What changed in this filing

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Item 9A. Controls and Procedures

2024-08-15 compared with 2023-08-14 · 116 added, 123 removed, 407 unchanged (37% of the section changed)

97 unchanged sentences

for services performed by Tait, Weller & Baker, LLP, for the fiscal years ended June 30, 2024 and 2023 respectively:

Audit fees – Tait, Weller

June 30, 2024

June 30, 2023

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

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

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 Act of 2002*

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

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

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

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

Chief 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 Act of 2002*

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

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

XBRL Instance Document

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STATEMENTS AS OF JUNE 30, 2024

of Independent Registered Public Accounting Firm (PCAOB ID:

of Assets and Liabilities at June 30, 2022 and 2021

of Investments at June 30, 2022 and 2021

of Operations for the fiscal period ended June 30, 2022, 2021 and 2020

of Changes in Net Assets for the fiscal period ended June 30, 2022, 2021 and 2020

Report of Independent Registered Public Accounting Firm (PCAOB ID:

Statements of Assets and Liabilities at June 30, 2024 and 2023

Schedules of Investments at June 30, 2024 and 2023

Statements of Operations for the fiscal period ended June 30, 2024, 2023 and 2022

Statements of Changes in Net Assets for the fiscal period ended June 30, 2024, 2023 and 2022

Highlights for the years ended June 30, 2024, 2023 and 2022

to the Financial Statements

Notes to the Financial Statements

taitweller.com

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

3 unchanged sentences

on the Financial Statements

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

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

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

3 unchanged sentences

the 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 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.

have served as the auditor of one or more GraniteShares LLC investment companies since 2019.

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

generally accepted

accounting principles.

financial statements are the responsibility of the management of the 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 Public Company Accounting Oversight Board (United States) (“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.

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provide a reasonable basis for our opinion.

Management of the Trust’s Sponsor and Shareholders

GraniteShares Platinum Trust

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

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Trust’s and Custodian’s record of holdings.

WELLER & BAKER LLP

Philadelphia,

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

GRANITESHARES

1 unchanged sentence

of Assets and Liabilities

June 30, 2023 and June 30, 2022

June 30, 2024 and 2023

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

in platinum, at fair value (1)

Fees payable to Sponsor

Total Liabilities

Shares issued and outstanding (2)

Net asset value per Share

payable to Sponsor

issued and outstanding (2)

asset value per Share

of investment in platinum:

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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

June 30, 2024

Ounces of platinum

Total investment

Liabilities in excess

of other assets

Liabilities in excess of other assets

June 30, 2023

Total investment

Liabilities in excess

of other assets

Liabilities in excess of other assets

Notes to the Financial Statements

3 unchanged sentences

the years ended June 30, 2024, 2023 and 2022

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

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

June 30, 2024

3 unchanged sentences

Net investment loss

Net realized and unrealized

gains (losses)

Net realized gain (loss)

Platinum bullion sold to

bullion distributed for the redemption of Shares

Net realized and unrealized gains (losses)

Net realized gain (loss) from:

Platinum sold to pay expenses

Platinum distributed for the redemption of Shares

Net realized gain (loss)

change in unrealized appreciation (depreciation)

realized and unrealized gain (loss)

Net increase (decrease)

in net assets resulting from operations

Net change in unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Net increase (decrease) in net assets per share

5 unchanged sentences

the years ended June 30, 2024, 2023 and 2022

in 000’s of US$

Amounts in 000’s of US$

June 30, 2024

1 unchanged sentence

June 30, 2022

Net Assets – beginning of

Creation of 350,000 , 2,550,000 and 2,650,000

shares respectively

Redemption of ( 1,400,000 ), ( 1,100,000 ) and

( 150,000 ) shares respectively

Net Assets – beginning of year

Creation of 850,000 , 350,000 and 2,550,000 shares respectively

Redemption of ( 450,000 ) , ( 1,400,000 ) and ( 1,100,000 ) shares respectively

Net investment income (loss)

