What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2022-08-12 compared with 2021-08-13 · 133 added, 172 removed, 376 unchanged (45% of the section changed)

2 unchanged sentences

Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange

Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s

rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer

1 unchanged sentence

the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor

conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e) and 15d-15(e).

Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of June 30, 2022,

the Trust’s disclosure controls and procedures were effective.

have been no changes in the Trust’s or Sponsor’s internal control over financial reporting that occurred during the Trust’s

the Trust’s disclosure controls and procedures were effective.

have been no changes in the Trust’s or Sponsor’s internal control over financial reporting that occurred during the Trust’s

recently completed fiscal quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, the

Trust’s or Sponsor’s internal control over financial reporting.

Management’s

Trust’s or Sponsor’s internal control over financial reporting.

Report on Internal Control over Financial Reporting

Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined

under Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a process designed to

provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external

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pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of

the Trust’s assets;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance

with appropriate authorizations;

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s

assets that could have a material effect on the financial statements.

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conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer of the Sponsor assessed the effectiveness of the Trust’s

internal control over financial reporting as of June 30, 2022.

In making this assessment, they used the criteria set forth by the Committee

of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) .

Their assessment

included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness

of its internal control over financial reporting.

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The principals and executive officers of the Sponsor are as follows:

Rhind has been the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) of the Sponsor

since its inception on January 6, 2017.

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Rhind was the CEO of World Gold

Trust Services, LLC (“WGTS”) from September 2014 to February 2016.

WGTS is the sponsor of SPDR®

Gold Trust, the largest

Trust Services, LLC (“WGTS”) from September 2014 to February 2016.

WGTS is the sponsor of SPDR® Gold Trust, the largest

gold fund in the world, and is a wholly-owned subsidiary of the World Gold Council, a market development organization for the gold industry.

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From March 2007 to September 2013, Mr.

Rhind was employed by ETF Securities Ltd (“ETF Securities”), an independent exchange-traded

product provider, in a number of leadership roles, including as Managing Director from June 2009 to September 2013.

In that role, Mr.

Rhind managed the company’s U.S.

exchange traded fund business.

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Rhind is 43 years old.

Autier has been the Chief Accounting Officer (“CAO”) and Head of Products 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.

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As President,

Autier managed all aspects of implementation of ETF Securities’

platform for funds registered under the Investment Company

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

Act of 1940, as amended.

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Trust has no directors or executive officers.

The only ordinary expense paid by the Trust is the Sponsor’s Fee.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

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Principal Accounting Fees and Services

for services performed by Tait, Weller & Baker, LLP and KPMG LLP, for the fiscal years ended June 30, 2021 and 2020 respectively:

for services performed by Tait, Weller & Baker, LLP, for the fiscal years ended June 30, 2022 and 2021 respectively:

June 30, 2022

June 30, 2021

Audit fees –

Tait, Weller & Baker

Audit fees –

Audit related fees –

Tait, Weller & Baker

Audit related fees –

Fees are fees paid by the Sponsor to Tait Weller & Baker LLP and KPMG LLP for professional services for the audit of the Trust’s

Audit fees – Tait, Weller & Baker

Fees are fees paid by the Sponsor to Tait Weller & Baker LLP for professional services for the audit of the Trust’s

financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are

normally provided by the accountants in connection with regulatory filings or engagements.

Audit Related Fees are paid by the Sponsor

to Tait Weller & Baker LLP and KPMG LLP for assurance and related services that are reasonably related to the performance of the

audit or review of the Trust’s financial statements.

Policies and Procedures

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Amendment to License Agreement between The Bank of New York Mellon and GraniteShares LLC(2)

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

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

Chief Executive 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 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*

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

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

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

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

XBRL Instance Document

XBRL Taxonomy Extension

Schema Document

XBRL Taxonomy Extension

Calculation Document

XBRL Taxonomy Extension

Definitions Document

XBRL Taxonomy Extension

Labels Document

XBRL Taxonomy Extension

Presentation Document

Taxonomy Extension Schema Document

Taxonomy Extension Calculation Document

Taxonomy Extension Definitions Document

Taxonomy Extension Labels Document

Taxonomy Extension Presentation Document

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

Filed herewith.

Previously filed as an exhibit to the Registrant’s Registration Statement on Form S-1 (333-221325), filed on November 03, 2017

and incorporated by reference herein.

Previously filed as an exhibit to the Registrant’s Registration Statement on Form S-1 (333-221325), filed on January 12, 2018 and

incorporated by reference herein.

Previously filed as an exhibit to the Registrant’s Registration Statement on Form 8-K (333-221325), filed on December 29, 2020

and incorporated by reference herein.

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GraniteShares

Sponsor of the GraniteShares

Platinum Trust

of the GraniteShares Platinum Trust

August 12, 2022

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Benoit Autier

Chief Accounting Officer

Accounting Officer

Registrant is a trust and the persons are signing in their capacities as officers of GraniteShares LLC, the Sponsor of the Registrant.

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STATEMENTS AS OF JUNE 30, 2022

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm (PCAOB ID:

Statements of Assets and Liabilities at June 30, 2022 and 2021

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OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Management of the Trust’s Sponsor and Shareholders of

GraniteShares

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on the Financial Statements

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

the schedule of investments, as of June 30, 2022 and 2021, the related statements of operations, the statements of changes in net assets,

and the financial highlights for each of the years in the two-year period ended June 30, 2021, and the related notes (collectively referred

to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the

financial position of the Trust as of June 30, 2021 and 2020, and the results of its operations, the changes in its net assets, and the

financial highlights for each of the years in the two-year period ended June 30, 2021, in conformity with accounting principles generally

accepted in the United States of America.

financial statements of the Trust, as of June 30, 2019, were audited by other auditors whose report, dated August 20, 2019, expressed

an unqualified opinion on those financial statements.

