# EDGAR Filing Document

**Accession Number:** 0001689873
**File Stem:** 0001493152-25-012821
**Filing Date:** 2025-9
**Character Count:** 228150
**Document Hash:** 31c9b2c6e7bad272bd97c8ecf189ff7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-012821.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001493152-25-012821

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 328

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23214
- **FILM NUMBER:** 251300756

**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 Bloomberg Commodity Broad Strategy No K-1 ETF (Series ID: S000056279)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000177158 | GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | COMB            |

### GraniteShares HIPS US High Income ETF (Series ID: S000059908)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000195944 | GraniteShares HIPS US High Income ETF |  |

### GraniteShares Nasdaq Select Disruptors ETF (Series ID: S000066595)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000214774 | GraniteShares Nasdaq Select Disruptors ETF |  |

### GraniteShares 2x Long META Daily ETF (Series ID: S000076340)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236086 | GraniteShares 2x Long META Daily ETF | FBL             |

### GraniteShares 2x Long MSFT Daily ETF (Series ID: S000076341)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236087 | GraniteShares 2x Long MSFT Daily ETF | MSFL            |

### GraniteShares 2x Long NVDA Daily ETF (Series ID: S000076344)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236090 | GraniteShares 2x Long NVDA Daily ETF | NVDL            |

### GraniteShares 2x Long PLTR Daily ETF (Series ID: S000076345)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236091 | GraniteShares 2x Long PLTR Daily ETF | PTIR            |

### GraniteShares 1.25x Long TSLA Daily ETF (Series ID: S000076347)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000236093 | GraniteShares 1.25x Long TSLA Daily ETF | TSL             |

### GraniteShares 2x Long AMD Daily ETF (Series ID: S000076350)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000236096 | GraniteShares 2x Long AMD Daily ETF | AMDL            |

### GraniteShares 2x Long UBER Daily ETF (Series ID: S000076351)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236097 | GraniteShares 2x Long UBER Daily ETF | UBRL            |

### GraniteShares 2x Long BABA Daily ETF (Series ID: S000076352)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236098 | GraniteShares 2x Long BABA Daily ETF | BABX            |

### GraniteShares 2x Long AMZN Daily ETF (Series ID: S000076354)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236100 | GraniteShares 2x Long AMZN Daily ETF | AMZZ            |

### GraniteShares 2x Long AAPL Daily ETF (Series ID: S000076355)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236101 | GraniteShares 2x Long AAPL Daily ETF | AAPB            |

### GraniteShares 2x Long COIN Daily ETF (Series ID: S000076356)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236102 | GraniteShares 2x Long COIN Daily ETF | CONL            |

### GraniteShares 2x Short COIN Daily ETF (Series ID: S000081138)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243809 | GraniteShares 2x Short COIN Daily ETF | CONS            |

### GraniteShares 2x Short NVDA Daily ETF (Series ID: S000081142)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243813 | GraniteShares 2x Short NVDA Daily ETF | NVD             |

### GraniteShares 2x Short TSLA Daily ETF (Series ID: S000081144)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243815 | GraniteShares 2x Short TSLA Daily ETF | TSDD            |

### GraniteShares 2x Long TSLA Daily ETF (Series ID: S000081146)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000243817 | GraniteShares 2x Long TSLA Daily ETF | TSLR            |

### GraniteShares 2x Long LCID Daily ETF (Series ID: S000081163)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000243834 | GraniteShares 2x Long LCID Daily ETF | LCDL            |

### GraniteShares 2x Long RIVN Daily ETF (Series ID: S000081164)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000243835 | GraniteShares 2x Long RIVN Daily ETF | RVNL            |

### GraniteShares YieldBOOST NVDA ETF (Series ID: S000086441)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000252000 | GraniteShares YieldBOOST NVDA ETF |  |

### GraniteShares YieldBOOST QQQ ETF (Series ID: S000086443)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000252002 | GraniteShares YieldBOOST QQQ ETF |  |

### GraniteShares YieldBOOST SPY ETF (Series ID: S000086444)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000252003 | GraniteShares YieldBOOST SPY ETF |  |

### GraniteShares YieldBOOST TSLA ETF (Series ID: S000086449)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000252008 | GraniteShares YieldBOOST TSLA ETF |  |

### GraniteShares YieldBOOST Bitcoin ETF (Series ID: S000086456)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000252015 | GraniteShares YieldBOOST Bitcoin ETF |  |

### GraniteShares 2x Long INTC Daily ETF (Series ID: S000088287)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000254485 | GraniteShares 2x Long INTC Daily ETF |  |

### GraniteShares 2x Long MU Daily ETF (Series ID: S000088289)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254487 | GraniteShares 2x Long MU Daily ETF |  |

### GraniteShares 2x Long QCOM Daily ETF (Series ID: S000088293)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000254491 | GraniteShares 2x Long QCOM Daily ETF |  |

### GraniteShares 2x Long SMCI Daily ETF (Series ID: S000088294)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000254492 | GraniteShares 2x Long SMCI Daily ETF |  |

### GraniteShares 2x Long TSM Daily ETF (Series ID: S000088295)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000254493 | GraniteShares 2x Long TSM Daily ETF |  |

### GraniteShares 2x Long CRWD Daily ETF (Series ID: S000088316)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000254514 | GraniteShares 2x Long CRWD Daily ETF |  |

### GraniteShares 2x Long DELL Daily ETF (Series ID: S000088317)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000254515 | GraniteShares 2x Long DELL Daily ETF |  |

### GraniteShares 2x Long MSTR Daily ETF (Series ID: S000090805)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258153 | GraniteShares 2x Long MSTR Daily ETF |  |

### GraniteShares 2x Long VRT Daily ETF (Series ID: S000090909)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000258298 | GraniteShares 2x Long VRT Daily ETF |  |

### GraniteShares 2x Short MSTR Daily ETF (Series ID: S000090910)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000258299 | GraniteShares 2x Short MSTR Daily ETF |  |

### GraniteShares 2x Long IONQ Daily ETF (Series ID: S000090911)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258300 | GraniteShares 2x Long IONQ Daily ETF |  |

### GraniteShares 2x Long MARA Daily ETF (Series ID: S000090912)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258301 | GraniteShares 2x Long MARA Daily ETF |  |

### GraniteShares 2x Long MRVL Daily ETF (Series ID: S000090913)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258302 | GraniteShares 2x Long MRVL Daily ETF |  |

### GraniteShares 2x Long RDDT Daily ETF (Series ID: S000090916)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258305 | GraniteShares 2x Long RDDT Daily ETF |  |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23214</u>

**GraniteShares ETF Trust**

(Exact name of registrant as specified in charter)

222 Broadway, 21<sup>st</sup> Floor

New York, New York 10038

(Address of principal executive offices) (Zip code)

William Rhind

GraniteShares ETF Trust

222 Broadway, 21st Floor

New York, New York 10038

(Name and address of agent for service)

*Copy to:*

*Andrew Davalla, Esq.*

*Thompson Hine LLP*

*41 South High Street – Suite 1700*

*Columbus, OH 43215-6101*

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>July 1, 2024 - June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

The Report to Shareholders is attached herewith.

(a) ---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares HIPS US High Income ETF**<br>| &nbsp;&nbsp;![](hips_001.jpg) |
| &nbsp;&nbsp;**NYSE: HIPS** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The GraniteShares HIPS US High Income ETF seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index (Index 1).<br>From inception on January 05, 2015, to March 15, 2023, the Fund sought to provide investment results that, before fees and expenses, correspond generally to the total return performance of the TFMS HISPS index (Index 2).<br>The Benchmark represents a combination of the performances of Index 1 and Index 2.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 5.79% return.<br>

&nbsp;&nbsp;Over the same period the Benchmark had a return of 6.70%.<br>

&nbsp;&nbsp; **What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $72.03 | 0.70%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](hips_002.jpg)<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;NAV | 5.79% | 11.04% | 4.74% |
| &nbsp;&nbsp;Price | 4.71% | 11.01% | 4.69% |
| &nbsp;&nbsp; Benchmark<sup>(1)</sup> | 6.70% | 11.90% | 5.49% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $106749907 |
| &nbsp;&nbsp;Number of Portfolio holdings | 41 |
| &nbsp;&nbsp;Turnover | 65.2% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund attempts to invest all, or substantially all, of its assets in the securities that make up the EQM High Income Pass-Through Securities Index.<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;21.92% | &nbsp;&nbsp;Financial | &nbsp;&nbsp;38.60% |
| &nbsp;&nbsp;Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | &nbsp;&nbsp;2.34% | &nbsp;&nbsp;Government | &nbsp;&nbsp;21.92% |
| &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;2.20% | &nbsp;&nbsp;Closed End Funds | &nbsp;&nbsp;20.62% |
| &nbsp;&nbsp;Ellington Financial, Inc. | &nbsp;&nbsp;2.19% | &nbsp;&nbsp;Energy | &nbsp;&nbsp;18.86% |
| &nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;2.14% |  |  |
| &nbsp;&nbsp;Hess Midstream LP | &nbsp;&nbsp;2.12% |  |  |
| &nbsp;&nbsp;Allspring Multi-Sector Income Fund | &nbsp;&nbsp;2.12% |  |  |
| &nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;2.11% |  |  |
| &nbsp;&nbsp;USA Compression Partners LP | &nbsp;&nbsp;2.11% |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP | &nbsp;&nbsp;2.09% |  |  |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares HIPS US High Income ETF**<br>| &nbsp;&nbsp;![](hips_001.jpg) |
| &nbsp;&nbsp;**NYSE: HIPS** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com<br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF** | &nbsp;&nbsp;![](comb_001.jpg) |
| &nbsp;&nbsp;**NYSE: COMB** | &nbsp;&nbsp;Annual Shareholder Report - June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 5.31% return.<br>

&nbsp;&nbsp;Over the same period the Bloomberg Commodity Index (the Benchmark) had a return of 5.77%.

