# EDGAR Filing Document

**Accession Number:** 0001689873
**File Stem:** 0001493152-26-008899
**Filing Date:** 2026-3
**Character Count:** 1026017
**Document Hash:** 4ca00702827d2e77be595f4145269984
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-008899.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001493152-26-008899

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23214
- **FILM NUMBER:** 26722829

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### GraniteShares 2x Long GOOGL Daily ETF (Series ID: S000076353)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000236099 | GraniteShares 2x Long GOOGL Daily ETF | GOU             |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### GraniteShares YieldBOOST Gold Miners ETF (Series ID: S000086438)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000251997 | GraniteShares YieldBOOST Gold Miners ETF | NUGY            |

### GraniteShares YieldBOOST META ETF (Series ID: S000086439)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000251998 | GraniteShares YieldBOOST META ETF | FBYY            |

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

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

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

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

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

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

### GraniteShares YieldBOOST Semiconductor ETF (Series ID: S000086446)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000252005 | GraniteShares YieldBOOST Semiconductor ETF | SEMY            |

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

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

### GraniteShares YieldBOOST AMD ETF (Series ID: S000086452)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000252011 | GraniteShares YieldBOOST AMD ETF | AMYY            |

### GraniteShares YieldBOOST AMZN ETF (Series ID: S000086453)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000252012 | GraniteShares YieldBOOST AMZN ETF | AZYY            |

### GraniteShares YieldBOOST BABA ETF (Series ID: S000086454)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000252013 | GraniteShares YieldBOOST BABA ETF | BBYY            |

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

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

### GraniteShares YieldBOOST COIN ETF (Series ID: S000086457)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000252016 | GraniteShares YieldBOOST COIN ETF | COYY            |

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

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

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

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

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

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

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

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

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

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

### GraniteShares 2x Long AVGO Daily ETF (Series ID: S000088314)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000254512 | GraniteShares 2x Long AVGO Daily ETF | AVGU            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### GraniteShares 2x Long NOW Daily ETF (Series ID: S000090914)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000258303 | GraniteShares 2x Long NOW Daily ETF | NOWL            |

### GraniteShares 2x Long PDD Daily ETF (Series ID: S000090915)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000258304 | GraniteShares 2x Long PDD Daily ETF | PDDL            |

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

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

### GraniteShares 2x Long ISRG Daily ETF (Series ID: S000094368)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000262870 | GraniteShares 2x Long ISRG Daily ETF |  |

### GraniteShares 2x Long NBIS Daily ETF (Series ID: S000094372)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000262874 | GraniteShares 2x Long NBIS Daily ETF |  |

### GraniteShares 2x Long BULL Daily ETF (Series ID: S000094383)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000262885 | GraniteShares 2x Long BULL Daily ETF |  |

### GraniteShares 2x Long ETOR Daily ETF (Series ID: S000094388)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000262890 | GraniteShares 2x Long ETOR Daily ETF |  |

### GraniteShares YieldBOOST MSTR ETF (Series ID: S000094921)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263500 | GraniteShares YieldBOOST MSTR ETF | MTYY            |

### GraniteShares YieldBOOST PLTR ETF (Series ID: S000094925)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263504 | GraniteShares YieldBOOST PLTR ETF | PLYY            |

### GraniteShares YieldBOOST QBTS ETF (Series ID: S000094926)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263505 | GraniteShares YieldBOOST QBTS ETF | QBY             |

### GraniteShares YieldBOOST RGTI ETF (Series ID: S000094927)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263506 | GraniteShares YieldBOOST RGTI ETF | RGYY            |

### GraniteShares YieldBOOST RIOT ETF (Series ID: S000094928)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263507 | GraniteShares YieldBOOST RIOT ETF | RTYY            |

### GraniteShares YieldBOOST SMCI ETF (Series ID: S000094931)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263510 | GraniteShares YieldBOOST SMCI ETF | SMYY            |

### GraniteShares YieldBOOST HIMS ETF (Series ID: S000094939)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263518 | GraniteShares YieldBOOST HIMS ETF | HMYY            |

### GraniteShares YieldBOOST HOOD ETF (Series ID: S000094940)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263519 | GraniteShares YieldBOOST HOOD ETF | HOYY            |

### GraniteShares YieldBOOST IONQ ETF (Series ID: S000094941)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263520 | GraniteShares YieldBOOST IONQ ETF | IOYY            |

### GraniteShares YieldBOOST MARA ETF (Series ID: S000094943)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263522 | GraniteShares YieldBOOST MARA ETF | MAAY            |

### GraniteShares YieldBOOST Single Stock Universe ETF (Series ID: S000097532)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000266723 | GraniteShares YieldBOOST Single Stock Universe ETF |  |

### GraniteShares YieldBOOST TopYielders ETF (Series ID: S000097533)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000266724 | GraniteShares YieldBOOST TopYielders ETF |  |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

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

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

**GraniteShares ETF Trust**

(Exact name of registrant as specified in charter)

250 Broadway, 24<sup>th</sup> Floor

New York, New York 10007

(Address of principal executive offices) (Zip code)

William Rhind

GraniteShares ETF Trust

250 Broadway, 24<sup>th</sup> Floor

New York, New York 10007

(Name and address of agent for service)

*Copy to:*

*Andrew Davalla, Esq.*

*Thompson Hine LLP*

*41 South High Street – Suite 1700*

*Columbus, OH 43215-6101*

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

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

Date of reporting period: <u>July 1, 2025 – December 31, 2025</u>

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

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

**Item 1. Reports to Stockholders.**

The Report to Shareholders is attached herewith.

