# EDGAR Filing Document

**Accession Number:** 0001689873
**File Stem:** 0001049169-26-001347
**Filing Date:** 2026-5
**Character Count:** 197347
**Document Hash:** a3d05112322396fd4fedbb72e6a58bc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-001347.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001049169-26-001347

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23214
- **FILM NUMBER:** 261031408

**BUSINESS ADDRESS:**
- **STREET 1:** 250 BROADWAY
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 9173380565

**MAIL ADDRESS:**
- **STREET 1:** 250 BROADWAY
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

## Series and Classes Contracts Data

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

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

## Nport-Ex

**GraniteShares ETF Trust** 

**Notes to Quarterly Schedules of Investments** 

**March 31, 2026 (Unaudited)**

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

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

---

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

---

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

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

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

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

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

The following table reflects the net assets of the Subsidiary as a percentage of the GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF's net assets at **March 31, 2026**:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Wholly Owned Subsidiary** | **Value** | **Percentage of Fund's<br> Net Assets** |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | GraniteShares BCOM Cayman Limited | $33057877 | 18.96% |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Consolidated Schedule of Investments** |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 75.30%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.605% , 04/16/2026 | $40000000 | $39935467 |
| United States Treasury Bill, 3.590% , 05/28/2026 <sup>(b)</sup> | 37000000 | 36787812 |
| United States Treasury Bill, 3.645% , 06/18/2026 <sup>(b)</sup> | 55000000 | 54572192 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $131,295,240)** |  | 131295471 |
| **TOTAL INVESTMENTS - 75.30%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $131,295,240)** |  | $131295471 |
| **Other Assets In Excess Of Liabilities - 24.70%** |  | 43063107 <sup>(c)</sup> |
| **NET ASSETS (100.00%)** |  | $174358578 |

---

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

*<sup>(b)</sup>* *A portion or all of the security is owned by GraniteShares BCOM Cayman Limited, a wholly-owned subsidiary of the Fund. See Note 1.*

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

At March 31, 2026, open futures contracts were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration <br> Date** | **Contract<br> Type** | **Notional<br> Amount** | **Value/Unrealized <br> Appreciation** | **Value/Unrealized<br> Depreciation** |
| Brent Crude<sup>(a)</sup> | 202 | 05/29/26 | Long | $19426340 | $1713500 |  |
| Cocoa<sup>(a)</sup> | 42 | 05/13/26 | Long | 1386000 |  | (232520) |
| Coffee 'C'<sup>(a)</sup> | 30 | 05/18/26 | Long | 3356438 | 26232 |  |
| Copper<sup>(a)</sup> | 63 | 05/27/26 | Long | 8842050 |  | (475788) |
| Corn<sup>(a)</sup> | 358 | 05/14/26 | Long | 8193725 | 290725 |  |
| Cotton No.2<sup>(a)</sup> | 71 | 05/06/26 | Long | 2485000 | 202895 |  |
| Gasoline RBOB<sup>(a)</sup> | 43 | 04/30/26 | Long | 5786243 | 1672297 |  |
| Gold 100 Oz<sup>(a)</sup> | 48 | 06/26/26 | Long | 22457281 |  | (2137000) |
| KC Hard Red Winter Wheat<sup>(a)</sup> | 97 | 05/14/26 | Long | 3082175 | 375575 |  |
| Lean Hogs<sup>(a)</sup> | 76 | 06/12/26 | Long | 3193520 |  | (126880) |
| Live Cattle<sup>(a)</sup> | 59 | 06/30/26 | Long | 5741290 | 319650 |  |
| LME Lead<sup>(a)</sup> | 28 | 05/18/26 | Long | 1319150 |  | (59258) |
| LME Nickel<sup>(a)</sup> | 31 | 05/18/26 | Long | 3167013 |  | (78096) |
| LME Primary Aluminum<sup>(a)</sup> | 78 | 05/18/26 | Long | 6832878 | 721246 |  |
| LME Zinc<sup>(a)</sup> | 42 | 05/18/26 | Long | 3402987 |  | (117927) |
| Low Sulphur Gasoil<sup>(a)</sup> | 70 | 05/12/26 | Long | 8674750 | 3566825 |  |
| Natural Gas<sup>(a)</sup> | 357 | 04/28/26 | Long | 10295880 |  | (732680) |
| NY Harbor ULSD<sup>(a)</sup> | 37 | 04/30/26 | Long | 6392845 | 2489046 |  |
| Silver<sup>(a)</sup> | 15 | 05/27/26 | Long | 5618925 |  | (304430) |
| Soybean<sup>(a)</sup> | 145 | 05/14/26 | Long | 8489750 | 210650 |  |
| Soybean Meal<sup>(a)</sup> | 139 | 05/14/26 | Long | 4397960 | 95322 |  |
| Soybean Oil<sup>(a)</sup> | 138 | 05/14/26 | Long | 5703264 | 859722 |  |
| Sugar #11<sup>(a)</sup> | 254 | 04/30/26 | Long | 4415130 | 457196 |  |
| Wheat (CBT)<sup>(a)</sup> | 152 | 05/14/26 | Long | 4683500 | 493287 |  |
| WTI Crude<sup>(a)</sup> | 172 | 04/21/26 | Long | 17437360 | 5826230 | – |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | 19320398 | (4264579) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation |  |  |  |  | 15055819 | – |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration <br> Date** | **Contract<br> Type** | **Notional<br> Amount** | **Value/Unrealized <br> Appreciation** | **Value/Unrealized<br> Depreciation** |
| LME Lead<sup>(a)</sup> | (1) | 05/18/26 | Short | $(47113) | $1056 | $– |
| LME Nickel<sup>(a)</sup> | (1) | 05/18/26 | Short | (102162) | 3686 |  |
| LME Primary Aluminum<sup>(a)</sup> | (3) | 05/18/26 | Short | (262803) |  | (8412) |
| LME Zinc<sup>(a)</sup> | (1) | 05/18/26 | Short | (81024) | 1560 | – |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | 6302 | (8412) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation |  |  |  |  | – | (2110) |

---

*<sup>(a)</sup>* *A portion or all of the security is owned by GraniteShares BCOM Cayman Limited, a wholly-owned subsidiary of the Fund. See Note 1.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $131295471 | $– | $131295471 |
| Total | $– | $131295471 | $– | $131295471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Futures Contracts | $19326700 | $– | $– | $19326700 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures Contracts | (4272991) | – | – | (4272991) |
| Total | $15053709 | $– | $– | $15053709 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares HIPS U.S. High Income ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 75.33%** |  |  |
| **Capital Markets - 22.60%** |  |  |
| Barings BDC, Inc. | 271230 | $2232223 |
| Capital Southwest Corp. | 111218 | 2460142 |
| FS KKR Capital Corp. | 166297 | 1692903 |
| Goldman Sachs BDC, Inc. | 254891 | 2263432 |
| Golub Capital BDC, Inc. | 181284 | 2295055 |
| Morgan Stanley Direct Lending Fund | 144566 | 2018141 |
| New Mountain Finance Corp. | 266803 | 2070391 |
| Nuveen Churchill Direct Lending Corp. | 177489 | 2257660 |
| PennantPark Floating Rate Capital, Ltd. | 265933 | 2138101 |
| Prospect Capital Corp. | 962570 | 2512308 |
| Total Capital Markets |  | 21940356 |
| **Chemicals - 3.12%** |  |  |
| CVR Partners LP<sup>(a)</sup> | 23906 | 3028173 |
| **Mortgage Real Estate Investment Trust (REIT) - 23.95%** |  |  |
| AGNC Investment Corp. | 226860 | 2275406 |
| Annaly Capital Management, Inc. | 106588 | 2254336 |
| Arbor Realty Trust, Inc. | 315910 | 2435666 |
| ARMOUR Residential REIT, Inc. | 139941 | 2334216 |
| Dynex Capital, Inc. | 176327 | 2249933 |
| Ellington Financial, Inc. | 178507 | 2115308 |
| Orchid Island Capital, Inc. | 337165 | 2370270 |
| PennyMac Mortgage Investment Trust | 195278 | 2276941 |
| Starwood Property Trust, Inc. | 131957 | 2272300 |
| Two Harbors Investment Corp. | 232433 | 2654385 |
| Total Mortgage Real Estate Investment Trust (REIT) |  | 23238761 |
| **Oil, Gas & Consumable Fuels - 25.66%** |  |  |
| Alliance Resource Partners LP<sup>(a)</sup> | 105247 | 2910080 |
| Black Stone Minerals LP<sup>(a)</sup> | 181414 | 2742980 |
| Delek Logistics Partners LP<sup>(a)</sup> | 54203 | 2697141 |
| Dorchester Minerals LP<sup>(a)</sup> | 111218 | 3014008 |
| Enterprise Products Partners LP<sup>(a)</sup> | 71169 | 2693035 |
| Kimbell Royalty Partners LP | 193857 | 2805111 |
| MPLX LP<sup>(a)</sup> | 45767 | 2611923 |
| Plains All American Pipeline LP<sup>(a)</sup> | 128306 | 2865073 |
| Western Midstream Partners LP<sup>(a)</sup> | 61949 | 2550440 |
| Total Oil, Gas & Consumable Fuels |  | 24889791 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $74,798,919)** |  | 73097081 |
| **INVESTMENT COMPANIES - 23.86%** |  |  |
| BlackRock Debt Strategies Fund, Inc. | 239477 | 2296584 |
| BlackRock Enhanced Large Cap Core Fund, Inc. | 106037 | 2228898 |
| BlackRock Floating Rate Income Strategies Fund, Inc. | 208669 | 2299532 |
| Franklin, Ltd. Duration Income Trust | 397823 | 2319308 |
| Neuberger High Yield Strategies Fund, Inc. | 345611 | 2239559 |
| Nuveen Floating Rate Income Fund | 313482 | 2357385 |
| PIMCO High Income Fund | 510893 | 2365435 |
| PIMCO Income Strategy Fund | 295000 | 2360000 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 23.86% (continued)** |  |  |
| Western Asset Global High Income Fund, Inc. | 387183 | $2284380 |
| Western Asset High Income Fund II, Inc. | 602918 | 2399614 |
| **TOTAL INVESTMENT COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $25,219,302)** |  | 23150695 |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 72.00%<sup>(b)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $70000000 | 69859008 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $69,867,739)** |  | 69859008 |
| **TOTAL INVESTMENTS - 171.19%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $169,885,960)** |  | $166106784 |
| **Liabilities In Excess Of Other Assets - (71.19%)** |  | (69076280) |
| **NET ASSETS (100.00%)** |  | $97030504 |

---

*<sup>(a)</sup>* *Master Limited Partnership ("MLP").* <br> *<sup>(b)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $73097081 | $– | $– | $73097081 |
| Investment Companies | 23150695 |  |  | 23150695 |
| United States Treasury Obligations | – | 69859008 | – | 69859008 |
| Total | $96247776 | $69859008 | $– | $166106784 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares Nasdaq Select Disruptors ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 99.84%** |  |  |
| **Aerospace & Defense - 1.23%** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1265 | $537233 |
| **Biotechnology - 5.92%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 1755 | 580677 |
| Incyte Corp.<sup>(a)</sup> | 4867 | 458082 |
| Insmed, Inc.<sup>(a)</sup> | 3894 | 636747 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2058 | 918979 |
| Total Biotechnology |  | 2594485 |
| **Communications Equipment - 1.85%** |  |  |
| Motorola Solutions, Inc. | 1867 | 810222 |
| **Financial Services - 0.88%** |  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 8442 | 386812 |
| **Health Care Equipment & Supplies - 9.91%** |  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 13599 | 853337 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 8547 | 684444 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 2626 | 1210560 |
| ResMed, Inc. | 2496 | 560302 |
| Stryker Corp. | 3153 | 1036044 |
| Total Health Care Equipment & Supplies |  | 4344687 |
| **Health Care Technology - 1.29%** |  |  |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 3217 | 565098 |
| **Hotels, Restaurants & Leisure - 1.31%** |  |  |
| Expedia Group, Inc. | 2487 | 574223 |
| **Household Durables - 1.40%** |  |  |
| Garmin, Ltd. | 2652 | 615291 |
| **Interactive Media & Services - 16.66%** |  |  |
| Alphabet, Inc., Class A | 12396 | 3564594 |
| Meta Platforms, Inc., Class A | 5063 | 2896694 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 20681 | 379290 |
| Reddit, Inc.<sup>(a)</sup> | 3396 | 457271 |
| Total Interactive Media & Services |  | 7297849 |
| **IT Services - 7.72%** |  |  |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 4077 | 841248 |
| MongoDB, Inc.<sup>(a)</sup> | 1749 | 428103 |
| Okta, Inc.<sup>(a)</sup> | 5171 | 407009 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 4865 | 733739 |
| Twilio, Inc., Class A<sup>(a)</sup> | 3710 | 466792 |
| VeriSign, Inc. | 2051 | 509386 |
| Total IT Services |  | 3386277 |
| **Media - 0.76%** |  |  |
| Trade Desk, Inc., Class A<sup>(a)</sup> | 14634 | 332045 |
| **Pharmaceuticals - 5.42%** |  |  |
| Eli Lilly & Co. | 2582 | 2374846 |
| **Software - 44.54%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 3978 | 966972 |
| Autodesk, Inc.<sup>(a)</sup> | 3073 | 735676 |
| Bentley Systems, Inc., Class B | 8435 | 296237 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 99.84% (continued)** |  |  |
| **Software - 44.54% (continued)** |  |  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 3109 | $863898 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2659 | 1038100 |
| Datadog, Inc., Class A<sup>(a)</sup> | 5515 | 651046 |
| Docusign, Inc.<sup>(a)</sup> | 7455 | 353442 |
| Dynatrace, Inc.<sup>(a)</sup> | 10046 | 371501 |
| Fair Isaac Corp.<sup>(a)</sup> | 432 | 461177 |
| Fortinet, Inc.<sup>(a)</sup> | 9094 | 743162 |
| Gen Digital, Inc. | 17323 | 326192 |
| HubSpot, Inc.<sup>(a)</sup> | 1510 | 368591 |
| Microsoft Corp. | 11811 | 4372078 |
| Nutanix, Inc.<sup>(a)</sup> | 8561 | 325404 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 12420 | 1816798 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 7733 | 1239755 |
| PTC, Inc.<sup>(a)</sup> | 2726 | 388428 |
| Salesforce, Inc. | 6850 | 1278690 |
| ServiceNow, Inc.<sup>(a)</sup> | 9957 | 1041004 |
| Synopsys, Inc.<sup>(a)</sup> | 2216 | 878600 |
| Workday, Inc., Class A<sup>(a)</sup> | 4282 | 556317 |
| Zscaler, Inc.<sup>(a)</sup> | 3096 | 434338 |
| Total Software |  | 19507406 |
| **Technology Hardware, Storage & Peripherals - 0.95%** |  |  |
| Everpure, Inc.<sup>(a)</sup> | 7045 | 415937 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $40,973,081)** |  | 43742411 |
| **TOTAL INVESTMENTS - 99.84%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $40,973,081)** |  | $43742411 |
| **Other Assets In Excess Of Liabilities - 0.16%** |  | 71524 |
| **NET ASSETS (100.00%)** |  | $43813935 |

