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 UNITED
STATES

 SECURITIES
AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 Form

 (Mark
One)

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
the fiscal year ended June 30, 2025

 or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 Commission
file number: 001-38349

 (Exact
name of registrant as specified in its charter)

 New
 York

 82-6644954

 (State
 or other jurisdiction of

 (I.R.S.
 Employer

 incorporation
 or organization)

 Identification
 No.)

 c/o
 GRANITESHARES LLC

 Broadway – 21 st floor

 New
 York, NY

 10038

 (Address
 of principal executive offices)

 (Zip
 Code)

 Registrant's
telephone number, including area code:

 ( 646)
 876 5096

 Securities
registered pursuant to Section 12(b) of the Act:

 Title
 of each class

 Name
 of each exchange on which registered

 GraniteShares
 Platinum Shares

 NYSE
 Arca

 Securities
registered pursuant to Section 12(g) of the Act: None

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No

by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

 Yes
 No

by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

 Yes
 No

by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller
reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large
 accelerated filer

 Accelerated
 filer

 Non
 accelerated filer

 Smaller
 reporting company

 Emerging
 growth company

 If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Aggregate
market value of the registrant's Shares outstanding based upon the closing price of a Share on June 30, 2025 as reported by the
NYSE Arca, Inc. on that date: $ 85,150,000.

 As
of August 08, 2025, GraniteShares Platinum Trust has 700,000 GraniteShares
Platinum Shares outstanding.

 DOCUMENTS
INCORPORATED BY REFERENCE: None.

 FORWARD
LOOKING STATEMENTS

 This
Annual Report on Form 10-K contains various "forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation
Reform Act of 1995, as amended. Forward-looking statements usually include the words, "anticipates," "believes,"
"estimates," "expects," "intends," "plans," "projects," "understands"
and other words suggesting uncertainty. We remind readers that forward-looking statements are merely predictions and therefore inherently
subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels
of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity,
or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions
to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated
events.

 Additional
significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.

 TABLE
OF CONTENTS

 Item 1. Business

 Trust Objective

 Overview of the platinum industry

 Operation of the platinum market

 Secondary Market Trading

 Valuation of Platinum; Computation of Net Asset Value

 Trust Expenses

 Deposit of Platinum; Issuance of Baskets

 Redemption of Baskets

 Fees and Expenses of the Trustee

 The Sponsor

 The Trustee

 The Custodian

 Inspection of Platinum

 Description of the Shares

 Custody of the Trust's Platinum

 United States Federal Income Tax Consequences

 ERISA and Related Considerations

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosures

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6. Selected Financial Data

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A. Quantitative and Qualitative Disclosures about Market Risk

 Item 8. Financial Statements and Supplementary Data (Unaudited)

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13. Certain Relationships and Related Transactions, and Director Independence

 Item 14. Principal Accounting Fees and Services

 Item 15. Exhibits, Financial Statement Schedules

 Item 16. Form 10-K Summary

 Signatures

 PART
I

 Item
1. Business

 The
purpose of the GraniteShares Platinum Trust (the "Trust") is to own platinum transferred to the Trust in exchange for shares
issued by the Trust ("Shares"). Each Share represents a fractional undivided beneficial interest in and ownership of the
Trust. The assets of the Trust consist solely of platinum bullion. The Trust was formed on January 11, 2018 when an initial deposit of
platinum was made in exchange for the issuance of two Baskets (a "Basket" consists of 50,000 Shares).

 The
sponsor of the Trust is GraniteShares LLC (the "Sponsor"). The trustee of the Trust is The Bank of New York Mellon (the "Trustee")
and the custodian is ICBC Standard Bank Plc (the "Custodian").

 The
Trust's Shares at redeemable value increased from $43,119,274, on June 30, 2024, to $$85,206,010, on June 30, 2025, the Trust's fiscal
year end. The Outstanding Shares in the Trust increased from 4,400,000 Shares on June 30, 2024 to 6,550,000 Shares on June 30, 2025.

 The
Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It 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 platinum
held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the "Sponsor's Fee"), distributed
to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust
expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by
law or regulation.

 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 "CEA"), as administered by the Commodity Futures Trading Commission (the "CFTC").
The Trust is not a commodity pool for purposes of the CEA and the Shares are not "commodity interests", and neither the Sponsor
nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The
Trust has no fixed termination date.

 The
Sponsor of the registrant maintains an Internet website at www.graniteshares.com, through which the registrant's annual reports
on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of
the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably practicable
after they have been filed or furnished to the Securities and Exchange Commission (the "SEC"). Additional information regarding
the Trust may also be found on the SEC's EDGAR database at www.sec.gov.

 Trust
Objective

 The
objective of the Trust 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. An investment in allocated physical platinum bullion requires expensive
and sometimes complicated arrangements in connection with the assay, transportation and warehousing of the metal. Traditionally, such
expense and complications have resulted in investments in physical platinum bullion being efficient only in amounts beyond the reach
of many investors. The Shares have been designed to remove the obstacles represented by the expense and complications involved in an
investment in physical platinum bullion, while at the same time having an intrinsic value that reflects, at any given time, the price
of the assets owned by the Trust at such time less the Trust expenses and liabilities. Although the Shares are not the exact equivalent
of an investment in platinum, they provide investors with an alternative that allows a level of participation in the platinum market
through the securities market.

 Advantages
of investing in the Shares include:

 Minimal
credit risk.

 The
Shares represent an interest in physical platinum owned by the Trust (other than up to a maximum of 192 ounces of platinum held in unallocated
form) and held in physical custody at the Custodian. Physical platinum of the Trust in the Custodian's possession is not subject
to borrowing arrangements with third parties. Other than the platinum temporarily being held in an unallocated platinum account of the
Trust in connection with deposits and an amount of platinum comprising less than 192 ounces which may be held in the unallocated platinum
account of the Trust on an ongoing basis, the net assets of the Trust will consist solely of the physical platinum, which is not subject
to counterparty or credit risks. This contrasts with most other financial products that gain exposure to precious metals through the
use of derivatives that are subject to counterparty and credit risks.

 Backed
by platinum held by the Custodian on behalf of the Trust.

 As
noted above, the Shares are backed primarily by allocated physical platinum bullion identified as the Trust's property in the Custodian's
books. The Trust arrangements contemplate that no Shares can be issued unless the corresponding amount of platinum has been deposited
into the Trust. Once deposited into the Trust, platinum is only removed from the Trust if (i) sold to pay Trust expenses (such as the
Sponsor's Fee and any other expenses not assumed by the Sponsor) or liabilities to which the Trust may be subject, or (ii) transferred
from the Trust's account to an Authorized Participant's account in exchange for one or more Baskets of Shares surrendered
for redemption.

 Ease
and flexibility of investment.

 Retail
investors may purchase and sell Shares through traditional brokerage accounts. Because the amount of platinum corresponding to a Share
is significantly less than the minimum amounts of physical platinum bullion that are commercially available for investment purposes,
the cash outlay necessary for an investment in Shares should be less than the amount required for currently existing means of investing
in physical platinum bullion. Shares are eligible for margin accounts.

 Relatively
cost efficient.

the return, if any, of an investment in the Shares is subject to the additional expenses of the Trust, including the Sponsor's
Fee, the Trustee's Fee, the Custodian's Fee, and to other costs and expenses not assumed by the Sponsor which would not be
incurred in the case of a direct investment in platinum, the Shares may represent a cost-efficient alternative for investors not otherwise
in a position to participate directly in the market for allocated physical platinum bullion, because the expenses involved in an investment
in allocated physical platinum bullion through the Shares are dispersed among all holders of Shares.

 Overview
of the platinum industry

 Introduction

 This
section provides a brief introduction to the platinum industry by looking at some of the key participants and detailing the primary sources
of demand and supply.

Group Metals

and palladium are the two best known metals of the six platinum group metals (PGMs). Platinum and palladium have the greatest economic
importance and are found in the largest quantities. The other four—iridium, rhodium, ruthenium and osmium—are produced only
as co-products of platinum and palladium.

 Primary
sources of supply and demand

 Main
demand for platinum is mainly autocatalyst and jewelry. It is sourced through mining (74%) and recycling (26%).

 The
Mining and Producer Sector

 This
group includes mining companies that specialize in PGM production. PGMs are found primarily in South Africa (65% of the total mine production)
and Russia (14% of the total mine production).

 Autocatalyst

 Autocatalyst
is the main source of demand for platinum, with approximately 31% of the total demand, and is used primarily for diesel engines. Recycling
autocatalyst is also a significant source of supply, with 17% of the total supply.

 Jewelry

 Jewelry
is the second source of demand for platinum, representing approximately 23% of the total demand. Recycling jewelry accounts for approximately
8% of the total supply.

 World
Platinum Supply and Demand 2019–2024

 The
following table sets forth a summary of the world platinum supply and demand for the last five years and is based on information reported
by the PGM 2024 Market Report prepared by Johnson Matthey.

 (000 ounces)

 2020

 2021

 2022

 2023

 2024

 Supply

 Mine Production

 South Africa

 3,243

 4,609

 3,966

 4,003

 4,112

 Russia

 North America

 Others

 Total Mine Production

 4,963

 6,213

 5,241

 5,810

 5,723

 Automotive

 1,154

 1,230

 1,201

 1,074

 1,084

 Jewelry and Electrical Recycling

 Total Supply

 6,664

 7,858

 6,763

 7,158

 7,095

 Demand

 Automotive

 2,024

 2,410

 2,743

 3,353

 3,410

 Jewelry

 1,657

 1,468

 1,401

 1,372

 1,375

 Chemical

 Electronics

 Glass

 1,049

 (1
)

 (475
)

 Medical and biomedical

 Other

 Total Demand

 7,170

 6,673

 6,680

 7,791

 7,869

 Movement in Stocks

 (506
)

 1,185

 (633
)

 (774
)

 Source:
Johnson Matthey, PGM Market Report 2024, published May 2025

 Historical
Chart of the Price of Platinum

 The
price of platinum is volatile and its fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of platinum in the past, and any past or present trends, are not a reliable indicator of future movements.

 Source:
Bloomberg

 Operation
of the platinum market

 The
global trade in platinum consists of over the counter (OTC) transactions in spot, forwards, and options and other derivatives, together
with exchange-traded futures and options.

 Over-the-Counter
Market

 Most
trading in physical platinum is conducted on the OTC market, predominantly in Zurich and London. The LPPM coordinates various OTC market
activities, including clearing and vaulting, acts as the principal intermediary between physical platinum market participants and the
relevant regulators, promotes good trading practices and develops standard market documentation. In addition, the LPPM promotes refining
standards for the platinum market by maintaining the "London/Zurich Good Delivery List," which are the lists of LPPM accredited
melters and assayers of platinum.

 The
basis for settlement and delivery of a spot trade is payment (generally in U.S. dollars) two business days after the trade date against
delivery. Delivery of the platinum can either be by physical delivery or through the clearing systems to an unallocated account. The
unit of trade in London and Zurich is the troy ounce, whose conversion between grams is: 1,000 grams is equivalent to 32.1507465 troy
ounces, and one troy ounce is equivalent to 31.1034768 grams.

 A
good delivery platinum plate or ingot is acceptable for delivery in settlement of a transaction on the OTC market (a "Good Delivery
Platinum Plate or Ingot"). A Good Delivery Platinum Plate or Ingot must contain between 32 and 192 troy ounces of platinum with
a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%), be of good appearance, and be easy to handle and stack. A Good Delivery
Platinum Plate or Ingot must also bear the stamp of one of the melters and assayers who are on the LPPM approved list. Unless otherwise
specified, the platinum spot price always refers to the "Good Delivery Standards" set by the LPPM.

 Market
Regulation

 The
global platinum markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain trade
associations have established rules and protocols for market practices and participants. In the United Kingdom, responsibility for the
regulation of the financial market participants, including the major participating members of the LPPM, falls under the authority of
the Financial Conduct Authority (FCA) as provided by the Financial Services and Markets Act 2000 ("FSM Act"). Under this
act, all UK-based banks, together with other investment firms, are subject to a range of requirements, including fitness and properness,
capital adequacy, liquidity, and systems and controls.

 The
FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation of
spot, commercial forwards, and deposits of platinum not covered by the FSM Act is provided for by The London Code of Conduct for Non-Investment
Products, which was established by market participants in conjunction with the Bank of England.

 Futures
Exchanges

 Futures
exchanges seek to provide a neutral, regulated marketplace for the trading of derivatives contracts for commodities, such as futures,
options and certain swaps. The terms of these contracts are defined by an exchange for each commodity. For each commodity traded, the
contract specifies the precise commodity quality and quantity standards, as well as the location and timing of physical delivery for
the reference physical commodity, although only a very small number of these contracts result in the actual commodity delivery.

 An
exchange does not buy or sell those contracts, but seeks to offer a transparent forum where members, on their own behalf or on the behalf
of customers, can trade the contracts in a safe, efficient and orderly manner. The futures and options contracts, as well as some swaps,
are cleared through a derivative clearing organization which ensures more accurate valuation of positions in these contracts as well
as settlement of trades in these contracts.

 The
most significant platinum futures exchange in the U.S. is NYMEX, a subsidiary of the Chicago Mercantile Exchange Group (the "CME
Group"). Another commodity exchange includes the Tokyo Commodity Exchange ("TOCOM").

 Exchange
Regulation

 In
addition to the public nature of the pricing, futures exchanges in the United States are regulated at two levels, internal and external
governmental supervision. The internal is performed through self-regulation by self-regulatory organizations and consists of regular
monitoring of the trading process to ensure that it is conducted in conformance with all exchange rules; the financial condition of all
exchange member firms to ensure that they continuously meet financial commitments; and the positions of commercial and noncommercial
customers to ensure that physical delivery and other commercial commitments can be met, and that pricing is not being improperly affected
by the size of any particular customer positions. External governmental oversight is performed by the CFTC, which reviews all the rules
and regulations of United States futures exchanges and monitors their enforcement. The CFTC oversees the operation of the U.S. commodity
futures markets, including the CME. One of the principal public policy objectives of the Commodity Exchange Act is to ensure the integrity
of the markets it oversees and the reliability of the prices of trades on those markets. The Commodity Exchange Act and CFTC require
futures exchanges to ensure compliance with core principles applicable to designated contract markets to have rules and procedures to
prevent market manipulation, abusive trade practice and fraud, and the CFTC conducts regular review of the markets' rule enforcement
programs. Other local regulators enforce their own regulations governing trading platforms and futures exchanges located in their jurisdictions.

 Secondary
Market Trading

 While
the Trust seeks to reflect generally the performance of the price of platinum less the Trust's expenses and liabilities, Shares
may trade at, above or below their NAV. The NAV of Shares will fluctuate with changes in the market value of the Trust's assets.
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. As a result, during
this time, trading spreads, and the resulting premium or discount, on Shares may widen. However, given that Baskets of Shares can be
created and redeemed in exchange for the underlying amount of platinum, the Sponsor believes that the arbitrage opportunities may provide
a mechanism to mitigate the effect of such premium or discount.

 Valuation
of Platinum; Computation of Net Asset Value

 On
each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the platinum held by the Trust and determines
the net asset value of the Trust and the NAV. For purposes of making these calculations, a business day means any day other than a day
when the Exchange is closed for regular trading.

 The
Trustee values the platinum held by the Trust using that day's LBMA Platinum Price PM. LBMA Platinum Price PM is the price per
troy ounce of platinum, stated in U.S. dollars, determined by the LME, following an auction process starting after 2:00 p.m. (London
time), on each day that the London platinum market is open for business, and announced by the LME shortly thereafter.