(a) ---

| | |
|:---|:---|
| **GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF**<br> **COMB - NYSE**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | &nbsp;&nbsp;$13.18 &nbsp;&nbsp;0.25% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$105556577.06 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;41.55% | &nbsp;&nbsp;Futures | &nbsp;&nbsp;52.49% |
| &nbsp;&nbsp;Gold 100 Oz Future | &nbsp;&nbsp;10.70% | &nbsp;&nbsp;Government | &nbsp;&nbsp;43.68% |
| &nbsp;&nbsp;LME Alimnum Futures Mar 26 | &nbsp;&nbsp;5.03% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;Silver Future | &nbsp;&nbsp;4.62% |  |  |
| &nbsp;&nbsp;Natural Gas Futures Mar 26 | &nbsp;&nbsp;3.68% |  |  |
| &nbsp;&nbsp;Copper Future | &nbsp;&nbsp;3.36% |  |  |
| &nbsp;&nbsp;Brent Crude Future | &nbsp;&nbsp;2.91% |  |  |
| &nbsp;&nbsp;Soybean Future | &nbsp;&nbsp;2.87% |  |  |
| &nbsp;&nbsp;Corn Future | &nbsp;&nbsp;2.48% |  |  |
| &nbsp;&nbsp;WTI Crude Future | &nbsp;&nbsp;2.47% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares HIPS U.S. High Income ETF**<br> **HIPS - NYSE**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares HIPS U.S. High Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares HIPS U.S. High Income ETF | &nbsp;&nbsp;$35.43 &nbsp;&nbsp;0.70% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$108433170.92 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;50.32% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;31.59% | &nbsp;&nbsp;Financial | &nbsp;&nbsp;33.96% |
| &nbsp;&nbsp;CVR Partners LP | &nbsp;&nbsp;1.82% | &nbsp;&nbsp;Government | &nbsp;&nbsp;31.59% |
| &nbsp;&nbsp;Neuberger High Yield Strategies Fund, Inc. | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;Closed End Funds | &nbsp;&nbsp;17.29% |
| &nbsp;&nbsp;Western Asset High Income Fund II, Inc. | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;Energy | &nbsp;&nbsp;15.34% |
| &nbsp;&nbsp;Prospect Capital Corp. | &nbsp;&nbsp;1.74% | &nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;Barings BDC, Inc. | &nbsp;&nbsp;1.74% |  |  |
| &nbsp;&nbsp;PIMCO Income Strategy Fund | &nbsp;&nbsp;1.73% |  |  |
| &nbsp;&nbsp;Dorchester Minerals LP | &nbsp;&nbsp;1.73% |  |  |
| &nbsp;&nbsp;PIMCO High Income Fund | &nbsp;&nbsp;1.73% |  |  |
| &nbsp;&nbsp;Western Asset Global High Income Fund, Inc. | &nbsp;&nbsp;1.73% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares HIPS U.S. High Income ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares Nasdaq Select Disruptors ETF**<br> **DRUP - NYSE**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares Nasdaq Select Disruptors ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares Nasdaq Select Disruptors ETF | &nbsp;&nbsp;$31.46 &nbsp;&nbsp;0.60% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$57221545.75 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;22.09% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;9.89% | &nbsp;&nbsp;Technology | &nbsp;&nbsp;50.63% |
| &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;7.51% | &nbsp;&nbsp;Communications | &nbsp;&nbsp;24.51% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;6.73% | &nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;22.09% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;5.45% | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;Palantir Technologies, Inc. | &nbsp;&nbsp;3.95% |  |  |
| &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;3.34% |  |  |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;2.80% |  |  |
| &nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;2.57% |  |  |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;2.46% |  |  |
| &nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;2.31% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares Nasdaq Select Disruptors ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 1.25x Long TSLA Daily ETF**<br> **TSL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 1.25x Long TSLA Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 1.25x Long TSLA Daily ETF | &nbsp;&nbsp;$75.08 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$33735826.36 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Tesla, Inc. Equity Swap | &nbsp;&nbsp;59.77% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;59.76% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;30.10% | &nbsp;&nbsp;Government | &nbsp;&nbsp;30.10% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;10.14% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 1.25x Long TSLA Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long COIN Daily ETF**<br> **CONL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long COIN Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long COIN Daily ETF | &nbsp;&nbsp;$34.46 &nbsp;&nbsp;1.02% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$487694013.86 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;COIN Equity Swap | &nbsp;&nbsp;31.76% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;56.61% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;22.55% | &nbsp;&nbsp;Government | &nbsp;&nbsp;24.07% |
| &nbsp;&nbsp;COIN Equity Swap 3 | &nbsp;&nbsp;8.91% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;19.32% |
| &nbsp;&nbsp;COIN Equity Swap 2 | &nbsp;&nbsp;7.11% |  |  |
| &nbsp;&nbsp;Receivable Long 2x Coin BMO | &nbsp;&nbsp;4.11% |  |  |
| &nbsp;&nbsp;Receivable Long 2x Coin GSCO | &nbsp;&nbsp;3.00% |  |  |
| &nbsp;&nbsp;COIN Equity Swap 1 | &nbsp;&nbsp;1.73% |  |  |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;1.53% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long COIN Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long AAPL Daily ETF**<br> **AAPB - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long AAPL Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long AAPL Daily ETF | &nbsp;&nbsp;$75.62 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$28434199.72 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;AAPL Equity Swap | &nbsp;&nbsp;51.62% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;51.62% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;45.74% | &nbsp;&nbsp;Government | &nbsp;&nbsp;45.74% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;2.64% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long AAPL Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long BABA Daily ETF**<br> **BABX - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long BABA Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long BABA Daily ETF | &nbsp;&nbsp;$66.19 &nbsp;&nbsp;1.08% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$164739174.69 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long BABA Total Return Swap Wells Fargo | &nbsp;&nbsp;26.63% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;66.37% |
| &nbsp;&nbsp;Receivable Long BABA Total Return Swap Clear Street | &nbsp;&nbsp;21.78% | &nbsp;&nbsp;Government | &nbsp;&nbsp;21.46% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;21.46% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;12.17% |
| &nbsp;&nbsp;BABA Equity Swap | &nbsp;&nbsp;17.96% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long BABA Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long META Daily ETF**<br> **FBL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long META Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long META Daily ETF | &nbsp;&nbsp;$45.86 &nbsp;&nbsp;1.03% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$391235291.11 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;META Equity Swap 1 | &nbsp;&nbsp;25.56% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;72.02% |
| &nbsp;&nbsp;Receivable Long 2x Meta Total Return Swap GSCO | &nbsp;&nbsp;21.08% | &nbsp;&nbsp;Government | &nbsp;&nbsp;8.07% |
| &nbsp;&nbsp;META Equity Swap | &nbsp;&nbsp;19.02% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;19.91% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;8.07% |  |  |
| &nbsp;&nbsp;Receivable Meta Total Return Swap | &nbsp;&nbsp;6.36% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long META Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long NVDA Daily ETF**<br> **NVDL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long NVDA Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long NVDA Daily ETF | &nbsp;&nbsp;$59.94 &nbsp;&nbsp;1.02% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$4865995921.06 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;52.45% | &nbsp;&nbsp;Government | &nbsp;&nbsp;53.23% |
| &nbsp;&nbsp;NVDA Equity Swap | &nbsp;&nbsp;22.95% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;44.90% |
| &nbsp;&nbsp;NVDA Equity Swap 2 | &nbsp;&nbsp;6.19% |  |  |
| &nbsp;&nbsp;NVDA Equity Swap 18 | &nbsp;&nbsp;3.67% |  |  |
| &nbsp;&nbsp;NVDA Equity Swap 1 | &nbsp;&nbsp;3.19% |  |  |
| &nbsp;&nbsp;NVDA Equity Swap 3 | &nbsp;&nbsp;2.49% |  |  |
| &nbsp;&nbsp;NVDA Equity Swap 5 | &nbsp;&nbsp;1.69% |  |  |
| &nbsp;&nbsp;NVDA Equity Swap 19 | &nbsp;&nbsp;1.60% |  |  |
| &nbsp;&nbsp;NVDA Equity Swap 7 | &nbsp;&nbsp;1.24% |  |  |
| &nbsp;&nbsp;NVDA Equity Swap 4 | &nbsp;&nbsp;1.23% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long NVDA Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Short NVDA Daily ETF**<br> **NVD - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Short NVDA Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Short NVDA Daily ETF | &nbsp;&nbsp;$51.55 &nbsp;&nbsp;1.28% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$87617683.19 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Short 2x Nvda GSCO | &nbsp;&nbsp;22.80% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;55.90% |
| &nbsp;&nbsp;NVDA Equity Swap | &nbsp;&nbsp;19.93% | &nbsp;&nbsp;Government | &nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;GraniteShares Short NVDA swap | &nbsp;&nbsp;13.16% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;42.64% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;1.46% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Short NVDA Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long TSLA Daily ETF**<br> **TSLR - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long TSLA Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long TSLA Daily ETF | &nbsp;&nbsp;$69.18 &nbsp;&nbsp;0.95% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$356003969.55 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long TSLA 2x Total Return Swap Wells Fargo | &nbsp;&nbsp;30.18% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;71.71% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;23.33% | &nbsp;&nbsp;Government | &nbsp;&nbsp;23.33% |
| &nbsp;&nbsp;TSLA Equity Swap | &nbsp;&nbsp;22.63% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;4.96% |
| &nbsp;&nbsp;ReceivableLong TSLA Total Return Swap Clear Street | &nbsp;&nbsp;10.27% |  |  |
| &nbsp;&nbsp;GraniteShares long TSLA swap BOFA | &nbsp;&nbsp;8.64% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long TSLA Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Short TSLA Daily ETF**<br> **TSDD - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Short TSLA Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Short TSLA Daily ETF | &nbsp;&nbsp;$31.85 &nbsp;&nbsp;0.95% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$71587641.34 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares Short TSLA swap BOFA | &nbsp;&nbsp;24.62% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;55.28% |
| &nbsp;&nbsp;Receivable Short 2x TSLA Cf1 | &nbsp;&nbsp;11.63% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;44.72% |
| &nbsp;&nbsp;GraniteShares Short TSLA swap Clear Street | &nbsp;&nbsp;7.39% |  |  |
| &nbsp;&nbsp;TSLA Equity Swap | &nbsp;&nbsp;1.07% |  |  |
| &nbsp;&nbsp;Receivable Short 2x TSLA GSCO | &nbsp;&nbsp;0.01% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Short TSLA Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long AMD Daily ETF**<br> **AMDL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long AMD Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long AMD Daily ETF | &nbsp;&nbsp;$77.03 &nbsp;&nbsp;1.03% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$593975638.30 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;45.90% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;51.81% |
| &nbsp;&nbsp;Receivable Long 2x Amd Total Return Swap Nomura | &nbsp;&nbsp;10.98% | &nbsp;&nbsp;Government | &nbsp;&nbsp;45.90% |
| &nbsp;&nbsp;GraniteShares long AMD swap Cantor Fitzgerald | &nbsp;&nbsp;10.56% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;Receivable Long 2x Amd Total Return Swap Wells Fargo | &nbsp;&nbsp;10.30% |  |  |
| &nbsp;&nbsp;Receivable Long 2x Amd Total Return Swap Clear Street | &nbsp;&nbsp;10.27% |  |  |
| &nbsp;&nbsp;AMD Equity Swap | &nbsp;&nbsp;9.70% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long AMD Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long AMZN Daily ETF**<br> **AMZZ - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long AMZN Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long AMZN Daily ETF | &nbsp;&nbsp;$58.00 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$56488832.45 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;AMZN Equity Swap | &nbsp;&nbsp;71.62% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;71.62% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;13.49% | &nbsp;&nbsp;Government | &nbsp;&nbsp;13.49% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;14.89% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long AMZN Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long MSFT Daily ETF**<br> **MSFL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long MSFT Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long MSFT Daily ETF | &nbsp;&nbsp;$55.58 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$46426782.91 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;MSFT Equity Swap | &nbsp;&nbsp;84.25% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;84.25% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;15.75% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long MSFT Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Short COIN Daily ETF**<br> **CONI - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Short COIN Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Short COIN Daily ETF | &nbsp;&nbsp;$61.19 &nbsp;&nbsp;1.05% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$22209168.97 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares Short COIN swap Marex | &nbsp;&nbsp;46.94% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;91.02% |
| &nbsp;&nbsp;Receivable Short 2x Coin Nomura | &nbsp;&nbsp;44.07% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;8.98% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Short COIN Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long PLTR Daily ETF**<br> **PTIR - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long PLTR Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long PLTR Daily ETF | &nbsp;&nbsp;$65.47 &nbsp;&nbsp;1.01% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$613172098.01 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;46.29% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;47.53% |
| &nbsp;&nbsp;GraniteShares long PLTR swap Clear Street | &nbsp;&nbsp;15.34% | &nbsp;&nbsp;Government | &nbsp;&nbsp;46.29% |
| &nbsp;&nbsp;Receivable Long 2x PLTR Total Return Swap BMO | &nbsp;&nbsp;12.06% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;GraniteShares long PLTR swap Cowen | &nbsp;&nbsp;10.06% |  |  |
| &nbsp;&nbsp;GraniteShares long PLTR swap Nomura | &nbsp;&nbsp;8.62% |  |  |
| &nbsp;&nbsp;Receivable Long 2x PLTR Wells Fargo | &nbsp;&nbsp;1.46% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long PLTR Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long UBER Daily ETF**<br> **UBRL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long UBER Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long UBER Daily ETF | &nbsp;&nbsp;$49.79 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$29409855.12 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares long UBER swap Cowen | &nbsp;&nbsp;63.77% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;63.77% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;21.90% | &nbsp;&nbsp;Government | &nbsp;&nbsp;21.90% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;14.33% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long UBER Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long MU Daily ETF**<br> **MULL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long MU Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long MU Daily ETF | &nbsp;&nbsp;$202.30 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$87953134.63 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;55.91% | &nbsp;&nbsp;Government | &nbsp;&nbsp;55.91% |
| &nbsp;&nbsp;Receivable Long 2x MU Total Return Swap Nomura | &nbsp;&nbsp;40.69% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;40.70% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;3.39% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long MU Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long TSM Daily ETF**<br> **TSMU - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long TSM Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long TSM Daily ETF | &nbsp;&nbsp;$98.52 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$27302523.51 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;52.55% | &nbsp;&nbsp;Government | &nbsp;&nbsp;52.55% |
| &nbsp;&nbsp;Receivable Long 2x TSM Total Return Swap Nomura | &nbsp;&nbsp;40.41% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;40.40% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;7.05% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long TSM Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long CRWD Daily ETF**<br> **CRWL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long CRWD Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long CRWD Daily ETF | &nbsp;&nbsp;$67.06 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$24750962.38 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x CRWD Total Return Swap Nomura | &nbsp;&nbsp;51.20% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;51.19% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;35.19% | &nbsp;&nbsp;Government | &nbsp;&nbsp;35.19% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;13.62% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long CRWD Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long SMCI Daily ETF**<br> **SMCL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long SMCI Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long SMCI Daily ETF | &nbsp;&nbsp;$40.06 &nbsp;&nbsp;1.26% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$44201670.59 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x SMCI Total Return Swap Marex1 | &nbsp;&nbsp;29.77% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;61.33% |
| &nbsp;&nbsp;Receivable Long SMCI Total Return Swap Nomura | &nbsp;&nbsp;23.19% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;38.67% |
| &nbsp;&nbsp;Receivable Long 2x SMCI Total Return Swap Clear Street | &nbsp;&nbsp;5.31% |  |  |
| &nbsp;&nbsp;Receivable Long 2x SMCI Total Return Swap Cf | &nbsp;&nbsp;3.05% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long SMCI Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST TSLA ETF**<br> **TSYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST TSLA ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST TSLA ETF | &nbsp;&nbsp;$57.60 &nbsp;&nbsp;1.07% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$332825528.02 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;75.85% | &nbsp;&nbsp;Government | &nbsp;&nbsp;96.85% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;21.00% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;Put TSLR January 29.46 01/05/2026 | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Put TSLR January 31.54 01/02/2026 | &nbsp;&nbsp;0.68% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST TSLA ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long QCOM Daily ETF**<br> **QCML - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long QCOM Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long QCOM Daily ETF | &nbsp;&nbsp;$77.93 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$16229882.29 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x QCOM Cowen | &nbsp;&nbsp;76.00% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;76.00% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;24.00% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long QCOM Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long DELL Daily ETF**<br> **DLLL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long DELL Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long DELL Daily ETF | &nbsp;&nbsp;$73.42 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$14216042.73 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x DELL Cowen | &nbsp;&nbsp;59.45% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;59.45% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;28.04% | &nbsp;&nbsp;Government | &nbsp;&nbsp;28.04% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;12.51% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long DELL Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long INTC Daily ETF**<br> **INTW - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long INTC Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long INTC Daily ETF | &nbsp;&nbsp;$107.57 &nbsp;&nbsp;1.38% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$106322346.07 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;46.77% | &nbsp;&nbsp;Government | &nbsp;&nbsp;46.77% |
| &nbsp;&nbsp;Receivable Long 2x INTC Cowen | &nbsp;&nbsp;27.46% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;46.01% |
| &nbsp;&nbsp;Receivable Long INTC 2x Total Return Swap Cf1 | &nbsp;&nbsp;18.56% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;7.22% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long INTC Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST QQQ ETF**<br> **TQQY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST QQQ ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST QQQ ETF | &nbsp;&nbsp;$59.68 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$12177354.47 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;71.37% | &nbsp;&nbsp;Government | &nbsp;&nbsp;98.03% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;26.66% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;Put TQQQ January 49.78 01/02/2026 | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;1.14% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST QQQ ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST SPY ETF**<br> **YSPY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST SPY ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST SPY ETF | &nbsp;&nbsp;$61.98 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$22635418.49 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;56.47% | &nbsp;&nbsp;Government | &nbsp;&nbsp;98.10% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;41.63% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Put SPXL January 206.21 01/02/2026 | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;1.80% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST SPY ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long MARA Daily ETF**<br> **MRAL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long MARA Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long MARA Daily ETF | &nbsp;&nbsp;$43.71 &nbsp;&nbsp;1.41% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$44585610.59 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x MARA Marex | &nbsp;&nbsp;45.08% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;54.54% |
| &nbsp;&nbsp;GraniteShares long MARA swap Marex | &nbsp;&nbsp;7.76% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;45.46% |
| &nbsp;&nbsp;Receivable Long 2x MARA Total Return Swap Cf | &nbsp;&nbsp;1.69% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long MARA Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long MRVL Daily ETF**<br> **MVLL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long MRVL Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long MRVL Daily ETF | &nbsp;&nbsp;$72.89 &nbsp;&nbsp;1.48% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$40637410.50 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x MRVL Marex | &nbsp;&nbsp;56.09% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;61.09% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;28.99% | &nbsp;&nbsp;Government | &nbsp;&nbsp;28.99% |