---

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

**GraniteShares Nasdaq Select Disruptors ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $43742411 | $– | $– | $43742411 |
| Total | $43742411 | $– | $– | $43742411 |

---

**GraniteShares ETF Trust**

**Notes to Quarterly Schedules of Investments**

**March 31, 2026 (Unaudited)**

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

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

---

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

---

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

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

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

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long BABA Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 45.14%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $45000000 | $44909362 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $44,914,975)** |  | 44909362 |
| **TOTAL INVESTMENTS - 45.14%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $44,914,975)** |  | $44909362 |
| **Other Assets In Excess Of Liabilities - 54.86%** |  | 54565332 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $99474694 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Clear Street, LLC | Alibaba Group Holding, Ltd. | $60082499 | OBFR01 | 125 bps | Monthly | Receive | 01/19/2028 | $84052303 | $23969804 |
| TD Cowen | Alibaba Group Holding, Ltd. | 48834832 | SOFRRATE | 200 bps | Monthly | Receive | 06/30/2026 | 70459089 | 21624257 |
| Wells Fargo | Alibaba Group Holding, Ltd. | 39461390 | FEDL01 | 200 bps | At Termination | Receive | 04/13/2027 | 44563392 | 5102002 |
| TOTAL |  | $148378721 |  |  |  |  |  | $199074784 | $50696063 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long BABA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $44909362 | $– | $44909362 |
| Total | $– | $44909362 | $– | $44909362 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $50696063 | $– | $50696063 |
| Total | $– | $50696063 | $– | $50696063 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long META Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $192981667 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $192981667 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Clear Street, LLC | Meta Platforms, Inc. | $151959920 | OBFR01 | 100 bps | Monthly | Receive | 10/19/2027 | $163330528 | $11370608 |
| Goldman Sachs | Meta Platforms, Inc. | 152230508 | SOFRRATE | 200 bps | Monthly | Receive | 06/15/2026 | 148982652 | (3247856) |
| Morgan Stanley | Meta Platforms, Inc. | 15239312 | SOFRRATE | 350 bps | Monthly | Receive | 12/21/2026 | 14246037 | (993275) |
| TD Cowen | Meta Platforms, Inc. | 57845721 | SOFRRATE | 200 bps | Monthly | Receive | 06/30/2026 | 58711981 | 866260 |
| TOTAL |  | $377275461 |  |  |  |  |  | $385271198 | $7995737 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long META Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $12236868 | $– | $12236868 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(4241131) | $– | $(4241131) |
| Total | $– | $7995737 | $– | $7995737 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long NVDA Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 259.01%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $9680000000 | $9660502834 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $9,661,710,221)** |  | 9660502834 |
| **TOTAL INVESTMENTS - 259.01%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $9,661,710,221)** |  | $9660502834 |
| **Liabilities In Excess Of Other Assets - (159.01%)** |  | (5930667513) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $3729835321 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Bank of America | NVIDIA Corp. | $31278 | OBFR01 | 300 bps | Monthly | Receive | 01/29/2027 | $52320 | $21042 |
| BMO Capital | NVIDIA Corp. | 128894835 | SOFRRATE | 375 bps | At Termination | Receive | 05/03/2027 | 230190560 | 101295725 |
| Cantor Fitzgerald | NVIDIA Corp. | 164971724 | OBFR01 | 325 bps | Monthly | Receive | 08/10/2026 | 164319680 | (652044) |
| Clear Street, LLC | NVIDIA Corp. | 1973347649 | OBFR01 | 625 bps | Monthly | Receive | 10/19/2027 | 4426650448 | 2453302799 |
| Goldman Sachs | NVIDIA Corp. | 156628183 | SOFRRATE | 300 bps | Monthly | Receive | 05/05/2026 | 289504000 | 132875817 |
| Natixis SA | NVIDIA Corp. | 613700791 | FEDL01 | 450 bps | Monthly | Receive | 11/30/2026 | 1221316224 | 607615433 |
| Nomura Holdings, Inc. | NVIDIA Corp. | 318189159 | SOFRRATE | 375 bps | Monthly | Receive | 05/01/2026 | 315001280 | (3187879) |
| TD Cowen | NVIDIA Corp. | 275387100 | SOFRRATE | 200 bps | Monthly | Receive | 06/30/2026 | 491808000 | 216420900 |
| Wells Fargo | NVIDIA Corp. | 89073765 | FEDL01 | 300 bps | At Termination | Receive | 01/05/2027 | 315034416 | 225960651 |
| TOTAL |  | $3720224484 |  |  |  |  |  | $7453876928 | $3733652444 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long NVDA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $9660502834 | $– | $9660502834 |
| Total | $– | $9660502834 | $– | $9660502834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $3737492367 | $– | $3737492367 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(3839923) | $– | $(3839923) |
| Total | $– | $3733652444 | $– | $3733652444 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AAPL Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 118.74%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $19000000 | $18961731 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $18,964,100)** |  | 18961731 |
| **TOTAL INVESTMENTS - 118.74%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $18,964,100)** |  | $18961731 |
| **Liabilities In Excess Of Other Assets - (18.74%)** |  | (2992129) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $15969602 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Apple, Inc. | $25098025 | SOFRRATE | 100 bps | Monthly | Receive | 06/30/2026 | $31895058 | $6797033 |
| TOTAL |  | $25098025 |  |  |  |  |  | $31895058 | $6797033 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**GraniteShares 2x Long AAPL Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $18961731 | $– | $18961731 |
| Total | $– | $18961731 | $– | $18961731 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $6797033 | $– | $6797033 |
| Total | $– | $6797033 | $– | $6797033 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long COIN Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $490791926 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $490791926 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| BMO Capital | Coinbase Global, Inc. | $115107338 | SOFRRATE | 600 bps | At Termination | Receive | 10/07/2026 | $119275916 | $4168578 |
| Clear Street, LLC | Coinbase Global, Inc. | 375523518 | OBFR01 | 700 bps | Monthly | Receive | 01/11/2028 | 401728719 | 26205201 |
| Goldman Sachs | Coinbase Global, Inc. | 146143561 | SOFRRATE | 600 bps | Monthly | Receive | 06/08/2026 | 155979113 | 9835552 |
| Natixis SA | Coinbase Global, Inc. | 73264918 | FEDL01 | 750 bps | Monthly | Receive | 02/26/2027 | 78923720 | 5658802 |
| Nomura Holdings, Inc. | Coinbase Global, Inc. | 72249172 | SOFRRATE | 950 bps | Monthly | Receive | 05/01/2026 | 76750349 | 4501177 |
| TD Cowen | Coinbase Global, Inc. | 142705633 | SOFRRATE | 200 bps | Monthly | Receive | 06/30/2026 | 148348656 | 5643023 |
| TOTAL |  | $924994140 |  |  |  |  |  | $981006473 | $56012333 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| OBFR - Overnight Bank Funding Rate |
| FEDL - Federal Funds Effective Rate |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 2x Long COIN Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $56012333 | $– | $56012333 |
| Total | $– | $56012333 | $– | $56012333 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 1.25x Long TSLA Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $43471577 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $43471577 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Tesla, Inc. | $52791803 | SOFRRATE | 100 bps | Monthly | Receive | 06/30/2026 | $54339441 | $1547638 |
| TOTAL |  | $52791803 |  |  |  |  |  | $54339441 | $1547638 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 1.25x Long TSLA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $1547638 | $– | $1547638 |
| Total | $– | $1547638 | $– | $1547638 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short NVDA Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $88743364 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $88743364 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Clear Street, LLC | NVIDIA Corp. | $(65339742) | OBFR01 | (30) bps | Monthly | Pay | 01/19/2028 | $(56435840) | $8903902 |
| Goldman Sachs | NVIDIA Corp. | (86549809) | SOFRRATE | (40) bps | Monthly | Pay | 06/16/2026 | (82648160) | 3901649 |
| TD Cowen | NVIDIA Corp. | (45039831) | SOFRRATE | (100) bps | Monthly | Pay | 06/30/2026 | (38437760) | 6602071 |
| TOTAL |  | $(196929382) |  |  |  |  |  | $(177521760) | $19407622 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| OBFR - Overnight Bank Funding Rate |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 2x Short NVDA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $19407622 | $– | $19407622 |
| Total | $– | $19407622 | $– | $19407622 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long TSLA Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 77.51%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $92000000 | $91814696 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $91,826,172)** |  | 91814696 |
| **TOTAL INVESTMENTS - 77.51%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $91,826,172)** |  | $91814696 |
| **Other Assets In Excess Of Liabilities - 22.49%** |  | 26638117 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $118452813 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation / (Depreciation)** |
| Bank of America | Tesla, Inc. | $8357127 | OBFR01 | 300 bps | Monthly | Receive | 04/30/2026 | $13680400 | $5323273 |
| Clear Street, LLC | Tesla, Inc. | 123734 | OBFR01 | 125 bps | Monthly | Receive | 08/25/2026 | 148700 | 24966 |
| J.P. Morgan | Tesla, Inc. | 12049237 | OBFR01 | 350 bps | At Termination | Receive | 04/22/2027 | 12044700 | (4537) |
| TD Cowen | Tesla, Inc. | 68017517 | SOFRRATE | 200 bps | Monthly | Receive | 06/30/2026 | 106023100 | 38005583 |
| Wells Fargo | Tesla, Inc. | 67379988 | FEDL01 | 200 bps | At Termination | Receive | 03/30/2027 | 105019375 | 37639387 |
| TOTAL |  | $155927603 |  |  |  |  |  | $236916275 | $80988672 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| OBFR - Overnight Bank Funding Rate |
| FEDL - Federal Funds Effective Rate |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 2x Long TSLA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $91814696 | $– | $91814696 |
| Total | $– | $91814696 | $– | $91814696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $80993209 | $– | $80993209 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(4537) | $– | $(4537) |
| Total | $– | $80988672 | $– | $80988672 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short TSLA Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 6.40%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $4000000 | $3991943 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,992,442)** |  | 3991943 |
| **TOTAL INVESTMENTS - 6.40%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,992,442)** |  | $3991943 |
| **Other Assets In Excess Of Liabilities - 93.60%** |  | 58391496 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $62383439 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Bank of America | Tesla, Inc. | $(80130836) | OBFR01 | (100) bps | Monthly | Pay | 04/30/2026 | $(71859275) | $8271561 |
| Cantor Fitzgerald | Tesla, Inc. | (36101257) | OBFR01 | (350) bps | Monthly | Pay | 04/10/2026 | (28550400) | 7550857 |
| Clear Street, LLC | Tesla, Inc. | (28537175) | OBFR01 | (30) bps | Monthly | Pay | 04/21/2026 | (24238100) | 4299075 |
| Goldman Sachs | Tesla, Inc. | (43888) | SOFRRATE | (40) bps | Monthly | Pay | 04/14/2026 | (37175) | 6713 |
| TD Cowen | Tesla, Inc. | (136331) | SOFRRATE | (100) bps | Monthly | Pay | 06/30/2026 | (111525) | 24806 |
| TOTAL |  | $(144949487) |  |  |  |  |  | $(124796475) | $20153012 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| OBFR - Overnight Bank Funding Rate |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 2x Short TSLA Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $3991943 | $– | $3991943 |
| Total | $– | $3991943 | $– | $3991943 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $20153012 | $– | $20153012 |
| Total | $– | $20153012 | $– | $20153012 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AMD Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 174.91%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $959000000 | $957068411 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $957,188,027)** |  | 957068411 |
| **TOTAL INVESTMENTS - 174.91%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $957,188,027)** |  | $957068411 |
| **Liabilities In Excess Of Other Assets - (74.91%)** |  | (409894699) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $547173712 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Advanced Micro Devices, Inc. | $91970544 | OBFR01 | 650 bps | Monthly | Receive | 05/07/2026 | $223691628 | $131721084 |
| Clear Street, LLC | Advanced Micro Devices, Inc. | 103746526 | OBFR01 | 100 bps | Monthly | Receive | 04/07/2026 | 211343427 | 107596901 |
| Nomura Holdings, Inc. | Advanced Micro Devices, Inc. | 160946467 | SOFRRATE | 275 bps | Monthly | Receive | 05/01/2026 | 260207313 | 99260846 |
| TD Cowen | Advanced Micro Devices, Inc. | 99230852 | SOFRRATE | 200 bps | Monthly | Receive | 06/30/2026 | 205342242 | 106111390 |
| Wells Fargo | Advanced Micro Devices, Inc. | 133791525 | FEDL01 | 200 bps | At Termination | Receive | 03/30/2027 | 192709239 | 58917714 |
| TOTAL |  | $589685914 |  |  |  |  |  | $1093293849 | $503607935 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| OBFR - Overnight Bank Funding Rate |
| FEDL - Federal Funds Effective Rate |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 2x Long AMD Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $957068411 | $– | $957068411 |
| Total | $– | $957068411 | $– | $957068411 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $503607935 | $– | $503607935 |
| Total | $– | $503607935 | $– | $503607935 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AMZN Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $42679018 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $42679018 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Amazon.com, Inc. | $79872320 | SOFRRATE | 100 bps | Monthly | Receive | 06/30/2026 | $85253450 | $5381130 |
| TOTAL |  | $79872320 |  |  |  |  |  | $85253450 | $5381130 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 2x Long AMZN Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $5381130 | $– | $5381130 |
| Total | $– | $5381130 | $– | $5381130 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MSFT Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $82133294 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $82133294 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Bank of America | Microsoft Corp. | $34923749 | OBFR01 | 275 bps | Monthly | Receive | 03/31/2027 | $33426351 | $(1497398) |
| TD Cowen | Microsoft Corp. | 144332694 | SOFRRATE | 100 bps | Monthly | Receive | 06/30/2026 | 130616335 | (13716359) |
| TOTAL |  | $179256443 |  |  |  |  |  | $164042686 | $(15213757) |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| OBFR - Overnight Bank Funding Rate |
| SOFR - Secured Overnight Financing Rate |

