PLTM vs UX

PLTMBGraniteShares Platinum Trust

UXDRoundhill Uranium ETF

In short

PLTM Platinum, in a vault, sliced into shares. PLTM holds allocated bullion and charges 0.50% a year, undercutting the older platinum trust on fee, which is most of what separates two funds holding the same metal.

UX Uranium funds usually buy the miners. UX aims at the yellowcake itself, via swaps tied to Sprott's physical uranium trust and Yellow Cake plc: the first US-listed ETF built around the U3O8 price. Costs 0.77% a year, no waiver.

Stated mandate

PLTM The Trust seeks to reflect the price of platinum, less its expenses, through allocated physical platinum bullion.

UX The fund seeks exposure to changes in the price of physical uranium, including through swap agreements linked to uranium-related trusts and other reference assets.

Why people hold it

• PLTM At 0.50% a year it is the cheaper of the two US physical platinum trusts, and it sits under the median fee for physical commodity funds.
• Allocated bars, not futures contracts: no roll calendar, no contango math, just platinum held for the trust.graniteshares.com
• Simple mandate kept tightly since its 2018 launch: the platinum price less expenses, and one of the closer trackers among physical metal funds.

• UX The first US-listed ETF designed to give exposure to the price of physical uranium (U3O8) rather than to the companies that mine it.roundhillinvestments.com
• No yellowcake in a warehouse. Exposure comes from swaps referencing the Sprott Physical Uranium Trust and Yellow Cake plc, collateralized with Treasury bills.sec.gov
• Spot-uranium swaps sit in a wholly owned Cayman subsidiary, capped at 25% of assets at each fiscal quarter-end to keep the fund's 1940 Act tax treatment.roundhillinvestments.com

Worth knowing

• PLTM One metal, one line of exposure. Platinum moves in its own lane and can swing hard, with nothing else inside the fund to cushion it.
• No income here. Expenses are met out of the metal, so each share represents a slightly smaller slice of platinum as the years pass.
• Volume is moderate rather than mega-trust deep, so spreads and limit orders matter more when you trade in size.

• UX At 0.77% with no fee waiver, it charges more than the typical physical-commodity fund, and more than vault-held metal peers SIVR (0.30%) and SLV (0.50%).
• Results lean on Sprott and Yellow Cake, which can trade at a premium or discount to their uranium holdings, so the fund can diverge from spot U3O8.sec.govroundhillinvestments.com
• A 2025 launch with a small asset base, thin on-screen trading and non-diversified status under the 1940 Act, which can mean wider spreads than big vault-based funds.sec.gov

Full PLTM profile⁠

Full UX profile⁠