| &nbsp;&nbsp;Receivable Long MRVL Total Return Swap Cantor | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;9.92% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long MRVL Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long IONQ Daily ETF**<br> **IONL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long IONQ Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long IONQ Daily ETF | &nbsp;&nbsp;$66.80 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$52000121.64 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares long IONQ swap Marex | &nbsp;&nbsp;65.65% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;65.65% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;34.35% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long IONQ Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long VRT Daily ETF**<br> **VRTL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long VRT Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long VRT Daily ETF | &nbsp;&nbsp;$91.05 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$31766738.55 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares long VRT swap Marex | &nbsp;&nbsp;50.24% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;50.24% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;36.64% | &nbsp;&nbsp;Government | &nbsp;&nbsp;36.64% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;13.12% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long VRT Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long RDDT Daily ETF**<br> **RDTL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long RDDT Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long RDDT Daily ETF | &nbsp;&nbsp;$97.99 &nbsp;&nbsp;1.44% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$68881879.72 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;51.89% | &nbsp;&nbsp;Government | &nbsp;&nbsp;51.89% |
| &nbsp;&nbsp;GraniteShares long RDDT swap Marex | &nbsp;&nbsp;35.48% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;35.48% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;12.63% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long RDDT Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long LCID Daily ETF**<br> **LCDL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long LCID Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long LCID Daily ETF | &nbsp;&nbsp;$34.34 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$5294669.97 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long Lcid Total Return Swap Marex | &nbsp;&nbsp;63.26% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;63.26% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;36.74% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long LCID Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long RIVN Daily ETF**<br> **RVNL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long RIVN Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long RIVN Daily ETF | &nbsp;&nbsp;$76.59 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$9490026.56 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;51.10% | &nbsp;&nbsp;Government | &nbsp;&nbsp;51.10% |
| &nbsp;&nbsp;Receivable Long Rivn Total Return Swap Marex | &nbsp;&nbsp;40.90% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;40.91% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;7.99% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long RIVN Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **Graniteshares YieldBOOST NVDA ETF**<br> **NVYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about Graniteshares YieldBOOST NVDA ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;Graniteshares YieldBOOST NVDA ETF | &nbsp;&nbsp;$61.54 &nbsp;&nbsp;1.12% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$83626204.21 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;90.55% | &nbsp;&nbsp;Government | &nbsp;&nbsp;98.12% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;7.58% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;Put NVDL January 80.78 01/05/2026 | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;Put NVDL January 79.21 01/07/2026 | &nbsp;&nbsp;0.41% |  |  |
| &nbsp;&nbsp;Put NVDL January 82.83 01/02/2026 | &nbsp;&nbsp;0.09% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**Graniteshares YieldBOOST NVDA ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **Graniteshares YieldBOOST Bitcoin ETF**<br> **XBTY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about Graniteshares YieldBOOST Bitcoin ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;Graniteshares YieldBOOST Bitcoin ETF | &nbsp;&nbsp;$50.84 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$27766253.56 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;52.08% | &nbsp;&nbsp;Government | &nbsp;&nbsp;94.88% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;42.80% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;Put BITX January 24.97 01/07/2026 | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;Put BITX January 24.78 01/05/2026 | &nbsp;&nbsp;0.58% |  |  |
| &nbsp;&nbsp;Put BITX January 25.04 01/02/2026 | &nbsp;&nbsp;0.02% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**Graniteshares YieldBOOST Bitcoin ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long MSTR Daily ETF**<br> **MSTP - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long MSTR Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long MSTR Daily ETF | &nbsp;&nbsp;$42.36 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$3292689.91 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares Short MSTR swap Marex | &nbsp;&nbsp;58.39% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;58.39% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;9.32% | &nbsp;&nbsp;Government | &nbsp;&nbsp;9.32% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;32.29% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long MSTR Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Short MSTR Daily ETF**<br> **MSDD - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Short MSTR Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Short MSTR Daily ETF | &nbsp;&nbsp;$170.04 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$2682145.78 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;49.04% | &nbsp;&nbsp;Government | &nbsp;&nbsp;49.04% |
| &nbsp;&nbsp;GraniteShares Short MSTR swap Marex | &nbsp;&nbsp;45.69% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;45.69% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;5.27% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Short MSTR Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long NOW Daily ETF** **NOWL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long NOW Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long NOW Daily ETF | &nbsp;&nbsp;$54.87 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$6529386.81 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares long NOW swap Cantor Fitzgerald | &nbsp;&nbsp;60.96% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;60.96% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;39.04% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long NOW Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long PDD Daily ETF**<br> **PDDL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long PDD Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long PDD Daily ETF | &nbsp;&nbsp;$72.07 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$6244198.24 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares long PDD swap Cantor Fitzgerald | &nbsp;&nbsp;69.38% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;69.38% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;30.62% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long PDD Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long AVGO Daily ETF**<br> **AVGU - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long AVGO Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long AVGO Daily ETF | &nbsp;&nbsp;$81.00 &nbsp;&nbsp;1.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$25038516.08 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares long AVGO swap Cantor Fitzgerald | &nbsp;&nbsp;70.25% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;70.25% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;29.75% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long AVGO Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost COIN ETF**<br> **COYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost COIN ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost COIN ETF | &nbsp;&nbsp;$36.77 &nbsp;&nbsp;1.07% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$72037000.97 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;93.37% | &nbsp;&nbsp;Government | &nbsp;&nbsp;93.37% |
| &nbsp;&nbsp;Put CONL January 13.81 01/05/2026 | &nbsp;&nbsp;3.47% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;6.63% |
| &nbsp;&nbsp;Put CONL January 12.89 01/07/2026 | &nbsp;&nbsp;1.63% |  |  |
| &nbsp;&nbsp;Put CONL January 14.20 01/02/2026 | &nbsp;&nbsp;1.53% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost COIN ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long ETOR Daily ETF**<br> **ETRL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long ETOR Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long ETOR Daily ETF | &nbsp;&nbsp;$36.41 &nbsp;&nbsp;1.49% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1894942.11 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares long 2X ETOR Total return swap Marex | &nbsp;&nbsp;71.27% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;71.27% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;28.73% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long ETOR Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long BULL Daily ETF**<br> **BULX - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long BULL Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long BULL Daily ETF | &nbsp;&nbsp;$31.76 &nbsp;&nbsp;1.49% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1616540.20 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x Bull Total Return Swap Marex | &nbsp;&nbsp;62.01% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;62.01% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;37.99% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long BULL Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost AMD ETF**<br> **AMYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost AMD ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost AMD ETF | &nbsp;&nbsp;$36.89 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$11495744.57 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;99.57% | &nbsp;&nbsp;Government | &nbsp;&nbsp;99.56% |
| &nbsp;&nbsp;Put AMDL January 14.10 01/02/2026 | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;Put AMDL January 14.00 01/07/2026 | &nbsp;&nbsp;0.08% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost AMD ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost AMZN ETF**<br> **AZYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost AMZN ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost AMZN ETF | &nbsp;&nbsp;$32.64 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$2900973.75 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;99.80% | &nbsp;&nbsp;Government | &nbsp;&nbsp;99.80% |
| &nbsp;&nbsp;Put AMZZ January 28.32 01/07/2026 | &nbsp;&nbsp;0.18% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;Put AMZZ January 28.79 01/02/2026 | &nbsp;&nbsp;0.02% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost AMZN ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost MSTR ETF**<br> **MTYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost MSTR ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost MSTR ETF | &nbsp;&nbsp;$22.74 &nbsp;&nbsp;1.14% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1382455.00 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;93.44% | &nbsp;&nbsp;Government | &nbsp;&nbsp;93.44% |
| &nbsp;&nbsp;Put MSTU January 8.04 01/02/2026 | &nbsp;&nbsp;4.83% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;6.56% |
| &nbsp;&nbsp;Put MSTU January 7.70 01/05/2026 | &nbsp;&nbsp;1.73% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost MSTR ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost PLTR ETF**<br> **PLYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost PLTR ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost PLTR ETF | &nbsp;&nbsp;$30.60 &nbsp;&nbsp;1.14% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$7594918.23 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;93.06% | &nbsp;&nbsp;Government | &nbsp;&nbsp;93.06% |
| &nbsp;&nbsp;Put PTIR January 27.04 01/02/2026 | &nbsp;&nbsp;6.10% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;6.94% |
| &nbsp;&nbsp;Put PTIR January 24.06 01/07/2026 | &nbsp;&nbsp;0.84% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost PLTR ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost SMCI ETF**<br> **SMYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost SMCI ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost SMCI ETF | &nbsp;&nbsp;$25.03 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$9938053.13 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;96.37% | &nbsp;&nbsp;Government | &nbsp;&nbsp;96.37% |
| &nbsp;&nbsp;Put SMCX January 11.49 01/02/2026 | &nbsp;&nbsp;3.08% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;Put SMCX January 11.08 01/05/2026 | &nbsp;&nbsp;0.55% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost SMCI ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost HOOD ETF**<br> **HOYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost HOOD ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost HOOD ETF | &nbsp;&nbsp;$25.52 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$22390292.48 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;97.76% | &nbsp;&nbsp;Government | &nbsp;&nbsp;97.76% |
| &nbsp;&nbsp;Put ROBN January 52.34 01/02/2026 | &nbsp;&nbsp;1.56% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;Put ROBN January 47.64 01/07/2026 | &nbsp;&nbsp;0.46% |  |  |
| &nbsp;&nbsp;Put ROBN January 51.66 01/05/2026 | &nbsp;&nbsp;0.22% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost HOOD ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long ISRG Daily ETF**<br> **ISUL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long ISRG Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long ISRG Daily ETF | &nbsp;&nbsp;$44.93 &nbsp;&nbsp;1.49% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$3083118.69 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares 2X long ISRG swap Clear Street | &nbsp;&nbsp;54.69% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;54.68% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;36.24% | &nbsp;&nbsp;Government | &nbsp;&nbsp;36.24% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;9.08% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long ISRG Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long NBIS Daily ETF**<br> **NBIL - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long NBIS Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long NBIS Daily ETF | &nbsp;&nbsp;$24.36 &nbsp;&nbsp;1.48% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$46496048.72 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares 2X long NBIS swap Clear Street | &nbsp;&nbsp;56.77% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;56.77% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;43.23% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long NBIS Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost META ETF**<br> **FBYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost META ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost META ETF | &nbsp;&nbsp;$21.34 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$605961.29 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;99.84% | &nbsp;&nbsp;Government | &nbsp;&nbsp;99.84% |
| &nbsp;&nbsp;Put FBL January 29.18 01/05/2026 | &nbsp;&nbsp;0.14% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;Put FBL January 29.56 01/02/2026 | &nbsp;&nbsp;0.02% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost META ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost BABA ETF**<br> **BBYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost BABA ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost BABA ETF | &nbsp;&nbsp;$21.58 &nbsp;&nbsp;1.14% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1335277.02 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;96.67% | &nbsp;&nbsp;Government | &nbsp;&nbsp;96.66% |
| &nbsp;&nbsp;Put BABX January 35.07 01/02/2026 | &nbsp;&nbsp;2.85% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;Put BABX January 32.44 01/07/2026 | &nbsp;&nbsp;0.48% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost BABA ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost MARA ETF**<br> **MAAY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost MARA ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost MARA ETF | &nbsp;&nbsp;$15.51 &nbsp;&nbsp;1.14% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$3545663.44 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;92.64% | &nbsp;&nbsp;Government | &nbsp;&nbsp;92.64% |
| &nbsp;&nbsp;Put MRAL January 4.04 01/07/2026 | &nbsp;&nbsp;2.93% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;7.36% |
| &nbsp;&nbsp;Put MRAL January 4.49 01/05/2026 | &nbsp;&nbsp;2.81% |  |  |
| &nbsp;&nbsp;Put MRAL January 4.61 01/02/2026 | &nbsp;&nbsp;0.95% |  |  |
| &nbsp;&nbsp;Put MRAL January 4.33 01/07/2026 | &nbsp;&nbsp;0.67% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost MARA ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBoost IONQ ETF**<br> **IOYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBoost IONQ ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBoost IONQ ETF | &nbsp;&nbsp;$17.09 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$6704262.73 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;95.10% | &nbsp;&nbsp;Government | &nbsp;&nbsp;95.11% |
| &nbsp;&nbsp;Put IONL January 29.53 01/05/2026 | &nbsp;&nbsp;2.96% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;4.89% |
| &nbsp;&nbsp;Put IONL January 30.43 01/02/2026 | &nbsp;&nbsp;1.22% |  |  |
| &nbsp;&nbsp;Put IONL January 29.00 01/07/2026 | &nbsp;&nbsp;0.72% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBoost IONQ ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST Semiconductor ETF**<br> **SEMY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST Semiconductor ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST Semiconductor ETF | &nbsp;&nbsp;$13.73 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$17035245.18 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;98.79% | &nbsp;&nbsp;Government | &nbsp;&nbsp;98.79% |
| &nbsp;&nbsp;Put SOXL January 36.99 01/07/2026 | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;Put SOXL January 38.56 01/05/2026 | &nbsp;&nbsp;0.39% |  |  |
| &nbsp;&nbsp;Put SOXL January 38.43 01/07/2026 | &nbsp;&nbsp;0.11% |  |  |
| &nbsp;&nbsp;Put SOXL January 38.90 01/02/2026 | &nbsp;&nbsp;0.03% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST Semiconductor ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST Gold Miners ETF**<br> **NUGY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST Gold Miners ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST Gold Miners ETF | &nbsp;&nbsp;$13.87 &nbsp;&nbsp;1.14% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$7498663.50 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;94.91% | &nbsp;&nbsp;Government | &nbsp;&nbsp;94.91% |
| &nbsp;&nbsp;Put NUGT January 188.01 01/02/2026 | &nbsp;&nbsp;2.38% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;Put NUGT January 165.47 01/07/2026 | &nbsp;&nbsp;1.82% |  |  |
| &nbsp;&nbsp;Put NUGT January 166.50 01/05/2026 | &nbsp;&nbsp;0.89% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST Gold Miners ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST RGTI ETF**<br> **RGYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST RGTI ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST RGTI ETF | &nbsp;&nbsp;$11.05 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1342839.57 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;89.05% | &nbsp;&nbsp;Government | &nbsp;&nbsp;89.05% |
| &nbsp;&nbsp;Put RGTX January 10.69 01/07/2026 | &nbsp;&nbsp;5.71% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;10.95% |
| &nbsp;&nbsp;Put RGTX January 10.93 01/05/2026 | &nbsp;&nbsp;5.24% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST RGTI ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST QBTS ETF**<br> **QBY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST QBTS ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST QBTS ETF | &nbsp;&nbsp;$11.04 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1163566.93 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;87.71% | &nbsp;&nbsp;Government | &nbsp;&nbsp;87.71% |
| &nbsp;&nbsp;Put QBTX January 29.24 01/05/2026 | &nbsp;&nbsp;12.29% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;12.29% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST QBTS ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST RIOT ETF**<br> **RTYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST RIOT ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST RIOT ETF | &nbsp;&nbsp;$8.74 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1910441.41 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;68.30% | &nbsp;&nbsp;Government | &nbsp;&nbsp;68.31% |
| &nbsp;&nbsp;Put RIOX January 10.88 01/05/2026 | &nbsp;&nbsp;23.65% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;31.69% |
| &nbsp;&nbsp;Put RIOX January 6.20 01/07/2026 | &nbsp;&nbsp;8.05% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST RIOT ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST HIMS ETF**<br> **HMYY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST HIMS ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST HIMS ETF | &nbsp;&nbsp;$8.70 &nbsp;&nbsp;1.15% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$765380.17 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;93.61% | &nbsp;&nbsp;Government | &nbsp;&nbsp;93.61% |
| &nbsp;&nbsp;Put HIMZ January 5.76 01/05/2026 | &nbsp;&nbsp;4.63% | &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;6.39% |
| &nbsp;&nbsp;Put HIMZ January 5.10 01/07/2026 | &nbsp;&nbsp;1.76% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST HIMS ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares 2x Long GOOGL Daily ETF**<br> **GOU - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares 2x Long GOOGL Daily ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at graniteshares.com/us/en-us/document-search. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares 2x Long GOOGL Daily ETF | &nbsp;&nbsp;$9.04 &nbsp;&nbsp;1.12% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1470449.16 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;Receivable Long 2x GOOGL Total return swap | &nbsp;&nbsp;76.66% | &nbsp;&nbsp;Total Return Swap | &nbsp;&nbsp;76.66% |
|  |  | &nbsp;&nbsp;Broker Cash | &nbsp;&nbsp;23.34% |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares 2x Long GOOGL Daily ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST Single Stock Universe ETF**<br> **YBST - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST Single Stock Universe ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST Single Stock Universe ETF | &nbsp;&nbsp;$2.13 &nbsp;&nbsp;0.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$3287568.39 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0.00% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares YieldBoost AMZN ETF | &nbsp;&nbsp;6.65% | &nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;GraniteShares YieldBoost AMD ETF | &nbsp;&nbsp;6.63% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost META ETF | &nbsp;&nbsp;6.49% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost NVDA ETF | &nbsp;&nbsp;6.33% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost QBTS ETF | &nbsp;&nbsp;6.06% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost BABA ETF | &nbsp;&nbsp;6.00% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost HOOD ETF | &nbsp;&nbsp;5.86% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost RGTI ETF | &nbsp;&nbsp;5.85% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost PLTR ETF | &nbsp;&nbsp;5.82% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost TSLA ETF | &nbsp;&nbsp;5.79% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST Single Stock Universe ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

