GraniteShares Platinum Trust
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001493152-26-021844
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001493152-26-050444
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 27 previous paragraphs and 22 current paragraphs.
18 unchanged; 4 reworded; 0 added; 3 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (3)
Previous report
The 6.00% decrease in the Trust’s net asset value per share, from $19.49 on December 31, 2025, to $18.32 on March 31, 2026, is directly related to the 5.87% decrease in the price of platinum.
Previous report
Nine Months Ended March 31, 2026
Previous report
The Trust’s net asset value increased from $85,206,010 on June 30, 2025 to $220,738,196 on March 31, 2026, a 159.06% increase. The Trust’s number of shares outstanding increased from 6,550,000 to 12,050,000 over this period, or +83.97%. The 5,500,000 shares increase was the net result of 163 creations orders and 53 redemption orders (50,000 shares per creation and redemption order). The positive impact in the number of shares outstanding was increased by the price of platinum, which increased 41.33% from $1,350.00 on June 30, 2025, to $1,908.00 on March 31, 2026.
Reworded paragraphs (4)
Previous wording
The Trust’s net asset value decreased from $233,824,339 on December 31, 2025 to $220,738,196 on March 31, 2026, a 5.60% decrease. The Trust’s net asset value decreased due to the negative change in the price of platinum, which moved from $2,027.00 on December 31, 2025 to $1,908.00 on March 31, 2026, or -5.87%. The impact of the change in platinum price was reduced by a positive change in the number of shares outstanding from 12,000,000 to 12,050,000, or 0.42%. The 50,000 shares increase was the result of 51 creation orders and 50 redemption orders (50,000 shares per creation order).
Current wording
The Trust’s net asset value increased from $163,763,383 on June 30, 2026 to $178,095,162 on September 30, 2026, a 8.75% increase. The Trust’s net asset value increased due to the positive change in the price of platinum, which moved from $1,567.00 on June 30, 2026 to $1,714.10 on September 30, 2026, an increase of 9.39%. The impact of the change in platinum price was reduced by a negative change in the number of shares outstanding from 10,900,000 on June 30, 2026 to 10,850,000 on September 30, 2026, or (0.46%). The 50,000 shares decrease was the result of 5 creation orders and 6 redemption orders (50,000 shares per creation order).
Previous wording
The 40.81% increase in the Trust’s net asset value per share, from $13.01 on June 30, 2025, to $18.32 on March 31, 2026, is directly related to the 41.33% increase in the price of platinum.
Current wording
The 9.25% increase in the Trust’s net asset value per share, from $15.02 on June 30, 2026, to $16.41 on September 30, 2026, is directly related to the 9.39% increase in the price of platinum.
Previous wording
The Trust’s net asset value per share decreased more than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $351,389 for the quarter, or 0.123% of the Trust’s average weighted net assets of $284,883,201 during the quarter. The net asset value per share of $27.02 on January 26, 2026, was the highest during the quarter, compared with a low during the quarter of $17.75 on March 27, 2026.
Current wording
The Trust’s net asset value per share increased less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $228,713 for the quarter, or 0.126% of the Trust’s average weighted net assets of $181,633,060 during the quarter. The net asset value per share of $18.12 on September 9, 2026, was the highest during the quarter, compared with a low during the quarter of $15.05 on July 1, 2026.
Previous wording
The net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $25,689,957, resulting from an unrealized loss on investment in platinum bullion of $35,376,043, decreased by a gain of $10,037,475 on metal sold to cover the redemption orders and the Sponsor’s fees and decreased by the Sponsor’s fees of $351,389. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Current wording
The net increase in net assets resulting from operations for the quarter ended September 30, 2026, was $14,840,364, resulting from an unrealized gain on investment in platinum bullion of $14,554,505, increased by a gain of $514,572 on metal sold to cover the redemption orders and the Sponsor’s fees and decreased by the Sponsor’s fees of $228,713. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The Trust’s net asset value per share increased less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $663,154 for the period, or 0.375% of the Trust’s average weighted net assets of $177,184,645 during the period. The net asset value per share of $27.02 on January 26, 2026 was the highest during the period, compared with a low during the period of $12.54 on August 01, 2025.
Previous report — wording carried elsewhere
Net increase in net assets resulting from operations for the 9 months period ending March 31, 2026, was $29,269,172, resulting from an unrealized gain on investment in platinum bullion of $19,246,386, increased by a gain of $10,685,940 on metal sold to cover the redemption orders and the Sponsor’s fees, but reduced by the Sponsor’s fees of $663,154. Other than the Sponsor’s fees the Trust had no expenses during the quarter.