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Item 5. Market for Registrant’s Common Equity

2021-08-13 compared with 2020-08-24 · 110 added, 108 removed, 54 unchanged (80% of the section changed)

3 unchanged sentences

Shares have been listed on the NYSE Arca under the symbol PLTM since its initial public offering on January 18, 2018.

The following

tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the

quarters during the fiscal year ended June 30, 2020:

The following tables

set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the quarters during

the fiscal year ended June 30, 2021:

Year Ended June 30, 2021:

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December 2020

The number of outstanding Shares of the Trust

as of August 21, 2020 was 1,600,000.

following table sets forth, for each month since inception, the high and low closing prices of the Shares, as reported for NYSE

Arca transactions.

number of outstanding Shares of the Trust as of August 13, 2021 was 3,600,000.

following table sets forth, for each month since inception, the high and low closing prices of the Shares, as reported for NYSE Arca

transactions.

September 2020

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Purchase of Shares

Trust issues and redeems Shares only with Authorized Participants in exchange for platinum, only in aggregations of 50,000 Shares

or integral multiples thereof.

A list of current Authorized Participants is available from the Sponsor or the Trustee and is included

in Item 7 of this report.

Although the Trust does not purchase Shares directly from its Shareholders in connection with the redemption

of Baskets, the Trust redeemed as follows during the fiscal year ended June 30, 2020:

number of Shares redeemed

ounces of platinum per Share

Trust issues and redeems Shares only with Authorized Participants in exchange for platinum, only in aggregations of 50,000 Shares or

integral multiples thereof.

A list of current Authorized Participants is available from the Sponsor or the Trustee and is included in

Item 7 of this report.

Although the Trust does not purchase Shares directly from its Shareholders in connection with the redemption of

Baskets, the Trust redeemed as follows during the fiscal year ended June 30, 2021:

Total number of Shares redeemed

Average ounces of platinum per Share

September 2020

November 2020

December 2020

February 2021

Selected Financial Data

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and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(Amounts in 000’s of US$, except

per Share data)

June 30, 2021

June 30, 2020

(Amounts in 000’s of US$, except per Share data)

Total gain / (loss) on platinum

1 unchanged sentence

Weighted average number of Shares (in 000’s)

Net increase / (decrease) in net assets

Adjusted for effect of stock split.

See Note 1 to the Financial Statements.

Net increase / (decrease) in net assets per Share

Management’s Discussion and Analysis of Financial Condition and Results of Operations

information should be read in conjunction with the financial statements and notes to the financial statements included with this

information should be read in conjunction with the financial statements and notes to the financial statements included with this report.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

some cases, such forward-looking statements can be identified by terminology such as “may,”

In some cases, such

forward-looking statements can be identified by terminology such as “may,”

“should,”

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“potential”

or the negative of these terms or other comparable terminology.

We remind readers that forward-looking

statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown

risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially

different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the

The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect

events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

or the negative

of these terms or other comparable terminology.

We remind readers that forward-looking statements are merely predictions and therefore

inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance,

levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels

of activity, or our achievements expressed or implied by such forward-looking statements.

Readers are cautioned not to place undue reliance

on these forward-looking statements, which speak only as of the date hereof.

The Trust undertakes no obligation to publicly release any

revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of

unanticipated events.

Introduction.

GraniteShares Platinum Trust (the “Trust”) is a trust formed under the laws of the State of New York.

The Trust does

not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”)

acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and GraniteShares

LLC, the sponsor of the Trust (the “Sponsor”).

The Trust issues Shares representing fractional undivided beneficial

interests in its net assets.

The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust

and responsible only to the Trustee.

Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect,

at any given time, the price of the platinum bullion owned by the Trust, less the Trust’s liabilities (anticipated to be

principally for accrued operating expenses), divided by the number of outstanding Shares.

The Trust does not engage in any activities

designed to obtain a profit from, or ameliorate losses caused by, changes in the price of platinum.