&nbsp;&nbsp;**What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $25.68 | 0.25%<sup>(a)</sup> |
| <sup>(a)</sup> | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](comb_002.jpg) <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  |  |  |  | Inception |
|  | 1 Year | 3 Year | 5 Year | (May 19, 2017) |
| &nbsp;&nbsp;NAV | 5.31% | -0.42% | 12.14 | 4.41% |
| &nbsp;&nbsp;Price | 5.51% | -0.51% | 12.16 | 4.41% |
| &nbsp;&nbsp;Benchmark | 5.77% | 0.13% | 12.67 | 4.83% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $77595692 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>While the Fund generally seeks exposure to the commodity futures markets included in the Bloomberg Commodity Index.<br>The Fund seeks to enhance its performance, in part through a cash management strategy consisting of investments in investment grade fixed income securities issued by various U.S. public sector or corporate entities<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;Government T-bills | &nbsp;&nbsp;43.68% | &nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;52.49% |
| &nbsp;&nbsp;Gold 100 Oz futures | &nbsp;&nbsp;8.95% | &nbsp;&nbsp;Government | &nbsp;&nbsp;43.68% |
| &nbsp;&nbsp;Natural Gas futures | &nbsp;&nbsp;4.46% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;Brent Crude Oil futures | &nbsp;&nbsp;3.48% |  |  |
| &nbsp;&nbsp;Copper futures | &nbsp;&nbsp;3.27% |  |  |
| &nbsp;&nbsp;Soybean futures | &nbsp;&nbsp;3.06% |  |  |
| &nbsp;&nbsp;WTI Crude Oil futures | &nbsp;&nbsp;3.02% |  |  |
| &nbsp;&nbsp;Silver futures | &nbsp;&nbsp;2.69% |  |  |
| &nbsp;&nbsp;Aluminum LME futures | &nbsp;&nbsp;2.64% |  |  |
| &nbsp;&nbsp;Corn futures | &nbsp;&nbsp;2.52% |  |  |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF**<br>| &nbsp;&nbsp;![](comb_001.jpg) |
| &nbsp;&nbsp;**NYSE: COMB** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares Nasdaq Select Disruptors ETF** | &nbsp;&nbsp;![](drup_001.jpg) |
| &nbsp;&nbsp;**NYSE: DRUP** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The GraniteShares Nasdaq Select Disruptors ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Nasdaq US Large Cap Select Disruptors Index (Index 1).<br>From inception on October 10, 2019, to August 14, 2023, the Fund sought to provide investment results that, before fees and expenses, corresponds generally to the total return performance of the XOUT U.S. Large Cap index (Index 2).<br>The Benchmark represents a combination of the performances of Index 1 and Index 2.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 16.86% return.<br>

&nbsp;&nbsp;Over the same period the Benchmark had a return of 17.39%.

&nbsp;&nbsp;**What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $65.06 | 0.60%<sup>(a)</sup> |
| <sup>(a)</sup> | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](drup_002.jpg)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  |  |  |  | Inception |
|  | 1 Year | 3 Years | 5 Years | (Oct 04, 2019) |
| &nbsp;&nbsp;NAV | 16.86% | 23.89% | 16.73% | 17.38% |
| &nbsp;&nbsp;Price | 16.68% | 23.85% | 16.71% | 17.34% |
| &nbsp;&nbsp;Benchmark | 17.39% | 26.11% | 16.98% | 20.68% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $56082923 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 51 |
| &nbsp;&nbsp;Turnover | 51% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (exclusive of collateral held from securities lending) in the securities included in the Nasdaq US Large Cap Select Disruptors Index.<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;10.18% | &nbsp;&nbsp;Technology | &nbsp;&nbsp;57.52% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;6.98% | &nbsp;&nbsp;Consumer - non-cyclical | &nbsp;&nbsp;21.89% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;6.37% | &nbsp;&nbsp;Communications | &nbsp;&nbsp;19.70% |
| &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;5.54% | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;4.48% |  |  |
| &nbsp;&nbsp;Palantir Technologies, Inc. | &nbsp;&nbsp;3.14% |  |  |
| &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;2.91% |  |  |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;2.63% |  |  |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;2.57% |  |  |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;2.49% |  |  |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Householding**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares Nasdaq Select Disruptors ETF**<br>| &nbsp;&nbsp;![](drup_001.jpg) |
| &nbsp;&nbsp;**NYSE: DRUP** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long LCID Daily ETF**<br>| &nbsp;&nbsp;![](lcid_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: LCDL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Lucid Group Inc, (NASDAQ: LCID).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;<br> **How did the fund perform since inception?**<br>Since inception on April 21, 2025, to June 30, 2025, the Fund had a -25.16% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Lucid Group Inc, (NASDAQ: LCID) had a return of -1.08% and the S&P 500 Index (the Benchmark) a return of 20.62%.<br>

&nbsp;&nbsp;<br> **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $19.00 | 1.14%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](lcid_002.jpg)<br>

---

| | |
|:---|:---|
| **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (April 21, 2025) |
| &nbsp;&nbsp;NAV | -25.16% |
| &nbsp;&nbsp;Price | -25.20% |
| &nbsp;&nbsp;Benchmark | 20.62% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $3742170 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Lucid Group Inc, (NASDAQ: LCID).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;LCID Equity Swap | &nbsp;&nbsp;65.46% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;65.46% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;34.54% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;34.54% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long LCID Daily ETF**<br>| &nbsp;&nbsp;![](lcid_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: LCDL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions. <br> If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long MARA Daily ETF**<br>| &nbsp;&nbsp;![](mral_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MRAL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of MARA Holdings, Inc (NASDAQ: MARA).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform since inception?**<br>Since inception on March 06, 2025, to June 30, 2025, the Fund had a -20.88% return.<br>

&nbsp;&nbsp;Over the same period the common stock of MARA Holdings, Inc (NASDAQ: MARA) had a return of 30.03% and the S&P 500 Index (the Benchmark) a return of 9.65%.

&nbsp;&nbsp; **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $42.75 | 1.51%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](mral_002.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception<br> (Mar 06, 2025) |
| &nbsp;&nbsp;NAV | -20.88% |
| &nbsp;&nbsp;Price | -20.92% |
| &nbsp;&nbsp;Benchmark | 9.65% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $41742032 |
| &nbsp;&nbsp;Number of Portfolio holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of MARA Holdings, Inc (NASDAQ: MARA).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;MARA Equity Swap | &nbsp;&nbsp;73.88% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;73.88% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;26.12% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;26.12% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long MARA Daily ETF**<br>| &nbsp;&nbsp;![](mral_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MRAL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long MRVL Daily ETF** | &nbsp;&nbsp;![](mrvl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MVLL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Marvell Technology, Inc. (NASDAQ: MRVL).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br>Since inception on March 06, 2025, to June 30, 2025, the Fund had a -8.24% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Marvell Technology, Inc. (NASDAQ: MRVL) had a return of -0.38% and the S&P 500 Index (the Benchmark) a return of 8.61%.

&nbsp;&nbsp; **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $45.82 | 1.51%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](mrvl_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (March 06, 2025) |
| &nbsp;&nbsp;NAV | -8.24% |
| &nbsp;&nbsp;Price | -8.32% |
| &nbsp;&nbsp;Benchmark | 8.61% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $20646650 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Marvell Technology, Inc. (NASDAQ: MRVL).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value |  | &nbsp;&nbsp;% of Market Value |  |
| &nbsp;&nbsp;MRVL Equity Swap | &nbsp;&nbsp;60.78% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;60.78% |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;27.91% | &nbsp;&nbsp;Government | &nbsp;&nbsp;27.91% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;11.31% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;11.31% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long MRVL Daily ETF**<br>| &nbsp;&nbsp;![](mrvl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MVLL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Short MSTR Daily ETF** | &nbsp;&nbsp;![](msdd_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MSDD** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of MicroStrategy Inc. (NASDAQ: MSTR).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?** <br> Since inception on June 09, 2025, to June 30, 2025, the Fund had a -7.68% return.<br>

&nbsp;&nbsp;Over the same period the common stock of MicroStrategy Inc. (NASDAQ: MSTR) had a return of 3.09% and the S&P 500 Index (the Benchmark) a return of 3.39%.

&nbsp;&nbsp;**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $7.92 | 1.44%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](msdd_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (June 09, 2025) |
| &nbsp;&nbsp;NAV | -7.68% |
| &nbsp;&nbsp;Price | -7.76% |
| &nbsp;&nbsp;Benchmark | 3.39% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025)  | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025)  |
| &nbsp;&nbsp;Total Net Assets | $692453 |
| &nbsp;&nbsp;Number of Portfolio holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Super MicroStrategy Inc. (NASDAQ: MSTR).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;MSTR Equity Swap | &nbsp;&nbsp;69.74% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;69.74% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;30.26% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;30.36% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Short MSTR Daily ETF**<br>| &nbsp;&nbsp;![](msdd_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MSDD** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **GraniteShares 2x Long MSFT Daily ETF** | &nbsp;&nbsp;![](msfl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MSFL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Microsoft Corp. (NASDAQ: MSFT).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 8.50% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Microsoft Corp. (NASDAQ: MSFT) had a return of 12.14% and the S&P 500 Index (the Benchmark) a return of 15.16%<br>

&nbsp;&nbsp; **What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $119.84 | 1.15%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](msfl_002.jpg)<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | 1-year | Inception |
|  |  | (March 15, 2024) |
| &nbsp;&nbsp;NAV | 8.50% | 15.50% |
| &nbsp;&nbsp;Price | 8.32% | 15.38% |
| &nbsp;&nbsp;Benchmark | 15.16% | 17.63% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  | &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  |
| &nbsp;&nbsp;Total Net Assets | $19879068 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Microsoft Corp. (NASDAQ: MSFT).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;MSFT Equity Swap | &nbsp;&nbsp;58.21% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;58.21% |
| &nbsp;&nbsp;US Treasury Bills | &nbsp;&nbsp;39.32% | &nbsp;&nbsp;Government | &nbsp;&nbsp;39.32% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;2.47% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;2.47% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Householding**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long MSFT Daily ETF**<br>| &nbsp;&nbsp;![](msfl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MSFL** | &nbsp;&nbsp; Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long MSTR Daily ETF** | &nbsp;&nbsp;![](mstp_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MSTP** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of MicroStrategy Inc (NASDAQ: MSTR).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br>Since inception on June 09, 2025, to June 30, 2025, the Fund had a 4.32% return.<br>

&nbsp;&nbsp;Over the same period the common stock of MicroStrategy Inc (NASDAQ: MSTR) had a return of 3.09% and the S&P 500 Index (the Benchmark) a return of 3.39%.