---

**GraniteShares 2x Long MSFT Daily ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(15213757) | $– | $(15213757) |
| Total | $– | $(15213757) | $– | $(15213757) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short COIN Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 405.47%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $68000000 | $67863036 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $67,871,518)** |  | 67863036 |
| **TOTAL INVESTMENTS - 405.47%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $67,871,518)** |  | $67863036 |
| **Liabilities In Excess Of Other Assets - (305.47%)** |  | (51126443) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $16736593 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Coinbase Global, Inc. | $(21509403) | OBFR01 | (350) bps | Monthly | Pay | 06/05/2026 | $(19387298) | $2122105 |
| Nomura Holdings, Inc. | Coinbase Global, Inc. | (29544483) | SOFRRATE | (1400) bps | Monthly | Pay | 09/02/2026 | (14108488) | 15435995 |
| TOTAL |  | $(51053886) |  |  |  |  |  | $(33495786) | $17558100 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Short COIN Daily ETF** | **GraniteShares 2x Short COIN Daily ETF** | **GraniteShares 2x Short COIN Daily ETF** | **GraniteShares 2x Short COIN Daily ETF** | **GraniteShares 2x Short COIN Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $67863036 | $– | $67863036 |
| Total | $– | $67863036 | $– | $67863036 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $17558100 | $– | $17558100 |
| Total | $– | $17558100 | $– | $17558100 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long PLTR Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 192.33%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $821000000 | $819346366 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $819,448,770)** |  | 819346366 |
| **TOTAL INVESTMENTS - 192.33%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $819,448,770)** |  | $819346366 |
| **Liabilities In Excess Of Other Assets - (92.33%)** |  | (393338042) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $426008324 |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation / (Depreciation)** |
| BMO Capital | Palantir Technologies, Inc. | $109747624 | SOFRRATE | 750 bps | At Termination | Receive | 12/01/2026 | $239765061 | $130017437 |
| Clear Street, LLC | Palantir Technologies, Inc. | 139041374 | OBFR01 | 250 bps | Monthly | Receive | 01/19/2028 | 312966060 | 173924686 |
| Nomura Holdings, Inc. | Palantir Technologies, Inc. | 55573348 | SOFRRATE | 375 bps | Monthly | Receive | 04/12/2027 | 58263324 | 2689976 |
| TD Cowen | Palantir Technologies, Inc. | 100681899 | SOFRRATE | 200 bps | Monthly | Receive | 06/30/2026 | 205207582 | 104525683 |
| Wells Fargo | Palantir Technologies, Inc. | 34431316 | FEDL01 | 250 bps | At Termination | Receive | 05/10/2027 | 34536708 | 105392 |
| TOTAL |  | $439475561 |  |  |  |  |  | $850738735 | $411263174 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long PLTR Daily ETF** | **GraniteShares 2x Long PLTR Daily ETF** | **GraniteShares 2x Long PLTR Daily ETF** | **GraniteShares 2x Long PLTR Daily ETF** | **GraniteShares 2x Long PLTR Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $819346366 | $– | $819346366 |
| Total | $– | $819346366 | $– | $819346366 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $411263174 | $– | $411263174 |
| Total | $– | $411263174 | $– | $411263174 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long UBER Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $16186219 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $16186219 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Uber Technologies, Inc. | $29360767 | SOFRRATE | 100 bps | Monthly | Receive | 06/30/2026 | $32340519 | $2979752 |
| TOTAL |  | $29360767 |  |  |  |  |  | $32340519 | $2979752 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long UBER Daily ETF** | **GraniteShares 2x Long UBER Daily ETF** | **GraniteShares 2x Long UBER Daily ETF** | **GraniteShares 2x Long UBER Daily ETF** | **GraniteShares 2x Long UBER Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $2979752 | $– | $2979752 |
| Total | $– | $2979752 | $– | $2979752 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MU Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 70.05%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $136000000 | $135726073 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $135,743,036)** |  | 135726073 |
| **TOTAL INVESTMENTS - 70.05%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $135,743,036)** |  | $135726073 |
| **Other Assets In Excess Of Liabilities - 29.95%** |  | 58029900 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $193755973 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Morgan Stanley | Micron Technology, Inc. | $48019439 | SOFRRATE | 600 bps | Monthly | Receive | 02/26/2027 | $43513792 | $(4505647) |
| Nomura Holdings, Inc. | Micron Technology, Inc. | 270087563 | SOFRRATE | 300 bps | Monthly | Receive | 01/12/2027 | 342423137 | 72335574 |
| TOTAL |  | $318107002 |  |  |  |  |  | $385936929 | $67829927 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MU Daily ETF** | **GraniteShares 2x Long MU Daily ETF** | **GraniteShares 2x Long MU Daily ETF** | **GraniteShares 2x Long MU Daily ETF** | **GraniteShares 2x Long MU Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $135726073 | $– | $135726073 |
| Total | $– | $135726073 | $– | $135726073 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $72335574 | $– | $72335574 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(4505647) | $– | $(4505647) |
| Total | $– | $67829927 | $– | $67829927 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long TSM Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 229.59%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $88000000 | $87822753 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $87,833,729)** |  | 87822753 |
| **TOTAL INVESTMENTS - 229.59%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $87,833,729)** |  | $87822753 |
| **Liabilities In Excess Of Other Assets - (129.59%)** |  | (49571005) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $38251748 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Nomura Holdings, Inc. | Taiwan Semiconductor Manufacturing Co., Ltd | $52185008 | SOFRRATE | 350 bps | Monthly | Receive | 01/12/2027 | $76373658 | $24188650 |
| TOTAL |  | $52185008 |  |  |  |  |  | $76373658 | $24188650 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long TSM Daily ETF** | **GraniteShares 2x Long TSM Daily ETF** | **GraniteShares 2x Long TSM Daily ETF** | **GraniteShares 2x Long TSM Daily ETF** | **GraniteShares 2x Long TSM Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $87822753 | $– | $87822753 |
| Total | $– | $87822753 | $– | $87822753 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $24188650 | $– | $24188650 |
| Total | $– | $24188650 | $– | $24188650 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long CRWD Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $33992410 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $33992410 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Nomura Holdings, Inc. | Crowdstrike Holdings, Inc. | $63774455 | SOFRRATE | 600 bps | Monthly | Receive | 01/12/2027 | $67834909 | $4060454 |
| TOTAL |  | $63774455 |  |  |  |  |  | $67834909 | $4060454 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long CRWD Daily ETF** | **GraniteShares 2x Long CRWD Daily ETF** | **GraniteShares 2x Long CRWD Daily ETF** | **GraniteShares 2x Long CRWD Daily ETF** | **GraniteShares 2x Long CRWD Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $4060454 | $– | $4060454 |
| Total | $– | $4060454 | $– | $4060454 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long SMCI Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $32640306 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $32640306 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Super Micro Computer, Inc. | $11535147 | OBFR01 | 900 bps | Monthly | Receive | 04/26/2027 | $11815353 | $280206 |
| Clear Street, LLC | Super Micro Computer, Inc. | 8783003 | OBFR01 | 600 bps | Monthly | Receive | 06/16/2026 | 8959995 | 176992 |
| Marex Derivative Products, Inc. | Super Micro Computer, Inc. | 17332756 | OBFR01 | 500 bps | Monthly | Receive | 03/28/2028 | 18858114 | 1525358 |
| Nomura Holdings, Inc. | Super Micro Computer, Inc. | 24856230 | SOFRRATE | 1750 bps | Monthly | Receive | 04/27/2027 | 25460025 | 603795 |
| TOTAL |  | $62507136 |  |  |  |  |  | $65093487 | $2586351 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long SMCI Daily ETF** | **GraniteShares 2x Long SMCI Daily ETF** | **GraniteShares 2x Long SMCI Daily ETF** | **GraniteShares 2x Long SMCI Daily ETF** | **GraniteShares 2x Long SMCI Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $2586351 | $– | $2586351 |
| Total | $– | $2586351 | $– | $2586351 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long QCOM Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $9340908 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $9340908 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Depreciation** |
| TD Cowen | QUALCOMM, Inc. | $21299157 | SOFRRATE | 100 bps | Monthly | Receive | 06/30/2026 | $18674388 | $(2624769) |
| TOTAL |  | $21299157 |  |  |  |  |  | $18674388 | $(2624769) |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long QCOM Daily ETF** | **GraniteShares 2x Long QCOM Daily ETF** | **GraniteShares 2x Long QCOM Daily ETF** | **GraniteShares 2x Long QCOM Daily ETF** | **GraniteShares 2x Long QCOM Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(2624769) | $– | $(2624769) |
| Total | $– | $(2624769) | $– | $(2624769) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long DELL Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 266.49%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $45000000 | $44909362 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $44,914,975)** |  | 44909362 |
| **TOTAL INVESTMENTS - 266.49%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $44,914,975)** |  | $44909362 |
| **Liabilities In Excess Of Other Assets - (166.49%)** |  | (28056850) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $16852512 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Dell Technologies, Inc. | $21199603 | SOFRRATE | 100 bps | Monthly | Receive | 06/30/2026 | $33713943 | $12514340 |
| TOTAL |  | $21199603 |  |  |  |  |  | $33713943 | $12514340 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long DELL Daily ETF** | **GraniteShares 2x Long DELL Daily ETF** | **GraniteShares 2x Long DELL Daily ETF** | **GraniteShares 2x Long DELL Daily ETF** | **GraniteShares 2x Long DELL Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $44909362 | $– | $44909362 |
| Total | $– | $44909362 | $– | $44909362 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $12514340 | $– | $12514340 |
| Total | $– | $12514340 | $– | $12514340 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long INTC Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 252.04%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $214000000 | $213568968 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $213,595,660)** |  | 213568968 |
| **TOTAL INVESTMENTS - 252.04%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $213,595,660)** |  | $213568968 |
| **Liabilities In Excess Of Other Assets - (152.04%)** |  | (128831620) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $84737348 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Intel Corp. | $45601755 | OBFR01 | 400 bps | Monthly | Receive | 10/27/2026 | $56712743 | $11110988 |
| TD Cowen | Intel Corp. | 57749690 | SOFRRATE | 200 bps | Monthly | Receive | 07/01/2026 | 112760976 | 55011286 |
| TOTAL |  | $103351445 |  |  |  |  |  | $169473719 | $66122274 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long INTC Daily ETF** | **GraniteShares 2x Long INTC Daily ETF** | **GraniteShares 2x Long INTC Daily ETF** | **GraniteShares 2x Long INTC Daily ETF** | **GraniteShares 2x Long INTC Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $213568968 | $– | $213568968 |
| Total | $– | $213568968 | $– | $213568968 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $66122274 | $– | $66122274 |
| Total | $– | $66122274 | $– | $66122274 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MARA Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 17.40%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $7000000 | $6985901 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $6,986,774)** |  | 6985901 |
| **TOTAL INVESTMENTS - 17.40%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $6,986,774)** |  | $6985901 |
| **Other Assets In Excess Of Liabilities - 82.60%** |  | 33173343 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $40159244 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | MARA Holdings, Inc. | $1014 | OBFR01 | 1600 bps | Monthly | Receive | 12/22/2026 | $816 | $(198) |
| Clear Street, LLC | MARA Holdings, Inc. | 18771493 | OBFR01 | 200 bps | Monthly | Receive | 08/19/2026 | 19170288 | 398795 |
| Marex Derivative Products, Inc. | MARA Holdings, Inc. | 50274601 | OBFR01 | 550 bps | Monthly | Receive | 04/06/2029 | 60957020 | 10682419 |
| Natixis SA | MARA Holdings, Inc. | 9620 | FEDL01 | 1100 bps | Monthly | Receive | 11/02/2026 | 4080 | (5540) |
| Nomura Holdings, Inc. | MARA Holdings, Inc. | 10123 | SOFRRATE | 1750 bps | Monthly | Receive | 11/16/2026 | 4080 | (6043) |
| TOTAL |  | $69066851 |  |  |  |  |  | $80136284 | $11069433 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MARA Daily ETF** | | | | |
| **Investments in Securities at Value** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** | <br>**Total** |
| United States Treasury Obligations | $– | $6985901 | $– | $6985901 |
| Total | $– | $6985901 | $– | $6985901 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $11081214 | $– | $11081214 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(11781) | $– | $(11781) |
| Total | $– | $11069433 | $– | $11069433 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MRVL Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 142.60%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $91000000 | $90816711 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $90,828,062)** |  | 90816711 |
| **TOTAL INVESTMENTS - 142.60%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $90,828,062)** |  | $90816711 |
