PPLT Returned 84% in a Year. Here’s the Catch for Dividend Hunters

abrdn Platinum ETF Trust (PPLT) is a physically backed platinum trust tracking the spot metal and pays no dividends; its NAV moves with platinum prices and is slowly reduced by a ~0.60% annual expense ratio. PPLT returned about 84% over the past year (62% over five years) as a structural supply deficit and inflation/commodity strength lifted platinum; Bank of America raised its 2026 platinum forecast to $2,450/oz. Income-seeking investors should note there is no cash yield — gains are capital appreciation and lumpy — and PPLT faces real opportunity cost vs. the 10-year Treasury (~4.7%). The fund is down ~5% YTD (including a 9% drop in the past week), completed a 10-for-1 forward split on May 18, 2026, and holds roughly $2.32B in assets. Verdict: use PPLT as a small diversifier from equity or bond income allocations, not as a substitute for income-producing assets.