# EDGAR Filing Document

**Accession Number:** 0001689873
**File Stem:** 0001049169-25-000744
**Filing Date:** 2025-11
**Character Count:** 141623
**Document Hash:** 903842f5be788522978bdde6ab8631de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000744.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001049169-25-000744

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GraniteShares ETF Trust
- **CENTRAL INDEX KEY:** 0001689873

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23214
- **FILM NUMBER:** 251517162

**BUSINESS ADDRESS:**
- **STREET 1:** 222 BROADWAY
- **STREET 2:** 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10038
- **BUSINESS PHONE:** 9173380565

**MAIL ADDRESS:**
- **STREET 1:** 222 BROADWAY
- **STREET 2:** 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10038

## Series and Classes Contracts Data

### GraniteShares 1x Short COIN Daily ETF (Series ID: S000081153)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243824 | GraniteShares 1x Short COIN Daily ETF |  |

## Nport-Ex

**GraniteShares ETF Trust** 

**Notes to Quarterly Schedules of Investments** 

**September 30, 2025 (Unaudited)**

**1.** **FAIR VALUE MEASUREMENT** 

The Financial Accounting Standards Board (FASB) established a framework for measuring fair value in accordance with U.S. GAAP. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the exchange traded fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities. |
| Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The hierarchy classification of inputs used to value each Fund's investments is disclosed at the end of the Fund's Schedule of Investments.

**2.** **CONSOLIDATED SUBSIDIARY** 

The GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF invests in certain commodity-related investments through GraniteShares BCOM Cayman Limited, a wholly-owned subsidiary (the "Subsidiary").

The following table reflects the net assets of the Subsidiary as a percentage of the GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF's net assets at **September 30, 2025**:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Wholly Owned Subsidiary** | **Value** | **Percentage of Fund's Net Assets** |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | GraniteShares BCOM<br> Cayman Limited | $13688534 | 15.37% |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Consolidated Schedule of Investments** |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 86.00%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 4.282% , 10/16/2025 | $28000000 | $27952760 |
| United States Treasury Bill, 4.176% , 11/13/2025 | 15000000 | 14928244 |
| United States Treasury Bill, 3.914% , 12/18/2025 <sup>(b)</sup> | 34000000 | 33715658 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $76,586,891)** |  | 76596662 |
| **TOTAL INVESTMENTS - 86.00%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $76,586,891)** |  | $76596662 |
| **Other Assets In Excess Of Liabilities - 14.00%** |  | 12467944 <sup>(c)</sup> |
| **NET ASSETS (100.00%)** |  | $89064606 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *A portion or all of the security is owned by GraniteShares BCOM Cayman Limited, a wholly-owned subsidiary of the Fund. See Note 2.*

*<sup>(c)</sup>* *Includes cash which is being held as collateral for futures contracts.*

At September 30, 2025, open futures contracts were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration <br> Date** | **Contract<br> Type** | **Notional<br> Amount** | **Value/Unrealized <br> Appreciation** | **Value/Unrealized<br> Depreciation** |
| Brent Crude<sup>(a)</sup> | 85 | 11/28/25 | Long | $5577700 |  | $(32640) |
| Coffee 'C'<sup>(a)</sup> | 21 | 12/18/25 | Long | 2951944 | 521138 |  |
| Copper<sup>(a)</sup> | 42 | 12/29/25 | Long | 5099325 | 339450 |  |
| Corn<sup>(a)</sup> | 201 | 12/12/25 | Long | 4175775 | 128612 |  |
| Cotton No.2<sup>(a)</sup> | 38 | 12/08/25 | Long | 1249630 |  | (41015) |
| Gasoline RBOB<sup>(a)</sup> | 21 | 10/31/25 | Long | 1695469 | 44827 |  |
| Gold 100 Oz<sup>(a)</sup> | 44 | 12/29/25 | Long | 17042079 | 2066450 |  |
| KC Hard Red Winter Wheat<sup>(a)</sup> | 54 | 12/12/25 | Long | 1343925 |  | (100175) |
| Lean Hogs<sup>(a)</sup> | 45 | 12/12/25 | Long | 1597050 | 5510 |  |
| Live Cattle<sup>(a)</sup> | 38 | 12/31/25 | Long | 3568580 | 18800 |  |
| LME Lead<sup>(a)</sup> | 16 | 11/17/25 | Long | 788476 |  | (14030) |
| LME Nickel<sup>(a)</sup> | 21 | 11/17/25 | Long | 1909464 |  | (14547) |
| LME Primary Aluminum<sup>(a)</sup> | 54 | 11/17/25 | Long | 3619580 | 93857 |  |
| LME Zinc<sup>(a)</sup> | 26 | 11/17/25 | Long | 1934602 | 93596 |  |
| Low Sulphur Gasoil<sup>(a)</sup> | 34 | 11/12/25 | Long | 2335800 | 120250 |  |
| Natural Gas<sup>(a)</sup> | 210 | 10/29/25 | Long | 6936299 |  | (249381) |
| NY Harbor ULSD<sup>(a)</sup> | 18 | 10/31/25 | Long | 1757020 | 59351 |  |
| Silver<sup>(a)</sup> | 24 | 12/29/25 | Long | 5596800 | 946380 |  |
| Soybean<sup>(a)</sup> | 98 | 11/14/25 | Long | 4908575 |  | (143513) |
| Soybean Meal<sup>(a)</sup> | 95 | 12/12/25 | Long | 2596350 |  | (303900) |
| Soybean Oil<sup>(a)</sup> | 111 | 12/12/25 | Long | 3296034 | 38484 |  |
| Sugar #11<sup>(a)</sup> | 113 | 02/27/26 | Long | 2100896 | 17349 |  |
| Wheat (CBT)<sup>(a)</sup> | 85 | 12/12/25 | Long | 2159000 |  | (104863) |
| WTI Crude<sup>(a)</sup> | 78 | 10/21/25 | Long | 4864860 | 10930 | – |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | 4504984 | (1004064) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation |  |  |  |  | $3500920 | $– |

---

*<sup>(a)</sup>* *A portion or all of the security is owned by GraniteShares BCOM Cayman Limited, a wholly-owned subsidiary of the Fund. See Note 2.*

**GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $76596662 | $– | $76596662 |
| Total | $– | $76596662 | $– | $76596662 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Futures Contracts | 3500920 | – | – | 3500920 |
| Total | $3500920 | $– | $– | $3500920 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares HIPS U.S. High Income ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 84.52%** | **COMMON STOCKS - 84.52%** | **COMMON STOCKS - 84.52%** |
| **Capital Markets - 31.58%** |  |  |
| Allspring Multi-Sector Income Fund | 335015 | $3209444 |
| BlackRock TCP Capital Corp. | 350722 | 2174476 |
| Fidus Investment Corp. | 145333 | 2944447 |
| FS KKR Capital Corp. | 141058 | 2105996 |
| Goldman Sachs BDC, Inc. | 256818 | 2611839 |
| Golub Capital BDC, Inc. | 202585 | 2773389 |
| Morgan Stanley Emerging Markets Debt Fund, Inc. | 401260 | 2957286 |
| Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 683839 | 3679054 |
| New Mountain Finance Corp. | 271956 | 2621656 |
| Nuveen Churchill Direct Lending Corp. | 183217 | 2528395 |
| Oaktree Specialty Lending Corp. | 201490 | 2629445 |
| PennantPark Floating Rate Capital, Ltd. | 279900 | 2488311 |
| Trinity Capital, Inc. | 212465 | 3288957 |
| Total Capital Markets |  | 36012695 |
| **Energy Equipment & Services - 2.73%** |  |  |
| USA Compression Partners LP<sup>(a)</sup> | 129907 | 3117768 |
| **Equity Real Estate Investment Trust (REIT) - 5.73%** |  |  |
| Global Net Lease, Inc. | 424343 | 3449908 |
| MFS Charter Income Trust | 480950 | 3087699 |
| Total Equity Real Estate Investment Trust (REIT) |  | 6537607 |
| **Independent Power and Renewable Electricity Producers - 1.55%** |  |  |
| XPLR Infrastructure LP<sup>(b)</sup> | 173367 | 1763142 |
| **Mortgage Real Estate Investment Trust (REIT) - 19.93%** |  |  |
| AGNC Investment Corp. | 333908 | 3268959 |
| Annaly Capital Management, Inc. | 168027 | 3395826 |
| Ellington Financial, Inc. | 252992 | 3283836 |
| Franklin BSP Realty Trust, Inc. | 245762 | 2668975 |
| MFA Financial, Inc. | 303464 | 2788834 |
| PennyMac Mortgage Investment Trust | 243424 | 2984378 |
| Ready Capital Corp. | 452849 | 1752526 |
| Two Harbors Investment Corp. | 260610 | 2572221 |
| Total Mortgage Real Estate Investment Trust (REIT) |  | 22715555 |
| **Oil, Gas & Consumable Fuels - 20.25%** |  |  |
| Alliance Resource Partners LP<sup>(a)</sup> | 118071 | 2985425 |
| Black Stone Minerals LP<sup>(a)</sup> | 210447 | 2765274 |
| Delek Logistics Partners LP<sup>(a)</sup> | 72953 | 3322280 |
| Dorchester Minerals LP<sup>(a)</sup> | 91246 | 2362359 |
| Enterprise Products Partners LP<sup>(a)</sup> | 97611 | 3052296 |
| Hess Midstream LP, Class A | 82610 | 2854176 |
| Kimbell Royalty Partners LP | 189166 | 2551849 |
| MPLX LP<sup>(a)</sup> | 64057 | 3199647 |
| Total Oil, Gas & Consumable Fuels |  | 23093306 |
| **Specialized REITs - 2.75%** |  |  |
| Outfront Media, Inc. | 171052 | 3133673 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $102,218,253)** |  | 96373746 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 15.43%** |  |  |
| BlackRock Debt Strategies Fund, Inc. | 285507 | $3032084 |
| BlackRock Limited Duration Income Trust | 217573 | 3046022 |
| BlackRock Multi-Sector Income Trust | 210136 | 2813721 |
| First Trust Senior Floating Rate Income Fund II | 295710 | 2957100 |
| Franklin, Ltd. Duration Income Trust | 465583 | 2965764 |
| Nuveen Floating Rate Income Fund | 340224 | 2783032 |
| **TOTAL INVESTMENT COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $17,597,062)** |  | 17597723 |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 43.75%<sup>(c)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $50000000 | 49887813 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $49,894,313)** |  | 49887813 |
| **TOTAL INVESTMENTS - 143.70%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $169,709,628)** |  | $163859282 |
| **Liabilities In Excess Of Other Assets - (43.70%)** |  | (49832518) |
| **NET ASSETS (100.00%)** |  | $114026764 |