&nbsp;&nbsp;**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $8.28 | 1.42%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](mstp_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (June 09, 2025) |
| &nbsp;&nbsp;NAV | 4.32% |
| &nbsp;&nbsp;Price | 4.24% |
| &nbsp;&nbsp;Benchmark | 3.39% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $782417 |
| &nbsp;&nbsp;Number of Portfolio holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of MicroStrategy Inc (NASDAQ: MSTR).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;MSTR Equity Swap | &nbsp;&nbsp;72.25% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;72.25% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;27.75% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;27.75% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long MSTR Daily ETF**<br>| &nbsp;&nbsp;![](mstp_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MSTP** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long MU Daily ETF** | &nbsp;&nbsp;![](mull_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MULL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Micron Technology Inc. (NASDAQ: MU).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br>Since inception on November 11, 2024, to June 30, 2025, the Fund had a -14.14% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Micron Technology Inc. (NASDAQ: MU) had a return of 13.24% and the S&P 500 Index (the Benchmark) a return of 4.31%. <br>

&nbsp;&nbsp;**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $87.23 | 1.49%<sup>(a)</sup> |
| (a) | Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](mull_002.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Nov 11, 2024) |
| &nbsp;&nbsp;NAV | -14.24% |
| &nbsp;&nbsp;Price | -14.36% |
| &nbsp;&nbsp;Benchmark | 4.31% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025)  | &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025)  |
| &nbsp;&nbsp;Total Net Assets | $8789188 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Micron Technology Inc. (NASDAQ: MU).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;MU Equity Swap | &nbsp;&nbsp;45.30% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;45.30% |
| &nbsp;&nbsp;US Treasury Bill | &nbsp;&nbsp;48.87% | &nbsp;&nbsp;Government | &nbsp;&nbsp;48.87% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;5.83% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;5.83% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long MU Daily ETF**<br>| &nbsp;&nbsp;![](mull_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: MULL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Long AAPL Daily ETF** | ![](lcid_001.jpg) |
| **NASDAQ: AAPB** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Apple Inc. (NASDAQ: AAPL).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform for the last 12 months?**<br> During the period of June 30, 2024, to June 30, 2025, the Fund had a -20.52% return.<br>

Over the same period the common stock of Apple Inc (AAPL) had a return of –2.13% and the S&P 500 Index (the Benchmark) a return of 15.16%.

**What were the fund's costs for the last 12 months?** <br> (based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $103.17 | 1.15%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](aapb_002.jpg)<br>

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**(as of June 30, 2025) | **Average Annual Total Returns**(as of June 30, 2025) | **Average Annual Total Returns**(as of June 30, 2025) |
|  | 1 Year | Inception<br> (Aug 08, 2022) |
| NAV | -20.52% | -1.54% |
| Price | -20.47% | -1.57% |
| Benchmark | 15.16% | 16.78% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $29407986 |
| Number of Portfolio holdings | 2 |
| Turnover | 0% |

---

<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Apple Inc (NASDAQ: AAPL).<br>The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) | **Top 10 Holdings** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) |
| % of Market Value | % of Market Value | % of Market Value | % of Market Value |
| AAPL Equity Swap | 77.02% | Total Return Swap | 77.02% |
| Cash | 22.98% | Cash | 22.98% |

---

<br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| <br> **GraniteShares 2x Long AAPL Daily ETF**<br>| ![](lcid_001.jpg) |
| **NASDAQ: AAPB** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Long AMD Daily ETF** | ![](amdl_001.jpg) |
| **NASDAQ: AMDL** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Advanced Micro Devices Inc. (NASDAQ: AMD).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform for the last 12 months?**<br> During the period of June 30, 2024, to June 30, 2025, the Fund had a -48.18% return.<br>

Over the same period the common stock of Advanced Micro Devices Inc. (AMD) had a return of –12.52% and the S&P 500 Index (the Benchmark) a return of 17.63%.

**What were the fund's costs for the last 12 months?** <br> (based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $80.84 | 1.07%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance include all fund expenses.<br>![](amdl_002.jpg)<br>

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**(as of June 30, 2025) | **Average Annual Total Returns**(as of June 30, 2025) | **Average Annual Total Returns**(as of June 30, 2025) |
|  | 1 Year | Inception<br> (March 15, 2024) |
| NAV | -48.18% | -56.50% |
| Price | -48.11% | -57.50% |
| Benchmark | 15.16% | 17.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $459582679 |
| Number of Portfolio holdings | 3 |
| Turnover | 0% |

---

<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Advanced Micro Devices Inc. (NASDAQ: AMD).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) | **Top 10 Holdings** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) |
| % of Market Value | % of Market Value | % of Market Value | % of Market Value |
| AMD Equity Swap | 74.07% | Total Return Swap | 74.07% |
| US Treasury Bills | 12.63% | Government | 12.63% |
| Cash | 13.30% | Cash | 13.30% |

---

<br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| <br> **GraniteShares 2x Long AMD Daily ETF**<br>| ![](lcid_001.jpg) |
| **NASDAQ: AMDL** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Long AMZN Daily ETF** | ![](nvd_001.jpg) |
| **NASDAQ: AMZZ** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Amazon.com (NASDAQ: AMZN).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 5.20% return.<br>

Over the same period the common stock of Amazon.com (AMZN) had a return of 13.53% and the S&P 500 Index (the Benchmark) a return of 15.16%.

<br> **What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $118.15 | 1.15%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](amzz_001.jpg)<br>

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  |  | Inception |
|  | 1 Year | (March 15, 2024) |
| NAV | 5.20% | 17.89% |
| Price | 5.10% | 17.89% |
| Benchmark | 15.16% | 17.63% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $49488830 |
| Number of Portfolio holdings | 2 |
| Turnover | 0% |

---

<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Amazon.com (NASDAQ: AMZN).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) | **Top 10 Holdings** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) |
| % of Market Value | % of Market Value | % of Market Value | % of Market Value |
| AMZN Equity Swap | 83.28% | Total Return Swap | 83.28% |
| Cash | 16.72% | Cash | 16.72% |

---

<br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| <br> **GraniteShares 2x Long AMZN Daily ETF**<br>| ![](nvd_001.jpg) |
| **NASDAQ: AMZZ** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **GraniteShares 2x Long BABA Daily ETF** | &nbsp;&nbsp;![](babx_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: BABX** | &nbsp;&nbsp; Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Alibaba Group Holding Limited (NYSE: BABA).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 90.80% return.<br>

&nbsp;&nbsp;Over the same period the ADR of Alibaba Group Holding Limited (BABA) had a return of 60.18% and the S&P 500 Index (the Benchmark) a return of 15.16%<br>

&nbsp;&nbsp; **What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $167.57 | 1.15%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](babx_002.jpg) <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  |  | Inception |
|  | 1 Year | (Dec 12, 2022) |
| &nbsp;&nbsp;NAV | 90.80% | -0.17% |
| &nbsp;&nbsp;Price | 90.72% | -0.19% |
| &nbsp;&nbsp;Benchmark | 15.16% | 20.69% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025) | &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $80863433 |
| &nbsp;&nbsp;Number of Portfolio holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the ADR of Alibaba Group Holding Limited (NYSE: BABA).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements.<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;BABA Equity Swap | &nbsp;&nbsp;82.63% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;82.63% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;17.37% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;17.37% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long BABA Daily ETF**<br>| &nbsp;&nbsp;![](babx_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: BABX** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Short COIN Daily ETF**<br>| &nbsp;&nbsp;![](coni_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: CONI** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of -2 time (-200%) the daily percentage change of the common stock of Coinbase Global Inc. (NASDAQ: COIN).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform since inception?**<br>Since inception on September 03, 2024, to June 30, 2025, the Fund had a –90.22% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Coinbase Global Inc. (NASDAQ: COIN) had a return of 107.23% and the S&P 500 Index (the Benchmark) a return of 13.47%

&nbsp;&nbsp; **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $66.02 | 1.47%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](coni_002.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Total Returns**<br> (as of June 30, 2025) |
|  | Inception<br> (Sep 03, 2024) |
| &nbsp;&nbsp;NAV | -90.20% |
| &nbsp;&nbsp;Price | -90.18% |
| &nbsp;&nbsp;Benchmark | 13.47% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $36687771 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Coinbase Global Inc. (NASDAQ: COIN).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;COIN Equity Swap | &nbsp;&nbsp;56.59% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;56.59% |
| &nbsp;&nbsp;US Treasury Bills | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;Government | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;33.40% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;33.40% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Short COIN Daily ETF**<br>| &nbsp;&nbsp;![](coni_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: CONI** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long COIN Daily ETF** | &nbsp;&nbsp;![](conl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: CONL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Coinbase Global Inc. (NASDAQ: COIN).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 1.58% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Coinbase Global Inc. (NASDAQ: COIN) had a return of 57.71% and the S&P 500 Index (the Benchmark) a return of 15.16%<br>

&nbsp;&nbsp;**What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $105.57 | 1.05%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance include all fund expenses.<br>![](conl_002.jpg)<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  |  | Inception |
|  | 1 Year | (Aug 08, 2022) |
| &nbsp;&nbsp;NAV | 1.58% | 23.72% |
| &nbsp;&nbsp;Price | 1.50% | 23.69% |
| &nbsp;&nbsp;Benchmark | 15.16% | 16.78% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $923024020 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Coinbase Global Inc. (NASDAQ: COIN).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;COIN Equity Swap | &nbsp;&nbsp;50.75% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;50.75% |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;48.38% | &nbsp;&nbsp;Government | &nbsp;&nbsp;48.38% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;0.87% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;0.87% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long COIN Daily ETF**<br>| &nbsp;&nbsp;![](conl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: CONL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br>Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br> If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br> Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long CRWD Daily ETF** | &nbsp;&nbsp;![](crwl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: CRWL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of CrowdStrike Holdings Inc. (NASDAQ: CRWD).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br>Since inception on November 11, 2024, to June 30, 2025, the Fund had a 69.28% return.<br>

&nbsp;&nbsp;Over the same period the common stock of CrowdStrike Holdings Inc. (NASDAQ: CRWD) had a return of 48.27% and the S&P 500 Index (the Benchmark) a return of 4.31%.<br>

&nbsp;&nbsp;**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $126.17 | 1.48%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br> ![](crwl_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Nov 11, 2024) |
| &nbsp;&nbsp;NAV | 69.28% |
| &nbsp;&nbsp;Price | 69.04% |
| &nbsp;&nbsp;Benchmark | 4.31% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $35127228 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of CrowdStrike Holdings Inc. (NASDAQ: CRWD).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;CRWD Equity Swap | &nbsp;&nbsp;54.25% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;54.25% |
| &nbsp;&nbsp;US Treasury Bills | &nbsp;&nbsp;32.35% | &nbsp;&nbsp;Government | &nbsp;&nbsp;13.40% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;13.40% |  |  |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long CRWD Daily ETF**<br>| &nbsp;&nbsp;![](crwl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: CRWL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br>Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br> If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br> Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long DELL Daily ETF**<br>| &nbsp;&nbsp;![](dlll_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: DLLL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Dell Technologies Inc. (NYSE: DELL).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform since inception?**<br>Since inception on February 12, 2025, to June 30, 2025, the Fund had a -2.00% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Dell Technologies Inc. (NYSE: DELL) had a return of -9.27% and the S&P 500 Index (the Benchmark) a return of 3.09%.

