What changed in this filing

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Item 1. Financial Statements

2021-11-05 compared with 2021-05-05 · 87 added, 202 removed, 195 unchanged (60% of the section changed)

1 unchanged sentence

of Assets and Liabilities

March 31, 2021 (unaudited) and June 30, 2020

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

March 31, 2021

September 30, 2021 (unaudited) and June 30, 2021

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

September 30, 2021

June 30, 2021

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$ 37,579 and $ 37,168 , respectively.

par value, unlimited amount authorized.

No par value, unlimited amount authorized.

Notes to the Financial Statements

of Investments

March 31, 2021 (unaudited) and June 30, 2020

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

March 31, 2021 (unaudited)

September 30, 2021 (unaudited) and June 30, 2021

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

September 30, 2021 (unaudited)

Total investment

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Notes to the Financial Statements

of Operations (uaudited)

the three and nine months ended March 31, 2021 and 2020

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

March 31, 2021

March 31, 2020

March 31, 2021

March 31, 2020

of Operations (Unaudited)

the three months ended September 30, 2021 and 2020

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

Three Months Ended September 30, 2021 (unaudited)

Three Months Ended September 30, 2020 (unaudited)

Total expenses

Net investment loss

Net realized and unrealized gain (loss)

Net realized and unrealized gains (losses)

Net realized gain (loss) from:

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Net increase (decrease) in net assets per share

Weighted average number of shares (in 000’s)

do not round to $1.

Weighted average number of shares (in 000’s)

Notes to the Financial Statements

of Changes in Net Assets (Unaudited)

the three and nine months ended March 31, 2021 and 2020

Amounts in 000’s of US$

March 31, 2020

Net Assets –

beginning of the period

Creation of 1,500,000, 600,000, 2,650,000 and 950,000 shares respectively

Redemption of 0, 400,000, 150,000 and 400,000 shares respectively

the three months ended September 30, 2021 and 2020

Amounts in 000’s of US$

Three Months Ended September 30, 2021 (unaudited)

Three Months Ended September 30, 2020 (unaudited)

Net Assets – beginning of the period

Creations of 50,000 and 600,000 shares respectively

Redemptions of 0 and 0 shares respectively

Net investment loss

Net realized gain (loss) platinum bullion sold to pay expenses

Net realized gain (loss) from platinum bullion distributed for redemption

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

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

Net Assets –

end of period

Net Assets – end of period

do not round to $1

1 unchanged sentence

Highlights (Unaudited)

the three and nine months ended March 31, 2021 and 2020

the three months ended September 30, 2021 and 2020

Per Share Performance

(for a Share outstanding throughout each period)

March 31, 2020

Months Ended September 30, 2020

Net asset value per Share at beginning of period

Net investment loss (1)

Net realized and unrealized gain (loss) on investment in platinum

Net investment gain (loss) (1)

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

Net change in net assets from operations

Net asset value per Share, at end of period

Total return, at net asset value (2)

Net assets ($000’s)

Total return ratio, at net asset value (2)

Net assets ($000’s)

Ratio to average net assets

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GraniteShares

Platinum Trust (the “Trust”) is an investment trust formed on January 11, 2018 under New York law pursuant to a trust indenture.

The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance

of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation

Platinum Trust (the “Trust”) is an investment trust formed on January 11, 2018 under New York law pursuant to a trust indenture.

The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance

of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation

of financial statements.

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objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that

time less the Trust’s accrued expenses and liabilities as of that time.

The Shares are intended to constitute a simple and cost-effective

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information of the Trust.

Therefore, the split did not change the aggregate net asset value of a shareholder’s investment at the

time of the split.

fiscal year end for the Trust is June 30.

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

Significant accounting policies

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

Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes,

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

Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes,

the Trust is classified as an Investment Company.

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Valuation of Platinum

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

ASC 820 provides guidance for determining fair

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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 platinum is determined according to the average cost method and the fair value is based on the London

Bullion Market Association (“LBMA”) Platinum Price PM.

Platinum Price PM is the price per troy ounce of platinum, stated in U.S.

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These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s

own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based

on the best information available.

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

Expenses, realized gains and losses

Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate

equal to 0.50% of the adjusted daily net asset value of the Trust, paid monthly in arrears.