---

*<sup>(a)</sup>* *Master Limited Partnership ("MLP").*

*<sup>(b)</sup>* *Non-Income Producing Security.*

*<sup>(c)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

**GraniteShares HIPS U.S. High Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $96373746 | $– | $– | $96373746 |
| Investment Companies | 17597723 |  |  | 17597723 |
| United States Treasury Obligations | – | 49887813 | – | 49887813 |
| Total | $113971469 | $49887813 | $– | $163859282 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares Nasdaq Select Disruptors ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 99.86%** |  |  |
| **Biotechnology - 4.71%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 1639 | $747384 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 3122 | 438266 |
| United Therapeutics Corp.<sup>(a)</sup> | 1435 | 601566 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2522 | 987716 |
| Total Biotechnology |  | 2774932 |
| **Electronic Equipment, Instruments & Components - 0.47%** |  |  |
| Ralliant Corp. | 6278 | 274537 |
| **Financial Services - 0.78%** |  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 6302 | 460550 |
| **Health Care Equipment & Supplies - 8.79%** |  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 12207 | 1191769 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 9502 | 738971 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 2917 | 1304571 |
| ResMed, Inc. | 2577 | 705402 |
| Stryker Corp. | 3352 | 1239134 |
| Total Health Care Equipment & Supplies |  | 5179847 |
| **Health Care Technology - 1.40%** |  |  |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 2771 | 825509 |
| **Hotels, Restaurants & Leisure - 0.97%** |  |  |
| Expedia Group, Inc. | 2679 | 572636 |
| **Interactive Media & Services - 15.08%** |  |  |
| Alphabet, Inc., Class A | 16335 | 3971039 |
| Meta Platforms, Inc., Class A | 5126 | 3764432 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 15431 | 496415 |
| Reddit, Inc.<sup>(a)</sup> | 2814 | 647192 |
| Total Interactive Media & Services |  | 8879078 |
| **IT Services - 6.53%** |  |  |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 3923 | 841837 |
| MongoDB, Inc.<sup>(a)</sup> | 1922 | 596550 |
| Okta, Inc.<sup>(a)</sup> | 4702 | 431173 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 4268 | 962647 |
| Twilio, Inc., Class A<sup>(a)</sup> | 4551 | 455510 |
| VeriSign, Inc. | 2014 | 563054 |
| Total IT Services |  | 3850771 |
| **Machinery - 0.82%** |  |  |
| Fortive Corp. | 9933 | 486618 |
| **Media - 0.86%** |  |  |
| Trade Desk, Inc., Class A<sup>(a)</sup> | 10335 | 506518 |
| **Pharmaceuticals - 6.94%** |  |  |
| Eli Lilly & Co. | 3374 | 2574362 |
| Merck & Co., Inc. | 17974 | 1508558 |
| Total Pharmaceuticals |  | 4082920 |
| **Semiconductors & Semiconductor Equipment - 10.51%** |  |  |
| Broadcom, Inc. | 11979 | 3951992 |
| KLA Corp. | 1323 | 1426988 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 99.86% (continued)** |  |  |
| **Semiconductors & Semiconductor Equipment - 10.51% (continued)** |  |  |
| NXP Semiconductors NV | 3545 | $807303 |
| Total Semiconductors & Semiconductor Equipment |  | 6186283 |
| **Software - 41.04%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 3657 | 1290007 |
| Autodesk, Inc.<sup>(a)</sup> | 2875 | 913301 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 3027 | 1063264 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2642 | 1295585 |
| Datadog, Inc., Class A<sup>(a)</sup> | 5663 | 806411 |
| Docusign, Inc.<sup>(a)</sup> | 5979 | 431026 |
| Dynatrace, Inc.<sup>(a)</sup> | 8997 | 435905 |
| Fair Isaac Corp.<sup>(a)</sup> | 445 | 665956 |
| Fortinet, Inc.<sup>(a)</sup> | 9967 | 838025 |
| HubSpot, Inc.<sup>(a)</sup> | 1131 | 529082 |
| Microsoft Corp. | 11313 | 5859568 |
| Nutanix, Inc.<sup>(a)</sup> | 7133 | 530624 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 12363 | 2255258 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 6373 | 1297670 |
| PTC, Inc.<sup>(a)</sup> | 2433 | 493948 |
| Salesforce, Inc. | 6355 | 1506135 |
| ServiceNow, Inc.<sup>(a)</sup> | 1587 | 1460484 |
| Synopsys, Inc.<sup>(a)</sup> | 1965 | 969511 |
| Workday, Inc., Class A<sup>(a)</sup> | 3458 | 832444 |
| Zscaler, Inc.<sup>(a)</sup> | 2286 | 685023 |
| Total Software |  | 24159227 |
| **Technology Hardware, Storage & Peripherals - 0.96%** |  |  |
| Pure Storage, Inc.<sup>(a)</sup> | 6761 | 566639 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $42,255,661)** |  | 58806065 |
| **TOTAL INVESTMENTS - 99.86%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $42,255,661)** |  | $58806065 |
| **Other Assets In Excess Of Liabilities - 0.14%** |  | 81992 |
| **NET ASSETS (100.00%)** |  | $58888057 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

**GraniteShares Nasdaq Select Disruptors ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $58806065 | $– | $– | $58806065 |
| Total | $58806065 | $– | $– | $58806065 |

---

**GraniteShares ETF Trust**

**Notes to Quarterly Schedules of Investments**

**September 30, 2025 (Unaudited)**

**1.** **FAIR VALUE MEASUREMENT** 

The Financial Accounting Standards Board (FASB) established a framework for measuring fair value in accordance with U.S. GAAP. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the exchange traded fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The hierarchy classification of inputs used to value each Fund's investments is disclosed at the end of the Fund's Schedule of Investments.