 If
there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day. If
neither price is available for that day, the Trustee will value the Trust's platinum based on the most recently announced LBMA
Platinum Price PM or LBMA Platinum Price AM. If the Sponsor determines that such price is inappropriate to use, the Sponsor will identify
an alternate basis for evaluation to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going
basis a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust's
platinum. Neither the Trustee nor the Sponsor are liable to any person for the determination that the most recently announced LBMA Platinum
Price PM (or other benchmark price) is not appropriate as a basis for evaluation of the platinum held or receivable by the Trust or for
any determination as to the alternative basis for evaluation, provided that such determination is made in good faith.

 Once
the value of the Trust's platinum has been determined, the Trustee subtracts all accrued fees, expenses and other liabilities of
the Trust from the total value of the platinum and all other assets of the Trust. The resulting figure is the net asset value of the
Trust. The Trustee determines the NAV per Share by dividing the net asset value of the Trust by the number of Shares outstanding at the
time the computation is made. Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing
the net asset value of the Trust and NAV per Share of the Trust made by the Trustee in good faith shall be conclusive upon all persons
interested in the Trust.

 Trust
Expenses

 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 following expenses incurred by the Trust: the Trustee's Fee and its ordinary out-of-pocket expenses,
the Custodian's Fee and its reimbursable expenses, the 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 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 may, at its discretion and from time to time, waive all or a portion of the Sponsor's Fee for stated periods
of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive
any such fees during any period not covered by the waiver. Presently, the Sponsor does not intend to waive any part of its fee. However,
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. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor
on a case by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor's Fee. Neither the Trust nor
the Trustee will be a party to any Sponsor's Fee rebate arrangements negotiated by the Sponsor. Any Sponsor's Fee rebate
shall be paid from the funds of the Sponsor and not from the assets of the Trust.

 The
Sponsor's Fee will be paid through delivery of platinum from the Trust Unallocated Account that has been de-allocated from the
Trust Allocated Account for this purpose. The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may,
in its discretion, sell platinum in such quantity and at such times, as may be necessary to permit payment of the Trust expenses or liabilities
not assumed by the Sponsor. The Trustee will endeavor to sell platinum at such times and in the smallest amounts required to permit such
payments as they become due, it being the intention to avoid or minimize the Trust's holdings of assets other than platinum. Accordingly,
the amount of platinum to be sold will vary from time to time depending on the level of the Trust's expenses and the market price
of platinum. The Custodian may, but is not required to purchase platinum needed to cover Trust expenses provided that if the Trustee's
instruction to sell platinum is received by the Custodian by 1:00 p.m. (London time), the purchase price for the platinum will be that
day's LBMA Platinum Price PM (or other applicable benchmark price), and if the Trustee's instruction to sell platinum is
received by the Custodian after 1:00 p.m. (London time), the purchase price will be the next LBMA Platinum Price PM (or other applicable
benchmark price) available after that day.

 The
Sponsor's Fee for the year ended June 30, 2025 was $242,983.

 Cash
held by the Trustee pending payment of the Trust's expenses will not bear any interest. Each sale of platinum by the Trust will
be a taxable event to Shareholders for federal income tax purposes. See "United States Federal Income Tax Consequences—Taxation
of U.S. Shareholders."

 Deposit
of Platinum; Issuance of Baskets

 The
Trust creates and redeems Shares on a continuous basis but only in Baskets of 50,000 Shares. Upon the deposit of the corresponding amount
of platinum with the Custodian, and the payment of the Trustee's applicable fee and of any expenses, taxes or charges (such as
stamp taxes or stock transfer taxes or fees), the Trustee will deliver the appropriate number of Baskets to the DTC account of the depositing
Authorized Participant. Only Authorized Participants can deposit platinum and receive Baskets of Shares in exchange. As of the date of
this report, J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, and Virtu Americas
LLC are the Authorized Participants. The Sponsor and the Trustee maintain a current list of Authorized Participants. Platinum allocated
by the Custodian to the Trust Allocated Account must meet the Good Delivery Standards.

 Before
making a deposit, the Authorized Participant must deliver to the Trustee a written purchase order indicating the number of Baskets it
intends to acquire. The Trustee will acknowledge the purchase order unless it or the Sponsor decides to refuse the purchase order as
permitted by the Trust Agreement. The date the Trustee receives that order determines the Basket Amount the Authorized Participant needs
to deposit. However, orders received by the Trustee after 3:59 p.m. (New York time) on a business day or on a business day when the LBMA
Platinum Price PM or other applicable benchmark price is not announced, will not be accepted.

 If
the Trustee accepts the purchase order, it transmits to the Authorized Participant, via facsimile or electronic mail message, no later
than 5:30 p.m. (New York time) on the date such purchase order is received, or deemed received, a copy of the purchase order endorsed
"Accepted" by the Trustee and indicating the Basket Amount that the Authorized Participant must deliver to the Custodian
at the Trust Unallocated Account loco London in exchange for each Basket. Prior to the Trustee's acceptance as specified above,
a purchase order only represents the Authorized Participant's unilateral offer to deposit platinum in exchange for Baskets of Shares
and has no binding effect upon the Trust, the Trustee, the Custodian or any other party.

 The
Basket Amount necessary for the creation of a Basket changes from day to day. On each day that the Exchange is open for regular trading,
the Trustee adjusts the quantity of platinum constituting the Basket Amount as appropriate to reflect sales of platinum, any loss of
platinum that may occur, and accrued expenses. The computation is made by the Trustee as promptly as practicable after 4:00 p.m. (New
York time). See "The Trust—Valuation of Platinum; Computation of Net Asset Value" for a description of how the LBMA
Platinum Price PM is determined, and description of how the Trustee determines the NAV. The Trustee determines the Basket Amount for
a given day by dividing the number of Ounces of platinum held by the Trust as of the opening of business on that business day, adjusted
for the amount of platinum constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business on
that business day, by the quotient of the number of Shares outstanding at the opening of business divided by 50,000. Fractions of an
Ounce of platinum smaller than 0.001 Ounce are disregarded for purposes of the computation of the Basket Amount. The Basket Amount so
determined is communicated via electronic mail message to all Authorized Participants and made available on the Sponsor's website
for the Shares. The Exchange also publishes the Basket Amount determined by the Trustee as indicated above.

the Sponsor has assumed what are expected to be most of the Trust's expenses, and the Sponsor's Fee accrues daily at the
same rate (i.e., 1/366th for a leap year or 1/365th for a non-leap year of the daily net asset value of the Trust multiplied by 0.50%),
in the absence of any extraordinary expenses or liabilities, the amount of platinum by which the Basket Amount decreases each day is
predictable. Authorized Participants may use that indicative Basket Amount as guidance regarding the amount of platinum that they may
expect to have to deposit with the Custodian in respect of purchase orders placed by them on such next business day and accepted by the
Trustee. The Authorized Participant Agreement provides, however, that once a purchase order has been accepted by the Trustee, the Authorized
Participant will be required to deposit with the Custodian the Basket Amount determined by the Trustee on the effective date of the purchase
order.

 No
Shares are issued unless and until the Custodian has informed the Trustee that it has allocated to the Trust Allocated Account (other
than up to 192 Ounces, which may be held in the Trust Unallocated Account) the corresponding amount of platinum.

 Redemption
of Baskets

 Authorized
Participants, acting on authority of the registered holder of Shares or on their own account, may surrender Baskets of Shares in exchange
for the corresponding Basket Amount announced by the Trustee. Upon the surrender of such Shares and the payment of the Trustee's
applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees), the Trustee will deliver
to the order of the redeeming Authorized Participant the amount of platinum corresponding to the redeemed Baskets. Shares can only be
surrendered for redemption in Baskets of 50,000 Shares each.

 Before
surrendering Baskets of Shares for redemption, an Authorized Participant must deliver to the Trustee a written request indicating the
number of Baskets it intends to redeem or on a business day when the LBMA Platinum Price PM or other applicable benchmark price is not
announced. The date the Trustee receives that order determines the Basket Amount to be received in exchange. However, orders received
by the Trustee after 3:59 p.m. (New York time) on a business day or on a business day when the LBMA Platinum Price PM or other applicable
benchmark price is not announced, will not be accepted.

 The
redemption distribution from the Trust will consist of a credit to the redeeming Authorized Participant's unallocated account representing
the amount of the platinum held by the Trust evidenced by the Shares being redeemed as of the date of the redemption order. Fractions
of an Ounce included in the redemption distribution smaller than 0.001 of an Ounce are disregarded. The redemption distribution will
not be delivered unless and until all of the Shares to be redeemed have been received by the Trustee.

 In
connection with any issuance or redemption of Shares, the Authorized Participant shall be responsible for paying or reimbursing to the
Custodian and the Trustee the amount of any applicable tax, fees or other governmental charge that may be due in connection with the
transfer of platinum and the issuance and delivery of Shares, and any expense associated with the delivery of platinum other than by
credit to an Authorized Participant's unallocated account with the Custodian.

 Redemptions
may be suspended, or the date for delivery of platinum may be postponed, only (i) during any period in which regular trading on the Exchange
is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings), or (ii) during an emergency
as a result of which delivery, disposal or evaluation of platinum is not reasonably practicable. Neither the Trustee nor the Sponsor
will be liable to any person by reason of any such suspension or postponement.

 Fees
and Expenses of the Trustee

 Each
deposit of platinum for the creation of Baskets of Shares and each surrender of Baskets of Shares for the purpose of withdrawing Trust
property (including if the Trust Agreement terminates) must be accompanied by a payment to the Trustee of a fee of $500 (or such other
fee as the Trustee, with the prior written consent of the Sponsor, may from time to time announce).

 The
Trustee is entitled to reimburse itself from the assets of the Trust for all expenses and disbursements incurred by it for extraordinary
services it may provide to the Trust or in connection with any discretionary action the Trustee may take to protect the Trust or the
interests of the holders.

 The
Sponsor

 The
Sponsor is a Delaware limited liability company and was formed on January 6, 2017. The Sponsor's office is located at 222 Broadway,
22 nd Floor, New York, New York 10038. Under the Delaware Limited Liability Company Act and the governing documents of the
Sponsor, the sole member of the Sponsor, GraniteShares, Inc., is not responsible for the debts, obligations and liabilities of the Sponsor
solely by reason of being the sole member of the Sponsor.

 The
Sponsor's Role

 The
Sponsor arranged for the creation of the Trust, and is 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 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 will not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint a successor
Trustee (i) 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), (ii) if, having received written notice of a material breach of its obligations under the
Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) 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. The Sponsor
also has the right to direct the Trustee to appoint any new or additional Custodian that the Sponsor selects.

 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
Trustee

 The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, serves as the Trustee.
The Bank of New York Mellon has a trust office at 240 Greenwich Street New York, NY 10286, United States. The Bank of New York Mellon
is subject to supervision by the New York State Department of Financial Services and the Board of Governors of the Federal Reserve System.
A copy of the Trust Agreement is available for inspection at The Bank of New York Mellon's trust office identified above. The Bank
of New York Mellon had at least $150 million in capital and retained earnings as of June 30, 2025.

 The
Trustee's Role

 The
Trustee is responsible for the day-to-day administration of the Trust. This includes (i) processing orders for the creation and redemption
of Baskets; (ii) coordinating with the Custodian the receipt and delivery of platinum transferred to, or by, the Trust in connection
with each issuance and redemption of Baskets; (iii) calculating the net asset value of the Trust on each business day; and (iv) selling
the Trust's platinum as needed to cover the Trust's expenses. The Trustee intends to regularly communicate with the Sponsor
to monitor the overall performance of the Trust. The Trustee does not monitor the performance of the Custodian other than to review the
reports provided by the Custodian pursuant to the Custody Agreements. The Trustee, along with the Sponsor, will liaise with the Trust's
legal, accounting and other professional service providers as needed. The Trustee will assist and support the Sponsor with the preparation
of the financial statements of the Trust and with all periodic reports required to be filed with the SEC on behalf of the Trust.

 The
Custodian

 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. Unless otherwise agreed between the Trustee (as instructed by the Sponsor) and the Custodian, physical
platinum must be held by the Custodian at its London vault premises. At the end of each business day, the Custodian will hold no more
than 192 Ounces of unallocated platinum for the Trust, which corresponds to the maximum Ounce weight of Good Delivery Platinum or Ingot.
The Custodian converts the Trust's platinum between allocated and unallocated platinum when: (1) Authorized Participants engage
in creation and redemption transactions with the Trust; or (2) platinum is sold to pay Trust expenses. The Custodian will facilitate
the transfer of platinum in and out of the Trust through the unallocated platinum accounts it may maintain for each Authorized Participant
or unallocated platinum accounts that may be maintained for an Authorized Participant by another LPPM-approved platinum-clearing bank,
and through the unallocated platinum account it will maintain for the Trust. The Custodian is responsible for allocating specific bars
of platinum to the Trust Allocated Account.

 The
Custodian will provide the Trustee with regular reports detailing the platinum transfers in and out of the Trust Unallocated Account
with the Custodian and identifying the platinum bars held in the Trust Allocated Account.

 The
Custodian's fees and expenses are to be paid by the Sponsor. The Custodian and its affiliates may from time to time act as Authorized
Participants or purchase or sell platinum or shares for their own account, as an agent for their customers and for accounts over which
they exercise investment discretion. The Trustee, on behalf of the Trust, has entered into the Custody Agreements with the Custodian,
under which the Custodian maintains the Trust Unallocated Account and the Trust Allocated Account.

 Pursuant
to the Trust Agreement, if, upon the resignation of the Custodian, there would be no custodian acting pursuant to the Custody Agreements,
the Trustee shall, promptly after receiving notice of such resignation, appoint a substitute custodian or custodians selected by the
Sponsor pursuant to custody agreement(s) approved by the Sponsor (provided, however, that the rights and duties of the Trustee under
the Trust Agreement and the custody agreement(s) shall not be materially altered without its consent). When directed by the Sponsor,
and to the extent permitted by, and in the manner provided by, the Custody Agreements, the Trustee shall remove the Custodian and appoint
a substitute or appoint an additional custodian or custodians selected by the Sponsor. Each such substitute or additional custodian shall,
forthwith upon its appointment, enter into a Custody Agreement in form and substance approved by the Sponsor. After the entry into the
Custody Agreements, the Trustee shall not enter into or amend any Custody Agreement with a custodian without the written approval of
the Sponsor (which approval shall not be unreasonably withheld or delayed). When instructed by the Sponsor, the Trustee shall demand
that a custodian of the Trust deliver such of the Trust's platinum held by it as is requested of it to any other custodian or such
substitute or additional custodian or custodians directed by the Sponsor. In connection with such transfer of physical platinum, the
Trustee will, at the direction of the Sponsor, cause the physical platinum to be weighed or assayed. The Trustee shall have no liability
for any transfer of physical platinum or weighing or assaying of delivered physical platinum as directed by the Sponsor, and in the absence
of such direction shall have no obligation to effect such a delivery or to cause the delivered physical platinum to be weighed, assayed
or otherwise validated.

