GraniteShares Platinum Trust

The trust is domiciled in the United States and its shares trade on a U.S. exchange, so the business is centered in the U.S. capital markets. Its economic exposure is global because the value of the trust depends on platinum prices, which are influenced by supply and demand conditions in major producing and consuming regions such as South Africa, Europe, and Asia. The trust has no foreign operations and does not hedge foreign currency risk.

The trust is highly exposed to platinum price volatility because share value moves directly with the bullion it holds, less liabilities and expenses. It also faces market-structure risks such as premiums/discounts to NAV, liquidity gaps outside major trading hours, and operational dependence on the sponsor, trustee, custodian, and other service providers. Because the trust is concentrated in a single commodity and is not diversified, adverse moves in platinum or service-provider failures can materially affect investors.