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long BABA Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 101.30%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $220000000 | $219506375 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $219,534,975)** |  | 219506375 |
| **TOTAL INVESTMENTS - 101.30%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $219,534,975)** |  | $219506375 |
| **Liabilities In Excess Of Other Assets - (1.30%)** |  | (2825514)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $216680861 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Clear Street, LLC | Alibaba Group Holding, Ltd. | $68757898 | OBFR01 | 125 bps | Monthly | Receive | 11/04/2025 | $129713834 | $60955936 |
| TD Cowen | Alibaba Group Holding, Ltd. | 52828703 | OBFR01 | 200 bps | Monthly | Receive | 07/01/2026 | 106970977 | 54142274 |
| Wells Fargo | Alibaba Group Holding, Ltd. | 150985927 | FEDL01 | 200 bps | At Termination | Receive | 03/13/2026 | 196674492 | 45688565 |
| TOTAL |  | $272572528 |  |  |  |  |  | $433359303 | $160786775 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

**GraniteShares 2x Long BABA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $219506375 | $– | $219506375 |
| Total | $– | $219506375 | $– | $219506375 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $160786775 | $– | $160786775 |
| Total | $– | $160786775 | $– | $160786775 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long META Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 113.14%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $170000000 | $169618563 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $169,640,663)** |  | 169618563 |
| **TOTAL INVESTMENTS - 113.14%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $169,640,663)** |  | $169618563 |
| **Liabilities In Excess Of Other Assets - (13.14%)** |  | (19695360)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $149923203 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Clear Street, LLC | Meta Platforms, Inc. | $154183473 | OBFR01 | 100 bps | Monthly | Receive | 10/19/2027 | $211485284 | $57301811 |
| Goldman Sachs | Meta Platforms, Inc. | 19479699 | SOFRRATE | 200 bps | Monthly | Receive | 06/15/2026 | 19681384 | 201685 |
| TD Cowen | Meta Platforms, Inc. | 53017305 | OBFR01 | 200 bps | Monthly | Receive | 07/01/2026 | 68972969 | 15955664 |
| TOTAL |  | $226680477 |  |  |  |  |  | $300139637 | $73459160 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long META Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $169618563 | $– | $169618563 |
| Total | $– | $169618563 | $– | $169618563 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $73459160 | $– | $73459160 |
| Total | $– | $73459160 | $– | $73459160 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long NVDA Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 237.88%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $11400000000 | $11374421250 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $11,375,903,250)** |  | 11374421250 |
| **TOTAL INVESTMENTS - 237.88%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $11,375,903,250)** |  | $11374421250 |
| **Liabilities In Excess Of Other Assets - (137.88%)** |  | (6592786394)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $4781634856 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Bank of America | NVIDIA Corp. | $280559611 | OBFR01 | 350 bps | Monthly | Receive | 01/29/2027 | $462811690 | $182252079 |
| BMO Capital | NVIDIA Corp. | 358349965 | SOFRRATE | 375 bps | At Termination | Receive | 02/02/2026 | 495743060 | 137393095 |
| Cantor Fitzgerald | NVIDIA Corp. | 310964157 | OBFR01 | 425 bps | Monthly | Receive | 08/10/2026 | 401426870 | 90462713 |
| Clear Street, LLC | NVIDIA Corp. | 2085044303 | OBFR01 | 600 bps | Monthly | Receive | 10/19/2027 | 4935445879 | 2850401576 |
| Goldman Sachs | NVIDIA Corp. | 408088821 | SOFRRATE | 300 bps | Monthly | Receive | 11/04/2025 | 701391536 | 293302715 |
| Natixis SA | NVIDIA Corp. | 613700791 | FEDL01 | 450 bps | Monthly | Receive | 01/30/2026 | 1306612277 | 692911486 |
| Nomura Holdings, Inc. | NVIDIA Corp. | 270073146 | SOFRRATE | 375 bps | Monthly | Receive | 05/01/2026 | 285299478 | 15226332 |
| TD Cowen | NVIDIA Corp. | 275387100 | OBFR01 | 200 bps | Monthly | Receive | 07/01/2026 | 526155600 | 250768500 |
| Wells Fargo | NVIDIA Corp. | 194391787 | FEDL01 | 200 bps | At Termination | Receive | 12/02/2025 | 445084724 | 250692937 |
| TOTAL |  | $4796559681 |  |  |  |  |  | $9559971114 | $4763411433 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long NVDA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $11374421250 | $– | $11374421250 |
| Total | $– | $11374421250 | $– | $11374421250 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $4763411433 | $– | $4763411433 |
| **Liabilities** |  |  |  |  |
| Total | $– | $4763411433 | $– | $4763411433 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AAPL Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 138.59%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $50000000 | $49887813 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $49,894,313)** |  | 49887813 |
| **TOTAL INVESTMENTS - 138.59%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $49,894,313)** |  | $49887813 |
| **Liabilities In Excess Of Other Assets - (38.59%)** |  | (13890596)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $35997217 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Apple, Inc. | $57107487 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | $72104850 | $14997363 |
| TOTAL |  | $57107487 |  |  |  |  |  | $72104850 | $14997363 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long AAPL Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $49887813 | $– | $49887813 |
| Total | $– | $49887813 | $– | $49887813 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $14997363 | $– | $14997363 |
| Total | $– | $14997363 | $– | $14997363 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long COIN Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 104.81%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $1110000000 | $1107509438 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,107,653,738)** |  | 1107509438 |
| **TOTAL INVESTMENTS - 104.81%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,107,653,738)** |  | $1107509438 |
| **Liabilities In Excess Of Other Assets - (4.81%)** |  | (50848623)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $1056660815 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| BMO Capital | Coinbase Global, Inc. | $258478797 | SOFRRATE | 600 bps | At Termination | Receive | 10/07/2025 | $322674189 | $64195392 |
| Clear Street, LLC | Coinbase Global, Inc. | 375523518 | OBFR01 | 700 bps | Monthly | Receive | 10/14/2025 | 776469993 | 400946475 |
| Goldman Sachs | Coinbase Global, Inc. | 193601104 | SOFRRATE | 600 bps | Monthly | Receive | 12/08/2025 | 237221721 | 43620617 |
| Natixis SA | Coinbase Global, Inc. | 167092030 | FEDL01 | 750 bps | Monthly | Receive | 01/30/2026 | 259361065 | 92269035 |
| Nomura Holdings, Inc. | Coinbase Global, Inc. | 150762047 | SOFRRATE | 950 bps | Monthly | Receive | 05/01/2026 | 295422884 | 144660837 |
| TD Cowen | Coinbase Global, Inc. | 194995724 | OBFR01 | 200 bps | Monthly | Receive | 07/01/2026 | 221022201 | 26026477 |
| TOTAL |  | $1340453220 |  |  |  |  |  | $2112172053 | $771718833 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long COIN Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $1107509438 | $– | $1107509438 |
| Total | $– | $1107509438 | $– | $1107509438 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $771718833 | $– | $771718833 |
| Total | $– | $771718833 | $– | $771718833 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 1.25x Long TSLA Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 109.48%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $28000000 | $27937175 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $27,940,815)** |  | 27937175 |
| **TOTAL INVESTMENTS - 109.48%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $27,940,815)** |  | $27937175 |
| **Liabilities In Excess Of Other Assets - (9.48%)** |  | (2420225)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $25516950 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Tesla, Inc. | $21829944 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | $31873972 | $10044028 |
| TOTAL |  | $21829944 |  |  |  |  |  | $31873972 | $10044028 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 1.25x Long TSLA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $27937175 | $– | $27937175 |
| Total | $– | $27937175 | $– | $27937175 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $10044028 | $– | $10044028 |
| Total | $– | $10044028 | $– | $10044028 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short NVDA Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $186120284 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $186120284 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Clear Street, LLC | NVIDIA Corp. | $(138400091) | OBFR01 | (30) bps | Monthly | Pay | 12/17/2025 | $(144222608) | $(5822517) |
| Goldman Sachs | NVIDIA Corp. | (147996656) | SOFRRATE | (40) bps | Monthly | Pay | 06/16/2026 | (154674820) | (6678164) |
| TD Cowen | NVIDIA Corp. | (70036695) | OBFR01 | (100) bps | Monthly | Pay | 07/01/2026 | (73792390) | (3755695) |
| TOTAL |  | $(356433442) |  |  |  |  |  | $(372689818) | $(16256376) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Short NVDA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(16256376) | $– | $(16256376) |
| Total | $– | $(16256376) | $– | $(16256376) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long TSLA Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 91.30%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $320000000 | $319282000 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $319,323,600)** |  | 319282000 |
| **TOTAL INVESTMENTS - 91.30%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $319,323,600)** |  | $319282000 |
| **Other Assets In Excess Of Liabilities - 8.70%** |  | 30408358 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $349690358 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Bank of America | Tesla, Inc. | $86601013 | OBFR01 | 300 bps | Monthly | Receive | 10/31/2025 | $140238005 | $53636992 |
| Clear Street, LLC | Tesla, Inc. | 44428756 | OBFR01 | 125 bps | Monthly | Receive | 08/25/2026 | 54656088 | 10227332 |
| TD Cowen | Tesla, Inc. | 126785475 | OBFR01 | 200 bps | Monthly | Receive | 07/01/2026 | 224477312 | 97691837 |
| Wells Fargo | Tesla, Inc. | 161239556 | FEDL01 | 200 bps | At Termination | Receive | 03/03/2026 | 280129128 | 118889572 |
| TOTAL |  | $419054800 |  |  |  |  |  | $699500533 | $280445733 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

