ |
1,359,615 |
|
| Creations |
|
|
— |
|
|
|
— |
|
| Redemptions |
|
|
(98,315 |
) |
|
|
(56,832 |
) |
| Realized (loss) / gain on platinum
distributed for the redemption of Shares |
|
|
(9,466 |
) |
|
|
2,855 |
|
| Transfers of platinum to pay
expenses |
|
|
(1,584 |
) |
|
|
(2,063 |
) |
| Realized (loss) / gain on platinum
transferred to pay expenses |
|
|
(99 |
) |
|
|
207 |
|
| Change in unrealized (loss) on
investment in platinum |
|
|
(38,627 |
) |
|
|
(123,151 |
) |
| Closing
balance |
|
$ |
916,795 |
|
|
$ |
1,180,631 |
|
abrdn
Platinum ETF Trust
Notes
to the Financial Statements (Unaudited)
| |
|
Nine Months
Ended
September 30, 2022 |
|
|
Nine Months
Ended
September 30, 2021 |
|
| (Amounts in 000’s
of US$, except for ounces data) |
|
|
|
|
|
|
|
|
| Ounces of platinum |
|
|
|
|
|
|
|
|
| Opening balance |
|
|
1,186,927.7 |
|
|
|
1,245,573.6 |
|
| Creations |
|
|
111,479.8 |
|
|
|
107,531.7 |
|
| Redemptions |
|
|
(232,010.7 |
) |
|
|
(121,400.4 |
) |
| Transfers of
platinum to pay expenses |
|
|
(5,292.0 |
) |
|
|
(5,712.1 |
) |
| Closing
balance |
|
|
1,061,104.8 |
|
|
|
1,225,992.8 |
|
| |
|
|
|
|
|
|
|
|
| Investment in
platinum |
|
|
|
|
|
|
|
|
| Opening balance |
|
$ |
1,138,264 |
|
|
$ |
1,330,272 |
|
| Creations |
|
|
112,164 |
|
|
|
123,371 |
|
| Redemptions |
|
|
(218,133 |
) |
|
|
(135,841 |
) |
| Realized (loss) / gain on platinum
distributed for the redemption of Shares |
|
|
(6,510 |
) |
|
|
19,096 |
|
| Transfers of platinum to pay
expenses |
|
|
(5,113 |
) |
|
|
(6,457 |
) |
| Realized gain on platinum transferred
to pay expenses |
|
|
(8 |
) |
|
|
975 |
|
| Change in unrealized (loss) on
investment in platinum |
|
|
(103,839 |
) |
|
|
(150,785 |
) |
| Change in
unrealized gain on unsettled creations or redemptions |
|
|
(30 |
) |
|
|
— |
|
| Closing
balance |
|
$ |
916,795 |
|
|
$ |
1,180,631 |
|
2.7. Expenses / Realized
Gains / Losses
The
primary expense of the Trust is the Sponsor’s 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
Sponsor’s Fee that accrues daily at an annualized rate equal to
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 Trustee’s monthly fee and out
of pocket expenses, the Custodian’s fee and the reimbursement of
the Custodian’s expenses, exchange listing fees, United States
Securities and Exchange Commission (the “SEC”) registration fees,
printing and mailing costs, audit fees and up to $ per
annum in legal expenses.
abrdn
Platinum ETF Trust
Notes
to the Financial Statements (Unaudited)
For
the three months ended September 30, 2022 and 2021,
the Sponsor’s Fee was $ and $,
respectively. For the nine months ended September
30, 2022 and 2021, the Sponsor’s Fee was $
and $,
respectively.
At September
30, 2022 and at December 31, 2021, the fees payable to the
Sponsor were $ and $,
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 Trust’s 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 Trust’s
holdings of assets other than platinum. Other than the Sponsor’s
Fee, the Trust had no expenses
during the three and nine months ended September 30, 2022 and
2021.