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and

out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United

States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain

Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate

equal to 0.50 % of the adjusted daily

net asset value of the Trust, paid monthly in arrears.

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and

out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United

States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain

legal expenses.

of March 31, 2021, the fees payable to the Sponsor were $17,707.

As of June 30, 2020, the fees payable to the Sponsor were $3,601.

of period ended September 30, 2021, the fees payable to the Sponsor were $ 14,237 .

As of year ended June 30, 2021, the fees payable to

the Sponsor were $ 16,393 .

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

sell the Trust’s platinum as necessary to pay these expenses.

When selling platinum to pay expenses, the Trustee will endeavor

to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets other

than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2021 and

Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended September 30, 2021 and 2020.

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

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on a trade date basis using the average cost method.

Receivable and Payable

Platinum Receivable and Payable

receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption of Shares

respectively, where the platinum has not yet been transferred to or from the Trust’s account.

Generally, ownership of the platinum

1 unchanged sentence

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.

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or the Trust to effect any sale or resale of shares.

Trust is classified as a “grantor trust”

for United States federal income tax purposes.

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”

the Shareholders, and the Trustee will report the Trust’s income, gains, losses and deductions to the Internal Revenue Service

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.

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

that no reserves for uncertain tax positions are required as of March 31, 2021 and June 30, 2020.

Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether

the tax positions are “more-likely-than-not”

to be sustained by the applicable tax authority.

that no reserves for uncertain tax positions are required as of September 30, 2021 and June 30, 2021.

Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether

the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

Tax positions not deemed to

2 unchanged sentences

years are those years that are open for examination by the relevant income taxing authority.

As of March 31, 2021, the 2020, 2019 and

2018 tax years remain open for examination.

of September 30, 2021, the 2020, 2019 and 2018 tax years remain open for examination.

Emerging Growth Company qualification

Trust is an “emerging growth company”

as defined in the JOBS Act, and as such, is permitted to meet reduced public company

Trust is an “emerging growth company” as defined in the JOBS Act, and as such, is permitted to meet reduced public company

reporting requirements.

Investment in platinum

in ounces of platinum and their respective values for the nine months ended March 31, 2021.

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

in ounces of platinum and their respective values for the period ended September 30, 2021:

Schedule of Investment in Platinum

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

Opening balance as of June 30, 2021

1 unchanged sentence

Platinum distributed

Change in unrealized appreciation

Ending balance as of March 31, 2021

Change in unrealized appreciation (depreciation)

Ending balance as of September 30, 2021

in ounces of platinum and their respective values for the fiscal year ended June 30, 2021:

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

Opening balance as of June 30, 2020

1 unchanged sentence

Platinum distributed

Change in unrealized depreciation

( 1,586.874 )

Change in unrealized appreciation (depreciation)

Ending balance as of June 30, 2021

Related parties –

Sponsor and Trustee

Related parties – Sponsor and Trustee

fee is paid to the Sponsor as compensation for services performed under the Trust Agreement.

In exchange for the Sponsor’s fee,

the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s fee and

out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration

the Trustee’s fee and

out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration

fees, printing and mailing costs, audit fees and expenses, and up to $ 100,000 per annum in legal fees and expenses.

The Sponsor’s

fee is payable at an annualized rate of 0.50% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business

Day’s Net Asset Value and paid monthly in arrears.

Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of

The Sponsor’s

fee is payable at an annualized rate of 0.50 % of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business

Day’s Net Asset Value and paid monthly in arrears.

Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of

Presently, the Sponsor does not intend to waive any part of its fee.

3 unchanged sentences

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 platinum.

3 unchanged sentences

demand, industrial demand, jewelry demand and investment demand;

(ii) investors’

expectations with respect to the rate of inflation;

(ii) investors’ expectations with respect to the rate of inflation;

(iii) currency exchange rates;

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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

the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates)

Indemnification footnote

the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates)

and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability,

9 unchanged sentences

shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust.

The Trust’s maximum exposure

under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2 unchanged sentences

requiring adjustment of the financial statements or additional disclosures.

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 in Item 1 of Part

I of this Form 10-Q.

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

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

“should,”

“could,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

“potential”

or the negative of these terms or other comparable terminology.

Except as required by applicable disclosure laws,

neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual

results or to a change in the Sponsor’s expectations or predictions.