 Under
the Trust Agreement, the Sponsor is responsible for appointing accountants, auditors or other inspectors to audit or examine the accounts
and operations of the Custodian and any successor custodian or additional custodian at such times as directed by the Sponsor as permitted
by the Custody Agreements. See "—Inspection of Platinum" for a summary of the provisions of the Custody Agreements
permitting the Sponsor and the Trustee and their identified representatives, independent public accountants and physical platinum auditors
to access the premises of the Custodian and to examine the physical platinum and records maintained by the Custodian pursuant to the
Custody Agreements. The Trustee has no obligation to monitor the activities of the Custodian other than to receive and review such reports
of the platinum held for the Trust by such Custodian and of transactions in platinum held for the account of the Trust made by such Custodian
pursuant to the Custody Agreements.

 Inspection
of Platinum

 Under
the Custody Agreements, the Custodian will allow the Sponsor and the Trustee and their identified representatives, independent public
accountants and physical platinum auditors (currently Bureau Veritas), access to its premises upon reasonable notice during normal business
hours, to examine the physical platinum and such records as they may reasonably require to perform their respective duties with regard
to investors in Shares. The Trustee agrees that any such access shall be subject to execution of a confidentiality agreement and agreement
to the Custodian's security procedures, and any such audit shall be at the Trust's expense.

 Description
of the Shares

 General

 The
Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares only in
Baskets (a Basket equals a block of 50,000 Shares) and only upon the order of an Authorized Participant. The Shares represent units of
fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above
the amount registered on the Trust's then-current and effective registration statement with the SEC will require the registration
of such additional Shares.

 Description
of Limited Rights

 The
Shares do not represent a traditional investment and Shareholders should not view them as similar to "shares" of a corporation
operating a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated
with the ownership of shares of a corporation, including, for example, the right to bring "oppression" or "derivative"
actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable
and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares do not
entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights to distributions.

 Distributions

 If
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction
of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges and
contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a
distribution will be entitled to receive their pro rata portion of any distribution.

 Voting
and Approvals

 Under
the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust upon the
agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust Agreement require
advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval is required for any
amendment to the Trust Agreement.

 Redemption
of the Shares

 The
Shares may only be redeemed by or through an Authorized Participant and only in Baskets.

 Book-Entry
Form

 Individual
certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC and registered
in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under
the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (DTC Participants),
(2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and (3)
those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants.
The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares
through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through
which their Shares are held) to transfer the Shares. Transfers will be made in accordance with standard securities industry practice.

 Custody
of the Trust's Platinum

 The
Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of platinum
in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian allocates platinum deposited
in unallocated form with the Trust by selecting plates or ingots of physical platinum for deposit to the Trust Allocated Account. All
physical platinum allocated to the Trust must conform to the rules, regulations, practices and customs of the LPPM (including without
limitation the good delivery rules of the LPPM).

held for the Trust Allocated Account by the Custodian is held at the Custodian's London vault. Platinum temporarily held by the
Custodian's currently selected subcustodians and by subcustodians of subcustodians may be held in vaults located in England or
in other locations. When physical platinum is held for the Trust Allocated Account by a subcustodian, the Custodian will use, or where
applicable require any subcustodian to use, commercially reasonable efforts to promptly transport such physical platinum held on behalf
of the Trust to the Custodian's London vault premises at the Custodian's own cost and risk.

 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 and requires the
subcustodians it selects to so segregate the Trust's platinum held by them. This requirement reflects the current custody practice
in the London bullion market and, under the Trust Allocated Account Agreement, the Custodian is deemed to have communicated such requirement
by virtue of its participation in the London bullion market. The Custodian's books and records are expected, as a matter of current
London bullion market custody practice, to identify every plate or ingot of platinum held in the Trust Allocated Account in its own vault
by refiner, assay, serial number and weight. Subcustodians selected by the Custodian are also expected, as a matter of current industry
practice, to identify in their books and records each plate or ingot of platinum held for the Custodian by serial number and such subcustodians
may use other identifying information.

 The
Sponsor has contracted with a specialist bullion assaying firm to provide biannual inspections of the platinum plates and ingots held
on behalf of the Trust and the Custodian's records concerning the Trust Allocated Account and the Trust Unallocated Account as
they may be reasonably required to perform their respective duties to Shareholders. One audit will be conducted at the end of the fiscal
year (June 30) and the other at random, with the consent of the Custodian, on a date selected by the assaying firm.

 United
States Federal Income Tax Consequences

 The
following discussion of the material United States federal income tax consequences that generally will apply to the purchase, ownership
and disposition of Shares by a U.S. Shareholder (as defined below), and certain United States federal income consequences that may apply
to an investment in Shares by a Non-U.S. Shareholder (as defined below), represents, insofar as it describes conclusions as to United
States federal income tax law and subject to the limitations and qualifications described therein, the opinion of Carlton Fields, special
United States federal income tax counsel to the Sponsor. The discussion below is based on the Internal Revenue Code of 1986, as amended
(the "Code"), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all
as in effect on the date of this Prospectus; no assurance can be given that future legislation, regulations, court decisions and/or administrative
pronouncements will not significantly change applicable law and materially affect the conclusions expressed herein, and any such change,
even though made after a Shareholder has invested in the Trust, could be applied retroactively. The tax treatment of Shareholders may
vary depending upon their own particular circumstances. This discussion does not purport to be complete or to deal with all aspects of
federal income taxation that may be relevant to an investor in light of its particular circumstances, including banks, thrift institutions
and certain other financial institutions, insurance companies, tax-exempt organizations, broker-dealers, traders, Shareholders that are
partnerships for United States federal income tax purposes, persons holding Shares as a position in a "hedging," "straddle,"
"conversion," or "constructive sale" transaction for United States federal income tax purposes, qualified pension
and profit-sharing plans, individual retirement accounts (IRAs), certain other tax-deferred accounts, U.S. expatriates, persons whose
"functional currency" is not the U.S. dollar, persons with "applicable financial statements" within the meaning
of Section 451(b) of the Code, or other investors with special circumstances) may be subject to special rules not discussed below. In
addition, the following discussion applies only to investors who will hold Shares as "capital assets" within the meaning
of Section 1221 of the Code. Moreover, the discussion below does not address the effect of any state, local or foreign tax law on
an owner of Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all federal, state, local and foreign
tax law considerations potentially applicable to their investment in Shares.

 For
purposes of this discussion, a "U.S. Shareholder" is a Shareholder that is:

 -

 an
 individual who is treated as a citizen or resident of the United States for United States federal income tax purposes;

 -

 a
 corporation (or entity treated as a corporation for United States federal income tax purposes) created or organized in or under the
 laws of the United States, any state thereof or the District of Columbia;

 -

 an
 estate, the income of which is includible in gross income for United States federal income tax purposes regardless of its source;
 or

 -

 a
 trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or
 more United States persons have the authority to control all substantial decisions of the trust, or a trust that has made a valid
 election under applicable Treasury Regulations to be treated as a domestic trust.

 A
Shareholder that is not a U.S. Shareholder as defined above is considered a "Non-U.S. Shareholder" for purposes of this discussion.
If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment
of a partner generally depends upon the status of the partner and the activities of the partnership. If you are a partner of a partnership
holding Shares, the discussion below may not be applicable and we urge you to consult your own tax adviser for the U.S. federal tax implications
of the purchase, ownership and disposition of such Shares.

 Taxation
of the Trust

 The
Sponsor and the Trustee will treat the Trust as a "grantor trust" for United States federal income tax purposes. In the opinion
of Carlton Fields, special United States federal income tax counsel to the Sponsor, the Trust will be classified as a "grantor
trust" for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal
income tax. Instead, the Trust's income and expenses will "flow through" to the Shareholders, and the Trustee will
report the Trust's income, gains, losses and deductions to the Internal Revenue Service (the "IRS") on that basis.
The opinion of Carlton Fields, LLP represents only its best legal judgment and is not binding on the IRS or any court and does not preclude
the IRS from taking a contrary position. Accordingly, there can be no assurance that the IRS will agree with the conclusions of counsel's
opinion and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions
and that a court could sustain that contrary position. Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect
to the classification of the Trust for United States federal income tax purposes. If the IRS were to assert successfully that the Trust
is not classified as a "grantor trust," the Trust would likely be classified as a partnership for United States federal income
tax purposes, which may affect the timing and other tax consequences to the Shareholders and would require the Trust to forward tax information
on Schedule K-1 to investors.

 The
following discussion assumes that the Trust will be classified as a "grantor trust" for United States federal income tax
purposes.

 Taxation
of U.S. Shareholders

 Shareholders
will be treated, for United States federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held
in the Trust. Shareholders also will be treated as if they directly received their respective pro rata shares of the Trust's income,
if any, and as if they directly incurred their respective pro rata shares of the Trust's expenses. In the case of a Shareholder
that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the time it acquires its
Shares will be equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares as part of a creation
of a Basket, the delivery of platinum to the Trust in exchange for the underlying platinum represented by the Shares will not be a taxable
event to the Shareholder, and the Shareholder's tax basis and holding period for the Shareholder's pro rata share of the
platinum held in the Trust will be the same as its tax basis and holding period for the platinum delivered in exchange therefor. For
purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder's Shares are acquired on the
same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple
lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying
platinum related to such Shares.

 When
the Trust sells platinum, for example to pay expenses, a Shareholder will recognize gain or loss in an amount equal to the difference
between (a) the Shareholder's pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder's
tax basis for its pro rata share of the platinum that was sold. Such gain or loss will generally be long-term or short-term capital gain
or loss, depending upon whether the Shareholder has a holding period in its Shares of longer than one year. A Shareholder's tax
basis for its share of any platinum sold by the Trust generally will be determined by multiplying the Shareholder's total basis
for its share of all of the platinum held in the Trust immediately prior to the sale, by a fraction the numerator of which is the amount
of platinum sold, and the denominator of which is the total amount of the platinum held in the Trust immediately prior to the sale. After
any such sale, a Shareholder's tax basis for its pro rata share of the platinum remaining in the Trust will be equal to its tax
basis for its share of the total amount of the platinum held in the Trust immediately prior to the sale, less the portion of such basis
allocable to its share of the platinum that was sold.

 Upon
a Shareholder's sale of some or all of its Shares, the Shareholder will be treated as having sold the portion or all, respectively,
of its pro rata share of the platinum held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly,
the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount realized
pursuant to the sale of the Shares, and (b) the Shareholder's tax basis for the portion of its pro rata share of the platinum held
in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph.

 A
redemption of some or all of a Shareholder's Shares in exchange for the underlying platinum represented by the Shares redeemed
generally will not be a taxable event to the Shareholder. The Shareholder's tax basis for the platinum received in the redemption
generally will be the same as the Shareholder's tax basis for the portion of its pro rata share of the platinum held in the Trust
immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder's holding period with respect
to the platinum received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of the platinum
received by the Shareholder will be a taxable event, unless a nonrecognition provision of the Code applies to such sale.

 After
any sale or redemption of less than all of a Shareholder's Shares, the Shareholder's tax basis for its pro rata share of
the platinum held in the Trust immediately after such sale or redemption generally will be equal to its tax basis for its share of the
total amount of the platinum held in the Trust immediately prior to the sale or redemption, less the portion of such basis which is taken
into account in determining the amount of gain or loss recognized by the Shareholder upon such sale or, in the case of a redemption,
that is treated as the basis of the platinum received by the Shareholder in the redemption.

 Maximum
28% Long-Term Capital Gains Tax Rate for U.S. Shareholders Who Are Individuals

 Under
current law, gains recognized by individuals from the sale of "collectibles," including platinum, held for more than one
year are taxed at a maximum rate of 28%, rather than the current maximum 20% rate applicable to most other long-term capital gains. For
these purposes, gain recognized by an individual upon the sale of an interest in a trust that holds collectibles is treated as gain recognized
on the sale of collectibles, to the extent that the gain is attributable to unrealized appreciation in value of the collectibles held
by the trust. Therefore, any gain recognized by an individual U.S. Shareholder attributable to a sale of Shares held for more than one
year, or attributable to the Trust's sale of any platinum which the Shareholder is treated (through its ownership of Shares) as
having held for more than one year, generally will be taxed at a maximum federal income tax rate of 28%. The federal income tax rates
for capital gains recognized upon the sale of assets held by an individual U.S. Shareholder for one year or less are generally the same
as those at which ordinary income is taxed. A U.S. corporation's capital gain is generally taxed at the same federal income tax
rates applicable to the corporation's ordinary income.

 3.8%
Tax on Net Investment Income

 Certain
U.S. Shareholders who are individuals are required to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross income
over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their "net investment
income," which generally includes capital gains from the disposition of property. This tax is in addition to any capital gains
taxes due on such investment income. A similar tax applies to estates and trusts. U.S. Shareholders should consult their own tax advisers
regarding the effect, if any, this law may have on their investment in the Shares.

 Brokerage
Fees and Trust Expenses

 Any
brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder's
tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce
the amount realized by the Shareholder with respect to the sale.

 Shareholders
will be required to recognize the full amount of gain or loss upon a sale of platinum by the Trust (as discussed above), even though
some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro
rata shares of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals,
estates or trusts, or certain closely held corporations, however, may be subject to various limitations on their ability to use their
allocable share of the Trust's deductions and losses. For example, miscellaneous itemized deductions, including expenses for the
production of income, are not currently deductible for taxable years beginning before January 1, 2026. Prospective Shareholders should
consult their own tax advisers regarding the United States federal income tax consequences of holding Shares in light of their particular
circumstance.

by U.S. Tax-Exempt Shareholders

 Certain
U.S. Shareholders ("U.S. Tax-Exempt Shareholders") are subject to United States federal income tax only on their "unrelated
business taxable income" ("UBTI"). Unless they incur debt in order to purchase Shares, it is expected that U.S. Tax-Exempt
Shareholders should not realize UBTI in respect of income or gains from the Shares. U.S. Tax-Exempt Shareholders should consult their
own independent tax advisers regarding the United States federal income tax consequences of holding Shares in light of their particular
circumstances.

by Regulated Investment Companies

 Mutual
funds and other investment vehicles which are "regulated investment companies" within the meaning of Code Section 851 should
consult with their tax advisers concerning (i) the likelihood that an investment in Shares, although they are a "security"
within the meaning of the Investment Company Act, may be considered an investment in the underlying platinum for purposes of Code Section
851(b), and (ii) the extent to which an investment in Shares might nevertheless be consistent with preservation of their qualification
under Code Section 851.

by Certain Retirement Plans

 Section
408(m) of the Code provides that the purchase of a "collectible" as an investment for an IRA, or for a participant-directed
account maintained under any plan that is tax-qualified under Section 401(a) of the Code ("Tax Qualified Account"), is treated
as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the Tax Qualified Account is maintained,
of an amount equal to the cost to the account of acquiring the collectible. The IRS has issued private letter rulings which provide that
the purchase of shares of trusts similar to the Trust by an IRA or a Tax Qualified Account will not constitute the acquisition of a collectible
or be treated as resulting in a taxable distribution to the IRA owner or Tax Qualified Account participant under Code Section 408(m).
However, if any of the Shares so purchased are distributed from an IRA or Tax Qualified Account to the IRA owner or plan participant,
or if any platinum received by such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it is distributed
(or treated as distributed pursuant to Code Section 408(m)) to the IRA owner or plan participant, the Shares or platinum so distributed
will be subject to federal income tax in the year of distribution, to the extent provided under the applicable provisions of Code Sections
408(d), 408(m) or 402. Private letter rulings are only binding on the IRS with respect to the taxpayer to which they were issued, and
the Trust has neither requested nor obtained such a private letter ruling. Accordingly, potential IRA or Tax Qualified Account investors
are urged to consult with their own professional advisors concerning the treatment of an investment in Shares under Code Section 408(m).