Unless
otherwise directed by the Sponsor, when selling platinum the
Trustee will endeavor to sell at the price established by the LME
PM Fix. 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 LME PM Fix 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. Subsequent
Events
In
accordance with the provisions set forth in FASB ASC 855-10,
Subsequent Events, the Trust’s management has evaluated the
possibility of subsequent events impacting the Trust’s financial
statements through the filing date. During this period, no material
subsequent events requiring adjustment to or disclosure in the
financial statements were identified.
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 Trustee’s and
Custodian’s fees are paid by the Sponsor and are not separate
expenses of the Trust.
4. Concentration
of Risk
The
Trust’s sole business activity is the investment in platinum,
and substantially all the Trust’s 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 Trust’s financial
position and results of operations.
abrdn
Platinum ETF Trust
Notes
to the Financial Statements (Unaudited)
5. Indemnification
Under
the Trust’s 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 Trust’s
organizational documents. The Trust’s 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.
abrdn Platinum ETF Trust
Item 2.
Management’s 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
in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis
that follows may contain 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. These forward-looking statements may relate to the Trust’s
financial condition, operations, future performance and business.
These statements can be identified by the use of the words “may”,
“should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”,
“predict”, “potential” or similar words and phrases. These
statements are based upon certain assumptions and analyses the
Sponsor has made based on its perception of historical trends,
current conditions and expected future developments. Neither the
Trust nor the Sponsor is under a duty to update any of the
forward-looking statements, to conform such statements to actual
results or to reflect a change in management’s expectations or
predictions.
Introduction
The Trust is a common law trust, formed under the laws of the state
of New York on December 30, 2009. The Trust is not managed
like a corporation or an active investment vehicle. It does not
have any officers, directors, or employees and is administered by
the Trustee pursuant to the Trust Agreement. 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. It does
not hold or trade in commodity futures contracts, nor is it a
commodity pool, or subject to regulation as a commodity pool
operator or a commodity trading adviser in connection with issuing
Shares.
The Trust holds platinum and is expected to issue Baskets in
exchange for deposits of platinum and to
distribute platinum in connection with redemptions of Baskets.
Shares issued by the Trust represent units of undivided beneficial
interest in and ownership of the Trust. The investment objective of
the Trust is for the Shares to reflect the performance of the price
of platinum, less the Trust’s expenses. The Sponsor
believes that, for many investors, the Shares will represent a cost
effective investment relative to traditional means of investing
in platinum.
The Trust issues and redeems Shares only with Authorized
Participants in exchange for platinum and 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.
Shares of the Trust trade on the New York Stock Exchange (the
“NYSE”) Arca under the symbol “PPLT”.
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 p.m. New York time on such day
(the “Evaluation Time”), the Trustee evaluates the platinum
held by the Trust and determines the NAV of the Trust.
At the Evaluation Time, the Trustee values the Trust’s platinum on
the basis of that day’s LME PM Fix or, if no LME PM Fix is made on
such day, the next most recent LME PM Fix determined prior to the
Evaluation Time will be used, unless the Sponsor determines that
such price is inappropriate as a basis for evaluation. In the event
the Sponsor determines that the LME PM Fix or such other publicly
available price as the Sponsor may deem fairly represents the
commercial value of the Trust’s platinum is not an appropriate
basis for evaluation of the Trust’s 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 Trust’s platinum or for any determination as to
the alternative basis for such evaluation provided that such
determination is made in good faith.
Once the value of the platinum has been determined, the
Trustee subtracts all estimated accrued but unpaid fees (other than
the fees accruing for such day on which the valuation takes place
that 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 all other assets of the Trust (other
than any amounts credited to the Trust’s reserve account, if
established). The resulting figure is the adjusted net asset value
(the “ANAV”) of the Trust. The ANAV of the Trust is used to compute
the Sponsor’s Fee.
abrdn Platinum ETF Trust
All fees accruing for the day on which the valuation takes place
that 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).
The Trustee’s estimation of accrued but unpaid fees, expenses and
liabilities is 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 NAV of the Trust is obtained by subtracting the Trust’s
liabilities on any day from the value of the platinum owned and
receivable by the Trust on that day; the NAV per Share is obtained
by dividing the NAV of the Trust on a given day by the number of
Shares outstanding on that day.
