What changed in this filing

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Item 9A. Controls and Procedures

2024-08-15 compared with 2023-08-14 · 78 added, 78 removed, 486 unchanged (24% of the section changed)

42 unchanged sentences

Management of the Trust’s Sponsor and Shareholders of

GraniteShares

GraniteShares Gold Trust

on Internal Control Over Financial Reporting

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of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

of the inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of

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Autier was also the Head of Product Management of ETF Securities from July 2005 to September 2015.

designed and implemented operational processes for over 300 European and U.S.

financial products in that role.

Autier previously

was employed by Flow Traders, one of the leading market makers in Europe for exchange-traded commodities;

by KPMG in Paris as a senior

and by the Ernst and Young Corporate Finance.

previously was employed by KPMG in Paris as a senior consultant.

Autier holds a Masters in Finance from London Business School.

is 48 years old.

Autier is 49 years old.

Executive Compensation

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on the Financial Statements

have audited the accompanying statement of assets and liabilities of GraniteShares Gold Trust (the “Trust”), including the

have audited the accompanying statements of assets and liabilities of GraniteShares Gold Trust (the “Trust”), including the

schedules of investments, as of June 30, 2024 and 2023, the related statements of operations, the statements of changes in net assets,

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financial position of the Trust as of June 30, 2024 and 2023, and the results of its operations, the changes in its net assets, and the

financial highlights for each of the years in the three-year period ended June 30, 2023, in conformity with accounting principles generally

accepted in the United States of America.

financial highlights for each of the years in the three-year period ended June 30, 2024, in conformity with U.S.

generally accepted accounting

also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”),

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

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

report dated August 14, 2024, expressed an unqualified opinion.

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

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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, 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”).

disclosed in the schedule of investments, as of June 30, 2024, the Trust’s market value of gold holdings was $791,131,184, representing

100% of the Trust’s total assets.

All of the gold holdings, which were 339,410 ounces of gold as of June 30, 2024, 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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following are the primary procedures we performed to address the critical audit matter.

We evaluated the design and tested the

operating effectiveness of certain controls over the Trust’s gold holdings process, including controls over the comparison of

the Trust’s records of gold held to the Custodian’s records and approval of gold deposits and withdrawals by the trustee

of the Trust when baskets to create or redeem shares of the Trust are processed.

We obtained a schedule directly from the Custodian

of the Trust’s gold holdings held by the Custodian as of June 30, 2024.

We compared the total ounces on such schedule to the Trust’s

record of gold holdings.

We also obtained the results of the physical count and brand purity of the Trust’s gold holdings performed

at the Custodian’s location by a third party directly from such third party and reconciled the results to the Trust’s and

Custodian’s record of holdings.

We compared the total ounces on such schedule to the

Trust’s record of gold holdings.

We also obtained the results of the physical count and brand purity of the Trust’s gold

holdings performed at the Custodian’s location by a third party directly from such third party and reconciled the results to

the Trust’s and Custodian’s record of holdings.

WELLER & BAKER LLP

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of Assets and Liabilities

June 30, 2023 and June 30, 2022

June 30, 2024 and 2023

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

Shares issued and outstanding (2)

Net asset value per Share

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$ 554,189 and $ 787,089 , respectively.

par value, Unlimited amount authorized.

Notes to the Financial Statements

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of Investments

June 30, 2023 and June 30, 2022

June 30, 2024 and 2023

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

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Net Assets – beginning of year

Creations of 4,100,000 , 9,150,000 and 16,600,000 shares respectively

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

Net investment gain (loss)

Creations of 1,900,000 ,

4,100,000 and 9,150,000

shares respectively

Redemptions of ( 17,000,000 ), ( 9,950,000 )

and ( 11,500,000 )

Net investment (loss)

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

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June 30, 2024

Year Ended June 30, 2022

Year Ended June 30, 2021

Net asset value per Share, beginning of year

Net investment (loss) (1)

June 30, 2023

June 30, 2022

Net asset value per Share at beginning of year

Net investment income (loss) (1)

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

Net change in net assets from operations

Net asset value per Share, end of year

Net asset value per Share at end of year

Market price per Share at end of year

Total return ratio, at net asset value

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

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

of 1940 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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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.

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

vaulting premises.

99.96 % and 99.96 % of gold is allocated gold in the form of good delivery gold bars as of June 30, 2024 and 2023, 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.

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.

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.

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

Schedule of Trust’s Investments at Fair Value

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

of Trust’s Investments at Fair value

June 30, 2024

(Amounts in 000’s of US$)

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Investment in Gold

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

(Amounts in 000’s of US$)

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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 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.

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.

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 proceeds, 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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and 2021 tax years remain open for examination .

There were no examinations in progress at year end .

Investment in Gold

in ounces of gold and their respective values for the year ended June 30, 2024.

Schedule of Investment in Gold

of Investment in gold

Amounts in 000’s of US$, except for ounces data

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Concentration of risk

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

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.

Several factors could affect the price of gold:

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;

(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;

(iii) currency exchange rates;

(iv) interest rates;

(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.

(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.

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