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GraniteShares Platinum Trust (PLTM)

Business Summary

The platinum industry is characterized by primary demand from autocatalyst and jewelry sectors, with autocatalyst representing approximately 31% of total demand and jewelry representing approximately 23% of total demand. Platinum is sourced through mining at 74% and recycling at 26%. PGMs are found primarily in South Africa, which accounts for 65% of total mine production, and Russia, which accounts for 14% of total mine production. The global trade in platinum consists of over-the-counter transactions in spot, forwards, options, and other derivatives, together with exchange-traded futures and options. The most significant platinum futures exchange in the U.S. is NYMEX, a subsidiary of the Chicago Mercantile Exchange Group. The Trust operates within this landscape as a passive vehicle designed to reflect the value of platinum bullion less expenses, not as an active investment manager.

The Trust's competitive positioning is centered on providing a simple and cost-effective means of making an investment similar to an investment in platinum, removing obstacles of expense and complications involved in physical platinum bullion investment. Advantages include minimal credit risk, as the Shares represent an interest in physical platinum owned by the Trust held in physical custody at the Custodian, with physical platinum not subject to borrowing arrangements with third parties. The Trust contrasts with most other financial products that gain exposure to precious metals through derivatives subject to counterparty and credit risks. The Shares are backed primarily by allocated physical platinum bullion identified as the Trust's property in the Custodian's books, and no Shares can be issued unless the corresponding amount of platinum has been deposited into the Trust. Retail investors may purchase and sell Shares through traditional brokerage accounts, and Shares are eligible for margin accounts. The Trust's Authorized Participants as of the report date are J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, and Virtu Americas LLC.

The Trust generates revenue through the Sponsor's Fee, which is accrued daily at an annualized rate equal to 0.50% of the net asset value of the Trust and is payable monthly in arrears. The Trust's only ordinary recurring expense is expected to be the Sponsor's Fee. In exchange for the Sponsor's Fee, the Sponsor has agreed to assume the Trustee's Fee and its ordinary out-of-pocket expenses, the Custodian's Fee and its reimbursable expenses, Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. The Trust is not managed like a corporation or an active investment vehicle, has no directors, officers or employees, and does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of platinum. The Trust creates and redeems Shares on a continuous basis but only in Baskets of 50,000 Shares. Only Authorized Participants can deposit platinum and receive Baskets of Shares in exchange.

The Trust's sole asset consists of platinum bullion. The Trust's objective is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that time less the Trust's accrued expenses and liabilities as of that time. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in platinum. The Trust has no fixed termination date. 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. The Trust does not and will not hold or trade in commodities futures contracts, commodity interests or any other instruments regulated by the Commodity Exchange Act. The Trust is not a commodity pool for purposes of the CEA and the Shares are not commodity interests.

The Trust's Shares at redeemable value increased from $85,206,010 on June 30, 2025, to $163,763,382 on June 30, 2026. Outstanding Shares in the Trust increased from 6,550,000 Shares on June 30, 2025 to 10,900,000 Shares on June 30, 2026. The Sponsor's Fee for the year ended June 30, 2026 was $930,015. The aggregate market value of the registrant's Shares outstanding based upon the closing price of a Share on June 30, 2026, as reported by the NYSE Arca, Inc. on that date, was $162,846,000. As of August 13, 2026, the Trust had 10,900,000 GraniteShares Platinum Shares outstanding.

Business Outlook & Financial Sufficiency

The Trust's primary growth vector is the continued issuance of Shares in exchange for platinum deposits by Authorized Participants, which increases the Trust's asset base and outstanding Shares. The Trust's Shares at redeemable value grew from $85,206,010 on June 30, 2025 to $163,763,382 on June 30, 2026, and Outstanding Shares grew from 6,550,000 to 10,900,000 over the same period. The Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor's Fee attributable to Shares held by certain institutional investors subject to minimum shareholding and lock up requirements as determined by the Sponsor to foster stability in the Trust's asset levels, though the Sponsor is under no obligation to provide any rebates and presently does not intend to waive any part of its fee.

The Sponsor's Fee is accrued daily at an annualized rate equal to 0.50% of the net asset value of the Trust and is payable monthly in arrears. The Sponsor has agreed to assume the Trustee's Fee and its ordinary out-of-pocket expenses, the Custodian's Fee and its reimbursable expenses, Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. The Sponsor may, at its discretion and from time to time, waive all or a portion of the Sponsor's Fee for stated periods of time, but presently does not intend to waive any part of its fee.

The Custodian is responsible for holding the Trust's allocated platinum as well as receiving and converting allocated and unallocated platinum on behalf of the Trust. Physical platinum must be held by the Custodian at its London vault premises unless otherwise agreed. At the end of each business day, the Custodian will hold no more than 192 Ounces of unallocated platinum for the Trust. The Custodian's vault is managed by The Brink's Company. The Custodian segregates by identification in its books and records the Trust's platinum in the Trust Allocated Account from any other platinum which it owns or holds for others.