Trust is a common law trust, formed under the laws of the state of New York on January 11, 2018.

The Trust is not managed like a corporation

or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the Trustee pursuant to

the Trust Agreement.

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.

It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation

as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum, and to distribute platinum in connection

with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust.

The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s expenses.

The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of

investing in platinum.

Trust issues and redeems Shares only with Authorized Participants in exchange for platinum and 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.

of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PLTM”.

Computation of Net Asset Value

each business day, as soon as practicable after 4:00 p.m.

(New York time), the Trustee evaluates the platinum held by the Trust and determines

the net asset value of the Trust and the NAV.

The Trustee values the platinum held by the Trust using that day’s LBMA Platinum

If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s LBMA Platinum

Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of

the Trust from the value of the platinum and other assets of the Trust.

The result is the net asset value of the Trust.

The Trustee computes

the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

and Capital Resources

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

to its liquidity needs.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the

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

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 March 31, 2021 the Trust did not have any cash balances.

Sheet Arrangements

Trust has no off-balance sheet arrangements.

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.

the Trust describes the valuation of platinum bullion, a critical accounting policy that the Trust believes is important to understanding

its results of operations and financial position.

In addition, please refer to Note 2 to the financial statements included in this report

for further discussion of the Trust’s accounting policies.

of Operations

Quarter Ended March 31, 2021

Trust’s net asset value grew from $22,247,473 on December 31, 2020 to $41,883,719 on March 31, 2021, a 88.3% increase.

in the Trust’s net asset value over this period was in part due to an increase in the number of shares outstanding from 2,100,000

to 3,600,000, or 71.4%.

The 1,500,000 shares increase was the result of 30 creation orders (50,000 shares per creation and redemption

There were no redemption orders during the period.

The Trust’s net asset value also increased due to the positive change

in the price of platinum, which moved from $1,075.00 on December 31, 2020 to $1,182.00 on March 31, 2021, or 9.95%.

9.82% increase in the Trust’s net asset value per share, from $10.59 on December 31, 2020 to $11.63 on March 31, 2021 is directly

related to the 9.95% increase in the price of platinum.

Trust’s net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor’s

fees, which were $41,354 for the quarter, or 0.12% of the Trust’s average weighted net assets of $33,539,244 during the quarter.

The net asset value per share of $12.74 on February 19, 2021 was the highest during the quarter, compared with a low during the quarter

of $10.01 on January 11, 2021.

increase in net assets resulting from operations for the quarter ended March 31, 2021 was $1,978,521, resulting from an unrealized gain

on investment in platinum bullion of $2,015,991, increased by a gain of $3,884 on metal sold to cover the redemption orders and the Sponsor’s

fees but reduced by the Sponsor’s fees of $41,354.

Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Months Ended March 31, 2021

Trust’s net asset value grew from $8,845,503 on June 30, 2020 to $41,883,719 on March 31, 2021, a 374% increase.

The growth in

the Trust’s net asset value was in part due to an increase in the number of shares outstanding from 1,100,000 to 3,600,000 over

this period, or 227%.

The 2,500,000 shares increase was the net result of 53 creations orders and 3 redemption orders (50,000 shares

per creation and redemption order).

The growth in the Trust’s net asset value was also the result of a change in the price of platinum,

which increased 45.2% from $814.00 on June 30, 2020 to $1,182.00 on March 31, 2021.

44.7% increase in the Trust’s net asset value per share, from $8.04 on June 30, 2020, to $11.63 on March 31, 2021

is directly related to the 45.2% increase in the price of platinum.

Trust’s net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor’s

fees, which were $78,234 for the period, or 0.37% of the Trust’s average weighted net assets of $20,841,663 during the period.

The net asset value per share of $12.74 on February 19, 2021 was the highest during the period, compared with a low during the period

of $8.04 on July 05, 2020.

increase in net assets resulting from operations for the 9 months period ending March 31, 2021 was $5,714,940, resulting from an unrealized

gain on investment in platinum bullion of $5,813,105, decreased by (i) a loss of $19,931 on metal sold to cover the redemption orders

and the Sponsor’s fees, and (ii) the Sponsor’s fees of $78,234 Other than the Sponsor’s fees the Trust had no expenses

during the quarter.

Quantitative and Qualitative Disclosures About Market Risk

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-Q

Item 1. Financial Statements