---

| | |
|:---|:---|
| **GraniteShares YieldBOOST TopYielders ETF**<br> **YBTY - Nasdaq**<br> **Semi-Annual Shareholder Report – December 31, 2025** | ![](tsr_001.jpg) |

---

This semi-annual shareholder report contains important information about GraniteShares YieldBOOST TopYielders ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at <u>graniteshares.com/us/en-us/document-search</u>. You can also request this information by contacting us at (844) 476 8747 or sending an email to info@graniteshares.com.

**What were the Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund name | &nbsp;&nbsp;Costs of a $10,000<br> investment |
| &nbsp;&nbsp;GraniteShares YieldBOOST TopYielders ETF | &nbsp;&nbsp;$2.10 &nbsp;&nbsp;0.50% <sup>(a)</sup> |

---

<sup>(a)</sup> Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp;Key Fund statistics | &nbsp;&nbsp;Key Fund statistics |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$2973020.89 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;31.82% |

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Ten largest holdings | &nbsp;&nbsp;Sector allocation | &nbsp;&nbsp;Sector allocation |
| &nbsp;&nbsp;Security | &nbsp;&nbsp;% of Total Investment | &nbsp;&nbsp;Sector | &nbsp;&nbsp;% of Total Investment |
| &nbsp;&nbsp;GraniteShares YieldBoost HOOD ETF | &nbsp;&nbsp;20.61% | &nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;GraniteShares YieldBoost TSLA ETF | &nbsp;&nbsp;20.36% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost IONQ ETF | &nbsp;&nbsp;20.24% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost SMCI ETF | &nbsp;&nbsp;19.64% |  |  |
| &nbsp;&nbsp;GraniteShares YieldBoost COIN ETF | &nbsp;&nbsp;19.15% |  |  |

---

---

| | |
|:---|:---|
| **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com | **Additional information**<br> If you wish to receive a copy of this document at 250 Broadway 24<sup>th</sup> floor, New York, NY 10007, contact (844) 476 8747 or send an email to info@graniteshares.com |
| <br>**GraniteShares YieldBOOST TopYielders ETF**<br> **Semi-Annual Shareholder Report – December 31, 2025**<br>| ![](tsr_001.jpg) |

---

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

**Item 2. Code of Ethics.**

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

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

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

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

Not Applicable.

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

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

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to
 shareholders filed under Item 7 of this form.

(b) Not
 applicable.