The Sponsor has agreed to assume the organizational expenses of the Trust and the following expenses incurred by the Trust: the Trustee's monthly fee and its ordinary out-of-pocket expenses, the Custodian's Fee and its reimbursable expenses, Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. The Sponsor's Fee for the year ended June 30, 2026 was $930,015. The Trust does not have a share repurchase authorization or dividend policy as it is a grantor trust, not a corporation.

The price of platinum is volatile and its fluctuations are expected to have a direct impact on the value of the Shares. Movements in the price of platinum in the past, and any past or present trends, are not a reliable indicator of future movements. The trading prices of Shares will fluctuate in accordance with changes in their NAV as well as market supply and demand. The amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the major platinum markets and the Exchange. While the Shares trade on the Exchange until 4:00 p.m. (New York time), liquidity in the market for platinum may be reduced after the close of the major world platinum markets, including London, Zurich and NYMEX.

The Trust is subject to the risk that the LBMA Platinum Price PM may not be available on any day, in which case the Trustee is authorized to use the LBMA Platinum Price AM announced on that day, and if neither price is available, the Trustee will value the Trust's platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. The Sponsor may instruct the Trustee to use a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust's platinum. Redemptions may be suspended or the date for delivery of platinum may be postponed only during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed, or during an emergency as a result of which delivery, disposal or evaluation of platinum is not reasonably practicable.

Management Sentiments & Priorities

The Sponsor's role is to arrange for the creation of the Trust and to be responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of the Shares on the Exchange. The Sponsor has developed a marketing plan for the Trust, prepares marketing materials regarding the Shares, including the content of the Trust's website, and executes the marketing plan for the Trust on an ongoing basis. The Sponsor has agreed to assume the organizational expenses of the Trust and the following expenses incurred by the Trust: the Trustee's monthly fee and its ordinary out-of-pocket expenses, the Custodian's Fee and its reimbursable expenses, Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. The Sponsor may remove the Trustee and appoint a successor Trustee if the Trustee ceases to meet certain objective requirements including the requirement that it have capital, surplus and undivided profits of at least $150 million, if the Trustee has not cured a material breach within 30 days after written notice, or if the Trustee refuses to consent to the implementation of an amendment to the Trust's initial Internal Control Over Financial Reporting. The Sponsor also has the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter.

Financial Details

The Trust's Shares at redeemable value increased from $85,206,010 on June 30, 2025 to $163,763,382 on June 30, 2026. Outstanding Shares increased from 6,550,000 Shares on June 30, 2025 to 10,900,000 Shares on June 30, 2026. The Sponsor's Fee for the year ended June 30, 2026 was $930,015. The aggregate market value of the registrant's Shares outstanding based upon the closing price of a Share on June 30, 2026, as reported by the NYSE Arca, Inc. on that date, was $162,846,000. As of August 13, 2026, the Trust had 10,900,000 GraniteShares Platinum Shares outstanding. The Trust's net asset value per Share is determined by dividing the net asset value of the Trust by the number of Shares outstanding at the time the computation is made. The Trust does not report revenue, net income, or EPS in the traditional sense as it is a grantor trust; its financial performance is reflected in the change in net asset value of the Trust's platinum holdings less expenses.

Risk Factors

The price of platinum is volatile and its fluctuations are expected to have a direct impact on the value of the Shares, and movements in the price of platinum in the past are not a reliable indicator of future movements. The trading prices of Shares will fluctuate in accordance with changes in their NAV as well as market supply and demand, and the amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the major platinum markets and the Exchange. While the Shares trade on the Exchange until 4:00 p.m. (New York time), liquidity in the market for platinum may be reduced after the close of the major world platinum markets, including London, Zurich and NYMEX, which may cause trading spreads and the resulting premium or discount on Shares to widen. The Trust is subject to the risk that the LBMA Platinum Price PM may not be available on any day, in which case the Trustee is authorized to use alternative pricing methods. The Trust's platinum is held by a single Custodian, ICBC Standard Bank Plc, and the Custodian's vault is managed by The Brink's Company, creating concentration risk. The Trust may terminate if Shareholders owning at least 75% of the outstanding Shares agree to such termination.