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

and the financial highlights for each of the years in the three-year period ended June 30, 2022, and the related notes (collectively

referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects,

the financial position of the Trust as of June 30, 2022 and 2021, 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, 2022, in conformity with accounting principles

generally accepted in the United States of America.

financial statements are the responsibility of the management of 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 Public Company Accounting

Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion

on the effectiveness of the Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

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critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated

or required to be communicated to management of the Trust’s Sponsor and that:

(1) relates to accounts or disclosures that are material

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of the evidence pertaining to the existence of the platinum holdings

disclosed in the schedule of investments, as of June 30, 2021, the Trust’s market value of platinum holdings was $37,494,248 representing

100% of the Trust’s total assets.

disclosed in the schedule of investments, as of June 30, 2022, the Trust’s market value of platinum holdings was $44,820,908 representing

100% of the Trust’s total assets.

All of the platinum holdings, which were 49,417 ounces of platinum as of June 30, 2022, were

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

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

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We obtained a schedule directly from the Custodian

of the Trust’s platinum holdings held by the Custodian as of June 30, 2021.

of the Trust’s platinum holdings held by the Custodian as of June 30, 2022.

We compared the total ounces on such schedule to the

Trust’s record of platinum holdings.

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

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.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

Trust’s record of platinum holdings.

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

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

Philadelphia,

GRANITESHARES

2 unchanged sentences

June 30, 2022 and 2021

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

Investment in platinum, at fair value (1)

3 unchanged sentences

Net asset value per Share

Cost of investment in platinum:

of investment in platinum:

$ 51,381 and $ 37,168 , respectively.

No par value, unlimited

amount authorized.

par value, unlimited amount authorized.

Notes to the Financial Statements

3 unchanged sentences

June 30, 2022 and 2021

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

June 30, 2022

Ounces of platinum

Total investment

1 unchanged sentence

June 30, 2021

Ounces of platinum

Total investment

5 unchanged sentences

the years ended June 30, 2022, 2021 and 2020

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

June 30, 2022

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Net increase (decrease) in net assets per share

$ (0.37 ) (1)

Weighted average number of shares (in 000’s)

Adjusted for effect of

The stock split was effective on March 21, 2019.

Weighted average number of shares (in 000’s)

Notes to the Financial Statements

3 unchanged sentences

the years ended June 30, 2022, 2021 and 2020

Amounts in 000’s of US$

June 30, 2022

1 unchanged sentence

June 30, 2020

Net Assets –

beginning of period

Creation of 2,650,000, 1,000,000 and –

shares respectively

Redemption of (150,000), (450,000) and –

shares respectively

Net Assets – beginning of year

Creation of 2,550,000 , 2,650,000 and 1,100,000 shares respectively

Redemption of ( 1,100,000 ), ( 150,000 ) and ( 450,000 ) shares respectively

Net investment income (loss)

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

Net Assets –

end of period

Net Assets – end of year

Notes to the Financial Statements

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Total return ratio, at net asset value

Net assets ($000’s)

Ratio to average net assets

Net investment loss

Adjusted for effects of stock split.

Stock split was

effective on March 21, 2019.

Calculated using the average shares outstanding method.

using the average shares outstanding method.

Notes to the Financial Statements

1 unchanged sentence

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.

1 unchanged sentence

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

means of making an investment similar to an investment in platinum.

March 11, 2019, the Trust announced a 10-for-1 Share split for all shareholders of record as of March 21, 2019.

The ticker symbol for

the Trust did not change, and the Trust continues to trade on the NYSE Arca.

The split was applied retroactively for all periods presented,

increasing the number of Shares outstanding for the Trust, and resulted in a proportionate decrease in the price per Share and per Share

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

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.

fees payable to the Sponsor were $16,393 as of June 30, 2021 and $3,601 as of June 30, 2020.

The Sponsor’s Fee was $130,460 for

the year ended June 30, 2021, or 0.50% of the Trust’s assets on an annualized basis, $37,135 for the year ended June 30, 2020,

or 0.50% of the Trust’s assets on an annualized basis, and $18,482 for the year ended June 30, 2019, or 0.50% of the Trust’s

fees payable to the Sponsor were $ 19,453 as of June 30, 2022 and $ 16,393 of June 30, 2021.

The Sponsor’s Fee was $209,660 for the

year ended June 30, 2022, or 0.50% of the Trust’s assets on an annualized basis , $ 130,460 for the year ended June 30, 2021, or

0.50% of the Trust’s assets on an annualized basis , and $ 37,135 for the year ended June 30, 2020, or 0.50% of the Trust’s

assets on an annualized basis .

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 years ended June 30, 2021 and 2020.

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended June 30, 2022 and 2021.

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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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

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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.

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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.

1 unchanged sentence

that no reserves for uncertain tax positions are required as of June 30, 2022 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.

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

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

As of June 30, 2021, the 2021, 2020, 2019

and 2018 tax years remain open for examination.

As of June 30, 2022, the 2021, 2020 and2019

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.

1 unchanged sentence

in ounces of platinum and their respective values for the year ended June 30, 2022.

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

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 depreciation

( 10,975.474 )

Change in unrealized appreciation (depreciation)

Ending balance as of June 30, 2022

in ounces of platinum and their respective values for the 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.

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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.

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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 footnote

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

Indemnification

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.

3 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