What changed in this filing

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Item 1. Business

2021-08-13 compared with 2020-08-24 · 658 added, 675 removed, 170 unchanged (89% of the section changed)

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.

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

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

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).

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 trustee of the Trust is The Bank of New York Mellon (the “Trustee”)

and the custodian is ICBC Standard Bank Plc (the “Custodian”).

Trust’s Shares at redeemable value increased from $8,845,503 at June 30, 2020 to $37,477,854 at June 30, 2021, the Trust’s

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The Trust has no directors, officers or employees.

does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of

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.

Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under

engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of 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.

Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such

The Trust does not and will not hold or trade in commodities futures contracts, “commodity interests”

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.

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.

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.

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.

Trust has no fixed termination date.

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.

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.

of investing in the Shares include:

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.

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.

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

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.

noted above, the Shares are backed primarily by allocated physical platinum bullion identified as the Trust’s property in the Custodian’s

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.

and flexibility of investment.

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.

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.

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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.

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.

of the platinum industry

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.

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.

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.

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.

sources of supply and demand

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group includes mining companies that specialize in PGM production.

PGMs are found primarily in South Africa (72% of the total

mine production) and Russia (12% of the total mine production).

PGMs are found primarily in South Africa (65% of the total mine production)

and Russia (14% of the total mine production).

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 18% of the total supply.

autocatalyst is also a significant source of supply, with 17% of the total supply.

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.

Recycling jewelry accounts for approximately

8% of the total supply.

Platinum Supply and Demand 2016–2020

following table sets forth a summary of the world platinum supply and demand for the last ten years and is based on information

reported by the PGM 2020 Market Report prepared by Johnson Matthey.

following table sets forth a summary of the world platinum supply and demand for the last ten years and is based on information reported

by the PGM 2021 Market Report prepared by Johnson Matthey.

Mine Production

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of the platinum market

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.

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

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,”

the lists of LPPM accredited melters and assayers of platinum.

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.

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

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.

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

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”

dollars) two business days after the trade date against

Delivery of the platinum can either be by physical delivery or through the clearing systems to an unallocated account.

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.

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.

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.

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”).

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.

FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products.

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.

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.

exchanges seek to provide a neutral, regulated marketplace for the trading of derivatives contracts for commodities, such as futures,

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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.

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.

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.

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.

most significant platinum futures exchange in the U.S.

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Another commodity exchange includes the Tokyo Commodity Exchange (“TOCOM”).

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.

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.

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.

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

Other local regulators enforce their own regulations governing trading platforms and futures exchanges located in their jurisdictions.

Market Trading

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

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.

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.

(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.

Computation of Net Asset Value

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.

(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.

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.

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.

time), on each day that the London platinum market is open for business, and announced by the LME shortly thereafter.

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.

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.

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

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.

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

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’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.

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.

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

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

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.

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

(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 may, at its discretion and from time to time, waive all or a portion of the Sponsor’s Fee for stated periods

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.

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.

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.

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

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.

Sponsor’s Fee for the year ended June 30, 2021 was 130,460.

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.

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

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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.

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 prospectus, J.P.

Morgan Securities LLC and Virtu Financial BD LLC are the Authorized Participants.

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.

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.

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.

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

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 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.

(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 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.

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

(New York time).

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.

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.

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.

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

Shares can only be surrendered for redemption in Baskets of 50,000 Shares each.

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.

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

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

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

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.

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.

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

The date the Trustee receives that order determines the Basket Amount to be received in exchange.

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.

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

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.

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.

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.

Trustee nor the Sponsor will be liable to any person by reason of any such suspension or postponement.

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.

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.

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.

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.

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.

and Expenses of the Trustee

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).

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).

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.

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.

Sponsor is a Delaware limited liability company and was formed on January 6, 2017.

The Sponsor’s office is located at 205

Hudson Street, New York, New York 10013.

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 office is located at 205 Hudson

Street, New York, New York 10013.

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.

Sponsor’s Role

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.

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.

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.

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.

Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, serves as

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.

also has the right to direct the Trustee to appoint any new or additional Custodian that the Sponsor selects.

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.

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 2 Hanson Place, 9th Floor, Brooklyn, New York 11217.

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,

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.

of New York Mellon had at least $150 million in capital and retained earnings as of June 30, 2021.

Trustee’s Role

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

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.

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.

This includes (i) processing orders for the creation and redemption

(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.

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.

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;

(1) Authorized Participants engage

in creation and redemption transactions with the Trust;

or (2) platinum is sold to pay Trust expenses.

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 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.

Custodian will provide the Trustee with regular reports detailing the platinum transfers in and out of the Trust Unallocated Account

1 unchanged sentence

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.

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).

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.

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).

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.

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.

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.

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.

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.

the Custody Agreements, the Custodian will allow the Sponsor and the Trustee and their identified representatives, independent

public accountants and physical platinum auditors (currently Inspectorate), 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.

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.

the Custody Agreements, the Custodian will allow the Sponsor and the Trustee and their identified representatives, independent public

accountants and physical platinum auditors (currently Inspectorate), 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.

of the Shares

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.

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.

of Limited Rights

Shares do not represent a traditional investment and Shareholders should not view them as similar to “shares”

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”

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”

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.

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

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.

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.

and Approvals

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.

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.

of the Shares

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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

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.

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.

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.

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.

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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).

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.

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.

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.

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

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.

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.