**GraniteShares 2x Long TSLA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $319282000 | $– | $319282000 |
| Total | $– | $319282000 | $– | $319282000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $280445733 | $– | $280445733 |
| Total | $– | $280445733 | $– | $280445733 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short TSLA Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $83554340 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $83554340 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Bank of America | Tesla, Inc. | $(39848193) | OBFR01 | (100) bps | Monthly | Pay | 04/30/2026 | $(46295352) | $(6447159) |
| Cantor Fitzgerald | Tesla, Inc. | (30594104) | OBFR01 | (350) bps | Monthly | Pay | 04/10/2026 | (38779584) | (8185480) |
| Clear Street, LLC | Tesla, Inc. | (24998004) | OBFR01 | (30) bps | Monthly | Pay | 04/21/2026 | (31041456) | (6043452) |
| Goldman Sachs | Tesla, Inc. | (38153720) | SOFRRATE | (40) bps | Monthly | Pay | 04/14/2026 | (45316968) | (7163248) |
| TD Cowen | Tesla, Inc. | (4916028) | OBFR01 | (100) bps | Monthly | Pay | 07/01/2026 | (5603472) | (687444) |
| TOTAL |  | $(138510049) |  |  |  |  |  | $(167036832) | $(28526783) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Short TSLA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(28526783) | $– | $(28526783) |
| Total | $– | $(28526783) | $– | $(28526783) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AMD Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 47.01%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $285000000 | $284360531 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| **(Cost $284,397,581)** |  | 284360531 |
| **TOTAL INVESTMENTS - 47.01%** |  |  |
| **(Cost $284,397,581)** |  | $284360531 |
| **Other Assets In Excess Of Liabilities - 52.99%** |  | 320595519 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $604956050 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Advanced Micro Devices, Inc. | $212803958 | OBFR01 | 425 bps | Monthly | Receive | 05/07/2026 | $312042755 | $99238797 |
| Clear Street, LLC | Advanced Micro Devices, Inc. | 160245330 | OBFR01 | 100 bps | Monthly | Receive | 04/07/2026 | 231052299 | 70806969 |
| Nomura Holdings, Inc. | Advanced Micro Devices, Inc. | 163004678 | SOFRRATE | 275 bps | Monthly | Receive | 05/01/2026 | 238818219 | 75813541 |
| TD Cowen | Advanced Micro Devices, Inc. | 129296304 | OBFR01 | 200 bps | Monthly | Receive | 07/01/2026 | 195426141 | 66129837 |
| Wells Fargo | Advanced Micro Devices, Inc. | 174807181 | FEDL01 | 200 bps | At Termination | Receive | 03/03/2026 | 232977600 | 58170419 |
| TOTAL |  | $840157451 |  |  |  |  |  | $1210317014 | $370159563 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long AMD Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $284360531 | $– | $284360531 |
| Total | $– | $284360531 | $– | $284360531 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $370159563 | $– | $370159563 |
| Total | $– | $370159563 | $– | $370159563 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AMZN Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $65439714 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $65439714 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Amazon.com, Inc. | $121401840 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | $130982507 | $9580667 |
| TOTAL |  | $121401840 |  |  |  |  |  | $130982507 | $9580667 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long AMZN Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $9580667 | $– | $9580667 |
| Total | $– | $9580667 | $– | $9580667 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MSFT Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 75.00%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $24000000 | $23946150 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $23,949,270)** |  | 23946150 |
| **TOTAL INVESTMENTS - 75.00%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $23,949,270)** |  | $23946150 |
| **Other Assets In Excess Of Liabilities - 25.00%** |  | 7979960 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $31926110 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Microsoft Corp. | $53656243 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | $63891722 | $10235479 |
| TOTAL |  | $53656243 |  |  |  |  |  | $63891722 | $10235479 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long MSFT Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $23946150 | $– | $23946150 |
| Total | $– | $23946150 | $– | $23946150 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $10235479 | $– | $10235479 |
| Total | $– | $10235479 | $– | $10235479 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short COIN Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $14993260 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $14993260 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation / (Depreciation)** |
| Marex Derivative Products, Inc. | Coinbase Global, Inc. | $(29882706) | OBFR01 | (350) bps | Monthly | Pay | 06/05/2026 | $(29665371) | $217335 |
| Nomura Holdings, Inc. | Coinbase Global, Inc. | $(261477) | SOFRRATE | (150) bps | Monthly | Pay | 09/02/2026 | $(269992) | $(8515) |
| TOTAL |  | $(30144183) |  |  |  |  |  | $(29935363) | $208820 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Short COIN Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $217335 | $– | $217335 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(8515) | $– | $(8515) |
| Total | $– | $208820 | $– | $208820 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long PLTR Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 144.09%(a)** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $1100000000 | $1097531875 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,097,674,875)** |  | 1097531875 |
| **TOTAL INVESTMENTS - 144.09%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,097,674,875)** |  | $1097531875 |
| **Liabilities In Excess Of Other Assets - (44.09%)** |  | (335813114)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $761718761 |

---

---

| |
|:---|
| *(a) Rate shown represents the bond equivalent yield to maturity at date of purchase.* |
| *(b) Includes cash which is being held as collateral for total return swap contracts.* |

---

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| BMO Capital | Palantir Technologies, Inc. | $155292866 | SOFRRATE | 750 bps | At Termination | Receive | 12/15/2025 | $352231677 | $196938811 |
| Clear Street, LLC | Palantir Technologies, Inc. | 139041374 | OBFR01 | 250 bps | Monthly | Receive | 12/18/2025 | 390287590 | 251246216 |
| Nomura Holdings, Inc. | Palantir Technologies, Inc. | 164091005 | SOFRRATE | 375 bps | Monthly | Receive | 03/10/2026 | 201081566 | 36990561 |
| TD Cowen | Palantir Technologies, Inc. | 173470956 | OBFR01 | 200 bps | Monthly | Receive | 07/01/2026 | 400857187 | 227386231 |
| Wells Fargo | Palantir Technologies, Inc. | 143004347 | FEDL01 | 250 bps | At Termination | Receive | 05/12/2026 | 179264134 | 36259787 |
| TOTAL |  | $774900548 |  |  |  |  |  | $1523722154 | $748821606 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long PLTR Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $1097531875 | $– | $1097531875 |
| Total | $– | $1097531875 | $– | $1097531875 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $748821606 | $– | $748821606 |
| Total | $– | $748821606 | $– | $748821606 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long UBER Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 219.54%<sup>(a)</sup>** | **UNITED STATES TREASURY OBLIGATIONS - 219.54%<sup>(a)</sup>** | **UNITED STATES TREASURY OBLIGATIONS - 219.54%<sup>(a)</sup>** |
| United States Treasury Bill, 3.805% , 10/21/2025 | $70000000 | $69842938 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $69,852,038)** |  | 69842938 |
| **TOTAL INVESTMENTS - 219.54%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $69,852,038)** |  | $69842938 |
| **Liabilities In Excess Of Other Assets - (119.54%)** |  | (38029644)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $31813294 |

---

*<sup>(a)</sup>* Rate shown represents the bond equivalent yield to maturity at date of purchase.

*<sup>(b)</sup>* Includes cash which is being held as collateral for total return swap contracts.