&nbsp;&nbsp; **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $55.48 | 1.49%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](dlll_002.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Total Returns**<br> (as of June 30, 2025) |
|  | Inception<br> (Feb 12, 2025) |
| &nbsp;&nbsp;NAV | -2.00% |
| &nbsp;&nbsp;Price | -1.76% |
| &nbsp;&nbsp;Benchmark | 3.09% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $7105108 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Dell Technologies Inc. (NYSE: DELL).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;50.58% | &nbsp;&nbsp;Government | &nbsp;&nbsp;50.58% |
| &nbsp;&nbsp;DELL Equity Swap | &nbsp;&nbsp;45.02% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;45.02% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;4.40% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;4.40% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long DELL Daily ETF**<br>| &nbsp;&nbsp;![](dlll_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: DLLL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long META Daily ETF** | &nbsp;&nbsp;![](fbl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: FBL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Meta Platforms Inc. (NASDAQ: META).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 71.21% return.<br>

&nbsp;&nbsp;<br>Over the same period the common stock of Meta Platforms Inc (NASDAQ: META) had a return of 46.88% and the S&P 500 Index (the Benchmark) a return of 15.16%<br>

&nbsp;&nbsp;**What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $148.56 | 1.10%<sup>(a)</sup> |
| <sup>(a)</sup> | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](fbl_002.jpg) <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | 1 Year | Inception<br> (Dec 12, 2022) |
| &nbsp;&nbsp;NAV | 71.21% | 180.05% |
| &nbsp;&nbsp;Price | 71.38% | 180.09% |
| &nbsp;&nbsp;Benchmark | 15.16% | 20.69% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $166896572 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Meta Platforms Inc. (NASDAQ: META).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;META Equity Swap | &nbsp;&nbsp;59.54% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;59.54% |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;30.23% | &nbsp;&nbsp;Government T-Bill | &nbsp;&nbsp;30.23% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;10.23% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;10.23% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the year.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long META Daily ETF**<br>| &nbsp;&nbsp;![](fbl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: FBL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long INTC Daily ETF** | &nbsp;&nbsp;![](intw_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: INTW** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Intel Corp. (NASDAQ: INTC).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br>Since inception on February 12, 2025, to June 30, 2025, the Fund had a -20.84% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Intel Corp. (NASDAQ: INTC) had a return of 0.62% and the S&P 500 Index (the Benchmark) a return of 3.09%.<br>

&nbsp;&nbsp;**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $50.45 | 1.50%<sup>(a)</sup> |
| <sup>(a)</sup> | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](intw_002.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Feb 12, 2025) |
| &nbsp;&nbsp;NAV | -20.84% |
| &nbsp;&nbsp;Price | -21.00% |
| &nbsp;&nbsp;Benchmark | 3.09% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics** <br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $22758303 |
| &nbsp;&nbsp;Number of Portfolio holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Intel Corp. (NASDAQ: INTC).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;INTC Equity Swap | &nbsp;&nbsp;78.30% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;78.30% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;21.70% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;21.70% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long INTC Daily ETF**<br>| &nbsp;&nbsp;![](intw_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: INTW** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long IONQ Daily ETF** | &nbsp;&nbsp;![](ionl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: IONL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of IonQ Inc. (NYSE: IONQ).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br> You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

---

| |
|:---|
| &nbsp;&nbsp;**How did the fund perform since inception?**<br>Since inception on March 24, 2025, to June 30, 2025, the Fund had a 96.36% return.<br>|
| &nbsp;&nbsp;Over the same period the common stock of IonQ Inc. (NYSE: IONQ) had a return of 64.51% and the S&P 500 Index (the Benchmark) a return of 7.97%. |

---

------

&nbsp;&nbsp;**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| |
|:---|
| Cost of a $10,000 Investment |
| $58.27 1.47%<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized

&nbsp;&nbsp;<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](ionl_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (March 24, 2025) |
| &nbsp;&nbsp;NAV | 96.36% |
| &nbsp;&nbsp;Price | 96.84% |
| &nbsp;&nbsp;Benchmark | 7.97% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $13744284 |
| &nbsp;&nbsp;Number of Portfolio holdings | $3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of IonQ Inc. (NYSE: IONQ).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;IONQ Equity Swap | &nbsp;&nbsp;60.20% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;60.20% |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;17.48% | &nbsp;&nbsp;Government | &nbsp;&nbsp;17.48% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;22.32% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;22.32% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long IONQ Daily ETF**<br>| &nbsp;&nbsp;![](ionl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: IONL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Short NVDA Daily ETF** | ![](nvd_001.jpg) |
| **NASDAQ: NVD** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of inverse 2 times (-200%) the daily percentage change of the common stock of NVIDIA Corp. (NASDAQ: NVDA).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a –75.07% return.<br>

Over the same period the common stock of NVIDIA Corp (NASDAQ: NVDA) had a return of 27.93% and the S&P 500 Index (the Benchmark) a return of 15.16%.

**What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $84.21 | 1.35%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](nvd_002.jpg)<br>

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  |  | Inception |
|  | 1 Year | (Aug 21, 2023) |
| NAV | -75.07% | -86.08% |
| Price | -75.16% | -86.08% |
| Benchmark | 15.16% | 22.01% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $157263028 |
| Number of Portfolio holdings | 3 |
| Turnover | 0% |

---

<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) | **Top 10 Holdings** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) |
| % of Market Value | % of Market Value |  |  |
| NVDA Equity Swap | 75.84% | Total Return Swap | 75.84% |
| Cash | 21.49% | Cash | 21.49% |
| US Treasury Bill | 2.66% | Government | 2.66% |

---

<br>**Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| <br> **GraniteShares 2x Short NVDA Daily ETF**<br>| ![](nvd_001.jpg) |
| **NASDAQ: NVD** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Long NVDA Daily ETF**<br>| ![](nvdl_001.jpg) |
| **NASDAQ: NVDL** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NVIDIA Corp. (NASDAQ: NVDA).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

---

| |
|:---|
| **How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had 1.29% return. |
| Over the same period the common stock of NVIDIA Corp. (NASDAQ: NVDA) had a return of 27.93% and the S&P 500 Index (the Benchmark) a return of 15.16%. |

---

**What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000 Investment | Cost paid as % of a $10,000 investment |
|  | $105.38 | 1.05%<sup>(a)</sup> |
| (a) | Annualized<br>|  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](nvdl_002.jpg)<br>

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  |  | Inception |
|  | 1 Year | (Dec 12, 2022) |
| NAV | 1.29% | 216.56% |
| Price | 1.22% | 216.40% |
| Benchmark | 15.16% | 25.66% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $4123031947 |
| Number of Portfolio holdings | 3 |
| Turnover | 10597.0% |

---

<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) |  | **Sector Breakdown** (as of June 30, 2025) |  |
| % of Market Value |  | % of Market Value |  |
| NVDA Equity Swap | 49.81% | Total Return Swap | 49.81% |
| United States Treasury Bills | 48.63% | Government | 48.63% |
| Cash | 1.56% | Cash | 1.56% |

---

<br>**Material Fund Changes**<br>There were no material fund changes during the period. <br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Long NVDA Daily ETF** | ![](nvdl_001.jpg) |
| **NASDAQ: NVDL** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Long PLTR Daily ETF** | ![](ptir_001.jpg) |
| **NASDAQ: PTIR** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Palantir Technologies Inc. (NASDAQ: PTLR).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform since inception?**<br>Since inception on September 03, 2024, to June 30, 2025, the Fund had a 1,066.00% return.<br>

Over the same period the common stock of Palantir Technologies Inc. (NASDAQ: PTLR) had a return of 346.80% and the S&P 500 Index (the Benchmark) a return of 13.47%.<br>

**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment  |
|  | $541.66 | 1.04%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](ptir_002.jpg)<br>

---

| | |
|:---|:---|
| **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Sep 03, 2024) |
| NAV | 1066.00% |
| Price | 1067.04% |
| Benchmark | 13.47% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $486822671 |
| Number of Portfolio holdings | 3 |
| Turnover | 17002% |

---

<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Palantir Technologies Inc. (NASDAQ: PTLR).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) | **Top 10 Holdings** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) |
| % of Market Value | % of Market Value | % of Market Value | % of Market Value |
| PLTR Equity Swap | 59.75% | Total Return Swap | 59.75% |
| United States Treasury Bills | 39.83% | Government  | 39.83% |
| Cash | 0.41% | Cash | 0.41% |

---

<br>**Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| <br> **GraniteShares 2x Long PLTR Daily ETF**<br>| ![](ptir_001.jpg) |
| **NASDAQ: PTIR** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long QCOM Daily ETF** | &nbsp;&nbsp;![](qcml_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: QCML** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Qualcomm Inc. (NASDAQ: QCOM).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br> You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

---

| |
|:---|
| &nbsp;&nbsp;**How did the fund perform since inception?**<br>Since inception on February 12, 2025, to June 30, 2025, the Fund had a -20.52% return.<br>|
| &nbsp;&nbsp;Over the same period the common stock of Qualcomm Inc. (NASDAQ: QCOM) had a return of – 5.40% and the S&P 500 Index (the Benchmark) a return of 3.09%. |

---

------

&nbsp;&nbsp;**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| |
|:---|
| Cost of a $10,000 Investment |
| $49.95 1.48%<sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

&nbsp;&nbsp;<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](qcml_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Feb 12, 2025) |
| &nbsp;&nbsp;NAV | -20.52% |
| &nbsp;&nbsp;Price | -20.48% |
| &nbsp;&nbsp;Benchmark | 3.09% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $3179485 |
| &nbsp;&nbsp;Number of Portfolio holdings | $2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Qualcomm Inc. (NASDAQ: QCOM).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;QCOM Equity Swap | &nbsp;&nbsp;79.00% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;79.00% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;21.00% | &nbsp;&nbsp;Government | &nbsp;&nbsp;21.00% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long QCOM Daily ETF**<br>| &nbsp;&nbsp;![](qcml_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: QCML** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares 2x Long RDDT Daily ETF** | ![](rddt_001.jpg) |
| **NASDAQ: RDTL** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Reddit Inc. (NYSE: RDDT).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform since inception?**<br>Since inception on March 24, 2025, to June 30, 2025, the Fund had a 14.32% return.<br>