| **Liabilities In Excess Of Other Assets - (42.60%)** |  | (27129804) <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $63686907 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Marvell Technology, Inc. | $4668906 | OBFR01 | 300 bps | Monthly | Receive | 10/05/2026 | $7418845 | $2749939 |
| Marex Derivative Products, Inc. | Marvell Technology, Inc. | 89512730 | OBFR01 | 400 bps | Monthly | Receive | 04/06/2029 | 119681521 | 30168791 |
| TOTAL |  | $94181636 |  |  |  |  |  | $127100366 | $32918730 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MRVL Daily ETF** | | | | |
| **Investments in Securities at Value** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** | <br>**Total** |
| United States Treasury Obligations | $– | $90816711 | $– | $90816711 |
| Total | $– | $90816711 | $– | $90816711 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $32918730 | $– | $32918730 |
| Total | $– | $32918730 | $– | $32918730 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long IONQ Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $33769984 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $33769984 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | IonQ, Inc. | $64696333 | OBFR01 | 550 bps | Monthly | Receive | 04/25/2026 | $67526318 | $2829985 |
| TOTAL |  | $64696333 |  |  |  |  |  | $67526318 | $2829985 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| OBFR - Overnight Bank Funding Rate |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long IONQ Daily ETF** | **GraniteShares 2x Long IONQ Daily ETF** | **GraniteShares 2x Long IONQ Daily ETF** | **GraniteShares 2x Long IONQ Daily ETF** | **GraniteShares 2x Long IONQ Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $2829985 | $– | $2829985 |
| Total | $– | $2829985 | $– | $2829985 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long VRT Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br>Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 474.82%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 474.82%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 474.82%(a)** |
| United States Treasury Bill, 3.401% , 04/21/2026 | $140000000 | $139718016 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $139,735,478)** |  | 139718016 |
| **TOTAL INVESTMENTS - 474.82%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $139,735,478)** |  | $139718016 |
| **Liabilities In Excess Of Other Assets - (374.82%)** |  | (110292948)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $29425068 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Vertiv Holdings Co. | $27000496 | OBFR01 | 400 bps | Monthly | Receive | 04/25/2026 | $58708138 | $31707642 |
| TOTAL |  | $27000496 |  |  |  |  |  | $58708138 | $31707642 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long VRT Daily ETF** | **GraniteShares 2x Long VRT Daily ETF** | **GraniteShares 2x Long VRT Daily ETF** | **GraniteShares 2x Long VRT Daily ETF** | **GraniteShares 2x Long VRT Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $139718016 | $– | $139718016 |
| Total | $– | $139718016 | $– | $139718016 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $31707642 | $– | $31707642 |
| Total | $– | $31707642 | $– | $31707642 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long RDDT Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $50956313 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $50956313 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Reddit, Inc. | $96441346 | OBFR01 | 400 bps | Monthly | Receive | 04/25/2026 | $102033865 | $5592519 |
| TOTAL |  | $96441346 |  |  |  |  |  | $102033865 | $5592519 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long RDDT Daily ETF** | **GraniteShares 2x Long RDDT Daily ETF** | **GraniteShares 2x Long RDDT Daily ETF** | **GraniteShares 2x Long RDDT Daily ETF** | **GraniteShares 2x Long RDDT Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $5592519 | $– | $5592519 |
| Total | $– | $5592519 | $– | $5592519 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long LCID Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $4133455 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $4133455 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Lucid Group, Inc. | $7950326 | OBFR01 | 400 bps | Monthly | Receive | 05/22/2026 | $8267732 | $317406 |
| TOTAL |  | $7950326 |  |  |  |  |  | $8267732 | $317406 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long LCID Daily ETF** | **GraniteShares 2x Long LCID Daily ETF** | **GraniteShares 2x Long LCID Daily ETF** | **GraniteShares 2x Long LCID Daily ETF** | **GraniteShares 2x Long LCID Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $317406 | $– | $317406 |
| Total | $– | $317406 | $– | $317406 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long RIVN Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 38.92%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 38.92%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 38.92%(a)** |
| United States Treasury Bill, 3.401% , 04/21/2026 | $3000000 | $2993957 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,994,332)** |  | 2993957 |
| **TOTAL INVESTMENTS - 38.92%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,994,332)** |  | $2993957 |
| **Other Assets In Excess Of Liabilities - 61.08%** |  | 4698129 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $7692086 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Rivian Automotive, Inc. | $13490055 | OBFR01 | 350 bps | Monthly | Receive | 05/22/2026 | $15372687 | $1882632 |
| TOTAL |  | $13490055 |  |  |  |  |  | $15372687 | $1882632 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long RIVN Daily ETF** | **GraniteShares 2x Long RIVN Daily ETF** | **GraniteShares 2x Long RIVN Daily ETF** | **GraniteShares 2x Long RIVN Daily ETF** | **GraniteShares 2x Long RIVN Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $2993957 | $– | $2993957 |
| Total | $– | $2993957 | $– | $2993957 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $1882632 | $– | $1882632 |
| Total | $– | $1882632 | $– | $1882632 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long MSTR Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $6407495 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $6407495 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | MicroStrategy, Inc. | $12053934 | OBFR01 | 650 bps | Monthly | Receive | 07/10/2026 | $12805354 | $751420 |
| TOTAL |  | $12053934 |  |  |  |  |  | $12805354 | $751420 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MSTR Daily ETF** | **GraniteShares 2x Long MSTR Daily ETF** | **GraniteShares 2x Long MSTR Daily ETF** | **GraniteShares 2x Long MSTR Daily ETF** | **GraniteShares 2x Long MSTR Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $751420 | $– | $751420 |
| Total | $– | $751420 | $– | $751420 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Short MSTR Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 513.34%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 513.34%(a)** | **UNITED STATES TREASURY OBLIGATIONS - 513.34%(a)** |
| United States Treasury Bill, 3.401% , 04/21/2026 | $14000000 | $13971802 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $13,973,548)** |  | 13971802 |
| **TOTAL INVESTMENTS - 513.34%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $13,973,548)** |  | $13971802 |
| **Liabilities In Excess Of Other Assets - (413.34%)** |  | (11250040)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $2721762 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Fixed Rate** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | MicroStrategy, Inc. | $(8108739) | (200) bps | Monthly | Pay | 07/10/2026 | $(5444150) | $2664589 |
| TOTAL |  | $(8108739) |  |  |  |  | $(5444150) | $2664589 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Short MSTR Daily ETF** | **GraniteShares 2x Short MSTR Daily ETF** | **GraniteShares 2x Short MSTR Daily ETF** | **GraniteShares 2x Short MSTR Daily ETF** | **GraniteShares 2x Short MSTR Daily ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $13971802 | $– | $13971802 |
| Total | $– | $13971802 | $– | $13971802 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $2664589 | $– | $2664589 |
| Total | $– | $2664589 | $– | $2664589 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long NOW Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $31195780 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $31195780 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Cantor Fitzgerald | ServiceNow, Inc. | $64932082 | OBFR01 | 500 bps | Monthly | Receive | 09/14/2026 | $62257120 | $(2674962) |
| TOTAL |  | $64932082 |  |  |  |  |  | $62257120 | $(2674962) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long NOW Daily ETF** | **GraniteShares 2x Long NOW Daily ETF** | **GraniteShares 2x Long NOW Daily ETF** | **GraniteShares 2x Long NOW Daily ETF** | **GraniteShares 2x Long NOW Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(2674962) | $– | $(2674962) |
| Total | $– | $(2674962) | $– | $(2674962) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long PDD Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $9361757 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $9361757 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Cantor Fitzgerald | PDD Holdings, Inc. | $18869107 | OBFR01 | 200 bps | Monthly | Receive | 08/17/2026 | $18708954 | $(160153) |
| TOTAL |  | $18869107 |  |  |  |  |  | $18708954 | $(160153) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long PDD Daily ETF** | **GraniteShares 2x Long PDD Daily ETF** | **GraniteShares 2x Long PDD Daily ETF** | **GraniteShares 2x Long PDD Daily ETF** | **GraniteShares 2x Long PDD Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(160153) | $– | $(160153) |
| Total | $– | $(160153) | $– | $(160153) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long AVGO Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $15638184 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $15638184 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Cantor Fitzgerald | Broadcom, Inc. | $32446833 | OBFR01 | 200 bps | Monthly | Receive | 08/17/2026 | $31232345 | $(1214488) |
| TOTAL |  | $32446833 |  |  |  |  |  | $31232345 | $(1214488) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long AVGO Daily ETF** | **GraniteShares 2x Long AVGO Daily ETF** | **GraniteShares 2x Long AVGO Daily ETF** | **GraniteShares 2x Long AVGO Daily ETF** | **GraniteShares 2x Long AVGO Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(1214488) | $– | $(1214488) |
| Total | $– | $(1214488) | $– | $(1214488) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long ETOR Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $1116946 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $1116946 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | eToro Group, Ltd. | $2017007 | OBFR01 | 400 bps | Monthly | Receive | 10/03/2026 | $2230809 | $213802 |
| TOTAL |  | $2017007 |  |  |  |  |  | $2230809 | $213802 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long ETOR Daily ETF** | **GraniteShares 2x Long ETOR Daily ETF** | **GraniteShares 2x Long ETOR Daily ETF** | **GraniteShares 2x Long ETOR Daily ETF** | **GraniteShares 2x Long ETOR Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts | $– | $213802 | $– | $213802 |
| Total | $– | $213802 | $– | $213802 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long BULL Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $728768 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $728768 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Marex Derivative Products, Inc. | Webull Corp. | $1552312 | OBFR01 | 500 bps | Monthly | Receive | 10/03/2026 | $1455422 | $(96890) |
| TOTAL |  | $1552312 |  |  |  |  |  | $1455422 | $(96890) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long BULL Daily ETF** | **GraniteShares 2x Long BULL Daily ETF** | **GraniteShares 2x Long BULL Daily ETF** | **GraniteShares 2x Long BULL Daily ETF** | **GraniteShares 2x Long BULL Daily ETF** |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Total Return Swap Contracts | $– | $(96890) | $– | $(96890) |
| Total | $– | $(96890) | $– | $(96890) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long ISRG Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $2885957 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $2885957 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference <br> Entity/Obligation** | **Notional <br> Amount** | **Floating Rate <br> Index** | **Spread** | **Payment <br> Frequency** | **Pay/Receive** | **Termination <br> Date** | **Value** | **Net Unrealized <br> Appreciation** |
| Clear Street, LLC | Intuitive Surgical, Inc. | $5719465 | OBFR01 | 125 bps | Monthly | Receive | 10/19/2027 | $5761453 | $41988 |
| TOTAL |  | $5719465 |  |  |  |  |  | $5761453 | $41988 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long ISRG Daily ETF**<br>**Other Financial Instruments** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets** | | | | |
| Total Return Swap Contracts | $– | $41988 | $– | $41988 |
| Total | $– | $41988 | $– | $41988 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long NBIS Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 6.69%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.401% , 04/21/2026 | $4000000 | $3991943 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $3,992,442)** |  | 3991943 |
| **TOTAL INVESTMENTS - 6.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $3,992,442)** |  | $3991943 |
| **Other Assets In Excess Of Liabilities - 93.31%** |  | 55674680 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $59666623 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference <br> Entity/Obligation** | **Notional Amount** | **Floating Rate <br> Index** | **Spread** | **Payment <br> Frequency** | **Pay/Receive** | **Termination <br> Date** | **Value** | **Net Unrealized <br> Appreciation** |
| Clear Street, LLC | Nebius Group NV | $103039520 | OBFR01 | 300 bps | Monthly | Receive | 10/19/2027 | $119082654 | $16043134 |
| TOTAL |  | $103039520 |  |  |  |  |  | $119082654 | $16043134 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long NBIS Daily ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| United States Treasury Obligations | $– | $3991943 | $– | $3991943 |
| Total | $– | $3991943 | $– | $3991943 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Total Return Swap Contracts | $– | $16043134 | $– | $16043134 |
| Total | $– | $16043134 | $– | $16043134 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares 2x Long GOOGL Daily ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $4735208 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $4735208 |  |