Trust issues and redeems Shares only in exchange for platinum, only in aggregations of 50,000 or integral multiples thereof (each,

a “Basket”), and only in transactions with registered broker-dealers or other securities market participants not required

to register as broker-dealers, such as a bank or other financial institution, that (1) are participants in DTC and (2) have previously

entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized

Participants”).

As of the date of this annual report the Authorized Participants that have signed an Authorized Participant

Agreement with the J.P.

Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., and Virtu Financial BD, LLC.

The Trust does not

have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as

trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and GraniteShares LLC, the

sponsor of the Trust (the “Sponsor”).

The Trust issues Shares representing fractional undivided beneficial interests in its

The assets of the Trust consist of platinum bullion held by a custodian as an agent of the Trust and responsible only to

Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any

given time, the price of the platinum bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally for

accrued operating expenses), divided by the number of outstanding Shares.

The Trust does not engage in any activities designed to obtain

a profit from, or ameliorate losses caused by, changes in the price of platinum.

Trust issues and redeems Shares only in exchange for platinum, only in aggregations of 50,000 or integral multiples thereof (each, a

“Basket”), and only in transactions with registered broker-dealers or other securities market participants not required to

register as broker-dealers, such as a bank or other financial institution, that (1) are participants in DTC and (2) have previously entered

into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”).

As of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the J.P.

Securities Inc., Merrill Lynch Professional Clearing Corp., and Virtu Financial BD, LLC.

of the Trust trade on the NYSE Arca under the symbol “PLTM”.

in the Shares does not insulate the investor from certain risks, including price volatility.

The following graph illustrates the

movement in the net asset value (“NAV”) of the Shares against the corresponding platinum price (per 1/100 of an oz.

of platinum) since inception:

The following graph illustrates the movement

in the net asset value (“NAV”) of the Shares against the corresponding platinum price (per 1/100 of an oz.

of platinum) since

per Share vs.

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See Note 1 to the Financial Statements

divergence of the NAV per Share from the platinum price over time reflects the cumulative effect of the Trust expenses that arise

if an investment had been held since inception.

divergence of the NAV per Share from the platinum price over time reflects the cumulative effect of the Trust expenses that arise if

an investment had been held since inception.

Accounting Policy

financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United

States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s

financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting

Below we describe the valuation of platinum bullion, a critical accounting policy that we believe is important to understanding

our results of operations and financial position.

In addition, please refer to Note 2 to the Financial Statements for further

discussion of our accounting policies.

financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial

position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

we describe the valuation of platinum bullion, a critical accounting policy that we believe is important to understanding our results

of operations and financial position.

In addition, please refer to Note 2 to the Financial Statements for further discussion of our accounting

is held by the Custodian on behalf of the Trust.

Platinum is recorded at fair value.

The cost of platinum is determined according

to the average cost method and the fair value is based on the LBMA Platinum Price PM.

Realized gains and losses on transfers of

platinum, or platinum distributed for the redemption of Shares, are calculated on a trade date basis as the difference between

the fair value and cost of platinum transferred.

The cost of platinum is determined according to

the average cost method and the fair value is based on the LBMA Platinum Price PM.

Realized gains and losses on transfers of platinum,

or platinum distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and

cost of platinum transferred.

June 30, 2021

June 30, 2020

(Amounts in 000’s of US$)

Investment in platinum -

Unrealized gain

/ (loss) on investment in platinum

Investment in

platinum - fair value

the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year,

visit the premises of the Custodian for the purpose of examining the Trust’s platinum and certain related records maintained

by the Custodian.

Investment in platinum - cost

Unrealized gain / (loss) on investment in platinum

Investment in platinum - fair value

the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit

the premises of the Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian.

Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by them.

most recent inspection by Inspectorate International Limited, a leading commodity inspection and testing company retained by the

Sponsor, of the Custodian was conducted as of June 30, 2020.

Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its

liquidity needs.

In exchange for a fee (the “Sponsor’s Fee”), the Sponsor has agreed to assume most of the expenses

incurred by the Trust.