Over the same period the common stock of Reddit Inc. (NYSE: RDDT) had a return of 20.51% and the S&P 500 Index (the Benchmark) a return of 7.97%.<br>

**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $42.31 | 1.48%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](rddt_002.jpg)<br>

---

| | |
|:---|:---|
| <br> **Average Annual Total Returns**<br> (as of June 30, 2025) | <br> **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (March 24, 2025) |
| NAV | 14.32% |
| Price | 14.16% |
| Benchmark | 7.97% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $26296560 |
| Number of Portfolio holdings | 2 |
| Turnover | 0% |

---

<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Reddit Inc. (NYSE: RDDT).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) | **Top 10 Holdings** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) |
| % of Market Value | % of Market Value | % of Market Value | % of Market Value |
| RDDT Equity Swap | 48.56% | Total Return Swap | 48.56% |
| US Treasury Bills | 45.10% | Government  | 45.10% |
| Cash | 6.34% | Cash | 6.34% |

---

<br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| <br> **GraniteShares 2x Long RDDT Daily ETF**<br>| ![](rddt_001.jpg) |
| **NASDAQ: RDTL** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **GraniteShares 2x Long RIVN Daily ETF** | &nbsp;&nbsp;![](rvnl_001.jpg)<br>|
| &nbsp;&nbsp;**NASDAQ: RVNL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Rivian Automotive Inc. (NASDAQ: RIVN).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform since inception?**<br>Since inception on April 21, 2025, to June 30, 2025, the Fund had a 42.48% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Rivian Automotive Inc. (NASDAQ: RIVN) had a return of –23.23% and the S&P 500 Index (the Benchmark) a return of 20.62%.

&nbsp;&nbsp; **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment  |
|  | $26.39 | 1.14%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br>**How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](rvnl_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception<br> (Apr 21, 2025) |
| &nbsp;&nbsp;NAV | 42.48% |
| &nbsp;&nbsp;Price | 42.16% |
| &nbsp;&nbsp;Benchmark | 20.62% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  | &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  |
| &nbsp;&nbsp;Total Net Assets | $1424643 |
| &nbsp;&nbsp;Number of Portfolio holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Rivian Automotive Inc. (NASDAQ: RIVN).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;RIVN Equity Swap | &nbsp;&nbsp;71.99% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;71.99% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;28.01% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;28.01% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long RIVN Daily ETF**<br>| &nbsp;&nbsp;![](rvnl_001.jpg)<br>|
| &nbsp;&nbsp;**NASDAQ: RVNL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **GraniteShares 2x Long SMCI Daily ETF** | &nbsp;&nbsp;![](smcl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: SMCL** | &nbsp;&nbsp;Annual Shareholder Report - June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Super Micro Computer Inc. (NASDAQ: SMCI).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform since inception?**<br>Since inception on December 11, 2024, to June 30, 2025, the Fund had a -26.84% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Super Micro Computer Inc. (NASDAQ: SMCI) had a return of 28.00% and the S&P 500 Index (the Benchmark) a return of 2.74%.

&nbsp;&nbsp; **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $70.36 | 1.48%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](smcl_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Dec 11, 2024) |
| &nbsp;&nbsp;NAV | -26.84% |
| &nbsp;&nbsp;Price | -26.92% |
| &nbsp;&nbsp;Benchmark | 2.74% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  | &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  |
| &nbsp;&nbsp;Total Net Assets | $73144801 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Super Micro Computer Inc. (NASDAQ: SMCI).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;SMCI Equity Swap | &nbsp;&nbsp;66.03% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;66.03% |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;15.74% | &nbsp;&nbsp;Government | &nbsp;&nbsp;15.74% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;18.23% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;18.23% |

---

&nbsp;&nbsp; <br>**Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long SMCI Daily ETF**<br>| &nbsp;&nbsp;![](smcl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: SMCL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **GraniteShares 2x Short TSLA Daily ETF** | &nbsp;&nbsp;![](tsdd_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSDD** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of inverse 2 times (-200%) the daily percentage change of the common stock of Tesla Inc (NASDAQ: TSLA).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform for the last 12 months?**<br>Since the period of June 30, 2024, to June 30, 2025, the Fund had a -92.63% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Tesla Inc. (NASDAQ: TSLA) had a return of 60.53% and the S&P 500 Index (the Benchmark) a return of 15.16%.

&nbsp;&nbsp; **What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $50.75 | 0.95%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](tsdd_002.jpg) <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | 1 Year | Inception<br> (Aug 21, 2023) |
| &nbsp;&nbsp;NAV | -92.63% | -78.35% |
| &nbsp;&nbsp;Price | -92.63% | -78.34% |
| &nbsp;&nbsp;Benchmark | 15.16% | 22.01% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  | &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025)  |
| &nbsp;&nbsp;Total Net Assets | $87201804 |
| &nbsp;&nbsp;Number of Portfolio holdings | 2 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc.<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;TSLA Equity Swap | &nbsp;&nbsp;64.09% | &nbsp;&nbsp;Total Return Swaps | &nbsp;&nbsp;64.09% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;35.91% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;35.91% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the year.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Short TSLA Daily ETF**<br>| &nbsp;&nbsp;![](tsdd_001.jpg) |
| &nbsp;&nbsp; **NASDAQ: TSDD** | &nbsp;&nbsp;Annual Shareholder Report - June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 1.25x Long TSLA Daily ETF** | &nbsp;&nbsp;![](tsl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 1.25 times (125%) the daily percentage change of the common stock of tesla Inc. (NASDAQ: TSLA).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

---

| |
|:---|
| &nbsp;&nbsp;**How did the fund perform for the last 12 months?**<br>Since June 30, 2024, to June 30, 2025, the Fund had a 60.15% return. |
| &nbsp;&nbsp;Over the same period the common stock of TSLA Inc. (NASDAQ: TSLA) had a return of 60.53% and the S&P 500 Index (the Benchmark) a return of 15.16%. |

---

&nbsp;&nbsp;**What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $151.48 | 1.16%<sup>(a)</sup> |
| (a) | Annualized |  |

---

&nbsp;&nbsp;**How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](tsl_002.jpg)<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | 1 Year | Inception |
|  |  | (Aug 09, 2022) |
| &nbsp;&nbsp;NAV | 60.15% | -7.98% |
| &nbsp;&nbsp;Price | 60.36% | -7.98% |
| &nbsp;&nbsp;Benchmark | 15.16% | -16.78% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $13670308 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br> The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc.<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) |  | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |  |
| &nbsp;&nbsp;% of Market Value |  | &nbsp;&nbsp;% of Market Value |  |
| &nbsp;&nbsp;TSLA Equity Swap | &nbsp;&nbsp;64.05% | &nbsp;&nbsp;Government | &nbsp;&nbsp;64.05% |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;26.18% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;26.18% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;9.77% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;9.77% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 1.25x Long TSLA Daily ETF**<br>| &nbsp;&nbsp;![](tsl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **GraniteShares 2x Long TSLA Daily ETF** | &nbsp;&nbsp;![](nvd_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSLR** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of tesla Inc. (NASDAQ: TSLA).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform for the last 12 months?**<br>During the period of June 30, 2024, to June 30, 2025, the Fund had a 35.75% return.<br>

&nbsp;&nbsp;Over the same period the common stock of TSLA Inc. (NASDAQ: TSLA) had a return of 60.53% and the S&P 500 Index (the Benchmark) a return of 15.16%.

&nbsp;&nbsp; **What were the fund's costs for the last 12 months?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $112.62 | 0.96%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](tslr_001.jpg)<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025)  | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025)  | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025)  |
|  |  | Inception |
|  | 1 Year | (Aug 21, 2023) |
| &nbsp;&nbsp;NAV | 35.75% | -13.92% |
| &nbsp;&nbsp;Price | 35.58% | -13.94% |
| &nbsp;&nbsp;Benchmark | 15.16% | 22.01% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics** <br> (as of Juen 30, 2025) | &nbsp;&nbsp; **Fund Statistics** <br> (as of Juen 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $256250017 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc (NASDAQ: TSLA).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;TSLA Equity Swap | &nbsp;&nbsp;80.51% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;80.51% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;12.89% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;12.89% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;6.60% | &nbsp;&nbsp;Government | &nbsp;&nbsp;6.60% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long TSLA Daily ETF**<br>| &nbsp;&nbsp;![](nvd_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSLR** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long TSM Daily ETF** | &nbsp;&nbsp;![](tsmu_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSMU** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br> Since inception on November 11, 2024, to June 30, 2025, the Fund had a 10.28% return.<br>

&nbsp;&nbsp;Over the same period the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) had a return of 17.97% and the S&P 500 Index (the Benchmark) a return of 4.31%.

&nbsp;&nbsp;**What were the fund's costs since inception?** <br> (based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $98.69 | 1.49%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](tsmu_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**(as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**(as of June 30, 2025) |
|  | Inception (Nov 11, 2024) |
| &nbsp;&nbsp;NAV | 10.28% |
| &nbsp;&nbsp;Price | 10.32% |
| &nbsp;&nbsp;Benchmark | 4.31% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $14060729 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements.<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;TSM Equity Swap | &nbsp;&nbsp;48.64% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;48.64% |
| &nbsp;&nbsp;US Treasury Bill | &nbsp;&nbsp;37.98% | &nbsp;&nbsp;Government | &nbsp;&nbsp;37.98% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;13.38% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;13.38% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long TSM Daily ETF**<br>| &nbsp;&nbsp;![](tsmu_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSMU** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **GraniteShares 2x Long UBER Daily ETF** | &nbsp;&nbsp;![](ubrl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: UBRL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Uber Technologies Inc. (NYSE: UBER).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp; **How did the fund perform since inception?**<br>Since inception on September 03, 2024, to June 30, 2025, the Fund had a 33.28% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Uber Technologies Inc. (NYSE: UBER) had a return of 29.78% and the S&P 500 Index (the Benchmark) a return of 13.47%.