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

![](fin1_001.jpg)

**Table of Contents**

---

| | |
|:---|:---|
|  | **PAGE** |
| [Schedule of Investments](#pk_01) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF](#a_001) | 1 |
| &nbsp;&nbsp;&nbsp;[GraniteShares HIPS U.S. High Income ETF](#a_002) | 3 |
| &nbsp;&nbsp;&nbsp;[GraniteShares Nasdaq Select Disruptors ETF](#a_003) | 5 |
| [Statements of Assets and Liabilities](#a_004) | 7 |
| [Statements of Operations](#a_005) | 8 |
| [Statement of Changes in Net Assets](#pk_02) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF](#px_001) | 9 |
| &nbsp;&nbsp;&nbsp;[GraniteShares HIPS U.S. High Income ETF](#px_003) | 10 |
| &nbsp;&nbsp;&nbsp;[GraniteShares Nasdaq Select Disruptors ETF](#px_004) | 11 |
| [Financial Highlights](#pk_03) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF](#px_005) | 12 |
| &nbsp;&nbsp;&nbsp;[GraniteShares HIPS U.S. High Income ETF](#px_006) | 13 |
| &nbsp;&nbsp;&nbsp;[GraniteShares Nasdaq Select Disruptors ETF](#px_007) | 14 |
| [Notes to Financial Statements](#px_008) | 15 |
| [Additional Information](#px_009) | 23 |
| **[Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#px_010)** | 24 |
| **[Proxy Disclosures for Open-End Management Investment Companies](#px_011)** | 25 |
| **[Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#px_012)** | 26 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract](#px_013)** | 27 |

---

GraniteShares Bloomberg Commodity Consolidated <br> <u>Broad Strategy No K-1 ETF</u>   <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 79.08%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.893%, 01/15/2026 | $33000000 | $32957823 |
| United States Treasury Bill, 3.837%, 02/12/2026 | 10000000 | 9959165 |
| United States Treasury Bill, 3.564%, 03/19/2026 <sup>(b)</sup> | 40000000 | 39703304 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $82,599,350)** |  | 82620292 |
| **TOTAL INVESTMENTS - 79.08%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $82,599,350)** |  | $82620292 |
| **Other Assets In Excess Of Liabilities - 20.92%** |  | 21856015 <sup>(c)</sup> |
| **NET ASSETS (100.00%)** |  | $104476307 |

---

*<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.*

<u>*See Notes to Consolidated Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 1

GraniteShares Bloomberg Commodity Consolidated <br> <u>Broad Strategy No K-1 ETF</u>   <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

At December 31, 2025, open futures contracts were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of <br>Contracts** | **Expiration <br>Date** | **Contract <br>Type** | **Notional <br>Amount** | **Value/Unrealized <br>Appreciation** | **Value/Unrealized <br>Depreciation** |
| Brent Crude<sup>(a)</sup> | 95 | 01/30/26 | Long | $5780750 |  | $(205290) |
| Coffee 'C'<sup>(a)</sup> | 23 | 03/19/26 | Long | 3007969 |  | (300862) |
| Copper<sup>(a)</sup> | 47 | 03/27/26 | Long | 6676350 | 572775 |  |
| Corn<sup>(a)</sup> | 224 | 03/13/26 | Long | 4930800 |  | (86525) |
| Cotton No.2<sup>(a)</sup> | 43 | 03/09/26 | Long | 1381805 |  | (14390) |
| E-Mini Silver<sup>(a)</sup> | 1 | 02/26/26 | Long | 176508 |  | (18242) |
| Gasoline RBOB<sup>(a)</sup> | 23 | 02/27/26 | Long | 1682289 |  | (68225) |
| Gold 100 Oz<sup>(a)</sup> | 49 | 02/25/26 | Long | 21271389 | 680489 |  |
| KC Hard Red Winter Wheat<sup>(a)</sup> | 60 | 03/13/26 | Long | 1544250 |  | (69475) |
| Lean Hogs<sup>(a)</sup> | 50 | 02/13/26 | Long | 1702000 | 71630 |  |
| Live Cattle<sup>(a)</sup> | 42 | 02/27/26 | Long | 3890880 | 139930 |  |
| LME Lead<sup>(a)</sup> | 19 | 01/19/26 | Long | 940776 |  | (13905) |
| LME Lead<sup>(a)</sup> | 19 | 03/16/26 | Long | 953653 | 7841 |  |
| LME Nickel<sup>(a)</sup> | 27 | 01/19/26 | Long | 2680382 | 201611 |  |
| LME Nickel<sup>(a)</sup> | 27 | 03/16/26 | Long | 2695507 | 290191 |  |
| LME Primary Aluminum<sup>(a)</sup> | 68 | 01/19/26 | Long | 5063960 | 343483 |  |
| LME Primary Aluminum<sup>(a)</sup> | 66 | 03/16/26 | Long | 4940876 | 178824 |  |
| LME Zinc<sup>(a)</sup> | 32 | 01/19/26 | Long | 2474848 | 54610 |  |
| LME Zinc<sup>(a)</sup> | 33 | 03/16/26 | Long | 2573109 | 2041 |  |
| Low Sulphur Gasoil<sup>(a)</sup> | 37 | 03/12/26 | Long | 2278275 |  | (75850) |
| Natural Gas<sup>(a)</sup> | 234 | 02/25/26 | Long | 7324200 |  | (1437790) |
| NY Harbor ULSD<sup>(a)</sup> | 20 | 02/27/26 | Long | 1766856 |  | (104450) |
| Silver<sup>(a)</sup> | 26 | 03/27/26 | Long | 9178390 | 2239270 |  |
| Soybean<sup>(a)</sup> | 109 | 03/13/26 | Long | 5708875 |  | (297175) |
| Soybean Meal<sup>(a)</sup> | 106 | 03/13/26 | Long | 3173640 |  | (93230) |
| Soybean Oil<sup>(a)</sup> | 124 | 03/13/26 | Long | 3612864 |  | (220200) |
| Sugar #11<sup>(a)</sup> | 125 | 02/27/26 | Long | 2101400 |  | (167138) |
| Wheat (CBT)<sup>(a)</sup> | 95 | 03/13/26 | Long | 2408250 |  | (193932) |
| WTI Crude<sup>(a)</sup> | 86 | 02/20/26 | Long | 4920920 | – | (74040) |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | 4782695 | (3440719) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation |  |  |  |  | 1341976 | – |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Contract**<br> **Type** | **Notional**<br> **Amount** | **Value/Unrealized**<br> **Appreciation** | **Value/Unrealized**<br> **Depreciation** |
| LME Lead<sup>(a)</sup> | (19) | 01/19/26 | Short | $(940776) |  | (6899) |
| LME Lead<sup>(a)</sup> | (2) | 03/16/26 | Short | (100385) |  | (308) |
| LME Nickel<sup>(a)</sup> | (27) | 01/19/26 | Short | (2680382) |  | (301493) |
| LME Nickel<sup>(a)</sup> | (3) | 03/16/26 | Short | (299501) |  | (15048) |
| LME Primary Aluminum<sup>(a)</sup> | (68) | 01/19/26 | Short | (5063960) |  | (194123) |
| LME Primary Aluminum<sup>(a)</sup> | (6) | 03/16/26 | Short | (449171) |  | (6871) |
| LME Zinc<sup>(a)</sup> | (32) | 01/19/26 | Short | (2474848) | 45159 |  |
| LME Zinc<sup>(a)</sup> | (4) | 03/16/26 | Short | (311892) | – | (3014) |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | 45159 | (527756) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation |  |  |  |  | – | (482597) |

---

*<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.*

<u>*See Notes to Consolidated Financial Statements.*</u>   <br> 2 www.graniteshares.com

<u>GraniteShares HIPS U.S. High Income ETF</u>   <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 74.76%**<br>|  |  |
| **Capital Markets - 24.87%** |  |  |
| Barings BDC, Inc. | 298668 | $2741772 |
| Capital Southwest Corp. | 122472 | 2712755 |
| FS KKR Capital Corp. | 183127 | 2712111 |
| Goldman Sachs BDC, Inc. | 280680 | 2604710 |
| Golub Capital BDC, Inc. | 199627 | 2708938 |
| Morgan Stanley Direct Lending Fund | 159184 | 2623352 |
| New Mountain Finance Corp. | 293799 | 2705889 |
| Nuveen Churchill Direct Lending Corp. | 195441 | 2607183 |
| PennantPark Floating Rate Capital, Ltd. | 292844 | 2714664 |
| Prospect Capital Corp. | 1059980 | 2745348 |
| Total Capital Markets |  | 26876722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals - 2.66%**<br>|  |  |
| CVR Partners LP<sup>(a)</sup> | 28062 | 2876355 |
| **Mortgage Real Estate Investment Trust (REIT) - 24.80%** |  |  |
| AGNC Investment Corp. | 249810 | 2677963 |
| Annaly Capital Management, Inc. | 117366 | 2624304 |
| Arbor Realty Trust, Inc. | 347870 | 2699471 |
| ARMOUR Residential REIT, Inc. | 154102 | 2726064 |
| Dynex Capital, Inc. | 194177 | 2720420 |
| Ellington Financial, Inc. | 196578 | 2669529 |
| Orchid Island Capital, Inc. | 371284 | 2673245 |
| PennyMac Mortgage Investment Trust | 215032 | 2698652 |
| Starwood Property Trust, Inc. | 145320 | 2617213 |
| Two Harbors Investment Corp. | 255961 | 2687591 |
| Total Mortgage Real Estate Investment Trust (REIT) |  | 26794452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 22.43%**<br>|  |  |
| Alliance Resource Partners LP<sup>(a)</sup> | 115907 | 2692520 |
| Black Stone Minerals LP<sup>(a)</sup> | 199774 | 2654996 |
| Delek Logistics Partners LP<sup>(a)</sup> | 59694 | 2663546 |
| Dorchester Minerals LP<sup>(a)</sup> | 122472 | 2738474 |
| Enterprise Products Partners LP<sup>(a)</sup> | 84178 | 2698747 |
| Kimbell Royalty Partners LP | 228676 | 2689230 |
| MPLX LP<sup>(a)</sup> | 50391 | 2689368 |
| Plains All American Pipeline LP<sup>(a)</sup> | 151256 | 2716558 |
| Western Midstream Partners LP<sup>(a)</sup> | 68222 | 2694769 |
| Total Oil, Gas & Consumable Fuels |  | 24238208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS**<br>|  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $82,563,111)** |  | 80785737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT COMPANIES - 25.28%**<br>|  |  |
| BlackRock Debt Strategies Fund, Inc. | 263702 | 2684486 |
| BlackRock Enhanced Large Cap Core Fund, Inc. | 116764 | 2728775 |
| BlackRock Floating Rate Income Strategies Fund, Inc. | 229783 | 2706844 |
| Franklin, Ltd. Duration Income Trust | 438079 | 2694186 |
| Neuberger High Yield Strategies Fund, Inc. | 380580 | 2831515 |
| Nuveen Floating Rate Income Fund | 345204 | 2702947 |
| PIMCO High Income Fund | 562590 | 2734187 |
| PIMCO Income Strategy Fund | 324852 | 2738502 |
| Western Asset Global High Income Fund, Inc. | 426368 | 2733019 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 3

<u>GraniteShares HIPS U.S. High Income ETF</u>   <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 25.28% (continued)** |  |  |
| Western Asset High Income Fund II, Inc. | 663931 | $2761953 |
| **TOTAL INVESTMENT COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $27,730,360)** |  | 27316414 |