As a result, the only expense of the Trust during the period covered by this report was the Sponsor’s

The Trust’s only source of liquidity is its transfers and sales of platinum.

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the

Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell platinum to pay the Sponsor’s Fee

but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor.

At June 30, 2020 the Trust did not

have any cash balances.

recent inspection by Inspectorate International Limited, a leading commodity inspection and testing company retained by the Sponsor,

of the Custodian was conducted as of July 8, 2021

Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity

In exchange for a fee (the “Sponsor’s Fee”), the Sponsor has agreed to assume most of the expenses incurred

by the Trust.

As a result, the only expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trust’s

only source of liquidity is its transfers and sales of platinum.

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the Trust’s

expenses not otherwise assumed by the Sponsor.

The Trustee will not sell platinum to pay the Sponsor’s Fee but will pay the Sponsor’s

Fee through in-kind transfers of platinum to the Sponsor.

At June 30, 2021 the Trust did not have any cash balances.

of Financial Results

June 30, 2021

June 30, 2020

(Amounts in 000’s of US$)

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Change in net assets from operations

Net increase (decrease) in net assets

Net increase (decrease) in net assets per share

year ended June 30, 2021

Trust’s NAV increased from $8,845,503 on June 30, 2020 to $37,477,854 on June 30, 2021, a 324% increase for the year.

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 450,000 Shares

on June 30, 2019 to 1,100,000 Shares on June 30, 2020, a result of 1,100,000 Shares (22 Baskets) being created and 450,000 Shares

(9 Baskets) being redeemed during that period

in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 1,100,000 Shares on June 30, 2020

to 3,600,000 Shares on June 30, 2021, a result of 2,650,000 Shares (53 Baskets) being created and 150,000 Shares (3 Baskets) being redeemed

during that period

NAV per Share increased 29.5% from $8.04 on June 30, 2020 to $10.41 on June 30, 2021.

The price per ounce of platinum increased 30.1%

from $814.00 on June 30, 2020 to $1059.00 on June 30, 2021.

The Trust’s NAV per Share increased slightly less than the price per

ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $130,460 for the year, or 0.50% of the Trust’s

assets on an annualized basis.

year ended June 30, 2020

Trust’s NAV increased from $3,654,518 on June 30, 2019 to $8,845,503 on June 30, 2020, a 142% increase for the year.

in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 450,000 Shares on June 30, 2019 to

1,100,000 Shares on June 30, 2020, a result of 1,100,000 Shares (22 Baskets) being created and 450,000 Shares (9 Baskets) being redeemed

during that period

NAV per Share decreased 0.99% from $8.12 on June 30, 2019 to $8.04 on June 30, 2020.

1 unchanged sentence

from $818.00 on June 30, 2019 to $814.00 on June 30, 2020.

The Trust’s NAV per Share decreased slightly more than

the price per ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $37,135 for the year, or 0.50%

of the Trust’s assets on an annualized basis.

year ended June 30, 2019

Trust’s NAV decreased from $3,820,888 on June 30, 2018 to $3,654,618 on June 30, 2019, a 4.35% decrease for the year.

decrease in the Trust’s NAV resulted primarily from the change in platinum price as there was no change in number of Outstanding

Shares during that period.

a post stock split basis (see Note 1 to the Financial Statements), the NAV per Share decreased 4.36% from $8.49 on June 30, 2018

to $8.12 on June 30, 2019.

The price per ounce of platinum decreased 3.88% from $851.00 on June 30, 2018 to $818.00 on June 30,

The Trust’s NAV per Share decreased slightly more than the price per ounce of platinum on a percentage basis due to

the Sponsor’s Fee, which was $18,482 for the year, or 0.50% of the Trust’s assets on an annualized basis.

The Trust’s NAV per Share decreased slightly more than the price per

ounce of platinum on a percentage basis due to the Sponsor’s Fee, which was $37,135 for the year, or 0.50% of the Trust’s

assets on an annualized basis.

Sheet Arrangements

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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 5. Market for Registrant’s Common Equity