A trust that issues Shares backed by physical platinum to provide investors with tradable exposure to platinum price movements, with Share value tied to the NAV of the platinum holdings.

# Platinum Trust

## What the company is
- A trust that issues Shares to investors and holds physical platinum to back those Shares.
- The trust’s objective is tied to the price of platinum, with Share value intended to reflect the market value of the metal held.

## Core purpose and market positioning
- Trust objective: provide investors with tradable exposure to platinum price movements through Shares backed by physical platinum.
- The offering is positioned to inform investors about the platinum market by addressing industry context, supply and demand dynamics, and how the market operates.

## Operations — creation, redemption, and pricing
- Secondary market trading: Shares trade on a public exchange, enabling buy and sell transactions in the secondary market.
- Valuation and NAV: The trust computes net asset value (NAV) to determine per-Share value based on platinum holdings and other assets and expenses.
- Deposit and issuance: Authorized participants can deposit platinum into the trust in exchange for creation units or baskets of Shares.
- Redemption: Creation units can be redeemed for physical platinum or managed within the trust’s vaulting arrangements.
- Trust expenses: Ongoing operating costs and fees are disclosed in the trust documentation.
- Parties and safekeeping:
  - Sponsor: sponsors and oversees the trust structure.
  - Trustee: administers the trust and fulfills fiduciary responsibilities.
  - Custodian: stores and safeguards the physical platinum.
- Inspection: Provisions exist for investor or auditor inspection of the physical platinum holdings.

## Securities and custody
- Description of the Shares: The trust describes the features and rights associated with Shares, including how they track platinum, and any relevant voting or distribution provisions.
- Custody of platinum: Storage, transfer procedures, and safeguards for the physical metal are detailed to protect assets held by the trust.

## Tax, regulatory, and governance considerations
- United States federal income tax consequences for investors.
- ERISA and related considerations for retirement and employee benefit plans.
- Risk factors relevant to investment in the Shares.
- Regulatory and disclosure topics, including staff comments, cybersecurity, property use for storage, legal proceedings, and mine safety disclosures where relevant.

## Operational and governance disclosures
- Roles and responsibilities of key parties (Sponsor, Trustee, Custodian).
- Processes for creating and redeeming Shares and the mechanics for pricing and valuation.
- Custody procedures for the platinum holdings.
- The trust’s risk framework, cybersecurity controls, and regulatory and tax implications for investors.

GraniteShares Platinum Trust provides investors with a means to gain exposure to physical platinum bullion without the complexities of owning it directly.

# GraniteShares Platinum Trust

## Business purpose
The GraniteShares Platinum Trust (the "Trust") provides investors exposure to physical platinum bullion without the complexities and costs of direct ownership. Each Share represents a fractional undivided beneficial interest in the Trust's assets, which consist solely of allocated platinum bullion.

## Structure and management
- Founded: January 11, 2018  
- Sponsor: GraniteShares LLC (Delaware limited liability company)  
- Trustee: The Bank of New York Mellon (BNY Mellon)  
- Custodian: ICBC Standard Bank Plc

## Financial highlights
- Assets: Redeemable value increased from approximately $34.9 million on June 30, 2023, to about $43.1 million on June 30, 2024.  
- Outstanding shares: Increased from 4,000,000 Shares (June 30, 2023) to 4,400,000 Shares (June 30, 2024).  
- Revenue & expenses:
  - Operational expenses are primarily funded by the sale of platinum.
  - Sponsor's Fee: annualized rate of 0.50% of the Trust's net asset value (NAV).
  - Sponsor's Fee for the fiscal year ended June 30, 2024: approximately $187,695.

## Customers
The Trust primarily serves:
- Authorized Participants: Financial institutions that can create and redeem Shares in Baskets of 50,000 (examples include J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, and Virtu Americas LLC).  
- Retail investors: Individuals and entities seeking platinum exposure without managing storage or transport of physical metal.

## Employee structure
The Trust has no directors, officers, or employees. Management and operational support are provided by the Sponsor, Trustee, and Custodian.

## Market position and functionality
- Designed to lower barriers to entry for retail investors seeking platinum exposure in a simpler, more cost-effective format.  
- Shares trade on exchanges, providing liquidity and flexibility.  
- Investment approach is passive: the Trust holds physical platinum to mirror the metal's price and does not pursue trading strategies.

## Investment objective
The Trust seeks for the value of its Shares to reflect the value of the physical platinum held, minus accrued expenses and liabilities. It is structured to offer a way to diversify into physical platinum for investors who prefer not to manage direct ownership. The Trust allows participation in the platinum market with minimal credit risk and efficient liquidity, without the operational complexities of holding the physical commodity.

GraniteShares Platinum Trust

10-K / August 13, 2026

10-K / August 15, 2024

10-K / August 13, 2026

Platinum Trust

What the company is

Core purpose and market positioning

Operations — creation, redemption, and pricing

Securities and custody

Tax, regulatory, and governance considerations

Operational and governance disclosures