At a glance
PLTM charges 0.5% a year, above the 0.21% average of the 7 funds most like it (the most expensive of 7). It has $163.8M in assets, the 8th largest of that group. Over the past year it returned −3.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +18.8% a year. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 28.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 33 months after the lows.
The short version
GraniteShares Platinum Trust (PLTM) is a grantor trust that holds physical platinum bullion, so each share follows the metal's price minus the trust's expenses. It may appeal to investors who want platinum without storing bars themselves. Its 0.50% sponsor fee is higher than the fees of large physical gold trusts, and its price swings hard: it gained 124% in 2025, then fell 45% between January 23 and October 26, 2026.
Price history
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PLTM -3.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PLTM price data to Oct 27, 2026 | -25.2% | -3.3% | +18.8% | +8.3% | — | +4.6% |
- Over the year to Oct 27, 2026, PLTM returned -3.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.3%.
- In the 2020 COVID crash it fell 41.5% and regained its old high 8.5 months after the low.
- Its worst full calendar year was 2021 (-10.5%); its best was 2025 (+124.5%).
- The deepest fall in its price history was 45.2% (Jan 23, 2026 to Oct 26, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -25.2% |
| 2025 | +124.5% |
| 2024 | -8.9% |
| 2023 | -8.1% |
| 2022 | +10.8% |
| 2021 | -10.5% |
| 2020 | +10.9% |
| 2019 | +20.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.2% over that stretch · deepest drop along the way 41.5%, back to its old high 8.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.7% over that stretch · deepest drop along the way 28.4%, back to its old high 33.2 months after the low |
What's inside
The trust holds physical platinum directly, worth $163.8M as of Jun 30, 2026 (per its 10-K). It does not hold stocks or bonds, so there is no holdings list.
How it works
PLTM does not track an index, and no manager picks investments. The trust's only assets are platinum bullion. Its goal is for each share to reflect the value of that platinum, minus the trust's expenses and liabilities. The trust has no directors, officers or employees. It does not trade to profit from platinum's price moves. It is not registered under the Investment Company Act of 1940, it does not hold futures contracts, and it is not a commodity pool.
New shares are created in blocks called Baskets of 50,000 shares. Large institutions known as Authorized Participants create them by depositing platinum, and they redeem Baskets by taking platinum back out. No shares can be issued until the matching platinum has been deposited. The custodian, ICBC Standard Bank Plc, holds the metal as allocated bars, meaning specific bars are recorded as the trust's property. The trust's platinum is not lent to anyone. Up to 192 ounces may sit in an unallocated account. The Bank of New York Mellon serves as trustee.
Platinum is delivered or sold to pay the 0.50% sponsor fee and any other expenses. Over time, that slowly reduces the amount of metal behind each share. The trust pays no dividends. Shares outstanding grew from 6,550,000 on June 30, 2025, to 10,900,000 on June 30, 2026.
What it really costs
- PLTM charges 0.5% a year, versus an average of 0.21% for the similar funds below (7th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
It is a single-metal bet with 1-year volatility of 52.6% (a measure of how widely its price swings) and no income, and it fell along with stocks in the 2020 crash rather than protecting against it.
PLTM gives a portfolio exposure to platinum, but it has not held up well in downturns. In the 2020 COVID crash it fell 41.5% between February 19 and March 19, 2020, and took about 8.5 months to recover. In 2022 it dropped 28.4% from March to September and needed about 33 months to recover. Its worst calendar year was 2021, at −10.5%. Its deepest drop, 45.2%, ran from January 23 to October 26, 2026, and had not recovered as of October 27, 2026. The trust launched in 2018, so it has no record from 2008.
PLTM pays no income. Anyone drawing money from it during a slump would have to sell shares at low prices. Its 0.50% fee is also above the 0.21% average for the gold trusts it is compared with. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small platinum stake backed by allocated physical bars rather than futures contracts or mining stocks.
- Holders who can live with big swings, like the 124% gain in 2025 followed by a 45% fall from January 2026.
- People who want a metal tied to car catalysts and jewelry demand, not gold, and accept that it is a single-commodity bet.
Look elsewhere if
- Retirees who need regular income: the trust holds only metal and has recorded no distributions.
- Cost-focused investors: the 0.50% fee is higher than physical gold trusts such as GLDM at 0.10% or IAU at 0.25%.
- Taxable investors who want to avoid the collectibles tax rate of up to 28% on long-term gains from physically backed metal trusts.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PLTM this fund | 0.5% | $163.8M | -3.3% | +18.8% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
Questions investors ask
Does PLTM pay dividends?
No. GraniteShares Platinum Trust has recorded no distributions. Its only assets are platinum bullion, and metal earns no interest or dividends. The trust sells or delivers small amounts of platinum to pay its 0.50% sponsor fee and other expenses, which slowly reduces the metal behind each share. Any return comes only from changes in platinum's price, so investors who need income would have to sell shares to raise cash.
Is PLTM backed by real platinum?
Yes. The trust's assets consist solely of platinum bullion. Its custodian, ICBC Standard Bank Plc, holds the metal as allocated bars recorded as the trust's property. Apart from up to 192 ounces that may sit in an unallocated account, the platinum is held physically and is not lent out. New shares can be issued only after the matching platinum has been deposited, and the trust holds no futures contracts.
What's the difference between PLTM and GLD?
They hold different metals. PLTM owns physical platinum, while SPDR Gold Shares (GLD) owns physical gold, so neither is a direct substitute for the other. Both are grantor trusts. GLD charges 0.40%, compared with 0.50% for PLTM, and had net assets of about $130 billion, compared with about $164 million for PLTM, as of June 30, 2026. Over three years, GLD returned about 24% a year as of October 30, 2026. PLTM returned 18.8% a year as of October 27, 2026.
How are gains on PLTM taxed?
In the US, PLTM is taxed much like owning platinum directly, because it is a grantor trust that holds the physical metal. Long-term gains can be taxed at the collectibles rate of up to 28%, rather than the lower rates that usually apply to stocks and stock funds. Holding it in a tax-advantaged account changes that picture, and a tax professional can explain how the rules apply to a specific situation.
Is PLTM a good hedge against a stock market crash?
Its track record says no. In the 2020 COVID crash, PLTM fell 41.5% between February 19 and March 19, 2020, and took about 8.5 months to recover. During the 2022 bear market it dropped 28.4% and needed about 33 months to recover. Its price is very volatile, with 1-year volatility of 52.6% as of October 27, 2026. The trust launched in 2018, so it has no record from 2008.