What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-08-11 compared with 2024-08-15 · 57 added, 49 removed, 515 unchanged (17% of the section changed)

42 unchanged sentences

Management of the Trust’s Sponsor and Shareholders of

GraniteShares Gold Trust

GraniteShares

on Internal Control Over Financial Reporting

67 unchanged sentences

Rhind is 46 years old.

Autier has been the Chief Accounting Officer (“CAO”) and Head of Products of the Sponsor since its inception on January

Autier has been the Chief Accounting Officer (“CAO”) and Head of Product of the Sponsor since its inception on January

Autier was previously the Head of Product Management for the World Gold Council from September 2015 to October 2016.

January 2015 to September 2015, Mr.

Autier was the President of ETF Securities Advisors, LLC, an affiliate of ETF Securities.

As President,

Autier managed all aspects of implementation of ETF Securities’ platform for funds registered under the Investment Company

Act of 1940, as amended.

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

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

Autier previously was employed

by KPMG in Paris as a senior consultant.

Autier holds a Masters in Finance from London Business School.

71 unchanged sentences

Statements of Assets and Liabilities at June 30, 2025 and 2024

Schedules of Investments at June 30, 2024 and 2023

of Investments at June 30, 2025 and 2024

Statements of Operations for the fiscal period ended June 30, 2025, 2024 and 2023

19 unchanged sentences

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

Our responsibility is to express an opinion

on the Trust’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required

to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations

of the Securities and Exchange Commission and the PCAOB.

We have served as the auditor of one or more GraniteShares LLC investment companies

Our responsibility is

to express an opinion on the Trust’s financial statements based on our audits.

We are a public accounting firm registered with

the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable

rules and regulations of the Securities and Exchange Commission and the PCAOB.

We have served as the auditor of one or more GraniteShares

LLC investment companies since 2019.

conducted our audits in accordance with the standards of the PCAOB.

17 unchanged sentences

of the evidence pertaining to the existence of the gold holdings

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”).

disclosed in the June 30, 2025 schedule of investments and in Note 3, the fair value of the Trust’s investment in gold is $1,105,737,417,

representing 100.01% of the Trust’s net assets, and 336,351.098 ounces of gold holdings.

The investment in gold was 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.

1 unchanged sentence

and volume of gold holdings, subjective auditor judgement was required to evaluate the extent and nature of evidence obtained to assess

the quantity of gold held by the Custodian as of June 30, 2024.

the quantity of gold held by the Custodian.

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 evaluated the design and tested the operating

effectiveness of certain internal controls related to the critical audit matter.

This included 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, 2025.

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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shares respectively

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

and ( 11,500,000 )

Redemptions of ( 3,300,000 ), ( 17,000,000 ) and ( 9,950,000 ) respectively

Net investment (loss)

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Investment in Gold

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

(Amounts in 000’s of US$)

19 unchanged sentences

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended June 30, 2025, 2024 and 2023.

otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the LBMA PM Gold Price.

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable

price and execution of orders.

The Custodian may be the purchaser of such gold only if the sale transaction is made at the next LBMA

PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order.

or loss is recognized based on the difference between the selling price and the cost of the gold sold.

Neither the Trustee nor the Sponsor

is liable for depreciation or loss incurred by reason of any sale.

otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the LBMA PM Gold

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the

most favorable price and execution of orders.

The Custodian may be the purchaser of such gold only if the sale transaction is made at

the next LBMA PM Gold Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale

A gain or loss is recognized based on the difference between the selling price and the cost of the gold sold.

Neither the Trustee

nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a trade date basis

8 unchanged sentences

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.

The 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.

35 unchanged sentences

and 2022 tax years remain open for examination .

Recently Issued Accounting Pronouncement

Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

(“ASU 2023-07”).

The Trust operates in one segment.

The segment derives its revenues from Trust investments made in accordance

with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.

The Chief Operating Decision Maker

(“CODM”) is the Sponsor.

The CODM monitors the operating results of the Trust.

The financial information the CODM leverages

to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with that presented

within the Trust’s financial statements.

Investment in Gold

70 unchanged sentences

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