&nbsp;&nbsp; **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $109.59 | 1.14%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](ubrl_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Sep 03, 2024) |
| &nbsp;&nbsp;NAV | 33.28% |
| &nbsp;&nbsp;Price | 33.20% |
| &nbsp;&nbsp;Benchmark | 13.47% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025) | &nbsp;&nbsp; **Fund Statistics** <br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $29320886 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Uber Technologies Inc. (NYSE: UBER).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;UBER Equity Swap | &nbsp;&nbsp;49.22% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;49.22% |
| &nbsp;&nbsp;US Treasury Bills | &nbsp;&nbsp;45.24% | &nbsp;&nbsp;Government | &nbsp;&nbsp;45.24% |
| &nbsp;&nbsp; Cash | &nbsp;&nbsp;5.54% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;5.54% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long UBER Daily ETF**<br>| &nbsp;&nbsp;![](ubrl_003.jpg) |
| &nbsp;&nbsp;**NASDAQ: UBRL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares 2x Long VRT Daily ETF** | &nbsp;&nbsp;![](vrtl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: VRTL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Vertiv Holding Co. (NYSE: VRT).<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br> Since inception on March 24, 2025, to June 30, 2025, the Fund had a 54.52% return.<br>

&nbsp;&nbsp;Over the same period the common stock of Vertiv Holding Co. (NYSE: VRT) had a return of 37.10% and the S&P 500 Index (the Benchmark) a return of 7.97%.

&nbsp;&nbsp;**What were the fund's costs since inception?** <br> (based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $51.25 | 1.50%<sup>(a)</sup> |
| (a) | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](vrtl_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**(as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**(as of June 30, 2025) |
|  | Inception (March 24, 2025) |
| &nbsp;&nbsp;NAV | 54.52% |
| &nbsp;&nbsp;Price | 54.44% |
| &nbsp;&nbsp;Benchmark | 7.97% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $8498651 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund enters into financial instruments such as swaps and options on the common stock of Vertiv Holding Co. (NYSE: VRT).<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;VRT Equity Swap | &nbsp;&nbsp;46.62% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;46.62% |
| &nbsp;&nbsp;United States Treasury Bills | &nbsp;&nbsp;46.46% | &nbsp;&nbsp;Government | &nbsp;&nbsp;46.46% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;6.92% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;6.92% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares 2x Long VRT Daily ETF**<br>| &nbsp;&nbsp;![](vrtl_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: VRTL** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares YieldBOOST NVDA ETF**<br>|  |
| &nbsp;&nbsp;**NASDAQ: NVYY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The fund's primary investment objective is to seek current income. The fund's secondary investment objective is to seek exposure to the performance of one or more exchange-traded funds whose shares trade on a U.S.-regulated securities exchange and that seek daily leverage investment results of 2 times (200%) the daily percentage of the common stock of NVIDIA Corp. (NASDAQ: NVDA) (the "Underlying Stock") subject to a limit on potential investment gains.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform since inception?**

Since inception on May 12, 2025, to June 30, 2025, the Fund had a 16.92% return.

Over the same period the common stock of NVIDIA Corp. (NASDAQ: NVDA) had a return of 28.46% and the S&P 500 Index (the Benchmark) a return of 6.40%.

&nbsp;&nbsp; <br> **What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000 Investment | Cost paid as % of a $10,000 investment |
|  | $15.50 | 1.07%<sup>(a)</sup> |
| <sup>(a)</sup> | Annualized<br>|  |

---

&nbsp;&nbsp;<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](nvyy_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Average Annual Total Returns**<br> (as of June 30, 2025) | &nbsp;&nbsp; <br> **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (May 12, 2025) |
| &nbsp;&nbsp;NAV | 16.92% |
| &nbsp;&nbsp;Price | 17.27% |
| &nbsp;&nbsp;Benchmark | 6.40% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp; <br> **Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $6142674 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund sells put options contracts, either directly or through swap contracts, on the leveraged NVDA ETF and for which it will receive a premium. The put options contracts sold and bought by the Fund may vary in regard to their strike prices from and their maturity.<br>The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;&nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;&nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;&nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;&nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;United States Treasury Bill | 58.06% | &nbsp;&nbsp;Government | 58.06% |
| &nbsp;&nbsp;Cash | 40.13% | &nbsp;&nbsp;Cash | 40.13% |
| &nbsp;&nbsp;Options | 1.81% | &nbsp;&nbsp;Options | 1.81% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares YieldBOOST NVDA ETF** <br>| &nbsp;&nbsp;![](nvyy_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: NVYY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares YieldBOOST QQQ ETF** | &nbsp;&nbsp;![](tqqy_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TQQY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund's primary investment objective is to seek current income. The Fund's secondary investment objective is to seek exposure to the performance of the ProShares UltraPro QQQ (NASDAQ: TQQQ), subject to a limit on potential investment gains.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?**<br> Since inception on February 25, 2025, to June 30, 2025, the Fund had a -9.61% return.<br>

&nbsp;&nbsp;Over the same period the Nasdaq-100 Index (the Benchmark) had a return of 7.86%

&nbsp;&nbsp;**What were the fund's costs since inception?** <br> (based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $36.69 | 1.13%<sup>(a)</sup> |
| (a) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](tqqy_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns**(as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns**(as of June 30, 2025) |
|  | Inception (Feb 26, 2025) |
| &nbsp;&nbsp;NAV | -9.61% |
| &nbsp;&nbsp;Price | -9.52% |
| &nbsp;&nbsp;Benchmark | 7.86% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $2857808 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund sells put options contracts, either directly or through swap contracts, on the ProShares UltraPro® QQQ (NASDAQ: TQQQ), for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity from 1-week to 1-month.<br>The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;88.47% | &nbsp;&nbsp;Government | &nbsp;&nbsp;88.47% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;11.34% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;11.34% |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;Options | &nbsp;&nbsp;0.20% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares YieldBOOST QQQ ETF**<br>| &nbsp;&nbsp;![](tqqy_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TQQY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares YieldBOOST TSLA ETF** | &nbsp;&nbsp;![](tsyy_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSYY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The fund's primary investment objective is to seek current income. The fund's secondary investment objective is to seek exposure to the performance of one or more exchange-traded funds whose shares trade on a U.S.-regulated securities exchange and that seek daily leverage investment results of 2 times (200%) the daily percentage of the common stock of Tesla Inc. (NASDAQ: TSLA) (the "Underlying Stock") subject to a limit on potential investment gains.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?** <br> Since inception on December 17, 2024, to June 30, 2025, the Fund had a -26.18% return.<br>

&nbsp;&nbsp;Over the same period the common stock of TSLA Inc. (NASDAQ: TSLA) had a return of -33.80% and the S&P 500 Index (the Benchmark) a return of 3.28%

&nbsp;&nbsp;**What were the fund's costs since inception?** <br> (based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $51.36 | 1.12%<sup>(a)</sup> |
| <sup>(a)</sup> | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](tsyy_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns** (as of June 30, 2025) |
|  | Inception<br> (Dec 18, 2024) |
| &nbsp;&nbsp;NAV | -26.18% |
| &nbsp;&nbsp;Price | -25.45% |
| &nbsp;&nbsp;Benchmark | -3.28% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $24547027 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund sells put options contracts, either directly or through swap contracts, on the leveraged TSLA ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices from 40% out-of-the-money to 10% in-the-money and their maturity from 1-week to 1-month.<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;62.78% | &nbsp;&nbsp;Government | &nbsp;&nbsp;62.78% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;28.27% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;28.27% |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;8.94% | &nbsp;&nbsp;Options | &nbsp;&nbsp;8.94% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares YieldBOOST TSLA ETF**<br>| &nbsp;&nbsp;![](tsyy_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: TSYY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GraniteShares YieldBOOST Bitcoin ETF** | &nbsp;&nbsp;![](xbty_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: XBTY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp;<br> **Fund Overview**<br>The Fund's primary investment objective is to seek current income. The Fund's secondary investment objective is to seek exposure to the performance of one or more exchange-traded funds whose shares trade on a U.S.-regulated exchange and that seek daily leverage investment results of 2 times (200%) the daily percentage change of bitcoin (the "Underlying Bitcoin ETF") subject to a limit on potential investment gains.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

&nbsp;&nbsp;**How did the fund perform since inception?** <br> Since inception on May 12, 2025, to June 30, 2025, the Fund had a 8.24% return.<br>

&nbsp;&nbsp;Over the same period bitcoin (the Benchmark) had a return of 5.74%<br>

&nbsp;&nbsp;**What were the fund's costs since inception?** <br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $14.95 | 1.07%<sup>(a)</sup> |
| <sup>(a)</sup> | <br> Annualized |  |

---

&nbsp;&nbsp; <br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](xbty_002.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** (as of June 30, 2025) | &nbsp;&nbsp;**Average Annual Total Returns** (as of June 30, 2025) |
|  | Inception (May 09, 2025) |
| &nbsp;&nbsp;NAV | 8.24% |
| &nbsp;&nbsp;Price | 8.32% |
| &nbsp;&nbsp;Benchmark | 5.74% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) | &nbsp;&nbsp;**Fund Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp;Total Net Assets | $4956181 |
| &nbsp;&nbsp;Number of Portfolio holdings | 3 |
| &nbsp;&nbsp;Turnover | 0% |

---

&nbsp;&nbsp;<br> **What does the Fund invest in?**<br>The Fund sells put options contracts, either directly or through swap contracts, on the leveraged bitcoin ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.<br>The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Top 10 Holdings** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) | &nbsp;&nbsp;**Sector Breakdown** (as of June 30, 2025) |
| &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value | &nbsp;&nbsp;% of Market Value |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;68.73% | &nbsp;&nbsp;Government | &nbsp;&nbsp;68.73% |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;30.04% | &nbsp;&nbsp;Cash | &nbsp;&nbsp;30.04% |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;Options | &nbsp;&nbsp;1.23% |

---

&nbsp;&nbsp; <br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **GraniteShares YieldBOOST Bitcoin ETF**<br>| &nbsp;&nbsp;![](mvll_001.jpg) |
| &nbsp;&nbsp;**NASDAQ: XBTY** | &nbsp;&nbsp;Annual Shareholder Report – June 30, 2025 |

---

&nbsp;&nbsp; <br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST SPY ETF** | ![](yspy_001.jpg) |
| **NASDAQ: YSPY** | Annual Shareholder Report – June 30, 2025 |