The Quarter Ended September 30, 2022
The Trust’s NAV decreased from $1,064,359,854 at June 30, 2022 to
$920,329,794 at September 30, 2022, a 13.53% decrease for the
quarter. The decrease in the Trust’s NAV resulted from a decrease
in the price per ounce of platinum, which fell 4.74% from $907.00
at June 30, 2022 to $864.00 at September 30, 2022. There was a
decrease in outstanding Shares, which decreased from 12,650,000
Shares at June 30, 2022 to 11,500,000 Shares at September 30, 2022,
as a result of 100,000 Shares (2 Baskets) being created and
1,250,000 Shares (25 Baskets) being redeemed during the
quarter.
The NAV per Share decreased 4.88% from to $84.14 at June 30, to
$80.03 at September 30, 2022. The Trust’s NAV per Share decreased
slightly more than the price per ounce of platinum on a percentage
basis due to the Sponsor’s Fee, which was $1,525,048 for the
quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
The NAV per Share of $89.64 at August 11, 2022 was the highest
during the quarter, compared with a low of $77.07 at July 14,
2022.
The decrease in net assets from operations for the quarter ended
September 30, 2022 was $49,725,911, resulting from a realized loss
of $99,108 on the transfer of platinum to pay expenses, a realized
loss of $9,465,506 on platinum distributed for the redemption of
Shares, a decrease in unrealized loss on investment in platinum of
$38,636,249 and the Sponsor’s Fee of $1,525,048. Other than the
Sponsor’s Fee, the Trust had no expenses during the quarter ended
September 30, 2022.
The Nine Months Ended September 30, 2022
The Trust’s NAV decreased from $1,133,206,525 at December 31, 2021
to $920,329,794 at September 30, 2022, a 18.79% decrease for the
period. The decrease in the Trust’s NAV resulted primarily from a
decrease in the price per ounce of platinum, which fell 9.91% from
$959.00 at December 31, 2021 to $864.00 at September 30, 2022, as
well as a decrease in outstanding Shares, which fell from
12,700,000 Shares at December 31, 2021 to 11,500,000 Shares at
September 30, 2022, as a result of 1,300,000 Shares (26 Baskets)
being created and 2,500,000 Shares (50 Baskets) being redeemed.
The NAV per Share decreased 10.31% from $89.23 at December 31, 2021
to $80.03 at September 30, 2022. The Trust’s NAV per Share fell
slightly more than the price per ounce of platinum on a percentage
basis due to the Sponsor’s Fee, which was $4,984,222 for the
period, or 0.60% of the Trust’s ANAV on an annualized basis.
The NAV per Share of $106.98 at March 8, 2022 was the highest
during the period, compared with a low of $77.07 at July 14,
2022.
abrdn Platinum ETF Trust
The decrease in net assets from operations for the period ended
September 30, 2022 was $115,380,190, resulting from a realized loss
of $8,390 on the transfer of platinum to pay expenses, a realized
loss of $6,509,453 on platinum distributed for the redemption of
Shares, a change in unrealized loss on investment in platinum of
$103,839,141, a change in unrealized loss on unsettled creations
and redemptions of $38,984 and the Sponsor’s Fee of $4,984,222.
Other than the Sponsor’s Fee, the Trust had no expenses during the
period ended September 30, 2022.
Liquidity & Capital Resources
The Trust is not aware of any trends, demands, commitments, events
or uncertainties that are reasonably likely to result in material
changes to its liquidity needs. In exchange for the Sponsor’s Fee,
the Sponsor has agreed to assume most of the expenses incurred by
the Trust. As a result, the only ordinary expense of the Trust
during the period covered by this report was the Sponsor’s Fee.
The Trustee will, at the direction of the Sponsor or in its own
discretion, sell the Trust’s platinum as necessary to pay
the Trust’s expenses not otherwise assumed by the Sponsor. The
Trustee will not sell platinum to pay the Sponsor’s Fee but
will pay the Sponsor’s Fee through in-kind transfers
of platinum to the Sponsor. At September 30, 2022, the
Trust did not have any cash balances.
Off-Balance Sheet Arrangements
The Trust has no off-balance sheet arrangements.