---

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference <br> Entity/Obligation** | **Notional Amount** | **Floating Rate <br> Index** | **Spread** | **Payment <br> Frequency** | **Pay/Receive** | **Termination <br> Date** | **Value** | **Net Unrealized <br> Appreciation** |
| Marex Derivative Products, Inc. | Alphabet, Inc. | $9261294 | OBFR01 | 250 bps | Monthly | Receive | 12/31/2026 | $9461012 | $199718 |
| TOTAL |  | $9261294 |  |  |  |  |  | $9461012 | $199718 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long GOOGL Daily ETF**<br>**Other Financial Instruments** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets** | | | | |
| Total Return Swap Contracts | $– | $199718 | $– | $199718 |
| Total | $– | $199718 | $– | $199718 |

---

**GraniteShares ETF Trust**

**Notes to Quarterly Schedules of Investments**

**March 31, 2026 (Unaudited)**

**1. FAIR VALUE MEASUREMENT** 

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

---

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

---

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

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

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

**2. AFFILIATED COMPANIES**

Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund.

The purchases, sales, dividend income, realized gains or losses, change in unrealized gains or losses, shares and value of investments in affiliated companies for GraniteShares YieldBOOST Single Stock Universe ETF for the period ended March 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Fair Value as of June 30, 2025** | **Purchases** | **Sales** | **Fair Value as of March 31, 2026** | **Share Balance as of March 31, 2026** | **Dividends** | **Change in Unrealized Gain (Loss)** | **Realized Gain (Loss)** |
| GraniteShares YieldBOOST AMD ETF | $- | $223399 | $(49048) | $116306 | 7523 | $42362 | $(52791) | $(5254) |
| GraniteShares YieldBoost AMZN ETF |  | 224902 | (69698) | 115953 | 7211 | 22015 | (32892) | (6359) |
| GraniteShares YieldBOOST BABA ETF |  | 224705 | (51426) | 116572 | 8732 | 39749 | (52841) | (3866) |
| GraniteShares YieldBOOST COIN ETF |  | 252584 | (30738) | 117311 | 27409 | 53664 | (93631) | (10904) |
| GraniteShares YieldBoost HIMS ETF |  | 278641 | (27802) | 116424 | 14888 | 44045 | (116589) | (17826) |
| GraniteShares YieldBOOST HOOD ETF |  | 257713 | (27184) | 117121 | 17098 | 51997 | (111427) | (1981) |
| GraniteShares YieldBOOST IONQ ETF |  | 245743 | (27605) | 116971 | 12391 | 55520 | (99536) | (1631) |
| GraniteShares YieldBOOST MARA ETF |  | 243835 | (25128) | 117486 | 15101 | 52235 | (97338) | (3883) |
| GraniteShares YieldBOOST META ETF |  | 222906 | (49512) | 117117 | 8450 | 21569 | (52141) | (4136) |
| GraniteShares YieldBOOST MSTR ETF |  | 233996 | (28021) | 116707 | 23721 | 51327 | (85012) | (4256) |
| GraniteShares YieldBOOST NVDA ETF |  | 218466 | (56155) | 116843 | 8211 | 42123 | (40451) | (5017) |
| GraniteShares YieldBOOST PLTR ETF |  | 234171 | (37666) | 116344 | 9375 | 39181 | (69879) | (10282) |
| GraniteShares YieldBoost QBTS ETF |  | 248131 | (26093) | 117539 | 11933 | 52336 | (101375) | (3124) |
| GraniteShares YieldBoost RGTI ETF |  | 249083 | (27828) | 117337 | 11606 | 53474 | (102627) | (1291) |
| GraniteShares YieldBoost RIOT ETF |  | 232702 | (35925) | 116815 | 9308 | 56433 | (73995) | (5967) |
| GraniteShares YieldBOOST SMCI ETF |  | 219247 | (32374) | 116991 | 12842 | 54603 | (61525) | (8357) |
| GraniteShares YieldBOOST TSLA ETF | - | 231478 | (24727) | 116519 | 33579 | 51216 | (85694) | (4538) |
|  | $- | $4041702 | $(626930) | $1986356 |  | $783849 | $(1329744) | $(98672) |

---

 

The purchases, sales, dividend income, realized gains or losses, change in unrealized gains or losses, shares and value of investments in affiliated companies for GraniteShares YieldBOOST TopYielders ETF for the period ended March 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Fair Value as of June 30, 2025** | **Purchases** | **Sales** | **Fair Value as of March 31, 2026** | **Share Balance as of March 31, 2026** | **Dividends** | **Change in Unrealized Gain (Loss)** | **Realized Gain (Loss)** |
| GraniteShares YieldBOOST COIN ETF | $- | $1545107 | $(298034) | $683512 | 159699 | $276791 | $(443455) | $(120106) |
| GraniteShares YieldBOOST HOOD ETF |  | 1574800 | (258241) | 683911 | 99841 | 266784 | (583798) | (48850) |
| GraniteShares YieldBOOST IONQ ETF |  | 1519200 | (251833) | 683352 | 72389 | 285921 | (534846) | (49169) |
| GraniteShares YieldBOOST SMCI ETF |  | 1350944 | (309301) | 682412 | 74908 | 284940 | (312365) | (46866) |
| GraniteShares YieldBOOST TSLA ETF | - | 1406603 | (274827) | 676944 | 195085 | 264291 | (396800) | (58032) |
|  | $- | $7396654 | $(1392236) | $3410131 |  | $1378727 | $(2271264) | $(323023) |

---

 

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST TSLA ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (84.76%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $70700000 | $70543208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 60000000 | 59323676 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 129,880,972)** |  | 129866884 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br> Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.76%)** |  |  |  |  |  |
| ***Put Option Contracts (0.76%)*** |  |  |  |  |  |
| Direxion Daily TSLA Bull 2X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 10.69 | 45453 | 55225395 | 136359 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 12.19 | 29905 | 36334575 | 747625 |
|  |  |  |  | 91559970 | 883984 |
| Graniteshares 2x Long TSLA Daily ETF: | 04/06/2026 | 17.50 | 35538 | 43178670 | 284304 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc |  |  |  | 43178670 | 284304 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $3,230,012) |  |  |  | 134738640 | 1168288 |
| **TOTAL INVESTMENTS (85.52%)** |  |  |  |  |  |
| **(Cost $133,110,984)** |  |  |  |  | $131035172 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (14.48%)** |  |  |  |  | 22192257 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $153227429 |

---

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

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

**WRITTEN OPTION CONTRACTS (3.06%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (3.06%)** |  |  |  |  |  |  |
| Direxion Daily TSLA Bull 2X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $11.56 | (45453) | $2260246 | $(55225395) | $(681795) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 13.18 | (29905) | 1696424 | (36334575) | (3050310) |
|  |  |  |  | 3956670 | (91559970) | (3732105) |
| Graniteshares 2x Long TSLA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 18.92 | (35538) | 3117645 | (43178670) | (959526) |
|  |  |  |  | 3117645 | (43178670) | (959526) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**7074315** | $**(134738640)** | $**(4691631)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST TSLA ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Purchased Options | $– | $1168288 | $– | $1168288 |
| United States Treasury Obligations | – | 129866884 | – | 129866884 |
| Total | $– | $131035172 | $– | $131035172 |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (4691631) | – | (4691631) |
| Total | $– | $(4691631) | $– | $(4691631) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST QQQ ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (61.50%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $2200000 | $2195121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 1100000 | 1093692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 2000000 | 1977455 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 5,266,713)** |  | 5266268 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br> Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.61%)** | | | | | |
| ***Put Option Contracts (0.61%)*** | | | | | |
| ProShares UltraPro QQQ: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 35.05 | 660 | 2750880 | 13457 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 35.87 | 760 | 3167680 | 3562 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 41.06 | 780 | 3251040 | 35498 |
|  |  |  |  | 9169600 | 52517 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $160,590) |  |  |  | 9169600 | 52517 |
| **TOTAL INVESTMENTS (62.11%)** |  |  |  |  |  |
| **(Cost $5,427,303)** |  |  |  |  | $5318785 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (37.89%)** |  |  |  |  | 3245317 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $8564102 |

---

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

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

**WRITTEN OPTION CONTRACTS (3.12%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (3.12%)** | | | | | | |
| ProShares UltraPro QQQ: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $37.89 | (660) | $104595 | $(2750880) | $(34705) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 38.78 | (760) | 131843 | (3167680) | (17090) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 44.39 | (780) | 139992 | (3251040) | (215168) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**376430** | $**(9169600)** | $**(266963)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST QQQ ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Purchased Options | $– | $52517 | $– | $52517 |
| United States Treasury Obligations | – | 5266268 | – | 5266268 |
| Total | $– | $5318785 | $– | $5318785 |
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (266963) | – | (266963) |
| Total | $– | $(266963) | $– | $(266963) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST SPY ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (58.76%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $4000000 | $3991129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 3300000 | 3281075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 4000000 | 3954911 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 11,227,959)** |  | 11227115 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.12%)** |  |  |  |  |  |
| ***Put Option Contracts (0.12%)*** |  |  |  |  |  |
| Direxion Daily S&P 500 Bull 3X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 159.15 | 900 | 16640100 | 12741 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 177.29 | 180 | 3328020 | 11000 |
|  |  |  |  | 19968120 | 23741 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $300,805) |  |  |  | 19968120 | 23741 |
| **TOTAL INVESTMENTS (58.88%)** |  |  |  |  |  |
| **(Cost $11,528,764)** |  |  |  |  | $11250856 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (41.12%)** |  |  |  |  | 7856023 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $19106879 |

---

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

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

**WRITTEN OPTION CONTRACTS (1.01%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (1.01%)** | **Put Option Contracts - (1.01%)** | **Put Option Contracts - (1.01%)** | **Put Option Contracts - (1.01%)** | **Put Option Contracts - (1.01%)** | **Put Option Contracts - (1.01%)** | **Put Option Contracts - (1.01%)** |
| Direxion Daily S&P 500 Bull 3X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $172.05 | (900) | $653829 | $(16640100) | $(62750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 191.66 | (180) | 134186 | (3328020) | (130539) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $788015 | $(19968120) | $(193289) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST SPY ETF** | **GraniteShares YieldBOOST SPY ETF** | **GraniteShares YieldBOOST SPY ETF** | **GraniteShares YieldBOOST SPY ETF** | **GraniteShares YieldBOOST SPY ETF** |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $23741 | $– | $23741 |
| United States Treasury Obligations | – | 11227115 | – | 11227115 |
| Total | $– | $11250856 | $– | $11250856 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (193289) | – | (193289) |
| Total | $– | $(193289) | $– | $(193289) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST NVDA ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (58.73%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $10000000 | $9977823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 13000000 | 12925448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.554%, 07/23/2026<sup>(a)</sup> | 13000000 | 12853463 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 35,758,849)** |  | 35756734 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.47%)** |  |  |  |  |  |
| ***Put Option Contracts (0.47%)*** |  |  |  |  |  |
| GraniteShares 2x Long NVDA Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 60.37 | 3030 | 21988710 | 68998 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 62.22 | 2690 | 19521330 | 15893 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 70.98 | 3310 | 24020670 | 199592 |
|  |  |  |  | 65530710 | 284483 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $890,042) |  |  |  | 65530710 | 284483 |
| **TOTAL INVESTMENTS (59.20%)** |  |  |  |  |  |
| **(Cost $36,648,891)** |  |  |  |  | $36041217 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (40.80%)** |  |  |  |  | 24843162 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $60884379 |