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Uber Technologies, Inc. | $45358295 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | $63642390 | $18284095 |
| TOTAL |  | $45358295 |  |  |  |  |  | $63642390 | $18284095 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long UBER Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $69842938 | $– | $69842938 |
| Total | $– | $69842938 | $– | $69842938 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $18284095 | $– | $18284095 |
| Total | $– | $18284095 | $– | $18284095 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MU Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 234.96%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 234.96%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 234.96%(a)** |
| United States Treasury Bill, 3.805% , 10/21/2025 | $46000000 | $45896788 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $45,902,768)** |  | 45896788 |
| **TOTAL INVESTMENTS - 234.96%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $45,902,768)** |  | $45896788 |
| **Liabilities In Excess Of Other Assets - (134.96%)** |  | (26363025) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $19533763 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Nomura Holdings, Inc. | Micron Technology, Inc. | $26989162 | SOFRRATE | 300 bps | Monthly | Receive | 12/12/2025 | $39096995 | $12107833 |
| TOTAL |  | $26989162 |  |  |  |  |  | $39096995 | $12107833 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long MU Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $- | $45896788 | $- | $45896788 |
| Total | $- | $45896788 | $- | $45896788 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $12107833 | $– | $12107833 |
| Total | $– | $12107833 | $– | $12107833 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long TSM Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 290.64%(a)** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $60000000 | $59865375 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $59,873,175)** |  | 59865375 |
| **TOTAL INVESTMENTS - 290.64%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $59,873,175)** |  | $59865375 |
| **Liabilities In Excess Of Other Assets - (190.64%)** |  | (39267644)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $20597731 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Nomura Holdings, Inc. | Taiwan Semiconductor Manufacturing Co., Ltd. | $27469306 | SOFRRATE | 350 bps | Monthly | Receive | 12/12/2025 | $41108975 | $13639669 |
| TOTAL |  | $27469306 |  |  |  |  |  | $41108975 | $13639669 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long TSM Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $59865375 | $– | $59865375 |
| Total | $– | $59865375 | $– | $59865375 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $13639669 | $– | $13639669 |
| Total | $– | $13639669 | $– | $13639669 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long CRWD Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 105.81%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $42000000 | $41905763 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $41,911,223)** |  | 41905763 |
| **TOTAL INVESTMENTS - 105.81%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $41,911,223)** |  | $41905763 |
| **Liabilities In Excess Of Other Assets - (5.81%)** |  | (2299318)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $39606445 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Nomura Holdings, Inc. | Crowdstrike Holdings, Inc. | $63603929 | SOFRRATE | 400 bps | Monthly | Receive | 12/12/2025 | $79075246 | $15471317 |
| TOTAL |  | $63603929 |  |  |  |  |  | $79075246 | $15471317 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long CRWD Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $41905763 | $– | $41905763 |
| Total | $– | $41905763 | $– | $41905763 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $15471317 | $– | $15471317 |
| Total | $– | $15471317 | $– | $15471317 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long SMCI Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 44.95%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $31000000 | $30930444 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $30,934,474)** |  | 30930444 |
| **TOTAL INVESTMENTS - 44.95%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $30,934,474)** |  | $30930444 |
| **Other Assets In Excess Of Liabilities - 55.05%** |  | 37877150 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $68807594 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Super Micro Computer, Inc. | $17893760 | OBFR01 | 700 bps | Monthly | Receive | 03/31/2026 | $22541388 | $4647628 |
| Clear Street, LLC | Super Micro Computer, Inc | 3644102 | OBFR01 | 600 bps | Monthly | Receive | 06/16/2026 | 4290630 | 646528 |
| Marex Derivative Products, Inc. | Super Micro Computer, Inc | 47671824 | OBFR01 | 500 bps | Monthly | Receive | 03/24/2026 | 57106128 | 9434304 |
| Nomura Holdings, Inc. | Super Micro Computer, Inc. | 35695912 | SOFRRATE | 1750 bps | Monthly | Receive | 01/13/2026 | 53603584 | 17907672 |
| TOTAL |  | $104905598 |  |  |  |  |  | $137541730 | $32636132 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long SMCI Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $30930444 | $– | $30930444 |
| Total | $– | $30930444 | $– | $30930444 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $32636132 | $– | $32636132 |
| Total | $– | $32636132 | $– | $32636132 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long QCOM Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 35.05%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $2000000 | $1995513 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,995,773)** |  | 1995513 |
| **TOTAL INVESTMENTS - 35.05%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,995,773)** |  | $1995513 |
| **Other Assets In Excess Of Liabilities - 64.95%** |  | 3697180 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $5692693 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | QUALCOMM, Inc. | $10031861 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | $11397324 | $1365463 |
| TOTAL |  | $10031861 |  |  |  |  |  | $11397324 | $1365463 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long QCOM Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $1995513 | $– | $1995513 |
| Total | $– | $1995513 | $– | $1995513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $1365463 | $– | $1365463 |
| Total | $– | $1365463 | $– | $1365463 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long DELL Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 169.72%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $25000000 | $24943906 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $24,947,156)** |  | 24943906 |
| **TOTAL INVESTMENTS - 169.72%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $24,947,156)** |  | $24943906 |
| **Liabilities In Excess Of Other Assets - (69.72%)** |  | (10247081)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $14696825 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Dell Technologies, Inc. | $21819542 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | $29347807 | $7528265 |
| TOTAL |  | $21819542 |  |  |  |  |  | $29347807 | $7528265 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long DELL Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $24943906 | $– | $24943906 |
| Total | $– | $24943906 | $– | $24943906 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $7528265 | $– | $7528265 |
| Total | $– | $7528265 | $– | $7528265 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long INTC Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 157.03%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $180000000 | $179596125 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $179,619,525)** |  | 179596125 |
| **TOTAL INVESTMENTS - 157.03%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $179,619,525)** |  | $179596125 |
| **Liabilities In Excess Of Other Assets - (57.03%)** |  | (65225749)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $114370376 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation / (Depreciation)** |
| Cantor Fitzgerald | Intel Corp. | $62275286 | OBFR01 | 350 bps | Monthly | Receive | 10/27/2026 | $58876895 | $(3398391) |
| TD Cowen | Intel Corp. | 116171293 | OBFR01 | 100 bps | Monthly | Receive | 07/01/2026 | 169967655 | 53796362 |
| TOTAL |  | $178446579 |  |  |  |  |  | $228844550 | $50397971 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long INTC Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $179596125 | $– | $179596125 |
| Total | $– | $179596125 | $– | $179596125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $53796362 | $– | $53796362 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(3398391) | $– | $(3398391) |
| Total | $– | $50397971 | $– | $50397971 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MARA Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 34.83%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $29000000 | $28934931 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $28,938,701)** |  | 28934931 |
| **TOTAL INVESTMENTS - 34.83%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $28,938,701)** |  | $28934931 |
| **Other Assets In Excess Of Liabilities - 65.17%** |  | 54149388 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $83084319 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Clear Street, LLC | MARA Holdings, Inc. | $29653739 | OBFR01 | 200 bps | Monthly | Receive | 08/19/2026 | $34330626 | $4676887 |
| Marex Derivative Products, Inc. | MARA Holdings, Inc. | 109787847 | OBFR01 | 450 bps | Monthly | Receive | 04/07/2026 | 131658617 | 21870770 |
| TOTAL |  | $139441586 |  |  |  |  |  | $165989243 | $26547657 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long MARA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $28934931 | $– | $28934931 |
| Total | $– | $28934931 | $– | $28934931 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $26547657 | $– | $26547657 |
| Total | $– | $26547657 | $– | $26547657 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MRVL Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 161.39%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $75000000 | $74831719 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $74,841,469)** |  | 74831719 |
| **TOTAL INVESTMENTS - 161.39%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $74,841,469)** |  | $74831719 |
| **Liabilities In Excess Of Other Assets - (61.39%)** |  | (28464169)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $46367550 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Marvell Technology, Inc. | $4668906 | OBFR01 | 450 bps | Monthly | Receive | 10/05/2026 | $6296843 | $1627937 |
| Marex Derivative Products, Inc. | Marvell Technology, Inc. | 64235812 | OBFR01 | 400 bps | Monthly | Receive | 04/07/2026 | 86575286 | 22339474 |
| TOTAL |  | $68904718 |  |  |  |  |  | $92872129 | $23967411 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long MRVL Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $74831719 | $– | $74831719 |
| Total | $– | $74831719 | $– | $74831719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $23967411 | $– | $23967411 |
| Total | $– | $23967411 | $– | $23967411 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long IONQ Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 324.56%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $90000000 | $89798063 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $89,809,763)** |  | 89798063 |
| **TOTAL INVESTMENTS - 324.56%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $89,809,763)** |  | $89798063 |
| **Liabilities In Excess Of Other Assets - (224.56%)** |  | (62130622)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $27667441 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | IonQ, Inc. | $34346573 | OBFR01 | 450 bps | Monthly | Receive | 04/27/2026 | $55325400 | $20978827 |
| TOTAL |  | $34346573 |  |  |  |  |  | $55325400 | $20978827 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long IONQ Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $89798063 | $– | $89798063 |
| Total | $– | $89798063 | $– | $89798063 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $20978827 | $– | $20978827 |
| Total | $– | $20978827 | $– | $20978827 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long VRT Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 161.48%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $33000000 | $32925956 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $32,930,246)** |  | 32925956 |
| **TOTAL INVESTMENTS - 161.48%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $32,930,246)** |  | $32925956 |
| **Liabilities In Excess Of Other Assets - (61.48%)** |  | (12535526)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $20390430 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Vertiv Holdings Co. | $30684905 | OBFR01 | 400 bps | Monthly | Receive | 04/27/2026 | $40732200 | $10047295 |
| TOTAL |  | $30684905 |  |  |  |  |  | $40732200 | $10047295 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long VRT Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $32925956 | $– | $32925956 |
| Total | $– | $32925956 | $– | $32925956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $10047295 | $– | $10047295 |
| Total | $– | $10047295 | $– | $10047295 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long RDDT Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 271.41%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $140000000 | $139685875 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $139,704,075)** |  | 139685875 |
| **TOTAL INVESTMENTS - 271.41%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $139,704,075)** |  | $139685875 |
| **Liabilities In Excess Of Other Assets - (171.41%)** |  | (88219332)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $51466543 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Reddit, Inc. | $66541682 | OBFR01 | 400 bps | Monthly | Receive | 04/27/2026 | $102920525 | $36378843 |
| TOTAL |  | $66541682 |  |  |  |  |  | $102920525 | $36378843 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long RDDT Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $139685875 | $– | $139685875 |
| Total | $– | $139685875 | $– | $139685875 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $36378843 | $– | $36378843 |
| Total | $– | $36378843 | $– | $36378843 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long LCID Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 217.58%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $17000000 | $16961856 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $16,964,066)** |  | 16961856 |
| **TOTAL INVESTMENTS - 217.58%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $16,964,066)** |  | $16961856 |
| **Liabilities In Excess Of Other Assets - (117.58%)** |  | (9166012)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $7795844 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Lucid Group, Inc. | $11030873 | OBFR01 | 400 bps | Monthly | Receive | 05/22/2026 | $15587208 | $4556335 |
| TOTAL |  | $11030873 |  |  |  |  |  | $15587208 | $4556335 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long LCID Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $16961856 | $– | $16961856 |
| Total | $– | $16961856 | $– | $16961856 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $4556335 | $– | $4556335 |
| Total | $– | $4556335 | $– | $4556335 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long RIVN Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 14.81%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $1000000 | $997756 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $997,886)** |  | 997756 |
| **TOTAL INVESTMENTS - 14.81%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $997,886)** |  | $997756 |
| **Other Assets In Excess Of Liabilities - 85.19%** |  | 5738377 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $6736133 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Rivian Automotive, Inc. | $12084739 | OBFR01 | 350 bps | Monthly | Receive | 05/22/2026 | $13487984 | $1403245 |
| TOTAL |  | $12084739 |  |  |  |  |  | $13487984 | $1403245 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long RIVN Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $997756 | $– | $997756 |
| Total | $– | $997756 | $– | $997756 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $1403245 | $– | $1403245 |
| Total | $– | $1403245 | $– | $1403245 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MSTR Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $2334596 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $2334596 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Marex Derivative Products, Inc. | MicroStrategy, Inc. | $4682341 | OBFR01 | 650 bps | Monthly | Receive | 07/10/2026 | $4672045 | $(10296) |
| TOTAL |  | $4682341 |  |  |  |  |  | $4672045 | $(10296) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long MSTR Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(10296) | $– | $(10296) |
| Total | $– | $(10296) | $– | $(10296) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short MSTR Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $1158289 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $1158289 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Fixed Rate** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Marex Derivative Products, Inc. | MicroStrategy, Inc. | $(2293812) | (200) bps | Monthly | Pay | 07/10/2026 | $(2316045) | $(22233) |
| TOTAL |  | $(2293812) |  |  |  |  | $(2316045) | $(22233) |