 Taxation
of Non-U.S. Shareholders

 A
Non-U.S. Shareholder generally will not be subject to United States federal income tax with respect to gain recognized upon the sale
or other disposition of Shares, or upon the sale of platinum by the Trust, unless (1) the Non-U.S. Shareholder is an individual and is
present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as
being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-U.S. Shareholder of a trade or
business in the United States and certain other conditions are met.

 United
States Information Reporting and Backup Withholding

 The
Trustee will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection
with the Trust. To the extent required by applicable regulations, each Shareholder will be provided with information regarding its allocable
portion of the Trust's annual income (if any) and expenses. A U.S. Shareholder may be subject to United States backup withholding
tax, at a rate of 24%, in certain circumstances unless it provides its taxpayer identification number and complies with certain certification
procedures. Non-U.S. Shareholders may have to comply with certification procedures to establish that they are not a United States person,
and some Non-U.S. Shareholders will be required to meet certain information reporting or certification requirements imposed by the Foreign
Account Tax Compliance Act, in order to avoid certain information reporting and withholding tax requirements.

 The
amount of any backup withholding will be allowed as a credit against a Shareholder's United States federal income tax liability
and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.

 Taxation
in Jurisdictions Other Than the United States

 Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own
tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction other than the United States
to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as
to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption
or other dealing.

 ERISA
and Related Considerations

 ERISA
and/or Code Section 4975 impose certain requirements on certain employee benefit plans and certain other plans and arrangements, including
individual retirement accounts and annuities, Keogh plans, and certain commingled investment vehicles or insurance company general or
separate accounts in which such plans or arrangements are invested (collectively, "Plans"), and on persons who are fiduciaries
with respect to the investment of "plan assets" of a Plan. Government plans and some church plans are not subject to the
fiduciary responsibility provisions of ERISA or the provisions of Section 4975 of the Code, but may be subject to substantially similar
rules under other federal law, or under state or local law ("Other Law").

 In
contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully
consider, taking into account the facts and circumstances of the Plan and the "Risk Factors" discussed above and whether
such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited to: (1) whether
the investment is permitted under the Plan's governing documents, (2) whether the fiduciary has the authority to make the investment,
(3) whether the investment is consistent with the Plan's investment and funding objectives, (4) the tax effects of the investment
on the Plan (see, for example, "Investment by Retirement Plans" under "United States Federal Income Tax Consequences"
above), and (5) whether the investment satisfies the exclusive purpose, prudence, and diversification requirements under ERISA or Other
Law considering all relevant factors, including those discussed in this prospectus. In addition, ERISA and Code Section 4975 prohibit
a broad range of transactions involving assets of a plan and persons who are fiduciaries or "parties in interest" under ERISA
or "disqualified persons" under Section 4975 of the Code. A violation of these rules may result in the imposition of significant
excise taxes under Section 4975 of the Code and other liabilities under ERISA. Plans subject to Other Law may be subject to similar restrictions.

 It
is anticipated that the Shares will constitute "publicly offered securities" as defined in the Department of Labor "Plan
Asset Regulations," §2510.3-101 (b)(2) as modified by Section 3(42) of ERISA. Accordingly, pursuant to the Plan Asset Regulations,
only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should be treated as assets of the Plan,
for purposes of applying the "fiduciary responsibility" rules of ERISA and the "prohibited transaction" rules
of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine whether there would be a similar
result under the Other Law.

 This
registration statement on Form S-1 and Preliminary Prospectus, as well as any Prospectus, relating to the Trust do not constitute an
undertaking to provide either individualized investment advice or impartial investment advice by the Sponsor, and it is our intention
to not act in a fiduciary capacity with respect to any Plan.

 Allowing
an investment in the Trust is not to be construed as a representation by the Sponsor or any of its affiliates, agents or employees that
this investment meets some or all of the relevant legal requirements with respect to investments by any particular Plan or that this
investment is appropriate for any such particular Plan. The person with investment discretion should consult with the Plan's attorney
and financial advisors as to the propriety of an investment in the Trust in light of the circumstances of the particular Plan, current
tax law and ERISA.

 Item
1A. Risk Factors

 Before
making an investment decision, you should consider carefully the risks described below, as well as the other information included in
this prospectus.

 The
value of the Shares relates directly to the value of the platinum held by the Trust and fluctuations in the price of platinum could materially
adversely affect an investment in the Shares.

 The
Shares are designed to mirror as closely as possible the performance of the price of platinum bullion, and the value of the Shares relates
directly to the value of the platinum held by the Trust, less the Trust's liabilities (including estimated accrued but unpaid expenses).
The price of platinum has fluctuated widely over the past several years. Several factors may affect the price of platinum, including:

 -

 Global
 platinum supply, which is influenced by such factors as production and cost levels in major platinum producing countries such as
 South Africa. Recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand are also important drivers
 of platinum supply and demand;

 -

 Investors'
 expectations with respect to the rate of inflation;

 -

 Currency
 exchange rates;

 -

 Interest
 rates;

 -

 and trading activities of hedge funds and commodity funds; and

 -

 Global
 or regional political, economic or financial events and situations.

 In
addition, investors should be aware that there is no assurance that platinum will maintain its long-term value in terms of purchasing
power in the future. In the event that the price of platinum declines, the Sponsor expects the value of an investment in the Shares to
decline proportionately.

 The
Shares may trade at a price which is at, above or below the NAV per Share and any discount or premium in the trading price relative to
the NAV per Share may widen as a result of non-concurrent trading hours between the NYSE Arca, London and COMEX.

 The
Shares may trade at, above or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trust's
assets. The trading price of the Shares fluctuates in accordance with changes in the NAV per Share as well as market supply and demand.
The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading
hours between the NYSE Arca and the major platinum markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity
in the market for platinum is reduced after the close of the major world platinum markets, including London and the COMEX. As a result,
during this time, trading spreads, and the resulting premium or discount on the Shares, may widen.

 A
possible "short squeeze" due to a sudden increase in demand of Shares that largely exceeds supply may lead to price volatility
in the Shares.

 Investors
may purchase Shares to hedge existing platinum exposure or to speculate on the price of platinum. Speculation on the price of platinum
may involve long and short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for
example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with
short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn, dramatically
increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a "short
squeeze." A short squeeze could lead to volatile price movements in Shares that are not directly correlated to the price of platinum.

 Purchasing
activity in the platinum market associated with the purchase of Baskets from the Trust may cause a temporary increase in the price of
platinum. This increase may adversely affect an investment in the Shares.

 Purchasing
activity associated with acquiring the platinum required for deposit into the Trust in connection with the creation of Baskets may temporarily
increase the market price of platinum, which will result in higher prices for the Shares. Temporary increases in the market price of
platinum may also occur as a result of the purchasing activity of other market participants. Other platinum market participants may attempt
to benefit from an increase in the market price of platinum that may result from increased purchasing activity of platinum connected
with the issuance of Baskets. Consequently, the market price of platinum may decline immediately after Baskets are created. If the price
of platinum declines, the trading price of the Shares may also decline.

 The
Shares and their value could decrease if unanticipated operational or trading problems arise.

 There
may be unanticipated problems or issues with respect to the mechanics of the Trust's operations and the trading of the Shares that
could have a material adverse effect on an investment in the Shares. In addition, although the Trust is not actively "managed"
by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor's past experience
and qualifications may not be suitable for solving these problems or issues.

 Discrepancies,
disruptions or unreliability of the LBMA Platinum Price could impact the value of the Trust's platinum and the market price of
the Shares.

 The
Trustee values the Trust's platinum pursuant to the LBMA Platinum Price. In the event that the LBMA Platinum Price proves to be
an inaccurate benchmark, or the LBMA Platinum Price varies materially from the prices determined by other mechanisms for valuing platinum,
the value of the Trust's platinum and the market price of the Shares could be adversely impacted. Any future developments in the
LBMA Platinum Price, to the extent it has a material impact on the LBMA Platinum Price, could adversely impact the value of the Trust's
platinum and the market price of the Shares. It is possible that electronic failures or other unanticipated events may occur that could
result in delays in the announcement of, or the inability of the benchmark to produce, the LBMA Platinum Price on any given date. Furthermore,
any actual or perceived disruptions that result in the perception that the LBMA Platinum Price is vulnerable to actual or attempted manipulation
could adversely affect the behavior of market participants, which may have an effect on the price of platinum. If the LBMA Platinum Price
is unreliable for any reason, the price of platinum and the market price for the Shares may decline or be subject to greater volatility.

 The
amount of platinum represented by each Share will decrease over the life of the Trust due to the sales of platinum necessary to pay the
Sponsor's Fee and Trust expenses. Without increases in the price of platinum sufficient to compensate for that decrease, the price
of the Shares will also decline and you will lose money on your investment in Shares.

the Sponsor has agreed to assume all organizational and certain ordinary expenses incurred by the Trust, not all Trust expenses have
been assumed by the Sponsor. For example, any taxes and other governmental charges that may be imposed on the Trust's property
will not be paid by the Sponsor. As part of its agreement to assume some of the Trust's ordinary administrative expenses, the Sponsor
has agreed to pay legal fees and expenses of the Trust not in excess of $500,000 per annum. Any legal fees and expenses in excess of
that amount will be the responsibility of the Trust.

the Trust does not have any income, it needs to sell platinum to cover expenses not assumed by the Sponsor. The Trust may also be subject
to other liabilities (for example, as a result of litigation) which have also not been assumed by the Sponsor. The only source of funds
to cover those liabilities will be sales of platinum held by the Trust. Even if there are no expenses other than those assumed by the
Sponsor, and there are no other liabilities of the Trust, the Trustee will still need to sell platinum to pay the Sponsor's Fee.
The result of these sales is a decrease in the amount of platinum represented by each Share. New deposits of platinum, received in exchange
for new Shares issued by the Trust, do not reverse this trend.

 A
decrease in the amount of platinum represented by each Share results in a decrease in its price even if the price of platinum has not
changed. To retain the Share's original price, the price of platinum has to increase. Without that increase, the lesser amount
of platinum represented by the Share will have a correspondingly lower price. If these increases do not occur, or are not sufficient
to counter the lesser amount of platinum represented by each Share, you will sustain losses on your investment in Shares.

 An
increase in the Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will force
the Trustee to sell larger amounts of platinum, and will result in a more rapid decrease of the amount of platinum represented by each
Share and a corresponding decrease in its value. The sale of the Trust's platinum to pay expenses not assumed by the Sponsor or
unexpected liabilities affecting the Trust, at a time of low platinum prices could adversely affect the value of the Shares.

 Crises
may motivate large-scale sales of platinum which could decrease the price of platinum and adversely affect an investment in the Shares.

 The
possibility of large-scale distress sales of platinum in times of crisis may have a short-term negative impact on the price of platinum
and adversely affect an investment in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed prices
of platinum largely due to forced sales and deleveraging from institutional investors such as hedge funds and pension funds. Crises in
the future may impair platinum's price performance which would, in turn, adversely affect an investment in the Shares.

 Several
factors may have the effect of causing a decline in the prices of platinum and a corresponding decline in the price of Shares. Among
them:

 -

 Autocatalysts,
 automobile components that use platinum accounted for approximately 39% of the global demand in platinum for 2021. Should global
 automobile sales decline, the demand for platinum may fall and impact the price of platinum and affect the price of the Shares.

 -

 A
 significant increase in platinum hedging activity by platinum producers. Should there be an increase in the level of hedge activity
 of platinum producing companies, it could cause a decline in world platinum prices, adversely affecting the price of the Shares.

 -

 A
 significant change in the attitude of speculators, investors and central banks towards platinum. Should the speculative community
 take a negative view towards platinum or central banking authorities determine to sell national platinum reserves, either event could
 cause a decline in world platinum prices, negatively impacting the price of the Shares.

 -

 To
 the extent existing exchange traded vehicles ("ETVs") tracking platinum markets represent a significant proportion of
 demand for physical platinum bullion, large redemptions of the securities of these ETVs could negatively affect physical platinum
 bullion prices and the price and NAV of the Shares.

 -

 A
 widening of interest rate differentials between the cost of money and the cost of platinum could negatively affect the price of platinum
 which, in turn, could negatively affect the price of the Shares.

 -

 A
 combination of rising money interest rates and a continuation of the current low cost of borrowing platinum could improve the economics
 of selling platinum forward. This could result in an increase in hedging by platinum mining companies and short selling by speculative
 interests, which would negatively affect the price of platinum. Under such circumstances, the price of the Shares would be similarly
 affected.

 The
Trust is a passive investment vehicle. This means that the value of your Shares may be adversely affected by Trust losses that, if the
Trust had been actively managed, it might have been possible to avoid.

 The
Trustee does not actively manage the platinum held by the Trust. This means that the Trustee does not sell platinum at times when its
price is high, or acquire platinum at low prices in the expectation of future price increases. It also means that the Trustee does not
make use of any of the hedging techniques available to professional platinum investors to attempt to reduce the risks of losses resulting
from price decreases. Any losses sustained by the Trust will adversely affect the value of your Shares.

 The
price received upon the sale of Shares may be less than the value of the platinum represented by them.

 The
result obtained by subtracting the Trust's expenses and liabilities on any day from the price of the platinum owned by the Trust
on that day is the net asset value of the Trust which, when divided by the number of Shares outstanding on that day, results in the NAV
per Share.

 Shares
may trade at, above or below their NAV. The NAV will fluctuate with changes in the market value of the Trust's assets. The trading
prices of Shares will fluctuate in accordance with changes in their NAVs 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 will trade on the Exchange until 4:00 p.m. (New York time), liquidity in the market for platinum will
be reduced after the close of the major world platinum markets, including London, Zurich and NYMEX. As a result, during this time, trading
spreads, and the resulting premium or discount on Shares, may widen.

 The
Trust may be forced to sell platinum earlier than anticipated if expenses are higher than expected.

 The
Trust may be forced to sell physical platinum earlier than anticipated if the Trust's expenses are higher than estimated. Such
accelerated sales may result in a reduction of the NAV and the value of the Shares.

the Trust is not a diversified investment, it may be more volatile than other investments.

 An
investment in the Trust is not intended as a complete investment plan. Because the Trust principally only holds physical platinum, an
investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio. Accordingly, the NAV may be
more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. An
investment in the Trust may be deemed speculative and is not intended as a complete investment program; therefore investors should review
closely the objective and strategy, the investment and operating restrictions and the redemption provisions of the Trust as outlined
herein and familiarize themselves with the risks associated with an investment in the Trust.

 The
liquidation of the Trust may occur at a time when the disposition of the Trust's platinum will result in losses to investors in
Shares.

 The
Trust may have a limited duration. If certain events occur, at any time, the Trustee will have to terminate the Trust. See "Description
of the Shares and the Trust Agreement—Amendment and Termination" for more information about the termination of the Trust,
including when events outside the control of the Sponsor, the Trustee or the Shareholders may prompt the Trust's termination.

 Upon
termination of the Trust, the Trustee will sell platinum in the amount necessary to cover all expenses of liquidation, and to pay any
outstanding liabilities of the Trust. The remaining platinum will be distributed among Authorized Participants surrendering Shares. Any
platinum remaining in the possession of the Trustee after 60 days may be sold by the Trustee and the proceeds of the sale will be held
by the Trustee until claimed by any remaining holders of Shares. Sales of platinum in connection with the liquidation of the Trust at
a time of low prices will likely result in losses, or adversely affect your gains, on your investment in Shares.