---

<br> **Fund Overview**<br>The Fund's primary investment objective is to seek current income. The Fund's secondary investment objective is to seek exposure to the performance of the Direxion Daily S&P500® Bull 3X Shares (NYSE ARCA: SPXL) subject to a limit on potential investment gains.<br>You can find additional information about the Fund at <u>www.graniteshares.com</u><br>You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com<br>

**How did the fund perform since inception?**<br>Since inception on February 25, 2025 to June 30, 2025, the Fund had a -4.77% return.<br>

Over the same period the S&P 500 Index (the Benchmark) had a return of 4.69%<br>

**What were the fund's costs since inception?**<br>(based on hypothetical $10,000 investment)<br>

---

| | | |
|:---|:---|:---|
|  | Cost of a $10,000<br> Investment | Cost paid as % of a<br> $10,000 investment |
|  | $37.78 | 1.13%<sup>(a)</sup> |
| <sup>(a)</sup> | <br> Annualized |  |

---

<br> **How did the fund perform since inception**<br>The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.<br>![](yspy_002.jpg)<br>

---

| | |
|:---|:---|
| **Average Annual Total Returns**<br> (as of June 30, 2025) | **Average Annual Total Returns**<br> (as of June 30, 2025) |
|  | Inception |
|  | (Feb 26, 2025) |
| NAV | -4.77% |
| Price | -4.58% |
| Benchmark | 4.69% |

---

---

| | |
|:---|:---|
| **Fund Statistics**<br> (as of June 30, 2025) | **Fund Statistics**<br> (as of June 30, 2025) |
| Total Net Assets | $3225996 |
| Number of Portfolio holdings | 3 |
| Turnover | 0% |

---

<br> **What does the Fund invest in?**<br>The Fund sells put options contracts, either directly or through swap contracts, on the Direxion Daily S&P500® Bull 3X Shares (NYSE ARCA: SPXL) and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.<br>The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund's swap agreements<br>

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Holdings** (as of June 30, 2025) | **Top 10 Holdings** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) | **Sector Breakdown** (as of June 30, 2025) |
| % of Market Value | % of Market Value | % of Market Value | % of Market Value |
| United States Treasury Bill | 86.12% | Government | 86.12% |
| Cash | 13.81% | Cash | 13.81% |
| Options | 0.07% | Options | 0.07% |

---

<br> **Material Fund Changes**<br>There were no material fund changes during the period.<br>**Additional Information**<br>If you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to info@graniteshares.com<br>

---

| | |
|:---|:---|
| <br> **GraniteShares YieldBOOST SPY ETF**<br>| ![](yspy_001.jpg) |
| **NASDAQ: YSPY** | Annual Shareholder Report – June 30, 2025 |

---

<br> Past performance does not guarantee future results. Call (844) 476 8747 or send an email to info@graniteshares.com for current performance questions.<br>If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit <u>www.graniteshares.com</u><br>Phone: (844) 476 8747 – email: info@graniteshares.com<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 Applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's
 principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
 functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There
 have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's
 principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
 functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element
 of the code of ethics description.

(d) The
 registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the
 registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates
 to one or more of the items set forth in paragraph (b) of this item's instructions.

**Item 3. Audit Committee Financial Expert.**

As of the end of the period covered by the report, the registrant's board of trustees has determined that Seddik Meziani is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

Audit Fees

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the
 audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection
 with statutory and regulatory filings or engagements for those fiscal years are $114,000 for 2024 and $245,000 for 2025.

Audit-Related Fees

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are
 reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item are $0 for 2024 and $0 for 2025.

Tax Fees

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax
 compliance, tax advice, and tax planning are $20,500 for 2024 and $41,500 for 2025.

All Other Fees

---

| | |
|:---|:---|
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2024 and $0 for 2025. |
| (e)(1) | The Audit Committee of the Trust's Board of Trustees is responsible for, among other things, the appointment, compensation and oversight of the work of the Trust's auditor. As part of this responsibility, and to ensure that the Auditor's independence is not impaired, the Audit Committee (1) pre-approves the audit and non-audit services provided to the Trust by the Auditor, and (2) all non-audit services provided to the Trust's investment adviser and advisory affiliates (that directly relate to the Trust's operations and financial reporting). except that (a) services provided to a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser, and (b) *de minimis* non-audit services, shall not require pre-approval. |
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable, no expenses for the period considered.

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the
 registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
 with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser
 that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2024 and $0 for
 2025.

(h) Not
 applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant has a separately designated audit committee consisting of all the independent directors of the registrant. The members
 of the audit committee are: Steven J. Smyser and Seddik Meziani.

(b) Not
 applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to
 shareholders filed under Item 1 of this form.

(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Changes in and Disagreements with Accountants is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Proxy Disclosures is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Statement Regarding Basis for approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

---

| | |
|:---|:---|
| (a) | The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
|  | There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |

---

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable.

(b) Not
 applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](exa1.htm) |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](exa2.htm) |
| (a)(3) | Not applicable. |
| (a)(4) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](exb.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | GraniteShares ETF Trust |
| By (Signature and Title)\* | */s/ William Rhind* |
|  | William Rhind, Trustee, President and Chief Financial Officer |
|  | (principal executive officer and principal financial officer) |
| Date | September 8, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | */s/ William Rhind* |
|  | William Rhind, Trustee, President and Chief Financial Officer |
|  | (principal executive officer and principal financial officer) |
| Date | September 8, 2025 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-1

**Exhibit (a)(1)**

**GraniteShares ETF TRUST**

**CODE OF ETHICS**

This Code of Ethics (the "Code") has been adopted by GraniteShares ETF Trust (the "Trust") in compliance with Rule 17j-1 under the Investment Company Act of 1940 (the "Act") (unless specifically identified, Rule 17j-1 is referred to as the "Rule"). This Code of Ethics is intended to ensure that all acts, practices and courses of business engaged in by access persons (as defined) of the Trust reflect high standards and comply with the requirements of Section 17(j) of the Act and Rule 17j-1 thereunder. Any such access person shall not be subject to this Code if such person is subject to another organization's code of ethics that has been approved by the Board of Trustees of the Trust.

This Code acknowledges the general principles that access persons and advisory persons (as defined below): (i) owe a fiduciary obligation to the Trust; (ii) have the duty at all times to place the interests of the Trust and their respective shareholders, if any, first; (iii) must conduct all personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or abuse of an individual's position of trust and responsibility; (iv) should not take inappropriate advantage of their positions in relation to the Trust; (v) must comply with the federal securities laws; and (vi) must safeguard nonpublic information about the Trust and their accounts, securities, instructions and interests.

**I.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "<u>Access Person</u>" means any director, trustee, officer, general partner, managing member, or advisory person (as defined) of the Trust and any employee who has access to nonpublic information regarding any client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of any reportable fund (as defined in Rule 204A-1 of the Investment Advisers Act of 1940), including the Trust or any affiliated mutual fund, or who is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic. For the purposes of this code, an Access Person does not include persons employed by a subsidiary of Foreside Financial Group, LLC (including, but not limited to, Foreside Compliance Services, LLC and Foreside Fund Services, LLC), GraniteShares Advisors, LLC, the Trust's investment adviser (the "Adviser"), who are subject to securities transaction reporting requirements of their employer's Code of Ethics if that Code of Ethics complies with Rule 17j-1 under the Act and has been approved by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "<u>Advisory person</u>" means (1) any employee of the Trust (or of any company in a control relationship to the Trust) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security (as defined) by the Trust, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Trust who obtains information concerning recommendations made to the Trust with regard to the purchase or sale of a security by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "<u>Beneficial ownership</u>" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "<u>Control</u>" shall have the same meaning as that set forth in Section 2(a)(9) of the Act. Section 2(a)(9) provides that "<u>control</u>" generally means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A "<u>security held or to be acquired</u>" means: (1) any security which, within the most recent 15 days: (a) is or has been held by the Trust; or (b) is being or has been considered by the Trust for purchase by the Trust; and (2) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in clause (1) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. An "<u>initial public offering</u>" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "<u>Investment personnel</u>" means: (1) any employee of the Trust (or of any company in a control relationship to the Trust) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Trust; and (2) any natural person who controls the Trust and who obtains information concerning recommendations made to the Trust regarding the purchase or sale of securities by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. A "<u>limited offering</u>" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "<u>Purchase or sale</u>" for purposes of this Code and each Exhibit or other appendix hereto includes, among other things, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "<u>Reportable Security</u>" means a Security as defined in Section 2(a)(36) of the Act, except that it shall not include direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and shares issued by registered open-end investment companies (including money market funds) except shares of the Trust or any other affiliated mutual fund, or such other securities as may be excepted under the provisions of the Rules.

**II.** **Prohibitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Generally</u>. Rule 17j-1 under the Act makes it unlawful for any affiliated person of the Trust, or any affiliated person of the Adviser and Sub-Adviser, directly or indirectly, in connection with the purchase or sale of a security held or to be acquired by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Trust any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made to the Trust, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Trust.

It is the policy of the Advisors and the Trust that no access person shall engage in any act, practice or course of conduct that would violate the provisions of the Rules set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Initial Public Offerings and Limited Offerings</u>. No access person or investment personnel may acquire any direct or indirect beneficial ownership in any securities in an initial public offering or in a limited offering unless the Chief Compliance Officer of the Trust has authorized the transaction in advance.