---

**GraniteShares 2x Short MSTR Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(22233) | $– | $(22233) |
| Total | $– | $(22233) | $– | $(22233) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long NOW Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $5067249 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $5067249 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | ServiceNow, Inc. | $9504484 | OBFR01 | 100 bps | Monthly | Receive | 09/14/2026 | $10132283 | $627799 |
| TOTAL |  | $9504484 |  |  |  |  |  | $10132283 | $627799 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long NOW Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $627799 | $– | $627799 |
| Total | $– | $627799 | $– | $627799 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long PDD Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 27.63%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $1000000 | $997756 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $997,886)** |  | 997756 |
| **TOTAL INVESTMENTS - 27.63%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $997,886)** |  | $997756 |
| **Other Assets In Excess Of Liabilities - 72.37%** |  | 2613342 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $3611098 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | PDD Holdings, Inc. | $6618730 | OBFR01 | 100 bps | Monthly | Receive | 08/17/2026 | $7234854 | $616124 |
| TOTAL |  | $6618730 |  |  |  |  |  | $7234854 | $616124 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long PDD Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $997756 | $– | $997756 |
| Total | $– | $997756 | $– | $997756 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $616124 | $– | $616124 |
| Total | $– | $616124 | $– | $616124 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AVGO Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $5459434 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $5459434 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Broadcom, Inc. | $10395160 | OBFR01 | 100 bps | Monthly | Receive | 08/17/2026 | $10912763 | $517603 |
| TOTAL |  | $10395160 |  |  |  |  |  | $10912763 | $517603 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long AVGO Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $517603 | $– | $517603 |
| Total | $– | $517603 | $– | $517603 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long ETOR Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $570461 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $570461 |  |

---

*(a)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | eToro Group, Ltd. | $1133441 | OBFR01 | 400 bps | Monthly | Receive | 10/05/2026 | $1140001 | $6560 |
| TOTAL |  | $1133441 |  |  |  |  |  | $1140001 | $6560 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long ETOR Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $6560 | $– | $6560 |
| Total | $– | $6560 | $– | $6560 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long BULL Daily ETF |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 114.11%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.805% , 10/21/2025 | $1000000 | $997756 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $997,886)** |  | 997756 |
| **TOTAL INVESTMENTS - 114.11%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $997,886)** |  | $997756 |
| **Liabilities In Excess Of Other Assets - (14.11%)** |  | (123375)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $874381 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for total return swap contracts.* 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Webull Corp. | $1599916 | OBFR01 | 500 bps | Monthly | Receive | 10/05/2026 | $1749908 | $149992 |
| TOTAL |  | $1599916 |  |  |  |  |  | $1749908 | $149992 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

**GraniteShares 2x Long BULL Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $997756 | $– | $997756 |
| Total | $– | $997756 | $– | $997756 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $149992 | $– | $149992 |
| Total | $– | $149992 | $– | $149992 |

---

**GraniteShares ETF Trust**

**Notes to Quarterly Schedules of Investments**

**September 30, 2025 (Unaudited)**

**1. FAIR VALUE MEASUREMENT** 

The Financial Accounting Standards Board (FASB) established a framework for measuring fair value in accordance with U.S. GAAP. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the exchange traded fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities. |
| Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The hierarchy classification of inputs used to value each Fund's investments is disclosed at the end of the Fund's Schedule of Investments.

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST TSLA ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (40.60%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.267%, 10/07/2025<sup>(a)</sup> | $68500000 | $68453764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.029%, 11/20/2025<sup>(a)</sup> | 40200000 | 39978551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | 10000000 | 9916370 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 118,341,670)** |  | 118348685 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.65%)** |  |  |  |  |  |
| ***Put Option Contracts (0.65%)*** |  |  |  |  |  |
| Direxion Daily TSLA Bull 2X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 16.89 | 10555 | 22281605 | 39121 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 18.22 | 124670 | 263178370 | 1742660 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 18.46 | 2990 | 6311890 | 51430 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 18.58 | 2990 | 6311890 | 59800 |
|  |  |  |  | $298083755 | 1893011 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $4,991,875) |  |  |  | 298083755 | 1893011 |
| **TOTAL INVESTMENTS (41.25%)** |  |  |  |  |  |
| **(Cost $123,333,545)** |  |  |  |  | $120241696 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (58.75%)** |  |  |  |  | 171246334 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $291488030 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for written option contracts.*

**WRITTEN OPTION CONTRACTS (3.86%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (3.86%)** | **Put Option Contracts - (3.86%)** | **Put Option Contracts - (3.86%)** | **Put Option Contracts - (3.86%)** | **Put Option Contracts - (3.86%)** | **Put Option Contracts - (3.86%)** | **Put Option Contracts - (3.86%)** |
| Direxion Daily TSLA Bull 2X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $19.19 | (10555) | $1316489 | $(22281605) | $(324082) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 20.71 | (124670) | 15050985 | (263178370) | (10328803) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 20.98 | (2990) | 337053 | (6311890) | (287666) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 21.11 | (2990) | 301173 | (6311890) | (304980) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**17005700** | $**(298083755)** | $**(11245531)** |

---

**GraniteShares YieldBOOST TSLA ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $1893011 | $– | $1893011 |
| United States Treasury Obligations | – | 118348685 | – | 118348685 |
| Total | $– | $120241696 | $– | $120241696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (11245531) | – | (11245531) |
| Total | $– | $(11245531) | $– | $(11245531) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST QQQ ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (43.73%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.262%, 10/07/2025<sup>(a)</sup> | $2200000 | $2198515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.095%, 11/20/2025<sup>(a)</sup> | 1300000 | 1292839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | 500000 | 495818 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 3,986,813)** |  | 3987172 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.10%)** |  |  |  |  |  |
| ***Put Option Contracts (0.10%)*** |  |  |  |  |  |
| ProShares UltraPro QQQ: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 90.05 | 75 | 775500 | 693 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 91.13 | 820 | 8478800 | 8792 |
|  |  |  |  | $9254300 | 9485 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $36,428) |  |  |  | 9254300 | 9485 |
| **TOTAL INVESTMENTS (43.83%)** |  |  |  |  |  |
| **(Cost $4,023,241)** |  |  |  |  | $3996657 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (56.17%)** |  |  |  |  | 5121561 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $9118218 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for written option contracts.*