---

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

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

**WRITTEN OPTION CONTRACTS (2.79%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums Received** | **Notional Value** | **Value (Note 1)** |
| **Put Option Contracts - (2.79%)** |  |  |  |  |  |  |
| GraniteShares 2x Long NVDA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $65.27 | (3030) | $746826 | $(21988710) | $(191165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 67.26 | (2690) | 711443 | (19521330) | (83999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 76.74 | (3310) | 905209 | (24020670) | (1423674) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $2363478 | $(65530710) | $(1698838) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST NVDA ETF Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $284483 | $– | $284483 |
| United States Treasury Obligations | – | 35756734 | – | 35756734 |
| Total | $– | $36041217 | $– | $36041217 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | | | | |
| Written Options | – | (1698838) | – | (1698838) |
| Total | $– | $(1698838) | $– | $(1698838) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST Bitcoin ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (80.57%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $10000000 | $9977823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 3500000 | 3460548 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 13,439,646)** |  | 13438371 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (2.02%)** |  |  |  |  |  |
| ***Put Option Contracts (2.02%)*** |  |  |  |  |  |
| 2x Bitcoin Strategy ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 12.93 | 2790 | 4112460 | 10420 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 13.13 | 2830 | 4171420 | 63458 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 13.98 | 250 | 368500 | 1995 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 14.98 | 5800 | 8549200 | 261177 |
|  |  |  |  | 17201580 | 337050 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $440,857) |  |  |  | 17201580 | 337050 |
| **TOTAL INVESTMENTS (82.59%)** |  |  |  |  |  |
| **(Cost $13,880,503)** |  |  |  |  | $13775421 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (17.41%)** |  |  |  |  | 2904088 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $16679509 |

---

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

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

**WRITTEN OPTION CONTRACTS (6.34%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums Received** | **Notional Value** | **Value (Note 1)** |
| **Put Option Contracts - (6.34%)** |  |  |  |  |  |  |
| 2x Bitcoin Strategy ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $13.98 | (2790) | $199421 | $(4112460) | $(49770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 14.19 | (2830) | 193790 | (4171420) | (144842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 15.11 | (250) | 18619 | (368500) | (13379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 16.19 | (5800) | 495768 | (8549200) | (848954) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $907598 | $(17201580) | $(1056945) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST Bitcoin ETF Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $337050 | $– | $337050 |
| United States Treasury Obligations | – | 13438371 | – | 13438371 |
| Total | $– | $13775421 | $– | $13775421 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | | | | |
| Written Options | – | (1056945) | – | (1056945) |
| Total | $– | $(1056945) | $– | $(1056945) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST COIN ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (76.22%)<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $15000000 | $14966734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 15000000 | 14830919 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 29,800,969)** |  | 29797653 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (2.64%)** |  |  |  |  |  |
| **Put Option Contracts (2.64%)** |  |  |  |  |  |
| GraniteShares 2x Long COIN Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 5.55 | 9220 | 6454000 | 107884 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 5.58 | 25250 | 17675000 | 67719 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 7.09 | 29850 | 20895000 | 857406 |
|  |  |  |  | 45024000 | 1033009 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $2,140,003) |  |  |  | 45024000 | 1033009 |
| **TOTAL INVESTMENTS (78.86%)** |  |  |  |  |  |
| **(Cost $31,940,972)** |  |  |  |  | $30830662 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (21.14%)** |  |  |  |  | 8265169 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $39095831 |

---

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

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

**WRITTEN OPTION CONTRACTS (6.39%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (6.39%)** |  |  |  |  |  |  |
| GraniteShares 2x Long COIN Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $6.00 | (9220) | $414689 | $(6454000) | $(180766) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 6.03 | (25250) | 1135672 | (17675000) | (163411) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 7.67 | (29850) | 1805241 | (20895000) | (2154576) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**3355602** | $**(45024000)** | $**(2498753)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST COIN ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Purchased Options | $– | $1033009 | $– | $1033009 |
| United States Treasury Obligations | – | 29797653 | – | 29797653 |
| Total | $– | $30830662 | $– | $30830662 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (2498753) | – | (2498753) |
| Total | $– | $(2498753) | $– | $(2498753) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST AMD ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (72.43%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $1000000 | $997782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 2000000 | 1988530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 3000000 | 2966184 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 5,952,981)** |  | 5952496 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (4.55%)** |  |  |  |  |  |
| ***Put Option Contracts (4.55%)*** |  |  |  |  |  |
| GraniteShares 2x Long AMD Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 11.18 | 4120 | 5030520 | 50103 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 13.38 | 2710 | 3308910 | 323834 |
|  |  |  |  | 8339430 | 373937 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $254,056) |  |  |  | 8339430 | 373937 |
| **TOTAL INVESTMENTS (76.98%)** |  |  |  |  |  |
| **(Cost $6,207,037)** |  |  |  |  | $6326433 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (23.02%)** |  |  |  |  | 1891446 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $8217879 |

---

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

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

**WRITTEN OPTION CONTRACTS (9.35%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (9.35%)** |  |  |  |  |  |  |
| GraniteShares 2x Long AMD Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $12.09 | (4120) | $261526 | $(5030520) | $(158068) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 14.46 | (2710) | 218093 | (3308910) | (610096) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $479619 | $(8339430) | $(768164) |

---

**GraniteShares YieldBOOST AMD ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $373937 | $– | $373937 |
| United States Treasury Obligations | – | 5952496 | – | 5952496 |
| Total | $– | $6326433 | $– | $6326433 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (768164) | – | (768164) |
| Total | $– | $(768164) | $– | $(768164) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST AMZN ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (57.57%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $700000 | $698448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 200000 | 198853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 500000 | 494364 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 1,391,788)** |  | 1391665 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.08%)** |  |  |  |  |  |
| ***Put Option Contracts (0.08%)*** |  |  |  |  |  |
| GraniteShares 2x Long AMZN Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 20.88 | 680 | 1664164 | 85 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 23.43 | 360 | 881028 | 1909 |
|  |  |  |  | 2545192 | 1994 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $33,624) |  |  |  | 2545192 | 1994 |
| **TOTAL INVESTMENTS (57.65%)** |  |  |  |  |  |
| **(Cost $1,425,412)** |  |  |  |  | $1393659 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (42.35%)** |  |  |  |  | 1023605 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $2417264 |

---

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

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

**WRITTEN OPTION CONTRACTS (1.49%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (1.49%)** |  |  |  |  |  |  |
| GraniteShares 2x Long AMZN Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $22.57 | (680) | $58804 | $(1664164) | $(2646) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 25.33 | (360) | 30772 | (881028) | (33416) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $89576 | $(2545192) | $(36062) |

---

**GraniteShares YieldBOOST AMZN ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $1994 | $– | $1994 |
| United States Treasury Obligations | – | 1391665 | – | 1391665 |
| Total | $– | $1393659 | $– | $1393659 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (36062) | – | (36062) |
| Total | $– | $(36062) | $– | $(36062) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST MSTR ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (55.09%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $1000000 | $997782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 500000 | 494364 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 1,492,296)** |  | 1492146 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (10.43%)** |  |  |  |  |  |
| ***Put Option Contracts (10.43%)*** |  |  |  |  |  |
| T-Rex 2X Long MSTR Daily Target ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 3.72 | 600 | 255000 | 7871 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 4.02 | 2080 | 884000 | 24120 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 4.50 | 430 | 182750 | 13633 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 4.94 | 3370 | 1432250 | 236821 |
|  |  |  |  | 2754000 | 282445 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $146,888) |  |  |  | 2754000 | 282445 |
| **TOTAL INVESTMENTS (65.52%)** |  |  |  |  |  |
| **(Cost $1,639,184)** |  |  |  |  | $1774591 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (34.48%)** |  |  |  |  | 933803 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $2708394 |

---

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

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

**WRITTEN OPTION CONTRACTS (17.23%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (17.23%)** |  |  |  |  |  |  |
| T-Rex 2X Long MSTR Daily Target ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $4.03 | (600) | $16786 | $(255000) | $(14125) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 4.35 | (2080) | 64432 | (884000) | (56915) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 4.86 | (430) | 14180 | (182750) | (26968) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 5.34 | (3370) | 131354 | (1432250) | (368727) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $226752 | $(2754000) | $(466735) |

---

**GraniteShares YieldBOOST MSTR ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $282445 | $– | $282445 |
| United States Treasury Obligations | – | 1492146 | – | 1492146 |
| Total | $– | $1774591 | $– | $1774591 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (466735) | – | (466735) |
| Total | $– | $(466735) | $– | $(466735) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST PLTR ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (76.10%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $2000000 | $1995564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 2000000 | 1977456 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 3,973,463)** |  | 3973020 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (2.35%)** |  |  |  |  |  |
| ***Put Option Contracts (2.35%)*** |  |  |  |  |  |
| GraniteShares 2x Long PLTR Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 14.59 | 1990 | 3257630 | 8167 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 17.19 | 1290 | 2111730 | 114435 |
|  |  |  |  | 5369360 | 122602 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $156,115) |  |  |  | 5369360 | 122602 |
| **TOTAL INVESTMENTS (78.45%)** |  |  |  |  |  |
| **(Cost $4,129,578)** |  |  |  |  | $4095622 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (21.55%)** |  |  |  |  | 1125027 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $5220649 |

---

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

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

**WRITTEN OPTION CONTRACTS (6.36%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (6.36%)** |  |  |  |  |  |  |
| GraniteShares 2x Long PLTR Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $15.77 | (1990) | $172090 | $(3257630) | $(47248) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 18.58 | (1290) | 125745 | (2111730) | (285041) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $297835 | $(5369360) | $(332289) |

---

**GraniteShares YieldBOOST PLTR ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $122602 | $– | $122602 |
| United States Treasury Obligations | – | 3973020 | – | 3973020 |
| Total | $– | $4095622 | $– | $4095622 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (332289) | – | (332289) |
| Total | $– | $(332289) | $– | $(332289) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST SMCI ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (86.28%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $4000000 | $3991129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 3000000 | 2966184 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 6,958,053)** |  | 6957313 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (6.53%)** |  |  |  |  |  |
| ***Put Option Contracts (6.53%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long SMCI ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 6.79 | 1360 | 1161440 | 100399 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 7.44 | 8370 | 7147980 | 342615 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 7.90 | 110 | 93940 | 3300 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 9.06 | 900 | 768600 | 80597 |
|  |  |  |  | 9171960 | 526911 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $475,806) |  |  |  | 9171960 | 526911 |
| **TOTAL INVESTMENTS (92.81%)** |  |  |  |  |  |
| **(Cost $7,433,859)** |  |  |  |  | $7484224 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (7.19%)** |  |  |  |  | 580005 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $8064229 |

---

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

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

**WRITTEN OPTION CONTRACTS (9.73%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (9.73%)** |  |  |  |  |  |  |
| Defiance Daily Target 2X Long SMCI ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $7.34 | (1360) | $79529 | $(1161440) | $(127880) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 8.04 | (8370) | 556414 | (7147980) | (523644) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 8.54 | (110) | 5552 | (93940) | (5720) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 9.79 | (900) | 77829 | (768600) | (127786) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $719324 | $(9171960) | $(785030) |

---

**GraniteShares YieldBOOST SMCI ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $526911 | $– | $526911 |
| United States Treasury Obligations | – | 6957313 | – | 6957313 |
| Total | $– | $7484224 | $– | $7484224 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (785030) | – | (785030) |
| Total | $– | $(785030) | $– | $(785030) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST HOOD ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (92.04%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $5000000 | $4988911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 5000000 | 4943640 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 9,933,657)** |  | 9932551 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (2.04%)** |  |  |  |  |  |
| ***Put Option Contracts (2.04%)*** |  |  |  |  |  |
| T-Rex 2X Long HOOD Daily Target ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 14.12 | 1510 | 2591160 | 16841 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 14.49 | 2820 | 4839120 | 3911 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 17.62 | 2720 | 4667520 | 199048 |
|  |  |  |  | 12097800 | 219800 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $476,146) |  |  |  | 12097800 | 219800 |
| **TOTAL INVESTMENTS (94.08%)** |  |  |  |  |  |
| **(Cost $10,409,803)** |  |  |  |  | $10152351 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (5.92%)** |  |  |  |  | 638764 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $10791115 |

---

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

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

**WRITTEN OPTION CONTRACTS (5.66%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (5.66%)** |  |  |  |  |  |  |
| T-Rex 2X Long HOOD Daily Target ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $15.26 | (1510) | $163800 | $(2591160) | $(50066) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 15.67 | (2820) | 291805 | (4839120) | (34177) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 19.05 | (2720) | 363059 | (4667520) | (526033) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $818664 | $(12097800) | $(610276) |

