What changed in this filing

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Item 9A. Controls and Procedures

2023-08-14 compared with 2022-08-12 · 72 added, 59 removed, 492 unchanged (21% of the section changed)

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Chief Accounting Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

Executive Officer and Chief Financial Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002*

Chief Executive Officer and Chief Financial Officer’s Certificate, pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

Chief Accounting Officer’s Certificate, pursuant to 18 U.S.C.

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XBRL Instance Document

Taxonomy Extension Schema Document

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Document

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XBRL Taxonomy Extension Presentation Document

Cover Page Interactive Data File (embedded within the Inline XBRL document)

Page Interactive Data File (embedded within the Inline XBRL document)

Filed herewith.

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– Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our

report dated August 12, 2022, expressed an unqualified opinion.

financial statements are the responsibility of the management of the Trust’s sponsor.

report dated August 14, 2023, expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial

financial statements are the responsibility of the management of GraniteShares LLC (the Trust’s sponsor).

Our responsibility is to express an opinion

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of the evidence pertaining to the existence of the gold holdings

disclosed in the schedule of investments, as of June 30, 2022, the Trust’s market value of gold holdings was $996,270,946 representing

100% of the Trust’s total assets.

All of the gold holdings, which were 548,305 ounces of gold as of June 30, 2022, were held by

a third-party custodian (the “Custodian”).

disclosed in the schedule of investments, as of June 30, 2023, the Trust’s market value of gold holdings was $935,950 thousand,

representing 100% of the Trust’s total assets.

All of the gold holdings, which were 489,450 ounces of gold as of June 30, 2023,

were held by a third-party custodian (the “Custodian”).

identified the evaluation of the evidence pertaining to the existence of the gold holdings as a critical audit matter.

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of Assets and Liabilities

June 30, 2022 and 2021

June 30, 2023 and June 30, 2022

Amounts in 000’s of US$, except share and per share data

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Total Liabilities

Shares issued and outstanding, unlimited authorized Shares with par value of $ 0.00 per Share (2)

Shares issued and outstanding, unlimited

authorized Shares with par value of $ 0.00

Net asset value per Share

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$ 787,089 and $ 870,362 , respectively.

par value, Unlimited amount authorized.

Notes to the Financial Statements

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of Investments

June 30, 2022 and 2021

June 30, 2023 and June 30, 2022

in 000’s of US$, except for ounces and percentages

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Redemptions of ( 9,950,000 ), ( 11,500,000 ) and ( 18,150,000 ) respectively

Net investment (loss)

Net realized gain from gold bullion sold to pay expenses

Net realized gain from gold bullion distributed for redemptions

Net change in unrealized gain (loss) on investment in gold bullion

Net investment gain (loss)

Net realized gain (loss) from gold bullion sold to pay expenses

Net realized gain (loss) from gold bullion distributed for redemptions

Net change in unrealized appreciation (depreciation) on investment in gold bullion

Net Assets – end of year

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Net asset value per Share, beginning of year

Net investment income (loss) (1)

Net investment (loss) (1)

Net realized and unrealized gain (loss) on investment in gold bullion

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Total return ratio, at net asset value

Total return ratio, at market price

Net assets ($000’s)

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capitalized terms shall have the meaning as set forth in the Trust’s registration statement.

Significant accounting policies

Basis of Accounting and Significant Accounting Policies

Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting

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The Trust is not registered as an investment company under the Investment Company Act

of 1940 and is not required to register under such act.

of 1940, as amended, and is not required to register under such act.

preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires

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following is a summary of significant accounting policies followed by the Trust.

Valuation of Gold

Custody and Fair Valuation of Gold

Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”).

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at the measurement date.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom

vaulting premises.

The cost of gold is determined according to the average cost method and the fair value is based on the London Bullion

Market Association (“LBMA”) PM Gold Price.

If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use

the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate

as a basis for evaluation.

is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United

Kingdom vaulting premises.

and 99.95 % of gold is allocated gold in the form of good delivery gold bars as of June 30, 2023 and 2022, respectively.

A current list of all gold held by the Custodian is

available on the sponsor’s website.

The cost of gold is determined according to the average cost method and the fair value is

based on the London Bullion Market Association (“LBMA”) PM Gold Price.

If there is no LBMA Gold Price PM on any day, the

Trustee is authorized to use the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor,

determines that such price is inappropriate as a basis for evaluation.

LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable

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on the best information available.

Trustee categorizes the Trust’s investment in gold as a level 1 asset within the ASC 820 hierarchy.

The following table summarizes the Trust’s investments at fair value:

Schedule of Trust’s Investments at Fair Value

(Amounts in 000’s of US$)

June 30, 2023

Investment in Gold

(Amounts in 000’s of US$)

June 30, 2022

Investment in Gold

were no transfers between Level 1 and other Levels for the years ended June 30, 2023 and 2022.

Expenses, Realized Gains and Losses

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Creations and Redemptions of Shares

Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized

Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution

by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined

Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to

create or redeem Baskets is properly received.

Trust issues and redeems in one or more blocks of 50,000

Shares (a block of 50,000

Shares is called a “Basket”) only to Authorized Participants on an ongoing basis.

The creation and redemption of Baskets will only be made

in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold represented by the Baskets being

created or redeemed, the amount of which will be based on the combined Fine Ounces represented by the number of shares included in

the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

to create and redeem Baskets may be placed only by Authorized Participants.

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Trust is 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

on that basis.

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 proceeds, income, gains, losses and deductions to

the Internal Revenue Service on that basis.

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

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Concentration of risk

accordance with Statement of Position No.

94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business

activity is the investment in gold bullion.

The Trust’s sole business activity is the investment in gold bullion.

Several factors could affect the price of gold:

(i) global gold supply and demand, which

is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions,

central bank purchases and sales, and production and cost levels in major gold-producing countries;

(ii) investors’ expectations

with respect to the rate of inflation;

global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial

applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers,

purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in

major gold-producing countries such as China, Australia, and the United States;

(ii) investors’ expectations with respect to

the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

(v) investment and trading activities of hedge

funds and commodity funds;

and (vi) global or regional political, economic or financial events and situations.

In addition, there is

no assurance that gold will maintain its long-term value in terms of purchasing power in the future.

In the event that the price of gold

declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

Each of these events could have a

material effect on the Trust’s financial position and results of operations.

(v) investment and trading activities of hedge funds and

commodity funds;

and (vi) other economic variables such as income growth, economic output, and monetary policies;

and (vii) global

or regional political, economic or financial events and situations, especially those that are unexpected in nature.

In addition, there is no assurance that gold will maintain its

long-term value in terms of purchasing power in the future.

In the event that the price of gold declines, the Sponsor expects the

value of an investment in the Shares to decline proportionately.

Each of these events could have a material effect on the

Trust’s financial position and results of operations.

Indemnification

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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 9A. Controls and Procedures