References

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  889. [889] Item 1, Business — Trust Objective
  890. [890] Item 1, Business — Trust Objective
  891. [891] Item 1, Business — Trust Objective
  892. [892] Item 1, Business — Trust Objective
  893. [893] Item 1, Business — Trust Objective
  894. [894] Item 1, Business — Trust Objective
  895. [895] Item 1, Business — Trust Objective
  896. [896] Item 1, Business — Trust Objective
  897. [897] Item 1, Business — Trust Objective
  898. [898] Item 1, Business — Trust Objective
  899. [899] Item 1, Business — Trust Objective
  900. [900] Item 1, Business — Trust Objective
  901. [901] Item 1, Business — Trust Objective
  902. [902] Item 1, Business — Trust Objective
  903. [903] Item 1, Business — Trust Objective
  904. [904] Item 1, Business — Trust Objective
  905. [905] Item 1, Business — Trust Objective
  906. [906] Item 1, Business — Trust Objective
  907. [907] Item 1, Business — Trust Objective
  908. [908] Item 1, Business — Trust Objective
  909. [909] Item 1, Business — Trust Objective
  910. [910] Item 1, Business — Trust Objective
  911. [911] Item 1, Business — Trust Objective
  912. [912] Item 1, Business — Trust Objective
  913. [913] Item 1, Business — Trust Objective
  914. [914] Item 1, Business — Trust Objective
  915. [915] Item 1, Business — Trust Objective
  916. [916] Item 1, Business — Trust Objective
  917. [917] Item 1, Business — Trust Objective
  918. [918] Item 1, Business — Trust Objective
  919. [919] Item 1, Business — Trust Objective
  920. [920] Item 1, Business — Trust Objective
  921. [921] Item 1, Business — Trust Objective
  922. [922] Item 1, Business — Trust Objective
  923. [923] Item 1, Business — Trust Objective
  924. [924] Item 1, Business — Trust Objective
  925. [925] Item 1, Business — Trust Objective
  926. [926] Item 1, Business — Trust Objective
  927. [927] Item 1, Business — Trust Objective
  928. [928] Item 1, Business — Trust Objective
  929. [929] Item 1, Business — Trust Objective
  930. [930] Item 1, Business — Trust Objective
  931. [931] Item 1, Business — Trust Objective
  932. [932] Item 1, Business — Trust Objective
  933. [933] Item 1, Business — Trust Objective
  934. [934] Item 1, Business — Trust Objective
  935. [935] Item 1, Business — Trust Objective
  936. [936] Item 1, Business — Trust Objective
  937. [937] Item 1, Business — Trust Objective
  938. [938] Item 1, Business — Trust Objective
  939. [939] Item 1, Business — Trust Objective
  940. [940] Item 1, Business — Trust Objective
  941. [941] Item 1, Business — Trust Objective
  942. [942] Item 1, Business — Trust Objective
  943. [943] Item 1, Business — Trust Objective
  944. [944] Item 1, Business — Trust Objective
  945. [945] Item 1, Business — Trust Objective
  946. [946] Item 1, Business — Trust Objective
  947. [947] Item 1, Business — Trust Objective
  948. [948] Item 1, Business — Trust Objective
  949. [949] Item 1, Business — Trust Objective
  950. [950] Item 1, Business — Trust Objective
  951. [951] Item 1, Business — Trust Objective
  952. [952] Item 1, Business — Trust Objective
  953. [953] Item 1, Business — Trust Objective
  954. [954] Item 1, Business — Trust Objective
  955. [955] Item 1, Business — Trust Objective
  956. [956] Item 1, Business — Trust Objective
  957. [957] Item 1, Business — Trust Objective
  958. [958] Item 1, Business — Trust Objective
  959. [959] Item 1, Business — Trust Objective
  960. [960] Item 1, Business — Trust Objective
  961. [961] Item 1, Business — Trust Objective
  962. [962] Item 1, Business — Trust Objective
  963. [963] Item 1, Business — Trust Objective
  964. [964] Item 1, Business — Trust Objective
  965. [965] Item 1, Business — Trust Objective
  966. [966] Item 1, Business — Trust Objective
  967. [967] Item 1, Business — Trust Objective
  968. [968] Item 1, Business — Trust Objective
  969. [969] Item 1, Business — Trust Objective
  970. [970] Item 1, Business — Trust Objective
  971. [971] Item 1, Business — Trust Objective
  972. [972] Item 1, Business — Trust Objective
  973. [973] Item 1, Business — Trust Objective
  974. [974] Item 1, Business — Trust Objective
  975. [975] Item 1, Business — Trust Objective
  976. [976] Item 1, Business — Trust Objective
  977. [977] Item 1, Business — Trust Objective
  978. [978] Item 1, Business — Trust Objective
  979. [979] Item 1, Business — Trust Objective
  980. [980] Item 1, Business — Trust Objective
  981. [981] Item 1, Business — Trust Objective
  982. [982] Item 1, Business — Trust Objective
  983. [983] Item 1, Business — Trust Objective
  984. [984] Item 1, Business — Trust Objective
  985. [985] Item 1, Business — Trust Objective
  986. [986] Item 1, Business — Trust Objective
  987. [987] Item 1, Business — Trust Objective
  988. [988] Item 1, Business — Trust Objective
  989. [989] Item 1, Business — Trust Objective
  990. [990] Item 1, Business — Trust Objective
  991. [991] Item 1, Business — Trust Objective
  992. [992] Item 1, Business — Trust Objective
  993. [993] Item 1, Business — Trust Objective
  994. [994] Item 1, Business — Trust Objective
  995. [995] Item 1, Business — Trust Objective
  996. [996] Item 1, Business — Trust Objective
  997. [997] Item 1, Business — Trust Objective
  998. [998] Item 1, Business — Trust Objective
  999. [999] Item 1, Business — Trust Objective
  1000. [1000] Item 1, Business — Trust Objective

Analysis on 8/13/2026