States Federal Income Tax Consequences

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

Vedder Price P.C., 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 and all of which are subject to change either prospectively

or retroactively.

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).

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 and all of which are subject to change either prospectively or retroactively.

The tax treatment of Shareholders may vary depending upon their own particular circumstances.

Certain Shareholders

(including but not limited to banks, 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,”

Certain Shareholders (including but not

limited to banks, 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,”

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or “constructive sale”

transaction for United States federal income

tax purposes, persons whose “functional currency”

transaction for United States federal income tax purposes, 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.

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.

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.

purposes of this discussion, a “U.S.

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is a Shareholder that is:

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

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;

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

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.

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;

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.

Shareholder that is not a U.S.

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Shareholder”

for purposes of

this discussion.

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.

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.

Sponsor and the Trustee will treat the Trust as a “grantor trust”

for United States federal income tax purposes..

the opinion of Vedder Price P.C., 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 Vedder Price P.C.

represents only its best legal judgment and is not binding on the IRS or any court.

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.

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.

There can be no assurance that the IRS will agree with this position

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.

following discussion assumes that the Trust will be classified as a “grantor trust”

for United States federal income

tax purposes.

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.

for United States federal income tax

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.

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.

the Trust sells platinum, for example to pay expenses, a Shareholder will recognize gain or loss in an amount equal to the difference

1 unchanged sentence

tax basis for its pro rata share of the platinum that was sold.

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.

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.

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.

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.

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.

redemption of some or all of a Shareholder’s Shares in exchange for the underlying platinum represented by the Shares redeemed

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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.

sale of the platinum received by the Shareholder will be a taxable event, unless a nonrecognition provision of the Code applies

to such sale.

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

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.

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

28% Long-Term Capital Gains Tax Rate for U.S.

1 unchanged sentence

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

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.

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.

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

Shareholder for one year or less are generally the same as those at which ordinary income is taxed.

corporation’s

capital gain is generally taxed at the same federal income tax rates applicable to the corporation’s ordinary income.

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.

corporation’s capital gain is generally taxed at the same federal income tax

rates applicable to the corporation’s ordinary income.

Tax on Net Investment Income

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,”

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.

This tax is in addition to any capital gains

taxes due on such investment income.

A similar tax applies to estates and trusts.

Shareholders should consult

their own tax advisers regarding the effect, if any, this law may have on their investment in the Shares.

Shareholders should consult their own tax advisers

regarding the effect, if any, this law may have on their investment in the Shares.

Fees and Trust Expenses

1 unchanged sentence

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.

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.

who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust as miscellaneous

itemized deductions.

An individual may not deduct miscellaneous itemized deductions for tax years beginning after December 31,

2017 and before January 1, 2026.

For tax years beginning before January 1, 2018 and after December 31, 2025, individuals may deduct

certain miscellaneous itemized deductions only to the extent they exceed 2% of adjusted gross income.

In addition, such deductions

may be subject to phase outs and other limitations under applicable provisions of the Code.

Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce

the amount realized by the Shareholder with respect to the sale.

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, however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions.

individual may not deduct miscellaneous itemized deductions for tax years beginning after December 31, 2017 and before January 1, 2026.

For tax years beginning before January 1, 2018 and after December 31, 2025, individuals may deduct certain miscellaneous itemized deductions

only to the extent they exceed 2% of adjusted gross income.

In addition, such deductions may be subject to phase outs and other limitations

under applicable provisions of the Code.

Tax-Exempt Shareholders

4 unchanged sentences

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.

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.

Shareholders should not realize UBTI in respect of income or gains from the Shares.

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

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 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.

We note that in recent administrative guidance,

the IRS stated that it will no longer issue rulings under Code Section 851(b) relating to the determination of whether or not

an instrument or position is a “security,”

within the meaning of Code Section 851 should

consult with their tax advisers concerning (i) the likelihood that an investment in Shares 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.

We note that in recent administrative guidance, the IRS stated that it will

no longer issue rulings under Code Section 851(b) relating to the determination of whether or not an instrument or position is a “security,”

but, instead, intends to defer to guidance from the SEC for such determination.

2 unchanged sentences

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).

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;

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).

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.

of a trade or business in the United States and certain other conditions are met.

Shareholder of a trade or

business in the United States and certain other conditions are met.

States Information Reporting and Backup Withholding

1 unchanged sentence

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.

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.

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.

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.

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

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.

amount of any backup withholding will be allowed as a credit against a Shareholder’s United States federal income tax liability

1 unchanged sentence

in Jurisdictions Other Than the United States

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.

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.

and Related Considerations

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”

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”).

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

(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 funding objectives, (4) the tax effects

of the investment on the Plan, and (5) whether the investment is prudent considering the factors 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

“parties in interest”

under ERISA or “disqualified persons”

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”

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”).

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:

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 funding objectives, (4) the tax effects of the investment on the Plan,

and (5) whether the investment is prudent considering the factors 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 “parties in interest”

under ERISA or

“disqualified persons”

under section 4975 of the Code.

of these rules may result in the imposition of significant excise taxes and other liabilities.

Plans subject to Other Law may

be subject to similar restrictions.

A violation of these rules may result in the imposition of significant

excise taxes and other liabilities.

Plans subject to Other Law may be subject to similar restrictions.

is anticipated that the Shares will constitute “publicly offered securities”

as defined in the Department of Labor

“Plan Asset Regulations,”

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.

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.

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”

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.

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business