---

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 46.20%<sup>(b)</sup>** |  |  |
| United States Treasury Bill, 2.779%, 01/20/2026 | $50000000 | 49911642 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $49,926,667)** |  | 49911642 |
| **TOTAL INVESTMENTS - 146.24%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $160,220,138)** |  | $158013793 |
| **Liabilities In Excess Of Other Assets - (46.24%)** |  | (49967419) |
| **NET ASSETS (100.00%)** |  | $108046374 |

---

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

<u>*See Notes to Financial Statements.*</u>   <br> 4 www.graniteshares.com

<u>GraniteShares Nasdaq Select Disruptors ETF</u>   <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 99.67%** |  |  |
| **Aerospace & Defense - 1.48%** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1477 | $838833 |
| **Biotechnology - 5.48%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 1786 | 710203 |
| Incyte Corp.<sup>(a)</sup> | 5607 | 553803 |
| Insmed, Inc.<sup>(a)</sup> | 3905 | 679626 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2564 | 1162415 |
| Total Biotechnology |  | 3106047 |
| **Communications Equipment - 1.65%** |  |  |
| Motorola Solutions, Inc. | 2437 | 934151 |
| **Financial Services - 1.04%** |  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 7905 | 588369 |
| **Health Care Equipment & Supplies - 10.07%** |  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 13404 | 1278071 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 9945 | 847811 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 2795 | 1582976 |
| ResMed, Inc. | 2927 | 705027 |
| Stryker Corp. | 3710 | 1303954 |
| Total Health Care Equipment & Supplies |  | 5717839 |
| **Health Care Technology - 1.27%** |  |  |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 3228 | 720586 |
| **Hotels, Restaurants & Leisure - 1.33%** |  |  |
| Expedia Group, Inc. | 2659 | 753321 |
| **Household Durables - 1.28%** |  |  |
| Garmin, Ltd. | 3584 | 727014 |
| **Interactive Media & Services - 16.40%** |  |  |
| Alphabet, Inc., Class A | 13564 | 4245532 |
| Meta Platforms, Inc., Class A | 5763 | 3804099 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 20485 | 530357 |
| Reddit, Inc.<sup>(a)</sup> | 3153 | 724780 |
| Total Interactive Media & Services |  | 9304768 |
| **IT Services - 7.71%** |  |  |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 4413 | 870023 |
| MongoDB, Inc.<sup>(a)</sup> | 2039 | 855748 |
| Okta, Inc.<sup>(a)</sup> | 5768 | 498759 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 4535 | 994798 |
| Twilio, Inc., Class A<sup>(a)</sup> | 4244 | 603667 |
| VeriSign, Inc. | 2300 | 558785 |
| Total IT Services |  | 4381780 |
| **Media - 0.88%** |  |  |
| Trade Desk, Inc., Class A<sup>(a)</sup> | 13121 | 498073 |
| **Pharmaceuticals - 5.43%** |  |  |
| Eli Lilly & Co. | 2866 | 3080033 |
| **Software - 44.83%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 4152 | 1453158 |
| Autodesk, Inc.<sup>(a)</sup> | 3180 | 941312 |
| Bentley Systems, Inc., Class B | 9339 | 356423 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 3492 | 1091529 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2575 | 1207057 |
| Datadog, Inc., Class A<sup>(a)</sup> | 5411 | 735842 |
| Docusign, Inc.<sup>(a)</sup> | 6986 | 477842 |
| Dynatrace, Inc.<sup>(a)</sup> | 10638 | 461051 |
| Fair Isaac Corp.<sup>(a)</sup> | 440 | 743873 |
| Fortinet, Inc.<sup>(a)</sup> | 10476 | 831899 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 5

<u>GraniteShares Nasdaq Select Disruptors ETF</u>   <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 99.67% (continued)** |  |  |
| **Software - 44.83% (continued)** |  |  |
| Gen Digital, Inc. | 18990 | $516338 |
| HubSpot, Inc.<sup>(a)</sup> | 1501 | 602351 |
| Microsoft Corp. | 11561 | 5591131 |
| Nutanix, Inc.<sup>(a)</sup> | 9080 | 469345 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 12570 | 2234318 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 7029 | 1294742 |
| PTC, Inc.<sup>(a)</sup> | 3033 | 528379 |
| Salesforce, Inc. | 7138 | 1890928 |
| ServiceNow, Inc.<sup>(a)</sup> | 9089 | 1392344 |
| Synopsys, Inc.<sup>(a)</sup> | 2519 | 1183225 |
| Workday, Inc., Class A<sup>(a)</sup> | 3862 | 829480 |
| Zscaler, Inc.<sup>(a)</sup> | 2675 | 601661 |
| Total Software |  | 25434228 |
| **Technology Hardware, Storage & Peripherals - 0.82%** |  |  |
| Pure Storage, Inc.<sup>(a)</sup> | 6918 | 463575 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $43,114,348)** |  | 56548617 |
| **TOTAL INVESTMENTS - 99.67%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $43,114,348)** |  | $56548617 |
| **Other Assets In Excess Of Liabilities - 0.33%** |  | 184958 |
| **NET ASSETS (100.00%)** |  | $56733575 |

---

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

<u>*See Notes to Financial Statements.*</u>   <br> 6 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **GraniteShares <br>Bloomberg Commodity**<br>**Broad Strategy**<br>**No K-1 ETF<sup>(a)</sup>** | **GraniteShares**<br>**HIPS U.S. High**<br>**Income ETF** | **GraniteShares**<br>**Nasdaq Select**<br> **Disruptors ETF** |
| **ASSETS:** |  |  |  |
| Investments at cost | $82599350 | $160220138 | $43114348 |
| &nbsp;&nbsp;&nbsp;Investments at value | 82620292 | 158013793 | 56548617 |
| &nbsp;&nbsp;&nbsp;Cash | 9296500 |  | 190631 |
| &nbsp;&nbsp;&nbsp;Due from broker | 11723712 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open futures contracts | 4827854 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 52047532 |  |
| &nbsp;&nbsp;&nbsp;Prepaid excise tax | 58 | 58 | 505 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | – | 923812 | 23076 |
| &nbsp;&nbsp;&nbsp;Total Assets | 108468416 | 210985195 | 56762829 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Overdraft |  | 1838639 |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open futures contracts | 3968475 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 101034611 |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 397 |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 23634 | 65174 | 29254 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 3992109 | 102938821 | 29254 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |
| **NET ASSETS** | $104476307 | $108046374 | $56733575 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $103573651 | $130302681 | $54784080 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 902656 | (22256307) | 1949495 |
| **NET ASSETS** | $104476307 | $108046374 | $56733575 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 4950000 | 9250000 | 850000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $21.11 | $11.68 | $66.75 |

---

*<sup>(a)</sup>* *Consolidated statement, including GraniteShares BCOM Cayman Limited Wholly Owned Subsidiary (Note 1)*

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 7

<u>GraniteShares ETF Trust</u>   <u>Statements of Operations</u> <br> For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **GraniteShares Bloomberg Commodity<br> Broad Strategy<br> No K-1 ETF <sup>(a)</sup>** | **GraniteShares**<br> **HIPS U.S. High**<br> **Income ETF** | **GraniteShares<br> Nasdaq Select<br> Disruptors ETF** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $1860187 | $– | $– |
| &nbsp;&nbsp;&nbsp;Dividends<sup>(b)</sup> | – | 6234619 | 109547 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1860187 | 6234619 | 109547 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 117814 | 391444 | 175015 |
| &nbsp;&nbsp;&nbsp;Overdraft fees | – | 2522 | 6 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 117814 | 393966 | 175021 |
| **NET INVESTMENT INCOME/(LOSS)** | 1742373 | 5840653 | (65474) |
| **REALIZED GAIN/LOSS ON:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(c)</sup> | (1321) | (4554281) | 5120258 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 5910908 | – | – |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | 5909587 | (4554281) | 5120258 |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 22906 | 338635 | (1064234) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 876126 | – | – |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 899032 | 338635 | (1064234) |
| **NET REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS AND FUTURES CONTRACTS** | 6808619 | (4215646) | 4056024 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $8550992 | $1625007 | $3990550 |

---

*<sup>(a)</sup>* *Consolidated statement, including GraniteShares BCOM Cayman Limited Wholly Owned Subsidiary (Note 1)*

*<sup>(b)</sup>* *Net of dividend withholding of $0, $0 and $1,074, respectively.*

*<sup>(c)</sup>* *Includes realized gain or loss as a result of in-kind transactions of $0, $706,245 and $1,220,069, respectively (See Note 7 in Notes to Financial Statements and Financial Highlights).*

<u>*See Notes to Financial Statements.*</u>   <br> 8 www.graniteshares.com

GraniteShares Bloomberg Commodity Consolidated <br> <u>Broad Strategy No K-1 ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br>**Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**June 30, 2025** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1742373 | $3722922 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 5909587 | (1825348) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 899032 | 1563830 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 8550992 | 3461404 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (9360813) | (2000012) |
| &nbsp;&nbsp;&nbsp;Total distributions | (9360813) | (2000012) |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 37824777 | 25156304 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (10134341) | (42892756) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 27690436 | (17736452) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 26880615 | (16275060) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 77595692 | 93870752 |
| &nbsp;&nbsp;&nbsp;End of period | $104476307 | $77595692 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3700000 | 4600000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1700000 | 1200000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (450000) | (2100000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 4950000 | 3700000 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 9

GraniteShares HIPS U.S. High Income ETF Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br>**Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**June 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5840653 | $8203131 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (4554281) | 3211004 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 338635 | (6742194) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1625007 | 4671941 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (5977000) | (7121529) |
| &nbsp;&nbsp;&nbsp;Tax return of capital to shareholders | – | (2779221) |
| &nbsp;&nbsp;&nbsp;Total distributions | (5977000) | (9900750) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 20409186 | 76727844 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14760726) | (42175259) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 5648460 | 34552585 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1296467 | 29323776 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 106749907 | 77426131 |
| &nbsp;&nbsp;&nbsp;End of period | $108046374 | $106749907 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 8800000 | 6100000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1700000 | 6000000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1250000) | (3300000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 9250000 | 8800000 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 10 www.graniteshares.com

GraniteShares Nasdaq Select Disruptors ETF Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025 (Unaudited)** | **For the Year Ended**<br> **June 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(65474) | $(92190) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5120258 | 6487084 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (1064234) | 2286153 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3990550 | 8681047 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 13997361 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3339898) | (25248598) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (3339898) | (11251237) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 650652 | (2570190) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 56082923 | 58653113 |
| &nbsp;&nbsp;&nbsp;End of period | $56733575 | $56082923 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 900000 | 1100000 |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 250000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (450000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 850000 | 900000 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 11