 There
may be situations where an Authorized Participant is unable to redeem a Basket of Shares. To the extent the value of platinum decreases,
these delays may result in a decrease in the value of the platinum the Authorized Participant will receive when the redemption occurs,
as well as a reduction in liquidity for all Shareholders in the secondary market.

Shares surrendered by Authorized Participants in Basket-size aggregations are redeemable in exchange for the underlying amount of platinum,
redemptions may be suspended during any period while regular trading on the Exchange is suspended or restricted, or in which an emergency
exists that makes it reasonably impracticable to deliver, dispose of, or evaluate platinum. If any of these events occurs at a time when
an Authorized Participant intends to redeem Shares, and the price of platinum decreases before such Authorized Participant is able again
to surrender Shares for redemption, such Authorized Participant will sustain a loss with respect to the amount that it would have been
able to obtain in exchange for the platinum received from the Trust upon the redemption of its Shares, had the redemption taken place
when such Authorized Participant originally intended it to occur. As a consequence, Authorized Participants may reduce their trading
in Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and, therefore, decreasing
the price a Shareholder may receive upon sale.

 The
liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants.

 In
the event that one or more Authorized Participants that have substantial interests in Shares withdraw from participation, the liquidity
of the Shares will likely decrease which could adversely affect the market price of the Shares and result in your incurring a loss on
your investment.

 Under
the JOBS Act, emerging growth companies are also permitted to elect to delay adoption of new or revised accounting standards until companies
that are not subject to periodic reporting obligations are required to comply, if such accounting standards apply to non-reporting companies.
However, the Trust has chosen to opt out of this extended transition period for complying with new or revised accounting standards. Section
107 of the JOBS Act provides that the decision to opt out of the extended transition period for complying with new or revised accounting
standards is irrevocable.

 The
Trust cannot predict if investors will find an investment in the Trust less attractive if it relies on these exemptions.

 Authorized
Participants with large holdings may choose to terminate the Trust.

 Holders
of 75% of the Shares have the power to terminate the Trust. This power may be exercised by a relatively small number of holders. If it
is so exercised, investors who wished to continue to invest in platinum through the vehicle of the Trust will have to find another vehicle,
and may not be able to find another vehicle that offers the same features as the Trust.

 The
lack of an active trading market for the Shares may result in losses on your investment at the time of disposition of your Shares.

Shares are listed for trading on the Exchange, you should not assume that an active trading market for the Shares will develop or be
maintained. If you need to sell your Shares at a time when no active market for them exists, such lack of an active market will most
likely adversely affect the price you receive for your Shares (assuming you are able to sell them).

 If
the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions
intended to keep the price of the Shares closely linked to the price of platinum may not exist and, as a result, the price of the Shares
may fall or otherwise diverge from NAV.

 If
the processes of creation and redemption of Shares (which depend on timely transfers of platinum to and by the Custodian) encounter any
unanticipated difficulties, potential market participants, such as the Authorized Participants and their customers, who would otherwise
be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price
of the Shares and the price of the underlying platinum may not take the risk that, as a result of those difficulties, they may not be
able to realize the profit they expect. If this is the case, the liquidity of the Shares may decline and the price of the Shares may
fluctuate independently of the price of platinum and may fall or otherwise diverge from NAV.

 As
an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.

 Shares
are not entitled to the same rights as shares issued by a corporation. By acquiring Shares, you are not acquiring the right to elect
directors, to receive dividends, to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated
with the ownership of shares of a corporation. You will only have the limited rights described under "Description of the Shares
and the Trust Agreement."

 As
an owner of Shares, you will not have the protections normally associated with ownership of shares in an investment company registered
under the Investment Company Act, or the protections afforded by the Commodity Exchange Act.

 The
Trust is not registered as an investment company for purposes of United States federal securities laws, and is not subject to regulation
by the SEC as an investment company. Consequently, the owners of Shares do not have the regulatory protections provided to investors
in registered investment companies. For example, the provisions of the Investment Company Act that limit transactions with affiliates,
prohibit the suspension of redemptions (except under certain limited circumstances) or limit sales loads, among others, do not apply
to the Trust.

 The
Trust does not hold or trade in commodity futures contracts, "commodity interests", or any other instruments regulated by
the Commodity Exchange Act, as administered by the CFTC and the National Futures Association (the "NFA"). Furthermore, the
Trust is not a commodity pool for purposes of the Commodity Exchange Act and the Shares are not "commodity interests". Consequently,
the Trustee and Sponsor are not subject to registration as commodity pool operators or commodity trading advisors with respect to the
Trust or the Shares. The owners of Shares do not receive the Commodity Exchange Act disclosure document and certified annual report required
to be delivered by a registered commodity pool operator or a commodity trading advisor with respect to the Trust, and the owners of Shares
do not have the regulatory protections provided to investors in commodity pools operated by registered commodity pool operators or advised
by commodity trading advisors.

 An
investment in the Shares may be adversely affected by competition from other methods of investing in platinum.

 The
Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the platinum industry
and other securities backed by or linked to platinum, direct investments in platinum and investment vehicles similar to the Trust. Market
and financial conditions, and other conditions beyond the Sponsor's control, may make it more attractive to invest in other financial
vehicles or to invest in platinum directly, which could limit the market for the Shares and reduce the liquidity of the Shares.

 The
price of platinum may be affected by the sale of ETVs tracking the platinum market.

 To
the extent existing ETVs tracking the platinum market represent a significant proportion of demand for physical platinum, large redemptions
of the securities of these ETVs could negatively affect physical platinum prices and the price and NAV of the Shares.

 The
value of the Shares will be adversely affected if platinum owned by the Trust is lost or damaged in circumstances in which the Trust
is not in a position to recover the corresponding loss.

 The
Custodian is responsible to the Trust for loss or damage to the Trust's platinum only under limited circumstances. The agreements
with the Custodian contemplate that the Custodian will be responsible to the Trust only if it acts with negligence, fraud or in willful
default of its obligations under those agreements. The Custodian's liability will not exceed the market value of the platinum credited
to the Trust Unallocated Account and the Trust Allocated Account at the time such negligence, fraud or willful default is either discovered
by or notified to the Custodian (such market value calculated using the nearest available LBMA Platinum Price PM following the occurrence
of such negligence, fraud or willful default), provided that, in the case of such discovery by or notification to the Custodian, the
Custodian notifies the Sponsor and the Trustee promptly after any discovery of such negligence, fraud or willful default. Furthermore,
the Custodian is not liable for any delay in performance, or for the non-performance, of any of its obligations under the Custody Agreements
by reason of any cause beyond the Custodian's reasonable control, including any act of God or war or terrorism, any breakdown,
malfunction or failure of, or connected with, any communication, computer, transmission, clearing or settlement facilities, industrial
action, or acts, rules and regulations of any governmental or supra national bodies or authorities or any relevant regulatory or self-regulatory
organization.

 In
addition, because the Custody Agreements are governed by English law, the holders of the Shares may have no rights against the Custodian
and any rights they may have against the Custodian will be different from, and may be more limited than, those that could have been available
to them under the laws of a different jurisdiction. The choice of English law to govern the Custody Agreements, however, is not expected
to affect any rights that the holders of the Shares may have against the Trust or the Trustee.

 Moreover,
the Trust may not be in a position to recover insurance proceeds in the event of any loss with respect to its platinum. The Trust does
not insure its platinum. The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate,
which does not cover the full amount of platinum held in custody. The Trust is not a beneficiary of any such insurance and does not have
the ability to dictate the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured that the Custodian will
maintain adequate insurance or any insurance with respect to the platinum held by the Custodian on behalf of the Trust. The Custodian
and the Trustee do not require any direct or indirect subcustodians to be insured or bonded with respect to their custodial activities
or in respect of the platinum held by them on behalf of the Trust. Consequently, a loss may be suffered with respect to the Trust's
platinum which is not covered by insurance and for which no person is liable in damages.

 Any
loss of platinum owned by the Trust will result in a corresponding loss in the net asset value of the Trust and it is reasonable to expect
that such loss will also result in a decrease in the value at which the Shares are traded on the Exchange.

the relationship between the Custodian and the Trustee concerning the Trust's allocated platinum is expressly governed by English
law, a court hearing any legal dispute concerning that arrangement may disregard that choice of law and apply U.S. law, in which case
the ability of the Trust to seek legal redress against the Custodian may be frustrated.

 The
obligations of the Custodian under the Custody Agreements are governed by English law. The Trust is a New York common law trust. Any
United States, New York or other court situated in the United States may have difficulty interpreting English law (which, insofar as
it relates to custody arrangements, is largely derived from court rulings rather than statute), The London Platinum and Palladium Market
(LPPM) rules or the customs and practices in the London custody market. It may be difficult or impossible for the Trust to sue the Custodian
in a United States, New York or other court situated in the United States. In addition, it may be difficult, time consuming and/or expensive
for the Trust to enforce in a foreign court a judgment rendered by a United States, New York or other court situated in the United States.

 Shareholders
and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian, which significantly
limits their options for recourse.

 Neither
the Shareholders nor any Authorized Participant will have a right under the Custody Agreements to assert a claim of the Trustee against
the Custodian. Claims under the Custody Agreements may only be asserted by the Trustee on behalf of the Trust.

held in the Trust Unallocated Account and any Authorized Participant's unallocated platinum account will not be segregated from
the Custodian's assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any
Authorized Participant. In addition, in the event of the Custodian's insolvency, there may be a delay and costs incurred in identifying
the platinum bars held in the Trust Allocated Account.

which is part of a deposit for a purchase order or part of a redemption distribution will be held for a time in the Trust Unallocated
Account and, previously or subsequently in, the unallocated platinum account of the purchasing or redeeming Authorized Participant. During
those times, the Trust and the Authorized Participant, as the case may be, will have no proprietary rights to any specific bars of platinum
held by the Custodian and will each be an unsecured creditor of the Custodian with respect to the amount of platinum held in such unallocated
accounts. In addition, if the Custodian fails to allocate the Trust's platinum in a timely manner, in the proper amounts or otherwise
in accordance with the terms of the Trust Unallocated Account Agreement, or if a subcustodian fails to so segregate platinum held by
it on behalf of the Trust, unallocated platinum will not be segregated from the Custodian's assets, and the Trust will be an unsecured
creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian. In the event the Custodian
becomes insolvent, the Custodian's assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for
the amount of platinum held in their respective unallocated platinum accounts.

 In
the event of the insolvency of the Custodian, a liquidator may seek to freeze access to the platinum held in all of the accounts held
by the Custodian, including the Trust Allocated Account. Although the Trust would retain legal title to the allocated platinum bars,
the Trust could incur expenses in connection with obtaining control of the allocated platinum bars, and the assertion of a claim by such
liquidator for unpaid fees could delay creations and redemptions of Baskets.

 From
time to time subcustodians may be employed by the Custodian to provide temporary custody and safekeeping of the Trust's platinum.
The obligations of any subcustodian of the Trust's platinum are not determined by contractual arrangements but by LPPM rules and
London bullion market customs and practices, which may prevent the Trust's recovery of damages for losses on its platinum custodied
with subcustodians.

 Allocated
platinum may be held by one or more subcustodians appointed by the Custodian, or employed by the subcustodians appointed by the Custodian,
until it is transported to the Custodian's London vault premises. Under the Trust Allocated Account Agreement, subject to certain
exclusions including the Custodian's obligation to use commercially reasonable efforts to obtain delivery of the Trust's
platinum bars from any subcustodians appointed by the Custodian, the Custodian is not liable for the acts or omissions of its subcustodians
unless the selection of such subcustodians was made negligently or in bad faith. There are expected to be no written contractual arrangements
between subcustodians that hold the Trust's platinum bars and the Trustee or the Custodian, because traditionally such arrangements
are based on the LPPM's rules and on the customs and practices of the London bullion market. In the event of a legal dispute with
respect to or arising from such arrangements, it may be difficult to define such customs and practices. The LPPM's rules may be
subject to change outside the control of the Trust. Under English law, neither the Trustee nor the Custodian would have a supportable
breach of contract claim against a subcustodian for losses relating to the safekeeping of platinum. If the Trust's platinum bars
are lost or damaged while in the custody of a subcustodian, the Trust may not be able to recover damages from the Custodian or the subcustodian.

neither the Trustee nor the Custodian oversees or monitors the activities of subcustodians who may temporarily hold the Trust's
platinum bars until transported to the Custodian's London vault, failure by the subcustodians to exercise due care in the safekeeping
of the Trust's platinum bars could result in a loss to the Trust.

 Under
the Trust Allocated Account Agreement, the Custodian agreed that it will hold all of the Trust's platinum bars in its own vault
premises except when the platinum bars have been allocated in a vault other than the Custodian's vault premises, and in such cases
the Custodian agreed that it will use commercially reasonable efforts promptly to transport the platinum bars to the Custodian's
vault, at the Custodian's cost and risk. Nevertheless, there may be periods of time when some portion of the Trust's platinum
bars will be held by one or more subcustodians appointed by the Custodian or by a subcustodian of such subcustodian.

 The
Custodian is required under the Trust Allocated Account Agreement to use reasonable care in appointing its subcustodians but otherwise
has no other responsibility in relation to the subcustodians appointed by it. These subcustodians may in turn appoint further subcustodians,
but the Custodian is not responsible for the appointment of these further subcustodians. The Custodian does not undertake to monitor
the performance by subcustodians of their custody functions or their selection of further subcustodians. The Trustee does not undertake
to monitor the performance of any subcustodian. Furthermore, the Trustee may have no right to visit the premises of any subcustodian
for the purposes of examining the Trust's platinum bars or any records maintained by the subcustodian, and no subcustodian will
be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of
such subcustodian.

 In
addition, the ability of the Trustee to monitor the performance of the Custodian may be limited because under the Custody Agreements,
the Trustee and the Sponsor have only limited rights to visit the premises of the Custodian for the purpose of examining the Trust's
platinum bars and certain related records maintained by the Custodian.

 The
value of the Shares will be adversely affected if any services provided to the Trust by the Sponsor, the Custodian or the Trustee are
suddenly or unexpectedly terminated.

 Upon
the sudden or unexpected termination, resignation or removal of any service provider to the Trust, it is possible that a comparable replacement
service provider will be available or able to be appointed without material delay. Any such unavailability or delay could cause the Trustee
to expend assets of the Trust and consequently, the NAV of the Shares, in finding a replacement service provider.

 The
value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, or the Custodian as contemplated
in the Trust Agreement and the Custody Agreements.

 Under
the Trust Agreement, the Sponsor and the Trustee each have the right to be indemnified from the Trust for any liability or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part. Similarly, the Custody Agreements
provide for indemnification of the Custodian by the Trust under certain circumstances. This means that it may be necessary to sell assets
of the Trust in order to cover losses or liability suffered by the Sponsor, the Trustee or the Custodian. Any sale of that kind would
reduce the net asset value of the Trust and the value of the Shares.

 The
service providers engaged by the Trust may not carry adequate insurance to cover claims against them by the Trust, which could adversely
affect the value of net assets of the Trust.

 The
Trustee, the Custodian and other service providers engaged by the Trust maintain such insurance as they deem adequate with respect to
their respective businesses. Investors cannot be assured that any of the aforementioned parties will maintain any insurance with respect
to the Trust's assets held or the services that such parties provide to the Trust and, if they maintain insurance, that such insurance
is sufficient to satisfy any losses incurred by them in respect of their relationship with the Trust. Accordingly, the Trust will have
to rely on the efforts of the service provider to recover from their insurer compensation for any losses incurred by the Trust in connection
with such arrangements.