**WRITTEN OPTION CONTRACTS (0.92%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (0.92%)** | **Put Option Contracts - (0.92%)** | **Put Option Contracts - (0.92%)** | **Put Option Contracts - (0.92%)** | **Put Option Contracts - (0.92%)** | **Put Option Contracts - (0.92%)** | **Put Option Contracts - (0.92%)** |
| ProShares UltraPro QQQ: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $100.05 | (75) | $22386 | $(775500) | $(5345) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 101.25 | (820) | 200471 | (8478800) | (78650) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**222857** | $**(9254300)** | $**(83995)** |

---

**GraniteShares YieldBOOST QQQ ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $9485 | $– | $9485 |
| United States Treasury Obligations | – | 3987172 | – | 3987172 |
| Total | $– | $3996657 | $– | $3996657 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (83995) | – | (83995) |
| Total | $– | $(83995) | $– | $(83995) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST SPY ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (45.13%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.263%, 10/07/2025<sup>(a)</sup> | $2600000 | $2598245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.054%, 11/20/2025<sup>(a)</sup> | 4100000 | 4077414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | 500000 | 495819 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 7,170,842)** |  | 7171478 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.10%)** |  |  |  |  |  |
| ***Put Option Contracts (0.10%)*** |  |  |  |  |  |
| Direxion Daily S&P 500 Bull 3X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 184.10 | 40 | 847600 | 704 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 187.19 | 720 | 15256800 | 15559 |
|  |  |  |  | $16104400 | 16263 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $28,798) |  |  |  | 16104400 | 16263 |
| **TOTAL INVESTMENTS (45.23%)** |  |  |  |  |  |
| **(Cost $7,199,640)** |  |  |  |  | $7187741 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (54.77%)** |  |  |  |  | 8705397 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $15893138 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for written option contracts.*

**WRITTEN OPTION CONTRACTS (0.85%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (0.85%)** | **Put Option Contracts - (0.85%)** | **Put Option Contracts - (0.85%)** | **Put Option Contracts - (0.85%)** | **Put Option Contracts - (0.85%)** | **Put Option Contracts - (0.85%)** | **Put Option Contracts - (0.85%)** |
| Direxion Daily S&P 500 Bull 3X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $204.56 | (40) | $18339 | $(847600) | $(4697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 207.99 | (720) | 263863 | (15256800) | (130716) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**282202** | $**(16104400)** | $**(135413)** |

---

**GraniteShares YieldBOOST SPY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $16263 | $– | $16263 |
| United States Treasury Obligations | – | 7171478 | – | 7171478 |
| Total | $– | $7187741 | $– | $7187741 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (135413) | – | (135413) |
| Total | $– | $(135413) | $– | $(135413) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST NVDA ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (77.40%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.267%, 10/07/2025<sup>(a)</sup> | $30900000 | $30879143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.058%, 11/20/2025<sup>(a)</sup> | 38400000 | 38188467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | 10000000 | 9916370 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 78,976,785)** |  | 78983980 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.07%)** |  |  |  |  |  |
| ***Put Option Contracts (0.07%)*** |  |  |  |  |  |
| GraniteShares 2x Long NVDA Daily ETF: |  |  |  |  |  |
| StoneX Group Inc | 10/03/2025 | 76.62 | 250 | 2340500 | 1429 |
| StoneX Group Inc | 10/03/2025 | 77.01 | 11480 | 107475760 | 71328 |
|  |  |  |  | $109816260 | 72757 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $683,750) |  |  |  | 109816260 | 72757 |
| **TOTAL INVESTMENTS (77.47%)** |  |  |  |  |  |
| **(Cost $79,660,535)** |  |  |  |  | $79056737 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (22.53%)** |  |  |  |  | 22996334 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $102053071 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (0.57%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (0.57%)** |  |  |  |  |  |  |
| GraniteShares 2x Long NVDA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $85.13 | (250) | $87869 | $(2340500) | $(11222) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 85.57 | (11480) | 3288751 | (107475760) | (573088) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**3376620** | $**(109816260)** | $**(584310)** |

---

**GraniteShares YieldBOOST NVDA ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $72757 | $– | $72757 |
| United States Treasury Obligations | – | 78983980 | – | 78983980 |
| Total | $– | $79056737 | $– | $79056737 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (584310) | – | (584310) |
| Total | $– | $(584310) | $– | $(584310) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST Bitcoin ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (84.18%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.270%, 10/07/2025<sup>(a)</sup> | $31300000 | $31278874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.078%, 11/20/2025<sup>(a)</sup> | 21500000 | 21381563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | 8000000 | 7933096 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 60,588,125)** |  | 60593533 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.08%)** |  |  |  |  |  |
| ***Put Option Contracts (0.08%)*** |  |  |  |  |  |
| 2x Bitcoin Strategy ETF: |  |  |  |  |  |
| StoneX Group Inc | 10/03/2025 | 45.12 | 13890 | 76506120 | 56079 |
|  |  |  |  | $76506120 | 56079 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $729,550) |  |  |  | 76506120 | 56079 |
| **TOTAL INVESTMENTS (84.26%)** |  |  |  |  |  |
| **(Cost $61,317,675)** |  |  |  |  | $60649612 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (15.74%)** |  |  |  |  | 11328461 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $71978073 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (0.40%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (0.40%)** | **Put Option Contracts - (0.40%)** | **Put Option Contracts - (0.40%)** | **Put Option Contracts - (0.40%)** | **Put Option Contracts - (0.40%)** | **Put Option Contracts - (0.40%)** | **Put Option Contracts - (0.40%)** |
| 2x Bitcoin Strategy ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $50.13 | (13890) | $2437370 | $(76506120) | $(284419) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**2437370** | $**(76506120)** | $**(284419)** |

---

**GraniteShares YieldBOOST Bitcoin ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $56079 | $– | $56079 |
| United States Treasury Obligations | – | 60593533 | – | 60593533 |
| Total | $– | $60649612 | $– | $60649612 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (284419) | – | (284419) |
| Total | $– | $(284419) | $– | $(284419) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST COIN ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (51.48%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.261%, 10/07/2025<sup>(a)</sup> | $4500000 | $4496963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.048%, 11/20/2025<sup>(a)</sup> | 44500000 | 44254864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | 13000000 | 12891281 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 61,636,407)** |  | 61643108 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.06%)** |  |  |  |  |  |
| ***Put Option Contracts (0.06%)*** |  |  |  |  |  |
| GraniteShares 2x Long COIN Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 27.43 | 2265 | 8471100 | 2244 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 28.44 | 32940 | 123195600 | 63232 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 32.26 | 440 | 1645600 | 8289 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 32.91 | 100 | 374000 | 2800 |
|  |  |  |  | $133686300 | 76565 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $1,952,574) |  |  |  | 133686300 | 76565 |
| **TOTAL INVESTMENTS (51.54%)** |  |  |  |  |  |
| **(Cost $63,588,981)** |  |  |  |  | $61719673 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (48.46%)** |  |  |  |  | 58029558 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $119749231 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (0.62%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (0.62%)** | **Put Option Contracts - (0.62%)** | **Put Option Contracts - (0.62%)** | **Put Option Contracts - (0.62%)** | **Put Option Contracts - (0.62%)** | **Put Option Contracts - (0.62%)** | **Put Option Contracts - (0.62%)** |
| GraniteShares 2x Long COIN Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $31.17 | (2265) | $472200 | $(8471100) | $(23558) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 32.32 | (32940) | 6109599 | (123195600) | (640198) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 36.66 | (440) | 83370 | (1645600) | (56457) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 37.40 | (100) | 16348 | (374000) | (16500) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**6681517** | $**(133686300)** | $**(736713)** |

---

**GraniteShares YieldBOOST COIN ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $76565 | $– | $76565 |
| United States Treasury Obligations | – | 61643108 | – | 61643108 |
| Total | $– | $61719673 | $– | $61719673 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (736713) | – | (736713) |
| Total | $– | $(736713) | $– | $(736713) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST AMD ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (18.76%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | $500000 | $495819 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 495,761)** |  | 495819 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.35%)** |  |  |  |  |  |
| ***Put Option Contracts (0.35%)*** |  |  |  |  |  |
| GraniteShares 2x Long AMD Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 9.03 | 1660 | 1714780 | 4645 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 9.25 | 930 | 960690 | 4526 |
|  |  |  |  | $2675470 | 9171 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $39,676) |  |  |  | 2675470 | 9171 |
| **TOTAL INVESTMENTS (19.11%)** |  |  |  |  |  |
| **(Cost $535,437)** |  |  |  |  | $504990 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (80.89%)** |  |  |  |  | 2137090 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $2642080 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (2.73%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (2.73%)** |  |  |  |  |  |  |
| GraniteShares 2x Long AMD Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $10.03 | (1660) | $72171 | $(1714780) | $(39331) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 10.28 | (930) | 50663 | (960690) | (32776) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**122834** | $**(2675470)** | $**(72107)** |