Net realized gain (loss) from platinum bullion

sold to pay expenses

Net realized gain (loss) from platinum bullion

distributed for redemptions

Net change in unrealized

appreciation (depreciation) on investment in platinum bullion

Net Assets – end

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

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 year

Notes to the Financial Statements

7 unchanged sentences

June 30, 2022

Net asset value per Share at beginning

Net investment

income (loss) (1)

asset value per Share at beginning of year

investment income (loss) (1)

realized and unrealized gain (loss) on investment in platinum

change in net assets from operations

Net asset value per

Share at end of year

Total return ratio, at net

Total return ratio, at market price

Net assets ($000’s)

Ratio to average net assets

Net investment loss

asset value per Share at end of year

Market price per Share at end of year

return ratio, at net asset value

Total return ratio, at market value

assets ($000’s)

to average net assets

investment loss

using the average shares outstanding method.

18 unchanged sentences

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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vaulting premises.

99.82 % and 99.80 % of platinum is in the form of good delivery platinum

bars as of June 30, 2023 and 2022, respectively.

A current list of all platinum held by the Custodian is available on the sponsor’s

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.

99.84 % and 99.82 % of platinum is in the form of good delivery platinum bars as of June 30, 2024 and 2023, respectively.

A current list of all platinum held by the Custodian is available on the sponsor’s website.

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

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

14 unchanged sentences

on the best information available.

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

of Trust Investments Fair value

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

Schedule of Trust Investments Fair Value

(Amounts in 000’s of US$)

1 unchanged sentence

Investment in Platinum

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

(Amounts in 000’s of US$)

19 unchanged sentences

than platinum.

Other than the Sponsor’s Fee, the Trust had no expenses during years ended June 30, 2023, 2022 and 2021.

Other than the Sponsor’s Fee, the Trust had no expenses during the years ended June 30, 2024, 2023 and 2022.

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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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 platinum represented by the Baskets

being created or redeemed, the amount of which will be based on the combined 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 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 platinum represented by the Baskets being created or redeemed, the amount of which

will be based on the combined 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

that no reserves for uncertain tax positions are required as of June 30, 2024 and June 30, 2023.

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 meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open tax

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

of June 30, 2023, the 2023, 2022, 2021 and 2020 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

reporting requirements.

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

meet that threshold would be recorded as an expense in the current year.

The Trust is required to analyze all open tax years.

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

As of June 30, 2024, the 2024, 2023, 2022

and 2021 tax years remain open for examination .

Investment in Platinum

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

of Investment in Platinum

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, 2023

2 unchanged sentences

( 4,576.298 )

Change in unrealized

appreciation (depreciation)

Change in unrealized appreciation (depreciation)

Ending balance as of June 30, 2024

in ounces of platinum and their respective values for the year ended June 30, 2023.

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

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

Opening balance as of June 30, 2022

2 unchanged sentences

( 13,883.287 )

Change in unrealized

appreciation (depreciation)

Change in unrealized appreciation (depreciation)

Ending balance as of June 30, 2023

14 unchanged sentences

Concentration of risk

The Trust’s sole business activity

is the investment in platinum.

Trust’s sole business activity is the investment in platinum.

Several factors could affect the price of platinum, including:

(i) global platinum supply and demand,

which is influenced by factors such as production and cost levels in major platinum-producing countries, recycling, autocatalyst demand,

industrial demand, jewelry demand and investment demand;

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

currency exchange rates;

global platinum supply and demand, which is influenced by factors such as production and cost levels in major platinum-producing countries,

recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand;

(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) global

or regional political, economic or financial events and situations.

In addition, there is no assurance that platinum will maintain its

long-term value in terms of purchasing power in the future.

In the event that the price of platinum 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 platinum will maintain its long-term value in terms of purchasing power in the future.

In the event that the price of platinum 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

17 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