---

**GraniteShares YieldBOOST HOOD ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $– | $219800 | $– | $219800 |
| United States Treasury Obligations | – | 9932551 | – | 9932551 |
| Total | $– | $10152351 | $– | $10152351 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options | – | (610276) | – | (610276) |
| Total | $– | $(610276) | $– | $(610276) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST META ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (72.13%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $200000 | $199556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 100000 | 98873 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 298,459)** |  | 298429 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.05%)** | **PURCHASED OPTION CONTRACTS - (0.05%)** | **PURCHASED OPTION CONTRACTS - (0.05%)** | **PURCHASED OPTION CONTRACTS - (0.05%)** | | |
| ***Put Option Contracts (0.05%)*** |  |  |  |  |  |
| GraniteShares 2x Long META Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 18.03 | 160 | 367360 | 2 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 18.78 | 50 | 114800 | 205 |
|  |  |  |  | 482160 | 207 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $7,525) |  |  |  | 482160 | 207 |
| **TOTAL INVESTMENTS (72.18%)** |  |  |  |  |  |
| **(Cost $305,984)** |  |  |  |  | $298636 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (27.82%)** |  |  |  |  | 115075 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $413711 |

---

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

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

**WRITTEN OPTION CONTRACTS (0.18%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (0.18%)** |  |  |  |  |  |  |
| GraniteShares 2x Long META Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $19.49 | (160) | $12556 | $(367360) | $(40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 20.30 | (50) | 3874 | (114800) | (701) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $16430 | $(482160) | $(741) |

---

**GraniteShares YieldBOOST META ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $207 | $— | $207 |
| United States Treasury Obligations |  | 298429 |  | 298429 |
| Total | $— | $298636 | $— | $298636 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (741) |  | (741) |
| Total | $— | $(741) | $— | $(741) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST BABA ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (74.29%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $400000 | $399113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 400000 | 395491 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 794,693)** |  | 794604 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.73%)** | **PURCHASED OPTION CONTRACTS - (0.73%)** | **PURCHASED OPTION CONTRACTS - (0.73%)** | **PURCHASED OPTION CONTRACTS - (0.73%)** | | |
| ***Put Option Contracts (0.73%)*** |  |  |  |  |  |
| GraniteShares 2x Long BABA Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 21.85 | 260 | 641680 | 521 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 24.58 | 190 | 468920 | 7276 |
|  |  |  |  | 1110600 | 7797 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $15,860) |  |  |  | 1110600 | 7797 |
| **TOTAL INVESTMENTS (75.02%)** |  |  |  |  |  |
| **(Cost $810,553)** |  |  |  |  | $802401 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (24.98%)** |  |  |  |  | 267151 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $1069552 |

---

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

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

**WRITTEN OPTION CONTRACTS (3.96%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (3.96%)** |  |  |  |  |  |  |
| GraniteShares 2x Long BABA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $23.62 | (260) | $23004 | $(641680) | $(5775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 26.57 | (190) | 22131 | (468920) | (36558) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $45135 | $(1110600) | $(42333) |

---

**GraniteShares YieldBOOST BABA ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $7797 | $— | $7797 |
| United States Treasury Obligations |  | 794604 |  | 794604 |
| Total | $— | $802401 | $— | $802401 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (42333) |  | (42333) |
| Total | $— | $(42333) | $— | $(42333) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST MARA ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (75.32%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $700000 | $698448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 600000 | 596559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 1000000 | 988727 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 2,283,925)** |  | 2283734 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (1.76%)** |  |  |  |  |  |
| ***Put Option Contracts (1.76%)*** |  |  |  |  |  |
| GraniteShares 2x Long MARA Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 2.43 | 3210 | 921270 | 16756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 2.78 | 8090 | 2321830 | 36732 |
|  |  |  |  | 3243100 | 53488 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $225,104) |  |  |  | 3243100 | 53488 |
| **TOTAL INVESTMENTS (77.08%)** |  |  |  |  |  |
| **(Cost $2,509,029)** |  |  |  |  | $2337222 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (22.92%)** |  |  |  |  | 694870 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $3032092 |

---

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

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

**WRITTEN OPTION CONTRACTS (5.49%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (5.49%)** | **Put Option Contracts - (5.49%)** | **Put Option Contracts - (5.49%)** | **Put Option Contracts - (5.49%)** | **Put Option Contracts - (5.49%)** | **Put Option Contracts - (5.49%)** | **Put Option Contracts - (5.49%)** |
| GraniteShares 2x Long MARA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $2.63 | (3210) | $80176 | $(921270) | $(33554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 3.00 | (8090) | 250605 | (2321830) | (132797) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $330781 | $(3243100) | $(166351) |

---

**GraniteShares YieldBOOST MARA ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $53488 | $— | $53488 |
| United States Treasury Obligations |  | 2283734 |  | 2283734 |
| Total | $— | $2337222 | $— | $2337222 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (166351) |  | (166351) |
| Total | $— | $(166351) | $— | $(166351) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST IONQ ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (82.91%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $1200000 | $1197339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 4000000 | 3954912 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 5,152,919)** |  | 5152251 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (6.19%)** |  |  |  |  |  |
| ***Put Option Contracts (6.19%)*** |  |  |  |  |  |
| GraniteShares 2x Long IONQ Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 12.50 | 1950 | 2106000 | 336646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 8.57 | 2130 | 2300400 | 32231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 9.22 | 2650 | 2862000 | 15611 |
|  |  |  |  | 7268400 | 384488 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $420,649) |  |  |  | 7268400 | 384488 |
| **TOTAL INVESTMENTS (89.10%)** |  |  |  |  |  |
| **(Cost $5,573,568)** |  |  |  |  | $5536739 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (10.90%)** |  |  |  |  | 677536 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $6214275 |

---

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

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

**WRITTEN OPTION CONTRACTS (10.44%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (10.44%)** |  |  |  |  |  |  |
| GraniteShares 2x Long IONQ Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | $13.51 | (1950) | $238831 | $(2106000) | $(530201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 9.27 | (2130) | 182066 | (2300400) | (65083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 9.97 | (2650) | 226514 | (2862000) | (53315) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $647411 | $(7268400) | $(648599) |

---

**GraniteShares YieldBOOST IONQ ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $384488 | $— | $384488 |
| United States Treasury Obligations |  | 5152251 |  | 5152251 |
| Total | $— | $5536739 | $— | $5536739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (648599) |  | (648599) |
| Total | $— | $(648599) | $— | $(648599) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST Semiconductor ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (42.57%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | $15000000 | $14913978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.548%, 07/23/2026<sup>(a)</sup> | 14000000 | 13842191 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 28,757,884)** |  | 28756169 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (6.03%)** |  |  |  |  |  |
| ***Put Option Contracts (6.03%)*** |  |  |  |  |  |
| Direxion Daily Semiconductor Bull 3X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 37.57 | 3550 | 17008050 | 134868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 43.11 | 4650 | 22278150 | 212742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 45.30 | 840 | 4024440 | 39207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 52.76 | 7380 | 35357580 | 3683787 |
|  |  |  |  | 78668220 | 4070604 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $3,117,326) |  |  |  | 78668220 | 4070604 |
| **TOTAL INVESTMENTS (48.60%)** |  |  |  |  |  |
| **(Cost $31,875,210)** |  |  |  |  | $32826773 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (51.40%)** |  |  |  |  | 34714315 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $67541088 |

---

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

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

**WRITTEN OPTION CONTRACTS (11.58%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (11.58%)** | **Put Option Contracts - (11.58%)** | **Put Option Contracts - (11.58%)** | **Put Option Contracts - (11.58%)** | **Put Option Contracts - (11.58%)** | **Put Option Contracts - (11.58%)** | **Put Option Contracts - (11.58%)** |
| Direxion Daily Semiconductor Bull 3X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $40.62 | (3550) | $953094 | $(17008050) | $(273816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 46.61 | (4650) | 1415819 | (22278150) | (627834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 48.97 | (840) | 275081 | (4024440) | (163812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 57.04 | (7380) | 2719360 | (35357580) | (6754314) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $5363354 | $(78668220) | $(7819776) |

---

**GraniteShares YieldBOOST Semiconductor ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $4070604 | $— | $4070604 |
| United States Treasury Obligations |  | 28756169 |  | 28756169 |
| Total | $— | $32826773 | $— | $32826773 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (7819776) |  | (7819776) |
| Total | $— | $(7819776) | $— | $(7819776) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST Gold Miners ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (77.46%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $3000000 | $2993347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 1900000 | 1889104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 6700000 | 6624477 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 11,508,100)** |  | 11506928 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.44%)** |  |  |  |  |  |
| ***Put Option Contracts (0.44%)*** |  |  |  |  |  |
| Direxion Daily Gold Miners Index Bull 2X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 152.02 | 260 | 4894500 | 17652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 152.72 | 190 | 3576750 | 40642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 154.83 | 430 | 8094750 | 6887 |
|  |  |  |  | 16566000 | 65181 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $480,410) |  |  |  | 16566000 | 65181 |
| **TOTAL INVESTMENTS (77.90%)** |  |  |  |  |  |
| **(Cost $11,988,510)** |  |  |  |  | $11572109 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (22.10%)** |  |  |  |  | 3283183 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $14855292 |

---

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

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

**WRITTEN OPTION CONTRACTS (0.96%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (0.96%)** |  |  |  |  |  |  |
| Direxion Daily Gold Miners Index Bull 2X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $164.35 | (260) | $265844 | $(4894500) | $(39177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 165.10 | (190) | 201111 | (3576750) | (76373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 167.38 | (430) | 437515 | (8094750) | (27086) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $904470 | $(16566000) | $(142636) |

---

**GraniteShares YieldBOOST Gold Miners ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $65181 | $— | $65181 |
| United States Treasury Obligations |  | 11506928 |  | 11506928 |
| Total | $— | $11572109 | $— | $11572109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (142636) |  | (142636) |
| Total | $— | $(142636) | $— | $(142636) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST RGTI ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (68.85%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $400000 | $399113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 1000000 | 988728 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 1,388,016)** |  | 1387841 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (7.06%)** |  |  |  |  |  |
| ***Put Option Contracts (7.06%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long RGTI ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 11.62 | 140 | 205940 | 3972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 12.44 | 680 | 1000280 | 6822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 16.26 | 800 | 1176800 | 131442 |
|  |  |  |  | 2383020 | 142236 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $152,947) |  |  |  | 2383020 | 142236 |
| **TOTAL INVESTMENTS (75.91%)** |  |  |  |  |  |
| **(Cost $1,540,963)** |  |  |  |  | $1530077 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (24.09%)** |  |  |  |  | 485570 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $2015647 |

---

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

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

**WRITTEN OPTION CONTRACTS (12.76%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (12.76%)** | **Put Option Contracts - (12.76%)** | **Put Option Contracts - (12.76%)** | **Put Option Contracts - (12.76%)** | **Put Option Contracts - (12.76%)** | **Put Option Contracts - (12.76%)** | **Put Option Contracts - (12.76%)** |
| Defiance Daily Target 2X Long RGTI ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $12.56 | (140) | $16587 | $(205940) | $(6847) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 13.45 | (680) | 83964 | (1000280) | (19123) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 17.58 | (800) | 138782 | (1176800) | (231161) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $239333 | $(2383020) | $(257131) |

---

**GraniteShares YieldBOOST RGTI ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $142236 | $— | $142236 |
| United States Treasury Obligations |  | 1387841 |  | 1387841 |
| Total | $— | $1530077 | $— | $1530077 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (257131) |  | (257131) |
| Total | $— | $(257131) | $— | $(257131) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST QBTS ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (78.46%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $800000 | $798225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.554%, 07/23/2026<sup>(a)</sup> | 200000 | 197746 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 996,056)** |  | 995971 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (7.28%)** |  |  |  |  |  |
| ***Put Option Contracts (7.28%)*** |  |  |  |  |  |
| Tradr 2X Long QBTS Daily ETF: |  |  |  |  |  |
| StoneX Group Inc | 04/06/2026 | 5.99 | 1390 | 1100880 | 10658 |
| StoneX Group Inc | 04/01/2026 | 9.49 | 520 | 411840 | 81722 |
|  |  |  |  | 1512720 | 92380 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $84,844) |  |  |  | 1512720 | 92380 |
| **TOTAL INVESTMENTS (85.74%)** |  |  |  |  |  |
| **(Cost $1,080,900)** |  |  |  |  | $1088351 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (14.26%)** |  |  |  |  | 181073 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $1269424 |

---

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

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

**WRITTEN OPTION CONTRACTS (11.23%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (11.23%)** | **Put Option Contracts - (11.23%)** | **Put Option Contracts - (11.23%)** | **Put Option Contracts - (11.23%)** | **Put Option Contracts - (11.23%)** | **Put Option Contracts - (11.23%)** | **Put Option Contracts - (11.23%)** |
| Tradr 2X Long QBTS Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | $10.26 | (520) | $46008 | $(411840) | $(121618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 6.48 | (1390) | 81283 | (1100880) | (20936) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $127291 | $(1512720) | $(142554) |