GraniteShares Bloomberg Commodity Consolidated <br> Broad Strategy No K-1 ETF Financial Highlights <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31,** **<br> 2025** | **For the Year Ended<br> June 30, 2025** | **For the Year Ended<br> June 30, 2024** | **For the Year Ended<br> June 30, 2023** | **For the Year Ended<br> June 30, 2022** | **For the Year Ended<br> June 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.97 | $20.41 | $20.68 | $30.19 | $28.26 | $19.49 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.41 | 0.88 | 1.02 | 0.73 | (0.01) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss)<sup>(b)</sup> | 1.64 | 0.17 | (0.16) | (3.30) | 6.00 | 8.84 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.05 | 1.05 | 0.86 | (2.57) | 5.99 | 8.79 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.91) | (0.49) | (1.13) | (6.94) | (4.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.91) | (0.49) | (1.13) | (6.94) | (4.06) | (0.02) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 0.14 | 0.56 | (0.27) | (9.51) | 1.93 | 8.77 |
| **NET ASSET VALUE, END OF PERIOD** | $21.11 | $20.97 | $20.41 | $20.68 | $30.19 | $28.26 |
| **TOTAL RETURN<sup>(c)</sup>** | 9.73% | 5.31% | 4.59% | (10.34)% | 23.74% | 45.10% |
| **MARKET VALUE TOTAL RETURN<sup>(d)</sup>** | 9.62% | 5.51% | 4.58% | (10.77)% | 23.44% | 45.75% |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $104476 | $77596 | $93871 | $135478 | $336569 | $221823 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.25 %<sup>(e)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.25 %<sup>(e)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.70 %<sup>(e)</sup> | 4.26% | 4.94% | 2.79% | (0.03)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0 %<sup>(f)</sup> | 0% | 0% | 0% | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Calculation of the net gain (loss) per share (both realized and unrealized) may not correlate to the aggregate realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.*

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(d)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Not Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 12 www.graniteshares.com

<u>GraniteShares HIPS U.S. High Income ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31,** **<br> 2025** | **For the Year Ended June 30,<br> 2025** | **For the Year Ended June 30,<br> 2024** | **For the Year Ended June 30,<br> 2023** | **For the Year Ended June 30,<br> 2022** | **For the Year Ended<br> June 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.13 | $12.69 | $11.83 | $12.37 | $15.74 | $11.80 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.63 | 1.08 | 0.99 | 0.92 | 0.84 | 0.87 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss)<sup>(b)</sup> | (0.43) | (0.35) | 1.16 | (0.17) | (2.92) | 4.36 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.20 | 0.73 | 2.15 | 0.75 | (2.08) | 5.23 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.65) | (0.93) | (0.62) | (0.96) | (0.64) | (0.71) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (0.36) | (0.67) | (0.33) | (0.65) | (0.58) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.65) | (1.29) | (1.29) | (1.29) | (1.29) | (1.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.45) | (0.56) | 0.86 | (0.54) | (3.37) | 3.94 |
| **NET ASSET VALUE, END OF PERIOD** | $11.68 | $12.13<br>| $12.69<br>| $11.83<br>| $12.37 | $15.74<br>|
| **TOTAL RETURN<sup>(c)</sup>** | 1.64% | 5.79% | 19.13% | 6.32% | (14.16)% | 46.75% |
| **MARKET VALUE TOTAL RETURN<sup>(d)</sup>** | 1.81% | 4.71% | 20.37% | 5.96% | (14.17)% | 46.83% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br> Net assets, end of period (in 000s) | $108046 | $106750 | $77426 | $55588 | $65574 | $64517 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.70 %<sup>(e)</sup> | 0.71% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.70 %<sup>(e)</sup> | 0.71% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 10.44 %<sup>(e)</sup> | 8.56% | 7.99% | 7.45% | 5.74% | 6.07% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 50 %<sup>(f)</sup> | 65% | 43% | 108% | 74% | 65% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Calculation of the net gain (loss) per share (both realized and unrealized) may not correlate to the aggregate realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.*

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(d)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(e)</sup>* *Annualized*

*<sup>(f)</sup>* *Not Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 13

<u>GraniteShares Nasdaq Select Disruptors ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended December 31,<br> 2025<br> (Unaudited)** | **For the Year<br> Ended June 30,<br> 2025** | **For the Year<br> Ended June 30,<br> 2024** | **For the Year<br> Ended June 30,<br> 2023** | **For the Year<br> Ended June 30,<br> 2022** | **For the Year<br> Ended June 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62.31 | $53.32 | $40.15 | $33.01 | $40.74 | $29.19 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.07) | (0.09) | 0.03 | 0.21 | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 4.51 | 9.08 | 13.18 | 7.16 | (7.72) | 11.55 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.44 | 8.99 | 13.21 | 7.37 | (7.59) | 11.70 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | – | – | (0.04) | (0.23) | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | – | (0.04) | (0.23) | (0.14) | (0.15) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 4.44 | 8.99 | 13.17 | 7.14 | (7.73) | 11.55 |
| **NET ASSET VALUE, END OF PERIOD** | $66.75 | $62.31 | $53.32 | $40.15 | $33.01 | $40.74 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.13% | 16.86% | 32.92% | 22.41% | (18.69)% | 40.16% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 7.30% | 16.68% | 33.02% | 23.02% | (19.04)% | 40.22% |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $56734 | $56083 | $58653 | $72271 | $87474 | $124262 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.22)%<sup>(d)</sup> | (0.16)% | 0.06% | 0.60% | 0.31% | 0.43% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 22 %<sup>(e)</sup> | 51% | 107% | 56% | 45% | 39% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Not Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 14 www.graniteshares.com

GraniteShares ETF Trust Notes to Financial Statements <br> December 31, 2025 (Unaudited)

**1. ORGANIZATION**

GraniteShares ETF Trust (the "Trust"), organized as a Delaware statutory trust on November 7, 2016, is an open-end management investment company registered with the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"). As of December 31, 2025, the Trust consists of sixty six separate investment portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF ("COMB"), GraniteShares HIPS U.S. High Income ETF ("HIPS") and GraniteShares Nasdaq Select Disruptors ETF ("DRUP") (each, a "Fund", and collectively, the "Funds"). COMB is a non-diversified series. HIPS and DRUP are each a diversified series. The offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of COMB is to seek to provide long-term capital appreciation, primarily through exposure to commodity futures markets. The investment objective of HIPS and DRUP are to track the performance, before fees and expenses, of the EQM HIPS Total Return Index and Nasdaq US Large Cap Select Disruptors Index<sup>(1)</sup> (each, an "Index", and collectively, the "Indexes"), respectively. COMB, HIPS and DRUP commenced operations on May 19, 2017, January 6, 2015 and October 4, 2019, respectively.

On December 13, 2017, the shareholders of the Master Income ETF (the "Reorganizing Fund"), a series of the ETF Series Solutions, approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Reorganizing Fund to the GraniteShares ETF Trust. HIPS, a new series of the Trust, assumed the financial and performance history of the Master Income ETF. The tax-free merger took place on December 15, 2017.

HIPS fiscal year was changed to June 30. As a result, HIPS had a shortened fiscal year covering the transitional period between the Fund's prior fiscal year end November 30, 2017 and June 30, 2018.

Although DRUP is registered as a diversified series, it may become "non-diversified," as defined under the Investment Company Act of 1940, solely as a result of changes in relative market capitalization or index weighting of one or more constituents of the Index that the fund aims to track.

Consolidated Subsidiary: COMB 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 COMB's net assets at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Wholly Owned Subsidiary** | **Value** | **Percentage of Fund's Net Assets** |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | GraniteShares BCOM Cayman Limited | $18494388 | 17.70% |

---

*<sup>(1)</sup>* *Fund's Index change from the XOUT U.S. Large Cap Index to the Nasdaq US Large Cap Select Disruptors Index*

 

**2. SIGNIFICANT ACCOUNTING POLICIES**

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Funds follows the accounting and reporting guidance in the Accounting Standards Codifications 946, "Financial Services—Investment Companies" issued by the U.S. Financial Accounting Standards Board.

The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements.

**Investment Transactions and Investment Income:** Investment transactions are recorded on the trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as each Fund is informed of the ex-dividend dates. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

Distributions received from the Funds' investments in master limited partnerships ("MLPs") generally are comprised of ordinary income and return of capital from the MLPs. The Funds allocate distributions between investment income and return of capital based on estimates. Such estimates are based on information provided by each MLP and other industry sources. These estimates may subsequently be revised based on actual allocations received from MLPs after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Fund.

  <br> Semi-Annual Report \| December 31, 2025 15

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

Distributions received from the Funds' investments in real estate investment trusts ("REITs") and Business Development Corporations ("BDCs") may be characterized as ordinary income, net capital gains, or a return of capital. The proper characterization of BDC and REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to the Funds' shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT and BDC investments, a portion of the distributions received by the Funds' shareholders may represent a return of capital.

Distributions received from the Funds' investments in closed-end funds ("CEFs") are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the CEFs and management's estimates of such amounts based on historical information. These estimates are adjusted with the tax returns after the actual source of distributions has been disclosed by the CEFs and may differ from the estimated amounts.

**Dividend Distributions:** Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds distribute all or substantially all of their net investment income to shareholders in the form of dividends.

**Futures contracts:** COMB, through its Subsidiary, invests in a combination of exchange-listed commodity futures contracts in the normal course of pursuing its investment objectives. A futures contract is a financial instrument in which a party agrees to pay a fixed price for securities or commodities at a specified future date. Futures contracts are traded at market prices on exchanges pursuant to terms common to all market participants. Upon entering into such contracts, COMB is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent fluctuations in the value of the contract are recorded for financial statement purposes as unrealized gains or losses by COMB and variation margin receivable or payable. Payments received or paid by COMB adjust the variation margin account. When a contract is closed, COMB records a realized gain or loss.

Futures contracts may be highly volatile. Price movements may be sudden and extreme, and are influenced by a variety of factors including, among other things, changing supply and demand relationships; climate; government agricultural, trade, fiscal, monetary and exchange control programs and policies; national and international political and economic events; crop diseases; the purchasing and marketing programs of different nations; and changes in interest rates.

Open futures contracts at December 31, 2025 are listed in COMB's Consolidated Schedule of Investments. As of December 31, 2025, the balance of margin receivable from the broker to the Fund was $11,723,712 as presented on the Consolidated Statement of Assets and Liabilities as due from broker. At December 31, 2025 the Fund had a variation margin receivable from the broker of $12,583,091. The variation margin payable/receivable is represented by the difference between the balance of margin receivable from the broker and the unrealized appreciation/depreciation on open futures contracts as of December 31, 2025.

**3. SECURITIES VALUATION**

The Funds calculate their net asset value ("NAV") each day the New York Stock Exchange (the "NYSE") is open for trading as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time (the "NAV Calculation Time").

The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of each Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange Arca, Inc. ("NYSE Arca") is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund's NAV per share.

If a market quotation is not readily available, the affected Fund's portfolio will be valued at fair value for which Trust's Board of Directors (the "Board") maintains responsibility under Rule 2a-5. To achieve this purpose, the Board relies on a committee (the "Valuation Committee") which consists of Trust's CCO and representatives of the Adviser. As rule 2a-5 went into effect on September 8, 2022, the Board approved new valuation and fair value procedures. One of the requirements is that the Board receives an annual report from the trust's CCO on the effectiveness of these procedures. Prior to September 8, 2022, if a market quotation was not readily available or was deemed not to reflect market value, the Adviser determined the price of the security held by the Funds based on a determination of the security's fair value pursuant to policies and procedures approved by the Board.

Fixed income instruments are valued based on prices received from pricing services. The pricing services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the pricing services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments.