Critical Accounting Policies
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
Trust’s financial position and results of operations. These
estimates and assumptions affect the Trust’s application of
accounting policies. Refer to Note 2 to the Financial Statements
for further information on accounting policies.
Item 3.
Quantitative and Qualitative Disclosures About Market
Risk
Not applicable.
Item 4. Controls
and Procedures
The Trust maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in its
reports under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) is recorded, processed, summarized and reported
within the time periods specified in the SEC’s 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 Trust’s 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 September 30, 2022, the Trust’s
disclosure controls and procedures were effective.
There have been no changes in the Trust’s or Sponsor’s internal
control over financial reporting during the quarter
ended September 30, 2022 that have materially affected, or are
reasonably likely to materially affect, the Trust’s or Sponsor’s
internal control over financial reporting.
abrdn Platinum ETF Trust
PART II. OTHER
INFORMATION
Item 1. Legal
Proceedings
None.
Item 1A. Risk
Factors
Except for the risk factor set forth below, there have been no
material changes to the risk factors previously disclosed in the
Trust’s Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31, 2021.
Risks Related to Platinum
On April 8, 2022, in response to Russia’s invasion of Ukraine, LPPM
suspended two government-owned Russian platinum and palladium
refiners. New productions by such refiners will no longer be
accepted as “Good Delivery” by the LPPM until further notice. The
bars and sponges these refiners previously produced will still be
considered Good Delivery, consistent with past suspensions of
refiners by the LPPM. Fewer suppliers to the LPPM may lead to a
lower supply of Good Delivery platinum and further volatility in
the price of platinum.
General Risks
Armed conflict can result in significant disruptions to the
commodities markets and could adversely affect the price of the
Shares.
On February 24, 2022, Russia commenced an invasion of Ukraine. In
response to such conflict or for other reasons, governments have
imposed and may impose additional economic sanctions against
Russia, certain other countries, entities and/or individuals.
Economic sanctions and other similar governmental actions could,
among other things, prevent or prohibit certain entities or
individuals from participating in the bullion and commodities
markets or otherwise impact the functioning of those markets. Such
actions could affect the value of platinum held by the Fund.
Sanctions could also result in countermeasures or retaliatory
actions, which may impact the value of platinum. Although it is not
possible to predict the impact that any sanctions and retaliatory
actions may have on the Fund, such events could significantly harm
the value of the Fund’s shares.
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
Item 2(a). None.
Item 2(b). Not applicable.
Item 2(c). For the three months ended September 30,
2022:
2 Baskets were created.
25 Baskets were redeemed.
|
Period |
|
|
|
Total
Shares
Redeemed |
|
Average
ounces of
platinum per Share |
|
July
2022 |
|
10 |
|
500,000 |
|
0.093 |
|
August
2022 |
|
4 |
|
200,000 |
|
0.093 |
|
September
2022 |
|
11 |
|
550,000 |
|
0.093 |
|
|
|
25 |
|
1,250,000 |
|
0.093 |
Item 3. Defaults
Upon Senior Securities
None.
Item 4. Mine
Safety Disclosures
Not applicable.
abrdn Platinum ETF Trust
Item 5. Other
Information
None.
Item 6.
Exhibits
| 31.1 |
Chief Executive Officer’s Certificate, pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002. |
| 31.2 |
Chief Financial Officer’s Certificate, pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002. |
| 32.1 |
Chief Executive Officer’s 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 Officer’s 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 Trust’s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2022, 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 Trust’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2022, formatted in Inline XBRL
(included as Exhibit 101). |
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:
November 4, 2022 |
/s/
Steven Dunn* |
| |
Steven
Dunn** |
| |
President
and Chief Executive Officer |
| |
(Principal
Executive Officer) |
| |
|
| Date:
November 4, 2022 |
/s/
Andrea Melia* |
| |
Andrea
Melia** |
| |
Chief
Financial Officer and Treasurer |
| |
(Principal
Financial Officer and Principal Accounting Officer) |
| * |
The originally executed copy of
this Certification will be maintained at the Sponsor’s 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. |