---

**GraniteShares YieldBOOST QBTS ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $92380 | $— | $92380 |
| United States Treasury Obligations |  | 995971 |  | 995971 |
| Total | $— | $1088351 | $— | $1088351 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (142554) |  | (142554) |
| Total | $— | $(142554) | $— | $(142554) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST RIOT ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (89.02%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $500000 | $498891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 05/28/2026<sup>(a)</sup> | 1100000 | 1093692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 2000000 | 1977455 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 3,570,351)** |  | 3570038 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (23.75%)** |  |  |  |  |  |
| ***Put Option Contracts (23.75%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long RIOT ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 14.99 | 1210 | 1816210 | 103490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 21.48 | 1310 | 1966310 | 848670 |
|  |  |  |  | 3782520 | 952160 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $309,948) |  |  |  | 3782520 | 952160 |
| **TOTAL INVESTMENTS (112.77%)** |  |  |  |  |  |
| **(Cost $3,880,299)** |  |  |  |  | $4522198 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-12.77%)** |  |  |  |  | (512263) |
| **NET ASSETS (100.00%)** |  |  |  |  | $4009935 |

---

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

**WRITTEN OPTION CONTRACTS (31.80%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (31.80%)** |  |  |  |  |  |  |
| Defiance Daily Target 2X Long RIOT ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | $16.21 | (1210) | $179657 | $(1816210) | $(198626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 23.22 | (1310) | 296685 | (1966310) | (1076533) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $476342 | $(3782520) | $(1275159) |

---

**GraniteShares YieldBOOST RIOT ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $952160 | $— | $952160 |
| United States Treasury Obligations |  | 3570038 |  | 3570038 |
| Total | $— | $4522198 | $— | $4522198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (1275159) |  | (1275159) |
| Total | $— | $(1275159) | $— | $(1275159) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST HIMS ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (57.50%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.503%, 04/23/2026<sup>(a)</sup> | $200000 | $199556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 07/23/2026<sup>(a)</sup> | 300000 | 296619 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 496,233)** |  | 496175 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (1.03%)** |  |  |  |  |  |
| ***Put Option Contracts (1.03%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long HIMS ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | 17.49 | 150 | 345900 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 18.77 | 160 | 368960 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 21.96 | 120 | 276720 | 4101 |
|  |  |  |  | 991580 | 8871 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $50,415) |  |  |  | 991580 | 8871 |
| **TOTAL INVESTMENTS (58.53%)** |  |  |  |  |  |
| **(Cost $546,648)** |  |  |  |  | $505046 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (41.47%)** |  |  |  |  | 357865 (b) |
| **NET ASSETS (100.00%)** |  |  |  |  | $862911 |

---

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

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

**WRITTEN OPTION CONTRACTS (2.83%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Expiration**<br>**Date** | **Strike**<br>**Price** |<br>**Contracts** | **Premiums**<br>**Received** | **Notional**<br>**Value** | **Value**<br>**(Note 1)** |
| **Put Option Contracts - (2.83%)** | **Put Option Contracts - (2.83%)** | **Put Option Contracts - (2.83%)** | **Put Option Contracts - (2.83%)** | **Put Option Contracts - (2.83%)** | **Put Option Contracts - (2.83%)** | **Put Option Contracts - (2.83%)** |
| Defiance Daily Target 2X Long HIMS ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/06/2026 | $18.91 | (150) | $24672 | $(345900) | $(6996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/02/2026 | 20.29 | (160) | 28396 | (368960) | (3422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 04/01/2026 | 23.74 | (120) | 26697 | (276720) | (14020) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $79765 | $(991580) | $(24438) |

---

**GraniteShares YieldBOOST HIMS ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $8871 | $— | $8871 |
| United States Treasury Obligations |  | 496175 |  | 496175 |
| Total | $— | $505046 | $— | $505046 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Written Options |  | (24438) |  | (24438) |
| Total | $— | $(24438) | $— | $(24438) |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST Single Stock Universe ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS (97.56%)** |  |  |
| GraniteShares YieldBOOST AMD ETF<sup>(a)</sup> | 7523 | $116306 |
| GraniteShares YieldBOOST AMZN ETF<sup>(a)</sup> | 7211 | 115953 |
| GraniteShares YieldBOOST BABA ETF<sup>(a)</sup> | 8732 | 116572 |
| GraniteShares YieldBOOST COIN ETF<sup>(a)</sup> | 27409 | 117311 |
| GraniteShares YieldBOOST HIMS ETF<sup>(a)</sup> | 14888 | 116424 |
| GraniteShares YieldBOOST HOOD ETF<sup>(a)</sup> | 17098 | 117121 |
| GraniteShares YieldBOOST IONQ ETF<sup>(a)</sup> | 12391 | 116971 |
| GraniteShares YieldBOOST MARA ETF<sup>(a)</sup> | 15101 | 117486 |
| GraniteShares YieldBOOST META ETF<sup>(a)</sup> | 8450 | 117117 |
| GraniteShares YieldBOOST MSTR ETF<sup>(a)</sup> | 23721 | 116707 |
| GraniteShares YieldBOOST NVDA ETF<sup>(a)</sup> | 8211 | 116843 |
| GraniteShares YieldBOOST PLTR ETF<sup>(a)</sup> | 9375 | 116344 |
| GraniteShares YieldBOOST QBTS ETF<sup>(a)</sup> | 11933 | 117539 |
| GraniteShares YieldBOOST RGTI ETF<sup>(a)</sup> | 11606 | 117337 |
| GraniteShares YieldBOOST RIOT ETF<sup>(a)</sup> | 9308 | 116815 |
| GraniteShares YieldBOOST SMCI ETF<sup>(a)</sup> | 12842 | 116991 |
| GraniteShares YieldBOOST TSLA ETF<sup>(a)</sup> | 33579 | 116519 |
| ***Total*** |  | 1986356 |
| **TOTAL EXCHANGE TRADED FUNDS** |  |  |
| **(Cost $3,316,102)** |  | 1986356 |
| **TOTAL INVESTMENTS (97.56%)** |  |  |
| **(Cost $3,316,102)** |  | $1986356 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (2.44%)** |  | 49653 |
| **NET ASSETS (100.00%)** |  | $2036009 |

---

*<sup>(a)</sup>* *Affiliated Company. See Note 2 in Notes to Quarterly Schedules of Investments. Financials for the affiliated company can be found at www.sec.gov.*

**GraniteShares YieldBOOST Single Stock Universe ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $1986356 | $— | $— | $1986356 |
| Total | $1986356 | $— | $— | $1986356 |

---

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| **GraniteShares YieldBOOST TopYielders ETF** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS (97.15%)** |  |  |
| GraniteShares YieldBOOST COIN ETF<sup>(a)</sup> | 159699 | $683512 |
| GraniteShares YieldBOOST HOOD ETF<sup>(a)</sup> | 99841 | 683911 |
| GraniteShares YieldBOOST IONQ ETF<sup>(a)</sup> | 72389 | 683352 |
| GraniteShares YieldBOOST SMCI ETF<sup>(a)</sup> | 74908 | 682412 |
| GraniteShares YieldBOOST TSLA ETF<sup>(a)</sup> | 195085 | 676944 |
| ***Total*** |  | 3410131 |
| **TOTAL EXCHANGE TRADED FUNDS** |  |  |
| **(Cost $5,681,397)** |  | 3410131 |
| **TOTAL INVESTMENTS (97.15%)** |  |  |
| **(Cost $5,681,397)** |  | $3410131 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (2.85%)** |  | 99864 |
| **NET ASSETS (100.00%)** |  | $3509995 |

---

*<sup>(a)</sup>* *Affiliated Company. See Note 2 in Notes to Quarterly Schedules of Investments. Financials for the affiliated company can be found at www.sec.gov.*

**GraniteShares YieldBOOST TopYielders ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $3410131 | $— | $— | $3410131 |
| Total | $3410131 | $— | $— | $3410131 |

---

**GraniteShares ETF Trust**

**Notes to Quarterly Schedules of Investments**

**March 31, 2026 (Unaudited)**

**1. FAIR VALUE MEASUREMENT** 

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

---

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

---

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

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

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

---

| |
|:---|
| **GraniteShares ETF Trust** |
| **Schedule of Investments** |
| GraniteShares Autocallable TSLA ETF |
| March 31, 2026 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $1209443 | (a) |
| **NET ASSETS (100.00%)** | $1209443 |  |

---

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

**TOTAL RETURN SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Underlying Reference Instrument** | **Fixed Rate<br> (Fund Recieves)** | **Floating Rate<br> (Fund Pays)** | **Termination Date** | **Periodic Payment Freqency** | **Notional Amount** | **Upfront Payments paid/(received)** | **Market Value** | **Unrealized appreciation (depreciation)** |
| Nomura Securities | Autocallable TSLA TRS 50% EKI | 15.30% | 1 Day SOFR | 1/31/2028 | Monthly | 247000 | $(1915) | $239680 | $(5380) |
| Nomura Securities | Autocallable TSLA TRS 55% EKI | 17.40% | 1 Day SOFR | 1/31/2028 | Monthly | 247000 | $(2115) | $239320 | $(5540) |
| Nomura Securities | Autocallable TSLA TRS 60% EKI | 20.20% | 1 Day SOFR | 1/31/2028 | Monthly | 247000 | $(2261) | $239305 | $(5409) |
| Nomura Securities | Autocallable TSLA TRS 65% EKI | 22.75% | 1 Day SOFR | 1/31/2028 | Monthly | 247000 | $(2476) | $238875 | $(5624) |
| Nomura Securities | Autocallable TSLA TRS 70% EKI | 25.50% | 1 Day SOFR | 1/31/2028 | Monthly | 247000 | $(2655) | $238660 | $(5660) |
|  |  |  |  |  |  |  | $(11422) | $1195840 | $(27613) |

---

**Investment Abbreviations:**

EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.

SOFR – Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Return Swaps | $– | $(27613) | $– | $(27613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $– | $(27613) | $– | $(27613) |

---

**GraniteShares ETF Trust**

**Schedule of Investments**

GraniteShares Autocallable NVDA ETF

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $990175 | (a) |
| **NET ASSETS (100.00%)** | $990175 |  |

---

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

**TOTAL RETURN SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Underlying Reference Instrument** | **Fixed Rate<br> (Fund Recieves)** | **Floating Rate<br> (Fund Pays)** | **Termination Date** | **Periodic Payment Freqency** | **Notional Amount** | **Upfront Payments paid/(received)** | **Market Value** | **Unrealized appreciation (depreciation)** |
| Nomura Securities | Autocallable NVDA TRS 50% EKI | 13.50% | 1 Day SOFR | 1/31/2028 | Monthly | 248500 | $140 | $246627 | $(1972) |
| Nomura Securities | Autocallable NVDA TRS 55% EKI | 15.50% | 1 Day SOFR | 1/31/2028 | Monthly | 248500 | $181 | $246820 | $(1820) |
| Nomura Securities | Autocallable NVDA TRS 60% EKI | 17.80% | 1 Day SOFR | 1/31/2028 | Monthly | 248500 | $156 | $246641 | $(1975) |
| Nomura Securities | Autocallable NVDA TRS 65% EKI | 20.10% | 1 Day SOFR | 1/31/2028 | Monthly | 248500 | $150 | $246631 | $(1979) |
| Nomura Securities | Autocallable NVDA TRS 70% EKI | 22.25% | 1 Day SOFR | 1/31/2028 | Monthly | 248500 | $163 | $246810 | $(1813) |
|  |  |  |  |  |  |  | $790 | $1233529 | $(9559) |

---

**Investment Abbreviations:**

EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.

SOFR – Secured Overnight Financing Rate

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Return Swaps | $– | $(9559) | $– | $(9559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $– | $(9559) | $– | $(9559) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 250 Broadway 24th Floor

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10038

  - **Telephone number:** 6468765096

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

- **a. Name of Series:** GraniteShares 2x Long RIVN Daily ETF

- **b. EDGAR series identifier (if any):** S000081164

- **c. LEI of Series:** 254900E2RBASOTDROH85

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $24193727.98

**Total Liabilities:** $16502237.57

**Net Assets:** $7691490.41

**Cash Not Reported:** $453790.17

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243835 | -45.37%              | -0.03%               | -7.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7066.77                | $7212.00                                   |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $-374.19                                   |

**Designated Index Information**

- **Index Name:** RIVIAN GROSS CLOSE

- **Index Identifier:** RIVN.GCL

### Schedule of Portfolio Investments

| Name          | Title                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Treasury Bill | TREASURY BILL B 04/21/26 | CUSIP: 912797TJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2993957.49   | 38.93%            | 2026-04-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Marex         | Recv Long Rivn Trs Marex | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $15372687.05  | 199.87%           |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** GraniteShares ETF Trust

**Signature:** William Rhind

**Name of Signer:** William Rhind

**Title:** President