 The
Sponsor and its affiliates manage other funds, including those that invest in physical platinum bullion or other precious metals, and
conflicts of interest may occur, which may reduce the value of the net assets of the Trust, the NAV and the trading price of the Shares.

 The
Sponsor or its affiliates and associates currently engage in, and may in the future engage in, the promotion, management or investment
management of other accounts, funds or trusts that invest primarily in physical platinum bullion or other precious metals. Although officers
and professional staff of the Sponsor's management intend to devote as much time to the Trust as is deemed appropriate to perform
their duties, the Sponsor's management may allocate their time and services among the Trust and the other accounts, funds or trusts.
The Sponsor will provide any such services to the Trust on terms not less favorable to the Trust than would be available from a non-affiliated
party.

 The
Sponsor and the Trustee may agree to amend the Trust Agreement without the consent of the Shareholders.

 The
Sponsor and the Trustee may agree to amend the Trust Agreement, including to increase the Sponsor's Fee, without Shareholder consent.
If an amendment imposes new fees and charges or increases existing fees or charges, including the Sponsor's Fee (except for taxes
and other governmental charges, registration fees or other such expenses, or prejudices a substantial right of Shareholders), it will
become effective for outstanding Shares 30 days after notice of such amendment is given to registered owners. Shareholders that are not
registered owners (which most shareholders will not be) may not receive specific notice of a fee increase other than through an amendment
to the prospectus. Moreover, at the time an amendment becomes effective, by continuing to hold Shares, Shareholders are deemed to agree
to the amendment and to be bound by the Trust Agreement as amended without specific agreement to such increase (other than through the
"negative consent" procedure described above).

 Shareholders
could incur a tax liability without an associated distribution of the Trust.

 In
the normal course of business it is possible that the Trust could incur a taxable gain in connection with the sale of platinum that is
otherwise not associated with a distribution. In the event that this occurs, Shareholders may be subject to tax due to the grantor trust
status of the Trust even though there is not a corresponding distribution from the Trust.

 The
Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy and
the markets and service providers relevant to the performance of the Trust.

 An
outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019
and has now been spread globally. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings
at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations,
supply chain disruptions, and lower consumer demand, layoffs, defaults and other significant economic impacts, as well as general concern
and uncertainty. The impact of this outbreak has adversely affected the economies of many nations and the entire global economy and may
impact individual issuers and capital markets in ways that cannot necessarily be foreseen. Other infectious illness outbreaks that may
arise in the future could have similar impacts. Public health crises caused by the outbreak may exacerbate other pre-existing political,
social and economic risks in certain countries or globally.

 The
COVID-19 outbreak has had and may continue to have serious negative effects on social, economic and financial systems, including significant
uncertainty and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that
extract, produce or store platinum, restrictions on travel that delay or prevent the transportation of platinum, and an increase in demand
for platinum may disrupt supply chains for platinum, which could cause secondary market spreads to widen and compromise our ability to
make settlements on time. Any inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver
platinum as a result of the outbreak will negatively affect the Trust's operations.

 The
duration of the outbreak and its effects cannot be determined with certainty. A prolonged outbreak could result in an increase of the
costs of the Trust, affect liquidity in the market for platinum as well as the correlation between the price of the Shares and the net
asset value of the Trust, any of which could adversely affect the value of your Shares. In addition, the outbreak could also impair the
information technology and other operational systems upon which the Trust's service providers, including the Sponsor, the Trustee
and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust's service providers to perform essential
tasks on behalf of the Trust. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded
to major economic disruptions with a variety of fiscal and monetary policy changes, including, but not limited to, direct capital infusions
into companies, new monetary programs and lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness
of these policies, is likely to increase volatility in the market for platinum, which could adversely affect the price of the Shares.

 Further,
the outbreak could interfere with or prevent the determination of the applicable benchmark price, which the Trustee uses to value the
platinum held by the Trust and calculate the net asset value of the Trust. The outbreak could also cause the closure of futures exchanges,
which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting
in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact the Trust.

 War
and other geopolitical events, including but not limited to the war between Russia and Ukraine or the war between Israel and Hamas, outbreaks
or public health emergencies (as declared by the World Health Organization), the continuation or expansion of war or other hostilities,
or a prolonged government shutdown may cause volatility in the price of platinum due to the importance of a country or region to the
platinum market, market access restrictions imposed on some local platinum producers and refiners, potential impacts to global transportation
and shipping and other supply chain disruptions. These events are unpredictable and may lead to extended periods of price volatility.

 The
operations of the Trust, the exchanges, brokers and counterparties with which the Trust does business, and the markets in which the Trust
does business could be severely disrupted in the event of a major terrorist attack, cyber-attack, data breach, outbreak or public health
emergency as declared by the World Health Organization (such as the spread of the novel coronavirus known as COVID-19), or the continuation
or expansion of war or other hostilities.

 In
late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia
and other countries in the region and in the west. The responses of countries and political bodies to Russia's actions, the larger
overarching tensions, and Ukraine's military response and the potential for wider conflict may increase financial market volatility
generally, have severe adverse effects on regional and global economic markets, and cause volatility in the price of platinum and the
share price of the Trust. The conflict in Ukraine, along with global political fallout and implications including sanctions, shipping
disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine's borders, could disturb the platinum
market. Russia is one of the world's largest platinum producer, mining around 19.6 tonnes of platinum, or around 11% of the total
mined worldwide. On March 6, 2022, the LBMA suspended its accreditation of six Russian precious metals refiners, hence suspending their
access the world's largest gold market. War and other geopolitical events in eastern Europe, including but not limited to Russia
and Ukraine, may cause volatility in commodity prices including precious metals prices. These events are unpredictable and may lead to
extended periods of price volatility.

 Global
terrorist attacks, anti-terrorism initiatives, and political unrest, as well as the adverse impact the COVID-19 pandemic has had on the
global and U.S. markets and economy, continue to fuel concerns. For example, the COVID-19 pandemic may continue to adversely impact the
level of services currently provided by the U.S. government, could weaken the U.S. economy, and interfere with the commodities markets
that rely upon data published by U.S. federal government agencies. The types of events discussed above, including the COVID-19 pandemic,
are highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant
market losses.

 More
generally, a climate of uncertainty and panic, including the contagion of the COVID-19 virus and other infectious viruses or diseases,
may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases
the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.
Under these circumstances, the Trust may have difficulty achieving its investment objective which may adversely impact performance. Further,
such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including,
but not limited to, the Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges,
currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Trust's
assets. These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability
of the Trust to complete redemptions and otherwise affect Trust performance and Trust trading in the secondary market. A widespread crisis
may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and
whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Trust's
performance, resulting in losses to your investment. The current and future global economic impact may cause the underlying assumptions
and expectations of the Trust to become outdated quickly or inaccurate, resulting in significant losses.

 Risks
Relating to Prior Securities Issuances

 Issuances
of the Trust's securities are subject to federal and state securities laws, and certain holders of shares of beneficial interest
issued by the Trust may be entitled to rescission.

 Issuances
of securities are subject to federal and state securities laws. Between November 1, 2020 and December 14, 2020, the Trust issued an aggregate
of 400,000 shares representing units of fractional undivided beneficial interests in the net assets of the Trust. During such period,
the Trust's Registration Statement on Form S-1 (File No. 333-221325) to register the November Shares was not "current"
because the registration statement had not been amended to include the Trust's most recent audited financial statements. As a result,
the sales of the November Shares were not registered under federal and state securities laws. Consequently, purchasers of the November
Shares may seek to rescind the sales, in which case the Trust could be liable for rescission payments to them in the amount of their
aggregate original purchase price plus applicable interest. If one or more holders were to successfully seek such rescission or prevail
in any such suit, the Trust's financial condition and results of operations may be adversely affected. As of the date hereof, the
Trust has not received any claims for rescission or damages or claims relating to any other liability stemming from the Trust's
issuance of the November Shares.

 Item
1B. Unresolved Staff Comments

 None.

 Item
2. Properties

 Not

 Item
3. Legal Proceedings

 None.

 Item
4. Mine Safety Disclosures

 Not

 PART
II

 Item
5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 The
Trust was formed on January 11, 2018 (the "Date of Inception") following an initial deposit of platinum. The Trust's
Shares have been listed on the NYSE Arca under the symbol PLTM since its initial public offering on January 18, 2018. The following tables
set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the quarters during
the fiscal year ended June 30, 2025:

Year Ended June 30, 2025: Quarter Ended

 High

 Low

 September 2024

 $
 9.97

 $
 8.79

 December 2024

 $
 10.14

 $
 8.72

 March 2025

 $
 9.71

 $
 8.94

 June 2025

 $
 13.65

 $
 8.87

 The
number of outstanding Shares of the Trust as of August 08, 2025 was 700,000.

Year Ended June 30, 2025: Monthly Share Price

 The
following table sets forth, for each month since inception, the high and low closing prices of the Shares, as reported for NYSE Arca
transactions.

 High

 Low

 July 2024

 $
 9.97

 $
 9.09

 August 2024

 $
 9.49

 $
 8.85

 September 2024

 $
 9.80

 $
 8.79

 October 2024

 $
 10.14

 $
 9.22

 November 2024

 $
 9.81

 $
 8.98

 December 2024

 $
 9.21

 $
 8.72

 January 2025

 $
 9.49

 $
 8.94

 February 2025

 $
 9.68

 $
 9.15

 March 2025

 $
 9.71

 $
 9.22

 April 2025

 $
 9.60

 $
 8.87

 May 2025

 $
 10.60

 $
 9.26

 June 2025

 $
 13.65

 $
 10.41

 Issuer
Purchase of Shares

 The
Trust issues and redeems Shares only with Authorized Participants in exchange for platinum, only in aggregations of 50,000 Shares or
integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee and is included in
Item 7 of this report. Although the Trust does not purchase Shares directly from its Shareholders in connection with the redemption of
Baskets, the Trust redeemed as follows during the fiscal year ended June 30, 2025:

 Month

 Total number of

 Shares redeemed

 Average ounces of

 platinum per Share

 July 2024

 -

 -

 August 2024

 -

 -

 September 2024

 -

 -

 October 2024

 -

 -

 November 2024

 -

 -

 December 2024

 200,000

 0.009655

 January 2025

 -

 -

 February 2025

 -

 -

 March 2025

 150,000

 0.009649

 April 2025

 -

 -

 May 2025

 -

 -

 June 2025

 650,000

 0.009639

 Total

 1,000,000

 0.009644

 Item
6. Selected Financial Data

 The
following selected financial data for the reporting periods should be read in conjunction with the Trust's financial statements
and related notes and Management's Discussion and Analysis of Financial Condition and Results of Operations.

 (Amounts in 000's of US$, except per Share data)

 Total assets

 $
 88,487

 $

 $
 20,328

 $
 4,956

 $
 20,085

 $
 4,768

 Weighted average number of Shares (in 000's)

 5,057

 4,139

 Net increase / (decrease) in net assets per Share

 $
 3.97

 $
 1.15

 Item
7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 This
information should be read in conjunction with the financial statements and notes to the financial statements included with this report.
The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such
forward-looking statements can be identified by terminology such as "may," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential" or the negative
of these terms or other comparable terminology. We remind readers that forward-looking statements are merely predictions and therefore
inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance,
levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels
of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

 Introduction.

 The
GraniteShares Platinum Trust (the "Trust") is a trust formed under the laws of the State of New York. The Trust does not
have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the "Trustee") acting as
trustee pursuant to the Depositary Trust Agreement (the "Trust Agreement") between the Trustee and GraniteShares LLC, the
sponsor of the Trust (the "Sponsor"). The Trust issues Shares representing fractional undivided beneficial interests in its
net assets. The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust and responsible only to
the Trustee.

 The
Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any
given time, the price of the platinum bullion owned by the Trust, less the Trust's liabilities (anticipated to be principally for
accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed to obtain
a profit from, or ameliorate losses caused by, changes in the price of platinum.

 The
Trust issues and redeems Shares only in exchange for platinum, only in aggregations of 50,000 or integral multiples thereof (each, a
"Basket"), and only in transactions with registered broker-dealers or other securities market participants not required to
register as broker-dealers, such as a bank or other financial institution, that (1) are participants in DTC and (2) have previously entered
into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the "Authorized Participants").
As of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the J.P. Morgan
Securities Inc., Merrill Lynch Professional Clearing Corp., and Virtu Financial BD, LLC.

 Shares
of the Trust trade on the NYSE Arca under the symbol "PLTM".

 Investing
in the Shares does not insulate the investor from certain risks, including price volatility. The following graph illustrates the movement
in the net asset value ("NAV") of the Shares against the corresponding platinum price (per 1/100 of an oz. of platinum) since
inception:

 NAV
per Share vs. 1/100th platinum price from the January 11, 2018 (the Date of Inception) to June 30, 2025 (1)

 (1)
 Adjusted for effect of stock split. The stock split was effective on March 11, 2019. See Note 1 to the Financial Statements

 Source:
Bloomberg

 The
divergence of the NAV per Share from the platinum price over time reflects the cumulative effect of the Trust expenses that arise if
an investment had been held since inception.

 Critical
Accounting Policy

 The
financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States
of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust's financial
position and results of operations. These estimates and assumptions affect the Trust's application of accounting policies. Below
we describe the valuation of platinum bullion, a critical accounting policy that we believe is important to understanding our results
of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further discussion of our accounting
policies.

 Valuation
of Platinum

is held by the Custodian on behalf of the Trust. Platinum is recorded at fair value. The cost of platinum is determined according to
the average cost method and the fair value is based on the LBMA Platinum Price PM. Realized gains and losses on transfers of platinum,
or platinum distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and
cost of platinum transferred.

 (Amounts in 000's of US$)

 Investment in platinum - cost

 $
 65,762

 $
 43,369

 Unrealized gain / (loss) on investment in platinum

 19,473

 (233
)

 Investment in platinum - fair value

 $

 $

 Inspection
of Platinum

 Under
the Custody Agreements, the Trustee, the Sponsor and the Sponsor's auditors and inspectors may, only up to twice a year, visit
the premises of the Custodian for the purpose of examining the Trust's platinum and certain related records maintained by the Custodian.

 The
Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by them. The most
recent inspection by Bureau Veritas, a leading commodity inspection and testing company retained by the Sponsor, of the Custodian was
conducted as of June 30, 2025.

 Liquidity

 The
Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity
needs. In exchange for a fee (the "Sponsor's Fee"), the Sponsor has agreed to assume most of the expenses incurred
by the Trust. As a result, the only expense of the Trust during the period covered by this report was the Sponsor's Fee. The Trust's
only source of liquidity is its transfers and sales of platinum.

 The
Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust's platinum as necessary to pay the Trust's
expenses not otherwise assumed by the Sponsor. The Trustee will not sell platinum to pay the Sponsor's Fee but will pay the Sponsor's
Fee through in-kind transfers of platinum to the Sponsor. At June 30, 2025 the Trust did not have any cash balances.

