At a glance
PPLT charges 0.6% a year, above the 0.21% average of the 7 funds most like it (the most expensive of 7). It has $1.77B in assets, the 8th largest of that group. Over the past year it returned −3.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +18.7% a year. At its worst it fell 41.8% in the 2020 crash (S&P 500: 33.7%) and 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 33 months after the lows.
The short version
abrdn Physical Platinum Shares ETF (PPLT) is a grantor trust whose only assets are platinum bullion, so its shares aim to track the price of platinum, minus the trust's expenses. It offers a direct, exchange-traded way to own a metal driven largely by car-making demand and South African mine supply. That access is relatively costly: its 0.60% sponsor fee is well above the 0.09% to 0.40% charged by physically backed gold trusts.
Price history
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PPLT -3.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PPLT price data to Oct 27, 2026 | -25.2% | -3.4% | +18.7% | +8.2% | +4.2% | -0.8% |
- Over the year to Oct 27, 2026, PPLT returned -3.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.2% and its 10-year +4.2%.
- In the 2020 COVID crash it fell 41.8% and regained its old high 8.5 months after the low.
- Its worst full calendar year was 2015 (-26.7%); its best was 2025 (+124.5%).
- The deepest fall in its price history was 70.7% (Aug 22, 2011 to Mar 19, 2020), recovered by Dec 22, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -25.2% |
| 2025 | +124.5% |
| 2024 | -8.9% |
| 2023 | -8.2% |
| 2022 | +10.4% |
| 2021 | -10.8% |
| 2020 | +10.8% |
| 2019 | +20.9% |
| 2018 | -14.9% |
| 2017 | +2.4% |
| 2016 | +0.7% |
| 2015 | -26.7% |
| 2014 | -12.6% |
| 2013 | -11.5% |
| 2012 | +9.8% |
| 2011 | -21.7% |
| 2010 | +10.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.7% over that stretch · deepest drop along the way 41.8%, back to its old high 8.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.1% over that stretch · deepest drop along the way 28.7%, back to its old high 33.2 months after the low |
What's inside
The trust holds physical platinum directly, worth $1.77B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
PPLT does not follow an index or use a manager who picks investments. The trust simply holds platinum bullion. Its objective is for the shares to reflect the price of physical platinum, less expenses. The sponsor is abrdn ETFs Sponsor LLC, the trustee is The Bank of New York Mellon, and ICBC Standard Bank Plc stores the metal as custodian. The trust holds no futures or other derivatives. It is not a commodity pool, and it is not registered under the Investment Company Act of 1940, so it lacks some of the protections that ordinary mutual funds and ETFs have.
New shares are created and redeemed in "Baskets" of 50,000 shares. Large dealers called Authorized Participants deliver platinum to the trust or receive platinum back. This process helps keep the share price close to the value of the metal. Most of the platinum is held as specific, identified plates. A small amount can sit briefly in an unallocated account during these transactions, and that amount is not kept separate from the custodian's own assets.
The trust does not try to profit from platinum price moves. It pays its 0.60% sponsor fee in platinum, so the amount of metal behind each share slowly shrinks over time. Platinum earns no interest, so the trust pays no income.
What it really costs
- PPLT charges 0.6% a year, versus an average of 0.21% for the similar funds below (7th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
PPLT gives exposure to a single, highly volatile industrial and precious metal and pays no income, so it fits as a small position next to a diversified core rather than as a foundation.
PPLT adds a metal whose price depends on car-catalyst demand and on mine supply concentrated in South Africa and Russia, not on company earnings. It has not been a reliable shelter, though. In the 2020 COVID crash it fell 41.8% between February 19 and March 19, 2020, and it recovered by December 3, 2020. In 2022 it fell 28.7% and did not regain that peak until June 9, 2025. Its deepest drop was 70.7%, from August 2011 to March 2020, and it did not fully recover until December 22, 2025. It gained 124.5% in 2025, then lost 25.2% in 2026 through October 27. The trust launched in 2010, so it has no 2008 record. It pays no income, so a retiree would have to redeem shares to raise cash, possibly during a slump. The fee is 0.60% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting direct platinum exposure in a brokerage account, backed by bullion held by custodian ICBC Standard Bank rather than futures or derivatives.
- Gold holders wanting a second precious metal tied to industrial use; autos made up about 43% of platinum demand in 2024.
- Investors keeping platinum to a small slice who can tolerate swings like 2025's 124.5% gain, then a 25.2% drop from January to October 27, 2026.
Look elsewhere if
- Retirees who need income: the trust has paid no distributions, so any cash would have to come from selling shares.
- Cost-focused investors: the 0.60% sponsor fee is well above the 0.09% to 0.40% charged by physically backed gold funds such as IAUM and GLD.
- Investors with low tolerance for losses: the shares fell 70.7% from August 2011 to March 2020, not recovering until December 2025.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PPLT this fund | 0.6% | $1.77B | -3.4% | +18.7% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
Questions investors ask
Does PPLT pay dividends?
No. PPLT has made no distributions, because the trust owns only platinum bullion, which pays no interest or dividends. Any return comes from changes in the platinum price, less the 0.60% annual sponsor fee. The trust pays that fee by delivering small amounts of its platinum to the sponsor, abrdn ETFs Sponsor LLC, so the metal behind each share slowly shrinks. Retirees who rely on portfolio income would have to sell shares to draw cash from this holding.
Is PPLT backed by physical platinum?
Yes. PPLT's shares are interests in the abrdn Platinum ETF Trust, whose assets consist solely of platinum bullion held by custodian ICBC Standard Bank Plc. The trust uses no futures or other derivatives, and its metal is not lent out. It is a grantor trust, meaning each share is a fractional ownership interest in the trust and its metal. Because it is not registered under the Investment Company Act of 1940, it lacks some protections that cover mutual funds and most ETFs.
How has PPLT performed over the long term?
Unevenly. As of October 27, 2026, PPLT returned about 4.2% a year over 10 years and 8.2% a year over five years, but has a slightly negative return since its January 2010 launch. The swings are large. The shares fell 70.7% from August 2011 to March 2020 and did not regain that peak until December 2025, helped by a 124.5% gain that year. They then fell 25.2% from January through October 27, 2026. One-year volatility, a measure of how much prices swing, was 51.2%.
How is PPLT taxed?
Like physical platinum. In the US, physically backed precious-metal trusts such as PPLT are taxed as collectibles, so long-term gains on shares sold in a taxable account can be taxed at up to 28%, rather than the usual long-term capital-gains rates. Gains on shares held a year or less are taxed as ordinary income, as with stocks. Tax-advantaged accounts such as IRAs follow their own rules, and a tax professional can explain how this applies to a specific situation.
What's the difference between PPLT and SGOL?
The metal. Both carry the abrdn name and hold bullion directly, but SGOL, the abrdn Physical Gold Shares ETF, owns gold, while PPLT owns platinum. SGOL charges 0.17% a year, compared with PPLT's 0.60%. As of October 27, 2026, SGOL returned 1.7% over one year and about 26.3% a year over three years, versus a 3.4% loss and 18.7% a year for PPLT. They are different bets: autos made up about 43% of platinum demand in 2024, and South Africa supplied about 72% of mined platinum from 2015 to 2024.