**III.** **Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Acknowledgment of Receipt</u>. Each person receiving a copy of this Code and any subsequent amendment thereto, must acknowledge receipt in writing on the form supplied by the Chief Compliance Officer (or his or her delegate) attached as Appendix I and must promptly return the signed form to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reporting</u>. In order to provide the Trust with information to enable each of them to determine with reasonable assurance whether the provisions of the Rule, as applicable, are being observed by its access persons, each access person of the Trust, other than a Trustee of the Trust who is not an "interested person" (as defined in the Act) of the Trust, shall submit the following reports in the forms attached hereto as Exhibits A-D to the Chief Compliance Officer (or his or her delegate) showing all transactions in Reportable Securities in which the person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Holding Report</u>. Exhibit A shall initially be filed no later than 10 days after that person becomes an Access Person and the information must be current as of a date no more than 45 days prior to the date the person becomes an access person. Each holdings report must contain with respect to each Reportable Security, at a minimum: (i) the title and type of security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the access person has any direct or indirect beneficial ownership; (ii) the name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit; and (iii) the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Quarterly Transaction Reports</u>. Exhibits B and C shall be filed no later than 30 days after the end of each calendar quarter, but transactions over which such person had no direct or indirect influence or control need not be reported. No such periodic report needs to be made if the report would duplicate information contained in broker trade confirmations or account statements received by the Trust no later than 30 days after the end of each calendar quarter and/or information contained in the Trust's records. In addition, transactions effected pursuant to automatic reinvestment plans need not be reported. Quarterly transaction reports must be dated and contain the following information with respect to each transaction in a Reportable Security in which the access person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership and/or brokerage account established by the access person in which he or she held any securities during the quarter: (i) date of the transaction, the title and as applicable the exchange ticker symbol or CUSIP number, interest date and maturity date, number of shares, and principal amount of each Reportable Security involved; (ii) nature of the transaction (i.e., purchase, sale or another type of acquisition or disposition); (iii) the price at which the transaction was effected; (iv) name of broker, dealer or bank with or through whom the transaction was effected; and (v) the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Annual Holdings Report</u>. Exhibit D must be submitted by each Access Person within 45 days after the end of each calendar year with respect to each security held and the information must be current as of a date no more than 45 days prior to the date the report was submitted. The annual holdings report shall contain the same information as the initial holdings report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Independent Trustees</u>. A Trustee who is not an "interested person" of the Trust shall not be required to submit the reports required under paragraph III.B, except that such a Trustee shall file a Securities Transaction Report in the form attached as Exhibit B with respect to a transaction in a Reportable Security where he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15 day period immediately preceding or after the date of the transaction, such security is or was purchased or sold by the Trust, or was considered for purchase or sale by the Trust. No report is required if the Trustee had no direct or indirect influence or control over the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Notification</u>. The Chief Compliance Officer (or his or her delegate) shall notify each Access Person of the Trust who may be required to make reports pursuant to this Code that such person is subject to reporting requirements and shall deliver a copy of this Code to each such person.

**IV.** **Review and Enforcement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Chief Compliance Officer of the Trust (or his or her delegate) shall from time to time review the reported personal securities transactions of access persons for compliance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Chief Compliance Officer of the Trust (or his or her delegate) determines that a violation of this Code may have occurred, before making a final determination that a material violation has been committed by an individual, the Chief Compliance Officer of the Trust (or his or her delegate) may give such person an opportunity to supply additional information regarding the transaction in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Chief Compliance Officer of the Trust (or his or her delegate) determines that a material violation of this Code has occurred, he or she shall promptly report the violation to the Trustees of the Trust. The Trustees, with the exception of any person whose transaction is under consideration, shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No person shall participate in a determination of whether he or she has committed a violation of this Code or in the imposition of any sanction against himself or herself. If, for example, a securities transaction of the Chief Compliance Officer of the Trust is under consideration, the President of the Trust designated for the purpose by the Trustees of the Trust shall act in all respects in the manner prescribed herein for the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Certificate of Compliance.</u> Each Access Person must certify in writing within 30 days of each year in the form attached as Appendix II that he or she has: (a) read this Code, including any amendments thereto, and understood it; (b) complied with this Code's requirement during the past year; (c) disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code and (d) reported all violations of this Code and the federal securities laws to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Reporting to Board</u>. No less frequently than annually, the Chief Compliance Officer of the Trust shall furnish to the Trust's Board of Trustees, and the Board must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes any issues arising under the Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certifies that the Trust have adopted procedures reasonably necessary to prevent access persons from violating the Code.

V. Code Provisions Applicable Only to Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Code of Ethics</u>. The provisions of Foreside Financial Group, LLC (including, but not limited to, Foreside Compliance Services, LLC, Foreside Fund Services, LLC), and GraniteShares Advisors, LLC, the Trust's investment adviser (the "Adviser") (collectively, the "Service Providers") Codes of Ethics are hereby adopted as the Codes of Ethics of the Fund applicable to the respective employees of that Service Provider that also serve as officers of the Trust (a "Service Provider Employee"). A violation of a Service Provider's Code of Ethics by such an employee of a Service Provider shall also constitute a violation of this Code of Ethics. Any amendment or revision of a Service Provider's Code of Ethics shall be deemed to be an amendment or revision of Section V of this Code of Ethics, and any such amendment or revision shall be promptly furnished to the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reports</u>. Service Provider Employees shall file the reports required by their respective employer's Code of Ethics. Such filings shall be deemed to be filings with the Trust under this Code of Ethics, and shall at all times be available to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Annual Issues and Certification Report</u>. At periodic intervals established by the Board of Trustees of the Trust, but no less frequently than annually, the Compliance Officer of each Service Provider shall provide a written report to the Board of Trustees of the Trust of all issues involving its Service Provider Employees under that Service Provider's Code of Ethics during such period including, but not limited to, information about material code or procedure violations and sanctions imposed in response to those material violations. Additionally, each Service Provider will provide the Board of Trustees of the Trust a written certification which certifies to the Board of Trustee of the Trust that the Service Provider has adopted procedures reasonably necessary to prevent its access persons from violating its code of ethics.

**VI.** **Records**

The Trust shall maintain records in the manner and to the extent set forth below, which records shall be available for appropriate examination by representatives of the Securities and Exchange Commission.

● A
 copy of this Code and any other code of ethics which is, or at any time within the past five years has been, in effect shall be preserved
 in an easily accessible place;

● A
 record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible
 place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

● A
 copy of each report made pursuant to this Code by an access person, including any information provided in lieu of reports, shall
 be preserved by the Chief Compliance Officer of the Trust for a period of not less than five years from the end of the fiscal year
 in which it is made, the first two years in an easily accessible place;

● A
 list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, or who are
 or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

● A
 record of any decision, and the reasons supporting the decision, to approve the acquisition of securities by access persons, for
 at least five years after the end of the fiscal year in which the approval is granted;

● A
 copy of each report made pursuant to Section IV.D of this Code shall be preserved by the Chief Compliance Officer of the Trust for
 at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

● The
 Chief Compliance Officer of the Trust shall preserve a record of any decision, and the reasons supporting the decision, to approve
 the acquisition by investment personnel of securities under Section II.B of this Code for at least five years after the end of the
 fiscal year in which the approval is granted, the first two years in an easily accessible place.

**VII.** **Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Confidentiality</u>. All reports of securities transactions and any other information filed with the Trust pursuant to this Code shall be treated as confidential, except as regards appropriate examinations by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Amendment; Interpretation of Provisions</u>. The Board of Trustees may from time to time amend this Code or adopt such interpretations of this Code as they deem appropriate.

**ANNUAL CERTIFICATION**

The undersigned hereby certifies on behalf of the Trust pursuant to Section IV.D(2) of the Code of Ethics of the Trust, that the Trust has adopted procedures that are reasonably necessary to prevent Access Persons from violating the Code of Ethics.

---

| | |
|:---|:---|
| Date: |  |
|  | Chief Compliance Officer |
|  | GraniteShares ETF Trust |

---

**Appendix I**

**WRITTEN ACKNOWLEDGMENT OF CODE OF ETHICS**

To the Chief Compliance Officer:

The undersigned hereby acknowledges receipt of the Code of Ethics of GraniteShares ETF Trust and any current amendment thereto.

Date:   By:   <br> Name: <br> Title:

**Appendix II**

**ANNUAL COMPLIANCE CERTIFICATION**

To the Chief Compliance Officer:

The undersigned hereby certifies that he or she has:

(a) read
 this Code of Ethics, including any amendments thereto, and understood it;

(b) complied
 with this Code's requirement during the past year;

(c) disclosed
 or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code;
 and

(d) reported
 all violations of this Code and the federal securities laws to the Chief Compliance Officer.

Date:   By:   <br> Name: <br> Title:

**EXHIBIT A**

**INITIAL HOLDINGS REPORT**

To the Chief Compliance Officer:

As of the below date, I held the following position in these securities in which I may be deemed to have a direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of GraniteShares ETF Trust:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title and Type Security** | **Symbol or CUSIP No.** | **No. of Shares** | **Principal Amount** | **Broker/Dealer or Bank Where Account is Held** |

---

This report (i) excludes holdings with respect to which I had no direct or indirect influence or control, and (ii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature:  

Exh A-1

**EXHIBIT B**

**SECURITIES TRANSACTION REPORT**

**For the Calendar Quarter Ended ____________________**

To the Chief Compliance Officer:

During the quarter referred to above, the following transactions were effected in securities in which I may be deemed to have had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of GraniteShares ETF Trust:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security (including interest rate and maturity date, if any)** | **Symbol or CUSIP Number** | **Date of Transaction** | **No. of Shares** | **Principal Amount of Transaction** | **Nature of Transaction (Purchase, Sale, Other)** | **Price** | **Broker/ Dealer or Bank Through Whom Effected** |

---

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes transactions effected pursuant to an automatic investment plan, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature:  

Exh B-1

**EXHIBIT C**

**ACCOUNT ESTABLISHMENT REPORT**

**For the Calendar Quarter Ended _________________**

To the Chief Compliance Officer:

During the quarter referred to above, the following accounts were established for securities in which I may be deemed to have a direct or indirect beneficial ownership, and is required to be reported pursuant to the Code of Ethics of GraniteShares ETF Trust:

---

| | |
|:---|:---|
| **Broker/Dealer or Bank Where**<br> **Account Was Established** | **Date Account Was Established** |

---

Date:   Signature:  

Exh C-1

**EXHIBIT D**

**ANNUAL HOLDINGS REPORT**

To the Chief Compliance Officer:

As of December 31, ____, I held the following positions in securities in which I may be deemed to have a direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of GraniteShares ETF Trust:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title and Type of**<br> **Security**<br>| **Symbol or CUSIP No.** | **No. of Shares** | **Principal Amount** | **Broker/Dealer or Bank Where Account is Held** |

---

This report excludes holdings with respect to which I had no direct or indirect influence or control and is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature:  

Exh D-1

## Ex-1

**Exhibit (a)(2)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, William Rhind, certify that:

1. I
 have reviewed this report on Form N-CSR of The GraniteShares ETF Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
 to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

(b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
 based on such evaluation; and

(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
 by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
 the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
 and

(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | */s/ William Rhind* |
|  |  | William Rhind, Trustee, President and Chief Financial Officer |
|  |  | (principal executive officer and principal financial officer) |

---

## Ex-1

**Exhibit (b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, William Rhind, President and Chief Financial Officer of GraniteShares ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934, as amended; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | */s/ William Rhind* |
|  |  | William Rhind, Trustee, President and Chief Financial Officer |
|  |  | (principal executive officer and principal financial officer) |

---