 Review
of Financial Results

 Financial
Highlights

 (Amounts in 000's of US$)

 $
 20,328

 $
 4,956

 $
 20,085

 $
 4,768

 Net increase (decrease) in net assets per share

 $
 3.97

 $
 1.15

year ended June 30, 2025

 The
Trust's NAV increased from $ 43,119,274 on June 30, 2024 to $ 85,206,010 on June 30, 2025, a 97.61% increase for the year. The
increase in the Trust's NAV resulted primarily from an increase in outstanding Shares from 4,400,000 Shares on June 30, 2024
to 6,550,000 Shares on June 30, 2025, a result of 3,150,000 Shares (63 Baskets) being created and 1,000,000 Shares (20 Baskets)
being redeemed during that period (a 48.86% increase), as well as an increase in the platinum price from $1,012 per ounce on June
30, 2024 to $1,350 per ounce on June 30, 2025, a 33.40% increase.

 The
NAV per Share increased 32.76% from $ 9.80 on June 30, 2024 to $13.01 on June 30, 2025. The Trust's NAV per Share increased slightly
less than the price per ounce of platinum on a percentage basis due to the Sponsor's Fee, which was $242,983 for the year, or 0.50
% of the Trust's assets on an annualized basis.

year ended June 30, 2024

The Trust's NAV increased from $ 34,919,057 on June 30, 2023 to $ 43,119,274 on June 30, 2024, a 23.48% decrease for the year.
The increase in the Trust's NAV resulted primarily from an increase in outstanding Shares from 4,000,000 Shares on June 30, 2023
to 4,400,000 Shares on June 30, 2024, a result of 850,000 Shares (17 Baskets) being created and 450,000 Shares (9 Baskets) being redeemed
during that period

 The
NAV per Share increased 12.26% from $ 8.73 on June 30, 2023 to $9.80 on June 30, 2024. The price per ounce of platinum increased 12.82%
$ 897 on June 30, 2023 to $1,012 on June 30, 2024. The Trust's NAV per Share decreased slightly more than the price per ounce of
platinum on a percentage basis due to the Sponsor's Fee, which was $187,695 for the year, or 0.50% of the Trust's assets
on an annualized basis

year ended June 30, 2023

 The
Trust's NAV decreased from $44,801,455 on June 30, 2022 to $34,919,057 on June 30, 2023, a 22.1% decrease for the year. The decrease
in the Trust's NAV resulted primarily from a decrease in outstanding Shares from 5,050,000 Shares on June 30, 2022 to 4,000,000
Shares on June 30, 2023, a result of 350,000 Shares (7 Baskets) being created and 1,400,000 Shares (28 Baskets) being redeemed during
that period

 The
NAV per Share decreased 1.6% from $8.87 on June 30, 2022 to $8.73 on June 30, 2023. The price per ounce of platinum decreased 1.1%
from $907.00 on June 30, 2022 to $897 on June 30, 2024. The Trust's NAV per Share decreased slightly more than the price per
ounce of platinum on a percentage basis due to the Sponsor's Fee, which was $216,715 for the year, or 0.50% of the
Trust's assets on an annualized basis.

 Off-Balance
Sheet Arrangements

 The
Trust is not a party to any off-balance sheet arrangements.

 Item
7A. Quantitative and Qualitative Disclosures about Market Risk

 The
Trust Agreement does not authorize the Trustee to borrow for payment of the Trust's ordinary expenses. The Trust does not engage
in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk.
The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.

 Item
8. Financial Statements and Supplementary Data (Unaudited)

 Quarterly
Income Statements

year ended June 30, 2025

 Three months ended

 Year ended

 (Amounts in 000's of US$, except for Share and per Share data)

 September 30,
 2024

 December 31,
 2024

 March 31,
 2025

 2025

 2025

 Expenses

 Sponsor's Fee

 $

 $

 $

 $

 $

 Total expenses

 (52
)

 (55
)

 (62
)

 (74
)

 (243
)

 Net realized and unrealized gain (loss)

 Realized gain/(loss) on platinum sold to pay expenses

 (3
)

 (4
)

 (2
)

 (6
)

 Realized gain/(loss) on platinum distributed for the redemption of Shares

 -

 (154
)

 (25
)

 Change in unrealized gain / (loss) on investment in platinum

 (1,149
)

 (3,173
)

 4,096

 19,932

 19,706

 (1,152
)

 (3,331
)

 4,069

 20,742

 20,328

 $
 (1,204
)

 $
 (3,386
)

 $
 4,007

 $
 20,668

 $
 20,085

 Net increase / (decrease) in net assets per Share

 $
 (0.27
)

 $
 (0.71
)

 $
 0.75

 $
 3.59

 $
 3.97

 Weighted average number of Shares (000's)

 4,400

 4,739

 5,342

 5,763

 5,057

 (1)

 Amounts
 do not round to $1

year ended June 30, 2024

 Three months ended

 Year ended

 (Amounts in 000's of US$, except for Share and per Share data)

 September 30,
 2023

 December 31,
 2023

 March 31,
 2024

 2024

 2024

 EXPENSES

 Sponsor's Fee

 $

 $

 $

 $

 $

 Total expenses

 (47
)

 (45

)

 (45

)

 (51
)

 (188
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

 Realized gain/(loss) on platinum sold to pay expenses

 (6
)

 (6

)

 (5

)

 (3
)

 (20
)

 Realized gain/(loss) on platinum distributed for the redemption of Shares

 (168
)

 (44

)

 -

 (211
)

 Change in unrealized gain / (loss) on investment in platinum

 1,487

 3,353

 (3,875

)

 4,222

 5,187

 1,313

 3,303

 (3,880

)

 4,220

 4,956

 $
 1,266

 $
 3,258

 $
 (3,925

)

 $
 4,169

 $
 4,768

 Net increase / (decrease) in net assets per Share

 $
 0.31

 $
 0.80

 $
 (0.96

)

 $
 0.98

 $
 1.15

 Weighted average number of Shares (000's)

 4,120

 4,059

 4,108

 4,268

 4,139

 (1)

 Amounts
 do not round to $1

year ended June 30, 2023

 Three months ended

 Year ended

 (Amounts in 000's of US$, except for Share and per Share data)

 September 30,
 2022

 December 31,
 2022

 March 31,
 2023

 2023

 2023

 EXPENSES

 Sponsor's Fee

 $

 $

 $

 $

 $

 Total expenses

 (54
)

 (54
)

 (57
)

 (52
)

 (217
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

 Realized gain/(loss) on platinum sold to pay expenses

 (10
)

 (5
)

 (2
)

 -
 (1)

 (17
)

 Realized gain/(loss) on platinum distributed for the redemption of Shares

 (739
)

 (4
)

 (108
)

 (236
)

 Change in unrealized gain / (loss) on investment in platinum

 (1,426
)

 9,176

 (3,791
)

 (2,820
)

 1,139

 (2,175
)

 9,167

 (3,901
)

 (2,205
)

 $
 (2,229
)

 $
 9,113

 $
 (3,958
)

 $
 (2,257
)

 $

 Net increase / (decrease) in net assets per Share

 $
 (0.45
)

 $
 1.98

 $
 (0.84
)

 $
 (0.54
)

 $
 0.15

 Weighted average number of Shares (000's)

 4,904

 4,603

 4,731

 4,138

 4,595

 (1)

 Amounts
 do not round to $1

 Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 None.

 Item
9A. Controls and Procedures

 Conclusion
Regarding the Effectiveness of Disclosure Controls and Procedures

 The
Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange
Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's
rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer
of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

 Under
the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor
conducted an evaluation of the Trust's disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e) and 15d-15(e).
Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of June 30, 2025,
the Trust's disclosure controls and procedures were effective.

 There
have been no changes in the Trust's or Sponsor's internal control over financial reporting that occurred during the Trust's
recently completed fiscal quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the
Trust's or Sponsor's internal control over financial reporting.

 Management's
Report on Internal Control over Financial Reporting

 The
Sponsor's management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined
under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust's internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting
includes those policies and procedures that:

 (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
the Trust's assets;

 (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that the Trust's receipts and expenditures are being made only in accordance
with appropriate authorizations; and

 (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust's
assets that could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 The
Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer of the Sponsor assessed the effectiveness of the Trust's
internal control over financial reporting as of June 30, 2025. In making this assessment, they used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their assessment
included an evaluation of the design of the Trust's internal control over financial reporting and testing of the operational effectiveness
of its internal control over financial reporting. Based on their assessment and those criteria, the Chief Executive Officer and Chief
Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of June 30,
2024.

 Item
9B. Other Information

 No t

 PART
III

 Item
10. Directors, Executive Officers and Corporate Governance

 The
Trust does not have any directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The
Sponsor is not governed by a board of directors. The principals and executive officers of the Sponsor are as follows:

 William
Rhind has been the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") of the Sponsor
since its inception on January 6, 2017. Prior to forming the Sponsor and becoming its CEO and CFO, Mr. Rhind was the CEO of World Gold
Trust Services, LLC ("WGTS") from September 2014 to February 2016. WGTS is the sponsor of SPDR Gold Trust, the largest
gold fund in the world, and is a wholly-owned subsidiary of the World Gold Council, a market development organization for the gold industry.
Mr. Rhind also served as the Managing Director, Institutional Investment, of the World Gold Council from September 2013 to February 2016.
From March 2007 to September 2013, Mr. Rhind was employed by ETF Securities Ltd ("ETF Securities"), an independent exchange-traded
product provider, in a number of leadership roles, including as Managing Director from June 2009 to September 2013. In that role, Mr.
Rhind managed the company's U.S. exchange traded fund business. Prior to joining ETF Securities, Mr. Rhind was a Principal for
the iShares unit of Barclays Global Investors. He began his career as an investment banking analyst at Nomura International in London.
Mr. Rhind earned a Bachelor of Arts in Modern Languages (French & Russian) and European Studies from the University of Bath in England.
Mr. Rhind is 44 years old.

 Benoit
Autier has been the Chief Accounting Officer ("CAO") and Head of Products of the Sponsor since its inception on January
6, 2017. Mr. Autier was previously the Head of Product Management for the World Gold Council from September 2015 to October 2016. From
January 2015 to September 2015, Mr. Autier was the President of ETF Securities Advisors, LLC, an affiliate of ETF Securities. As President,
Mr. Autier managed all aspects of implementation of ETF Securities' platform for funds registered under the Investment Company
Act of 1940, as amended. Mr. Autier was also the Head of Product Management of ETF Securities from July 2005 to September 2015. Mr. Autier
designed and implemented operational processes for over 300 European and U.S. financial products in that role. Mr. Autier previously
was employed by Flow Traders, one of the leading market makers in Europe for exchange-traded commodities; by KPMG in Paris as a senior
consultant; and by Ernst and Young Corporate Finance. Mr. Autier holds a Masters in Finance from London Business School. Mr. Autier is
48 years old.

 Item
11. Executive Compensation

 The
Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor's Fee.

 Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Security
Ownership of Certain Beneficial Owners

 The
Sponsor has no knowledge of any person being the direct or indirect beneficial owner of more than 5% of the Shares of the Trust.

 Under
the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust upon the
agreement of Shareholders owning at least 75% of the outstanding Shares.

 Security
Ownership of Management

 Not

 Change
In Control

 Neither
the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.

 Item
13. Certain Relationships and Related Transactions, and Director Independence

 The
Trust has no directors or executive officers.

 Item
14. Principal Accounting Fees and Services

 Fees
for services performed by Tait, Weller & Baker, LLP, for the fiscal years ended June 30, 2025 and 2024 respectively:

 Audit fees – Tait, Weller & Baker

 $
 23,500

 $
 23,000

 $
 23,500

 $
 23,000

 Audit
Fees are fees paid by the Sponsor to Tait Weller & Baker LLP for professional services for the audit of the Trust's financial
statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally
provided by the accountants in connection with regulatory filings or engagements.

 Pre-Approval
Policies and Procedures

 As
referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures with respect
to fees paid to Tait Weller & Baker LLP. Such determinations are made by the Sponsor.

 PART
IV

 Item
15. Exhibits, Financial Statement Schedules

 1.
Financial Statements

 See
Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein.

 2.
Financial Statement Schedules

 Schedules
have been omitted since they are either not required, not applicable, or the information has otherwise been included.

 3.
Exhibits

 Exhibit
 No.

 Description

 4.1

 Depositary Trust Agreement between GraniteShares LLC, as sponsor, and The Bank of New York Mellon, as trustee(2)

 4.2

 Form of Authorized Participant Agreement(1)

 4.3

 Certificate of Shares of the Trust (included as Exhibit A to the Depositary Trust Agreement)(2)

 10.1

 Allocated Platinum Account Agreement(2)

 10.2

 Unallocated Platinum Account Agreement(2)

 10.3

 Marketing Agent Services Agreement between GraniteShares LLC and ALPS Distributors, Inc. (3)

 10.4.a

 License Agreement between The Bank of New York Mellon and GraniteShares LLC(1)

 10.4.b

 Amendment to License Agreement between The Bank of New York Mellon and GraniteShares LLC(2)

 31.1

 Chief Executive Officer and Chief Financial Officer's Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

 31.2

 Chief Accounting Officer's Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

 32.1

 Chief Executive Officer and Chief Financial Officer's Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

 32.2

 Chief Accounting Officer's Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 Cover

 *
Filed herewith.

 (1)
Previously filed as an exhibit to the Registrant's Registration Statement on Form S-1 (333-221325), filed on November 03, 2017
and incorporated by reference herein.

 (2)
Previously filed as an exhibit to the Registrant's Registration Statement on Form S-1 (333-221325), filed on January 12, 2018 and
incorporated by reference herein.

 (3)
Previously filed as an exhibit to the Registrant's Registration Statement on Form 8-K (333-221325), filed on December 29, 2020
and incorporated by reference herein.

 Item
16. Form 10-K Summary

 Not

 SIGNATURES

 Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned in the capacities thereunto duly authorized.

 GraniteShares
 LLC

 Sponsor
 of the GraniteShares Platinum Trust

 (Registrant)

 Date:
 August 08, 2025

 /s/
 William Rhind

 William
 Rhind*

 CEO
 and CFO

 Date:
 August 08, 2025

 /s/
 Benoit Autier

 Benoit
 Autier*

 Chief
 Accounting Officer

 *The
Registrant is a trust and the persons are signing in their capacities as officers of GraniteShares LLC, the Sponsor of the Registrant.

 FINANCIAL
STATEMENTS AS OF JUNE 30, 2025

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID: 00 445)

 of Assets and Liabilities at June 30, 2025 and 2024

 Schedules
 of Investments at June 30, 2025 and 2024

 of Operations for the fiscal period ended June 30, 2025, 2024 and 2023

 of Changes in Net Assets for the fiscal period ended June 30, 2025, 2024 and 2023

 Financial
 Highlights for the years ended June 30, 2025, 2024 and 2023

 F- 1

 taitweller.com

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To Management of the Trust's Sponsor and Shareholders of

 GraniteShares Platinum Trust

 Opinion on the Financial Statements

 We have audited the accompanying statements of
assets and liabilities of GraniteShares Platinum Trust (the "Trust"), including the schedules of investments, as of June 30,
2025 and 2024, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of
the years in the three-year period ended June 30, 2025, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of June 30,
2025 and 2024, and the results of its operations, the changes in its net assets, and the financial highlights for each of the years in
the three-year period ended June 30, 2025, in conformity with U.S. generally accepted accounting principles.

