GraniteShares Platinum Trust

What they do

The Trust owns platinum transferred to it in exchange for shares, and each Share represents a fractional undivided beneficial interest in the Trust. Its assets consist solely of platinum bullion, held by custodian ICBC Standard Bank Plc. The Sponsor is GraniteShares LLC and the Trustee is The Bank of New York Mellon. The Trust has no directors, officers or employees and is not managed like a corporation or active investment vehicle.

Revenue drivers

• Platinum price exposure — The value of the Trust's assets and the Shares relates directly to the price of platinum bullion; net asset value rose from $85,206,010 at June 30, 2025 to $163,763,382 at June 30, 2026.
• Share creation activity — Outstanding Shares increased from 6,550,000 at June 30, 2025 to 10,900,000 at June 30, 2026, reflecting deposits of platinum in exchange for Baskets of 50,000 Shares.
• Sponsor's Fee — The Sponsor's Fee is paid through in-kind transfers of platinum to the Sponsor; the Sponsor has agreed to assume most Trust expenses, leaving the Sponsor's Fee as the only ordinary expense during the recent period.

Recent performance

For the quarter ended March 31, 2026, the Trust's net asset value decreased from $233,824,339 on December 31, 2025 to $220,738,196 on March 31, 2026, a 5.60% decrease. The decrease was due to the platinum price moving from $2,027.00 on December 31, 2025 to $1,908.00 on March 31, 2026, or -5.87%, partly offset by a 0.42% increase in shares outstanding from 12,000,000 to 12,050,000. Net asset value per share decreased 6.00% from $19.49 to $18.32 over the same period. Annual net income was $20.1M in 2025 and -$7.0M in 2026, with diluted EPS of $3.97 and -$0.67 respectively.

Strategy

The Trust's stated objective is for the value of the Shares to reflect, at any given time, the value of the Trust's assets less accrued expenses and liabilities. It is not managed like a corporation and does not engage in activities designed to profit from or improve losses caused by platinum price changes. The Trust issues and redeems Shares only with Authorized Participants, in aggregations of 50,000 Shares or integral multiples thereof. Platinum held by the Trust may be delivered to pay the Sponsor's Fee, distributed on redemption of Baskets, or sold as needed to pay expenses not assumed by the Sponsor. The Trust has no fixed termination date.

Risks

• Platinum price volatility — The value of the Shares relates directly to the value of the platinum held by the Trust, and the price of platinum has fluctuated widely over the past several years.
• Trading price deviation from NAV — Shares may trade at, above or below NAV per Share, and any discount or premium may widen due to non-concurrent trading hours between NYSE Arca, London and COMEX.
• No active management — The Trust has no directors, officers or employees and does not engage in any activities designed to obtain a profit from or improve losses caused by changes in the price of platinum.
• Custody concentration — Physical platinum of the Trust is held by a single custodian, ICBC Standard Bank Plc, other than up to a maximum of 192 ounces held in unallocated form.

Outlook

The Trust states it is not aware of any trends, demands, commitments, events or uncertainties reasonably likely to result in material changes to its liquidity needs. The Trust has no fixed termination date. The Sponsor has agreed to assume most Trust expenses in exchange for the Sponsor's Fee, and the Trustee will sell platinum as necessary to pay expenses not otherwise assumed. At March 31, 2026 the Trust did not have any cash balances.