---

**GraniteShares YieldBOOST AMD ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $9171 | $– | $9171 |
| United States Treasury Obligations | – | 495819 | – | 495819 |
| Total | $– | $504990 | $– | $504990 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (72107) | – | (72107) |
| Total | $– | $(72107) | $– | $(72107) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST AMZN ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (71.35%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.913%, 12/18/2025<sup>(a)</sup> | $500000 | $495819 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 495,761)** |  | 495819 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.06%)** |  |  |  |  |  |
| ***Put Option Contracts (0.06%)*** |  |  |  |  |  |
| GraniteShares 2x Long AMZN Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 26.85 | 230 | 682870 | 443 |
|  |  |  |  | $682870 | 443 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $3,570) |  |  |  | 682870 | 443 |
| **TOTAL INVESTMENTS (71.41%)** |  |  |  |  |  |
| **(Cost $499,331)** |  |  |  |  | $496262 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (28.59%)** |  |  |  |  | 198726 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $694988 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (2.01%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (2.01%)** |  |  |  |  |  |  |
| GraniteShares 2x Long AMZN Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $29.83 | (230) | $21960 | $(682870) | $(13970) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**21960** | $**(682870)** | $**(13970)** |

---

**GraniteShares YieldBOOST AMZN ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $443 | $– | $443 |
| United States Treasury Obligations | – | 495819 | – | 495819 |
| Total | $– | $496262 | $– | $496262 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (13970) | – | (13970) |
| Total | $– | $(13970) | $– | $(13970) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST MSTR ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (43.49%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.897%, 12/18/2025<sup>(a)</sup> | $500000 | $495818 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 495,778)** |  | 495818 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.13%)** |  |  |  |  |  |
| ***Put Option Contracts (0.13%)*** |  |  |  |  |  |
| T-Rex 2X Long MSTR Daily Target ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 3.62 | 1130 | 525450 | 333 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 3.79 | 1540 | 716100 | 1119 |
|  |  |  |  | $1241550 | 1452 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $35,287) |  |  |  | 1241550 | 1452 |
| **TOTAL INVESTMENTS (43.62%)** |  |  |  |  |  |
| **(Cost $531,065)** |  |  |  |  | $497270 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (56.38%)** |  |  |  |  | 642621 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $1139891 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (1.22%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (1.22%)** |  |  |  |  |  |  |
| T-Rex 2X Long MSTR Daily Target ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $4.11 | (1130) | $34439 | $(525450) | $(3570) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 4.31 | (1540) | 40774 | (716100) | (10376) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**75213** | $**(1241550)** | $**(13946)** |

---

**GraniteShares YieldBOOST MSTR ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $1452 | $– | $1452 |
| United States Treasury Obligations | – | 495818 | – | 495818 |
| Total | $– | $497270 | $– | $497270 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (13946) | – | (13946) |
| Total | $– | $(13946) | $– | $(13946) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST PLTR ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (16.36%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.897%, 12/18/2025<sup>(a)</sup> | $500000 | $495818 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 495,777)** |  | 495818 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.19%)** |  |  |  |  |  |
| ***Put Option Contracts (0.19%)*** |  |  |  |  |  |
| GraniteShares 2x Long PLTR Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 27.68 | 240 | 778800 | 1031 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 28.19 | 710 | 2303950 | 4768 |
|  |  |  |  | $3082750 | 5799 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $68,138) |  |  |  | 3082750 | 5799 |
| **TOTAL INVESTMENTS (16.55%)** |  |  |  |  |  |
| **(Cost $563,915)** |  |  |  |  | $501617 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (83.45%)** |  |  |  |  | 2528786 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $3030403 |

---

*(a)* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*(b)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (1.75%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (1.75%)** | **Put Option Contracts - (1.75%)** | **Put Option Contracts - (1.75%)** | **Put Option Contracts - (1.75%)** | **Put Option Contracts - (1.75%)** | **Put Option Contracts - (1.75%)** | **Put Option Contracts - (1.75%)** |
| GraniteShares 2x Long PLTR Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $30.75 | (240) | $38274 | $(778800) | $(10339) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | 31.32 | (710) | 136658 | (2303950) | (42655) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**174932** | $**(3082750)** | $**(52994)** |

---

**GraniteShares YieldBOOST PLTR ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $5799 | $– | $5799 |
| United States Treasury Obligations | – | 495818 | – | 495818 |
| Total | $– | $501617 | $– | $501617 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (52994) | – | (52994) |
| Total | $– | $(52994) | $– | $(52994) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST SMCI ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.23%)** |  |  |  |  |  |
| ***Put Option Contracts (0.23%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long SMCI ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 32.08 | 210 | 816060 | 1771 |
|  |  |  |  | $816060 | 1771 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $11,870) |  |  |  | 816060 | 1771 |
| **TOTAL INVESTMENTS (0.23%)** |  |  |  |  |  |
| **(Cost $11,870)** |  |  |  |  | $1771 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (99.77%)** |  |  |  |  | 764584 <sup>(a)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $766355 |

---

*(a)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (2.05%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (2.05%)** | **Put Option Contracts - (2.05%)** | **Put Option Contracts - (2.05%)** | **Put Option Contracts - (2.05%)** | **Put Option Contracts - (2.05%)** | **Put Option Contracts - (2.05%)** | **Put Option Contracts - (2.05%)** |
| Defiance Daily Target 2X Long SMCI ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $36.46 | (210) | $42100 | $(816060) | $(15719) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**42100** | $**(816060)** | $**(15719)** |

---

**GraniteShares YieldBOOST SMCI ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $1771 | $– | $1771 |
| Total | $– | $1771 | $– | $1771 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (15719) | – | (15719) |
| Total | $– | $(15719) | $– | $(15719) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST HOOD ETF** |
| September 30, 2025 (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.13%)** |  |  |  |  |  |
| ***Put Option Contracts (0.13%)*** |  |  |  |  |  |
| T-Rex 2X Long HOOD Daily Target ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/03/2025 | 86.72 | 80 | 862160 | 1034 |
|  |  |  |  | $862160 | 1034 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $10,842) |  |  |  | 862160 | 1034 |
| **TOTAL INVESTMENTS (0.13%)** |  |  |  |  |  |
| **(Cost $10,842)** |  |  |  |  | $1034 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (99.87%)** |  |  |  |  | 769351 <sup>(a)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $770385 |

---

*(a)* *Includes cash which is being held as collateral for written option contracts.* 

**WRITTEN OPTION CONTRACTS (1.44%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (1.44%)** |  |  |  |  |  |  |
| T-Rex 2X Long HOOD Daily Target ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 10/3/2025 | $98.54 | (80) | $41238 | $(862160) | $(11119) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**41238** | $**(862160)** | $**(11119)** |

---

**GraniteShares YieldBOOST HOOD ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $1034 | $– | $1034 |
| Total | $– | $1034 | $– | $1034 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (11119) | – | (11119) |
| Total | $– | $(11119) | $– | $(11119) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** GraniteShares ETF Trust

- **b. Investment Company Act file number:** 811-23214

- **c. CIK number of Registrant:** 0001689873

- **d. LEI of Registrant:** 549300ODHHSS5JB0RB94

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 222 Broadway 21st Floor

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10038

  - **Telephone number:** 6468765096

**Item A.2. Information about the Series.**

- **a. Name of Series:** GraniteShares 2x Short COIN Daily ETF

- **b. EDGAR series identifier (if any):** S000081153

- **c. LEI of Series:** 254900625ZIMJV3CV569

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $45033466.36

**Total Liabilities:** $30041629.69

**Net Assets:** $14991836.67

**Cash Not Reported:** $7254336.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243824 | -17.43%              | 2614.57%             | -23.12%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-325.23                 | $2168.79                                   |
| Month 2  | $-0.64                   | $0.00                                      |
| Month 3  | $-0.02                   | $0.00                                      |

**Designated Index Information**

- **Index Name:** COIN GROSS CLOSE

- **Index Identifier:** COIN.GCL

### Schedule of Portfolio Investments

| Name              | Title                               | Identifiers            | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nomura Securities | Recv Short 2x Coin Nm1              | CUSIP: N/A<br>LEI: N/A | N/A              | DE               | CORP              | US        |         1 | NC      | $-269992.00   | -1.80%            |  |  |  | No            |                  2 | On Loan: No      |
| Marex             | GRANITESHARES SHORT COIN SWAP MAREX | CUSIP: N/A<br>LEI: N/A | N/A              | DE               | CORP              | US        |         1 | NC      | $-29665371.00 | -197.88%          |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** GraniteShares ETF Trust

**Signature:** William Rhind

**Name of Signer:** William Rhind

**Title:** President