 Basis for Opinion

 These financial statements are the responsibility
of the management of GraniteShares LLC (the Trust's sponsor). Our responsibility is to express an opinion on the Trust's financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of
one or more GraniteShares LLC investment companies since 2019.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matter

 The critical
audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or
required to be communicated to management of the Trust's Sponsor and that: (1) relates to accounts or disclosures that are material
to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of a critical
audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the
critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

 Evaluation of the evidence pertaining to the existence of the platinum
holdings

 As disclosed in the schedule of investments, as
of June 30, 2025, the Trust's market value of platinum holdings was $85,235,432 representing 100.03% of the Trust's net assets
and 63,137.357 ounces of platinum holdings. The investments in platinum was held by a third-party custodian (the "Custodian").

 We identified the evaluation of the evidence pertaining to the existence
of the platinum holdings as a critical audit matter. Given the nature and volume of platinum holdings, subjective auditor judgement was
required to evaluate the extent and nature of evidence obtained to assess the quantity of platinum held by the Custodian.

 The following are the primary procedures we performed
to address the critical audit matter. We obtained a schedule directly from the Custodian of the Trust's platinum holdings held by
the Custodian as of June 30, 2025. We compared the total ounces on such schedule to the Trust's record of platinum holdings. We
also obtained the results of the physical count and brand purity of the Trust's platinum holdings performed at the Custodian's
location by a third party directly from such third party and reconciled the results to the Trust's and Custodian's record
of holdings.

 TAIT,
 WELLER & BAKER LLP

 Philadelphia,
 Pennsylvania

 August
 08, 2025

 F- 2

of Assets and Liabilities

 At
June 30, 2025 and 2024

 Amounts in 000's of US$ except share and per share data

 2025

 2024

 Assets

 Investment in platinum, at fair value (1)

 $

 $

 Platinum receivable for fund shares sold

 $
 3,252

 $
 -

 Total Assets

 $
 88,487

 $

 Liabilities

 Pa yable for platinum purchased

 $
 3,252

 Fees payable to Sponsor

 $

 $

 Total Liabilities

 3,281

 Net Assets

 $
 85,206

 $

 Shares issued and outstanding (2)

 6,550,000

 4,400,000

 Net asset value per Share

 $
 13.01

 $
 9.80

 (1)

 Cost
 of investment in platinum: $ 65,762 and $ 43,369, respectively.

 (2)

 No
 par value, unlimited amount authorized.

 See

 F- 3

 Schedules
of Investments

 At
June 30, 2025 and 2024

 Amounts
in 000's of US$, except for ounces and percentages

 Ounces of platinum

 Cost

 Value

 % of
 Net Assets

 63,137.357

 $
 65,762

 $

 100.03
 %

 Total investment

 $
 65,762

 $

 100.03
 %

 Liabilities in excess of other assets

 $
 ( 29
)

 ( 0.03
)%

 Net assets

 $
 85,206

 100.00
 %

 Ounces of
 platinum

 Cost

 Value

 % of
 Net Assets

 42,625.054

 $
 43,369

 $

 100.04
 %

 Total investment

 $
 43,369

 $

 100.04
 %

 Liabilities in excess of other assets

 $
 ( 17
)

 ( 0.04
)%

 Net assets

 $

 100.00
 %

 See

 F- 4

of Operations

 For
the years ended June 30, 2025, 2024 and 2023

 Amounts in 000's of US$, except per share data

 June 30, 2023

 Expenses

 Sponsor fees

 $

 $

 $

 Total expenses

 ( 243
)

 ( 188
)

 ( 217
)

 Net realized and unrealized gains (losses)

 Net realized gain (loss) from:

 Platinum sold to pay expenses

 ( 6
)

 ( 20
)

 ( 17
)

 Platinum distributed for the redemption of Shares

 ( 211
)

 ( 236
)

 Net realized gain (loss)

 ( 231
)

 ( 253
)

 Net change in unrealized appreciation (depreciation)

 19,706

 5,187

 1,139

 Net realized and unrealized gain (loss)

 20,328

 4,956

 Net increase (decrease) in net assets resulting from operations

 $
 20,085

 $
 4,768

 $

 Net increase (decrease) in net assets per share

 $
 3.97

 $
 1.15

 $
 0.15

 Weighted average number of shares (in 000's)

 5,057

 4,139

 4,595

 See

 F- 5

of Changes in Net Assets

 For
the years ended June 30, 2025, 2024 and 2023

 Amounts in 000's of US$

 June 30, 2023

 Net Assets – beginning of year

 $

 $
 34,919

 $
 44,801

 Creation of 3,150,000, 850,000 and 350,000 shares respectively

 32,318

 7,695

 3,392

 Redemption of ( 1,000,000), ( 450,000), and ( 1,400,000) shares respectively

 ( 10,316
)

 ( 4,263
)

 ( 13,943
)

 Net investment income (loss)

 ( 243
)

 ( 188
)

 ( 217
)

 Net realized gain (loss) from platinum bullion sold to pay expenses

 ( 6
)

 ( 20
)

 ( 17
)

 Net realized gain (loss) from platinum bullion distributed for redemptions

 ( 211
)

 ( 236
)

 Net change in unrealized gain (loss) on investment in platinum bullion

 19,706

 5,187

 1,139

 Net Assets – end of year

 $
 85,206

 $

 $
 34,919

 See

 F- 6

 Financial
Highlights

 For
the years ended June 30, 2025, 2024 and 2023

 Per Share Performance
 (for a Share outstanding throughout each year)

 June 30, 2023

 Net asset value per Share at beginning of year

 $
 9.80

 $
 8.73

 $
 8.87

 Net investment
 income (loss) (1)

 ( 0.05
)

 ( 0.05
)

 ( 0.05
)

 Net realized and unrealized gain (loss) on investment in platinum

 3.26

 1.12

 ( 0.09
)

 Net change in net assets from operations

 3.21

 1.07

 ( 0.14
)

 Net asset value per Share at end of year

 $
 13.01

 $
 9.80

 $
 8.73

 Market value per Share at the end of the year

 $
 13.00

 $
 9.67

 $
 8.84

 Total return ratio, at net asset value

 32.76
 %

 12.26
 %

 ( 1.58
)%

 Total return ratio, at market price

 34.44
 %

 9.39
 %

 0.68
 %

 Net assets ($000's)

 $
 85,206

 $

 $
 34,919

 Ratio to average net assets

 ( 0.50
)%

 ( 0.50
)%

 ( 0.50
)%

 Expenses

 0.50
 %

 0.50
 %

 0.50
 %

 (1)

 Calculated
 using the average shares outstanding method.

 See

 F- 7

 Notes
to the Financial Statements for the year ended June 30, 2025

 1.
 Organization

 GraniteShares
Platinum Trust (the "Trust") is an investment trust formed on January 11, 2018 under New York law pursuant to a trust indenture.
The Sponsor of the Trust, GraniteShares LLC (the "Sponsor"), is responsible for, among other things, overseeing the performance
of The Bank of New York Mellon (the "Trustee") and the Trust's principal service providers, including the preparation
of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

 The
objective of the Trust 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
fiscal year end for the Trust is June 30.

 Undefined
capitalized terms shall have the meaning as set forth in the Trust's registration statement.

 2.
 Basis of Accounting and Significant Accounting Policies

 The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board ("FASB") Accounting
Standards Codification ("ASC") 946, Financial Services—Investment Companies, and has concluded that for reporting purposes,
the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act
of 1940, as amended and is not required to register under such act.

 The
preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires
those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures.
Actual results could differ from those estimates.

 The
following is a summary of significant accounting policies followed by the Trust.

 2.1
 Custody and Fair Valuation of Platinum

 The
Trust follows the provisions of ASC 820, Fair Value Measurements ("ASC 820"). ASC 820 provides guidance for determining fair
value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date.

is held by ICBC Standard Bank Plc (the "Custodian"), on behalf of the Trust, at the Custodian's London, United Kingdom
vaulting premises. 99.81 % and 99.84 % of platinum is in the form of good delivery platinum bars as of June 30, 2025 and 2024, respectively.
A current list of all platinum held by the Custodian is available on the sponsor's website. The cost of platinum is determined
according to the average cost method and the fair value is based on the London Bullion Market Association ("LBMA") Platinum
Price PM.

 LBMA
Platinum Price PM is the price per troy ounce of platinum, stated in U.S. dollars, determined by the LME, following an auction process
starting after 2:00 p.m. (London time), on each day that the London platinum market is open for business, and announced by the LME shortly
thereafter.

 The
per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Platinum Price
PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made, and represents
the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any
losses that may have occurred.

 ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are
as follows:

 Level
1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

 Level
2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar
data.

 Level
3: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust's
own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based
on the best information available.

 F- 8

 The following table summarizes the Trust's investments at fair value:

 Schedule of Trust Investments Fair Value

 (Amounts in 000's of US$)

 Level 1

 Level 2

 Level 3

 Investment in Platinum

 $

 $
 –

 $
 –

 Total

 $

 $
 –

 $
 –

 The following table summarizes the Trust's investments at fair value:

 (Amounts in 000's of US$)

 Level 1

 Level 2

 Level 3

 Investment in Platinum

 $

 $
 –

 $
 –

 Total

 $

 $
 –

 $
 –

 There
were no transfers between Level 1 and other Levels for the years ended June 30, 2025 and 2024.

 2.2
 Expenses, realized gains and losses

 The
Trust's only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate
equal to 0.50 % of the adjusted daily net asset value of the Trust, paid monthly in arrears.

 The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee's monthly fee and
out of pocket expenses, the Custodian's fee and the reimbursement of the Custodian's expenses, exchange listing fees, United
States Securities and Exchange Commission (the "SEC") registration fees, printing and mailing costs, audit fees and certain
legal expenses.

 The
fees payable to the Sponsor were $ 29,422 as of June 30, 2025 and $ 17,280 as of June 30, 2024. The Sponsor's Fee was $ 242,983 for
the year ended June 30, 2025, or 0.50 % of the Trust's assets on an annualized basis, $ 187,695 for the year ended June 30, 2024,
or 0.50 % of the Trust's assets on an annualized basis, and $ 216,715 for the year ended June 30, 2023, or 0.50 % of the Trust's
assets on an annualized basis.

 With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust's platinum as necessary to pay these expenses. When selling platinum to pay expenses, the Trustee will endeavor
to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust's holdings of assets other
than platinum. Other than the Sponsor's Fee, the Trust had no expenses during the years ended June 30, 2025, 2024 and 2023.

 Unless
otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LBMA PM Platinum
Price. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the
most favorable price and execution of orders. The Custodian may be the purchaser of such platinum only if the sale transaction is made
at the next LBMA PM Platinum Price or such other publicly available price that the Sponsor deems fair, in each case as set following
the sale order. A gain or loss is recognized based on the difference between the selling price and the cost of the platinum sold. Neither
the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

 Realized
gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade date
basis as the difference between the fair value and cost of platinum transferred. Gain or loss on sales of platinum bullion is calculated
on a trade date basis using the average cost method.

 2.3.
 Platinum. Receivable and Payable

receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption of Shares
respectively, where the platinum has not yet been transferred to or from the Trust's account. Generally, ownership of the platinum
is transferred within two business days of the trade date.

 2.4.
 Creations and Redemptions of Shares

 The
Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a "Basket") only to Authorized
Participants on an ongoing basis. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust
or the distribution by the Trust of the amount of platinum represented by the Baskets being created or redeemed, the amount of which
will be based on the combined ounces represented by the number of shares included in the Baskets being created or redeemed determined
on the day the order to create or redeem Baskets is properly received.

 F- 9

 Orders
to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer
or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration,
would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have
an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards
described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor
and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the
delivery of the platinum required for such creations and redemptions. The Authorized Participant Agreement and the related procedures
attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction
fee of $ 500 will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each
Basket meets the requirements described below and that the Custodian is able to allocate platinum to the Trust Allocated Account such
that the Trust Unallocated Account holds no more than 192 ounces of platinum at the close of a business day.

 Authorized
Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation
or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor
or the Trust to effect any sale or resale of shares.

 2.5.
 Income Taxes

 The
Trust is classified as a "grantor trust" for United States federal income tax purposes. As a result, the Trust itself will
not be subject to United States federal income tax. Instead, the Trust's income and expenses will "flow through" to
the Shareholders, and the Trustee will report the Trust's proceeds, income, gains, losses and deductions to the Internal Revenue
Service on that basis.

 The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that no reserves for uncertain tax positions are required as of June 30, 2025 and June 30, 2024.

 The
Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust's tax returns to determine whether
the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to
meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax
years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2025, the 2025, 2024, 2023
and 2022 tax years remain open for examination.

 2.6
 Recently Issued Accounting Pronouncement

 The
Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures
("ASU 2023-07"). The Trust operates in one segment. The segment derives its revenues from Trust investments made in accordance
with the defined investment strategy of the Trust, as prescribed in the Trust's prospectus. The Chief Operating Decision Maker
("CODM") is the Sponsor. The CODM monitors the operating results of the Trust. The financial information the CODM leverages
to assess the segment's performance and to make decisions for the Trust's single segment, is consistent with that presented
within the Trust's financial statements.

 3.
 Investment in Platinum

 Changes
in ounces of platinum and their respective values for the year ended June 30, 2025.

 Schedule of Investment in Platinum

 Amounts in 000's of US$, except for ounces data

 Ounces

 Fair Value

 Opening balance as of June 30, 2024

 42,625.054

 Platinum contributed

 30,391.246

 32,318

 Platinum distributed

 ( 9,878.943
)

 ( 9,925
)

 Change in unrealized appreciation (depreciation)

 –

 19,706

 Ending balance as of June 30, 2025

 63,137.357

 Changes
in ounces of platinum and their respective values for the year ended June 30, 2024.

 Amounts in 000's of US$, except for ounces data

 Ounces

 Fair Value

 Opening balance as of June 30, 2023

 38,945.929

 34,934

 Platinum contributed

 8,255.423

 7,695

 Platinum distributed

 ( 4,576.298
)

 ( 4,680
)

 Change in unrealized appreciation (depreciation)

 –

 5,187

 Ending balance as of June 30, 2024

 42,625.054

 F- 10

 4.
 Related parties – Sponsor and Trustee

 A
fee is paid to the Sponsor as compensation for services performed under the Trust Agreement. In exchange for the Sponsor's fee,
the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee's fee and
out-of-pocket expenses, the custodian's fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration
fees, printing and mailing costs, audit fees and expenses, and up to $ 500,000 per annum in legal fees and expenses. The Sponsor's
fee is payable at an annualized rate of 0.50 % of the Trust's Net Asset Value, accrued on a daily basis computed on the prior Business
Day's Net Asset Value and paid monthly in arrears.

 The
Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor's Fee at its discretion for a stated period of
time. Presently, the Sponsor does not intend to waive any part of its fee.

 Affiliates
of the Trustee may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as
agent for their customers and for accounts over which they exercise investment discretion.

 5.
 Concentration of risk

 The
Trust's sole business activity is the investment in platinum. Several factors could affect the price of platinum, including: (i)
global platinum supply and demand, which is influenced by factors such as production and cost levels in major platinum-producing countries,
recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand; (ii) investors' expectations with respect
to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and
commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance
that platinum will maintain its long-term value in terms of purchasing power in the future. In the event that the price of platinum declines,
the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect
on the Trust's financial position and results of operations.

 6.
 Indemnification

 Under
the Trust's organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates)
and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability,
loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection
with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with
the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties
under the Trust Agreement or any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs
and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any
claim therefore. In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in
respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions
shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust. The Trust's maximum exposure
under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

 7.
 Subsequent events

 Management
has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items
requiring adjustment of the financial statements or additional disclosures.

 F- 11