    <br> 16 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

Exchange-traded futures contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded futures contracts are fair valued at the mean of the last bid and asked prices, if available, and otherwise at the closing bid price. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.

Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined.

Investments in open-end mutual funds are valued at the closing NAV. Investments in closed-end funds are valued at closing quoted sale price or the official closing price of the day, respectively. Registered fund positions held by HIPS at December 31, 2025 are represented by closed-ended (single class) registered funds and open-end mutual fund. Registered fund positions held by DRUP are represented by open-ended mutual funds.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Board or its delegate at fair value. These securities generally include but are not limited to, restricted securities (securities which may not be publicly sold without registration under the 1933 Act) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of each Fund net asset value (as may be the case in foreign markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, does not reflect the security's "fair value." A variety of factors may be considered in determining the fair value of such securities.

Valuing each Fund's investments using fair value pricing will result in using prices for those investments that may differ from current market valuations.

**4. 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 Fund's 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.

  <br> Semi-Annual Report \| December 31, 2025 17

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The hierarchy classification of inputs used to value each Fund's investments at December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF**<br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $&nbsp;&nbsp;&nbsp;&nbsp; – | $82620291 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $82620291 |
| Total | $– | $82620291 | $– | $82620291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Futures Contracts | $4827854 | $– | $– | $4827855 |
| **Liabilities** |  |  |  |  |
| Futures Contracts | (3968475) | – | – | (3968475) |
| Total | $859380 | $– | $– | $859379 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares HIPS U.S. High Income ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks | $80785737 | $– | $&nbsp;&nbsp;&nbsp;&nbsp; – | $80785737 |
| Investment Companies | 27316414 |  |  | 27316414 |
| United States Treasury Obligations | – | 49911642 | – | 49911642 |
| Total | $108102151 | $49911642 | $– | $158013793 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares Nasdaq Select Disruptors ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks | $56548617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $56548617 |
| Total | $56548617 | $– | $– | $56548617 |

---

As of December 31, 2025, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3.

**5. ADVISORY AND OTHER AGREEMENTS**

GraniteShares Advisors LLC (the "Adviser"), the investment adviser to the Funds, is a Delaware limited Liability Company located at 222 Broadway, 21st floor, New York, NY 10038. The Adviser provides investment advisory services to exchange-traded funds. The Adviser serves as investment adviser to the Funds with overall responsibility for the portfolio management of the Funds, subject to the supervision of the Board of Trustees (the "Board") of the Trust.

For its services, the Adviser receives a fee that is equal to 0.25% per annum of the average daily net assets of COMB, 0.70% per annum of the average daily net assets of HIPS and 0.60% per annum of the average daily net assets of DRUP, calculated daily and paid monthly. Pursuant to the Advisory Agreement, the Adviser is responsible for substantially all expenses of each Fund (excluding interest, taxes, brokerage commissions, expenses related to short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Fund's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act).

Pursuant to the Advisory Agreement, the Adviser has agreed to pay all expenses of each Fund, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of counsel to the Independent Trustees; (iv) extraordinary expenses; (v) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (vi) interest and taxes of any kind or nature; (vii) any fees and expenses related to the provision of securities lending services; and (viii) the advisory fee payable to the Adviser under the Advisory Agreement.

    <br> 18 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

This contractual arrangement may only be changed or eliminated by or with the consent of the Funds' Board of Trustees.

The Adviser is the only related party involved with the operations of the Funds.

ALPS Fund Services, Inc. ("AFS") serves as the Funds' Administrator, and Accounting Agent pursuant to the Fund Administration and Accounting Agreement. Brown Brothers Harriman & Co serves as the Funds' Custodian and Transfer Agent pursuant to the Custodian and Transfer Agent Agreement.

ALPS Distributors, Inc. ("Distributor") serves as the Funds' distributor. The Trust has adopted a distribution and service plan ("Rule 12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to a maximum annual rate of 0.25% of its average net assets in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders. No distribution fees are currently charged to the Funds; there are no plans to impose these fees.

**6. SHARE TRANSACTIONS**

Shares of the Funds are listed and traded on NYSE Arca. Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 50,000 shares, called "Creation Units." GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF Creation Units are issued and redeemed for cash. GraniteShares HIPS US High Income ETF and GraniteShares Nasdaq Select Disruptors ETF Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of a Creation Unit. The standard fixed transaction fee for each Fund is $500, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. There were no variable fees received during the year. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

**7. INVESTMENT TRANSACTIONS**

During the six month period ended December 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| GraniteShares HIPS U.S. High Income ETF | $55371304 | $55359663 |
| GraniteShares Nasdaq Select Disruptors ETF | 12780290 | 13028398 |

---

For the six month period ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| GraniteShares HIPS U.S. High Income ETF | $20409753 | $14729172 |
| GraniteShares Nasdaq Select Disruptors ETF |  | 3336657 |

---

For the six month period ended December 31, 2025, HIPS and DRUP had in-kind net realized gains of $706,245 and $1,220,069, respectively.

For COMB there were no costs of purchases and proceeds from sales of investments securities (excluding short-term investments) or in-kind transactions for the six month period ended December 31, 2025.

Semi-Annual Report \| December 31, 2025 19

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**8. VALUATION OF DERIVATIVE INSTRUMENTS**

The Funds have adopted authoritative standards of accounting for derivative instruments which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivatives instruments, how derivatives instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations. COMB uses derivative instruments as part of its principal investment strategy to achieve its investment objective.

The following is the location and fair values of the Funds' derivative investments disclosed, if any, in the Consolidated Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF** | **GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF** |  |  |  |
| Commodity Contracts (Futures Contracts) | Unrealized appreciation on futures contracts | $4827854 | Unrealized depreciation on futures contracts | $(3968475) |
| Total |  | $4827854 |  | $(3968475) |

---

Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The following is the location and the effect of derivative investments, if any, on the Funds' Consolidated Statement of Operations, categorized by primary market risk exposure during the six month period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized<br> Gain/(Loss)<br> on Derivatives<br> Recognized<br> in Income** | **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **on Derivatives**<br> **Recognized**<br> **in Income** |
| **GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF** | **GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF** |  |  |
| Commodity Contracts (Futures Contracts) | Net realized gain on futures contracts/Net change in unrealized appreciation on futures contracts | $5910908 | $876126 |
| **Total** |  | $5910908 | $876126 |

---

For COMB for the six month period ended December 31, 2025, the net monthly average notional value of futures contracts held were $91,895,300 and the net ending notional value of the futures contracts were $104,520,856.

9. FEDERAL INCOME TAX MATTERS

The Funds intend to qualify as a ''regulated investment company'' under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

20 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

At December 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Appreciation (excess of value over tax cost)** | **Gross Depreciation (excess of tax cost over value)** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Cost of Investments for Income Tax Purposes** |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $4881519 | $(4001198) | $880321 | $82599350 |
| GraniteShares HIPS U.S. High Income ETF | 5210632 | (6279615) | (1068983) | 159082776 |
| GraniteShares Nasdaq Select Disruptors ETF | 15204358 | (1848132) | 13356226 | 43192391 |

---

The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sales and other tax timing differences resulting from the investments in pass through entities.

The tax character of distributions paid by the Funds during the year ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **June 30, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $2000012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– |
| &nbsp;&nbsp;&nbsp;GraniteShares HIPS U.S. High Income ETF | 7121529 |  | 2779221 |
| &nbsp;&nbsp;&nbsp;GraniteShares Nasdaq Select Disruptors ETF |  |  |  |

---

10. INDEMNIFICATION

In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that has not yet occurred. Management expects this risk of loss to be remote.

11. PRINCIPAL RISKS

In the normal course of business, the Funds make investments in financial instruments where the risk of potential loss exists due to changes in the market. The following is a description of select risks of investing in the Funds.

COMB is "non-diversified," meaning that a relatively high percentage of their assets may be invested in a limited number of issuers of securities.

**Business Development Company ("BDC") Risk (HIPS):** BDC's may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their NAV because they invest in unlisted securities and have limited access to capital markets. BDC's are subject to management and other expenses, which will be indirectly paid by each Fund.

**Commodity Futures (COMB):** COMB expects to gain exposure to the commodity futures markets initially by investing in Commodity Futures through the Subsidiary. A Commodity Futures contract is a standardized contract traded on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of underlying commodity at a specified time and place or, alternatively, may call for cash settlement.

**Commodity-linked derivative instruments (COMB):** Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. A commodity-linked instrument is a financial instrument whose value is linked to the movement of a commodity, commodity index, or commodity futures contract. The value of commodity-linked instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments.

**Fixed Income Securities (COMB):** COMB will invest in Fixed Income Securities. The Fixed Income Securities in which COMB may invest include U.S. government securities, U.S. government agency securities, corporate bonds, debentures and notes, mortgage-backed and other asset-backed securities, event-linked bonds, bank certificates of deposit, fixed time deposits, bankers' acceptances, commercial paper and other short-term fixed income securities with maturities of up to two years. COMB's Fixed Income Securities earn interest income for COMB and can be used as collateral (also referred to as "margin") for the COMB's investments in Commodity Futures. COMB does not target a specific duration or maturity for the debt securities in which it invests. The average duration of the portfolio of Fixed Income Securities will vary based on interest rates.

Semi-Annual Report \| December 31, 2025 21

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Industry Concentration Risk (DRUP):** In following its methodology, the Index from time to time may be concentrated in securities of issuers located in a single industry or group of industries. To the extent that the Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If the Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.

**Investment Company Risk (HIPS):** The risks of investment in investment companies typically reflect the risks of the types of instruments in which the investment companies invest in. By investing in another investment company, each Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Funds may be subject to statutory limits with respect to the amount it can invest in other investment companies, which may adversely affect the Funds' ability to achieve its investment objective.

**Investment Style Risk (DRUP):** The Index is intended to provide exposure to large cap U.S. equity markets, with certain securities excluded from the index in accordance with the Index methodology. The Index methodology is relatively new, and there can be no assurance that such methodology will result in positive investment performance. The Index methodology may result in the Index being more volatile than a more conventional index. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

**MLP Risk (HIPS):** MLP investment returns are enhanced during periods of declining or low interest rates and tend to be negatively influenced when interest rates are rising. In addition, most MLPs are fairly leveraged and typically carry a portion of a "floating" rate debt. As such, a significant upward swing in interest rates would also drive interest expense higher. Furthermore, most MLPs grow by acquisitions partly financed by debt, and higher interest rates could make it more difficult to make acquisitions. MLP investments also entail many of the general tax risks of investing in a partnership. Limited partners in an MLP typically have limited control and limited rights to vote on matters affecting the partnership. Additionally, there is always the risk that an MLP will fail to qualify for favorable tax treatment.

**Non-Diversification Risk (DRUP):** To the extent that the Fund becomes non-diversified as necessary to approximate the composition of the Index, it may invest in the securities of relatively few issuers. As a result, a single adverse economic or regulatory occurrence may have a more significant effect on the Fund's investments, and the Fund may experience increased volatility.

**REIT Investment Risk (HIPS):** Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

**Sector Risk:** To the extent the Funds invests more heavily in particular sectors of the economy, performance will be especially sensitive to developments that significantly affect those sectors.

The Funds' prospectus contains additional information regarding risks associated with investments in the Fund.

12. NEW ACCOUNTING PRONOUNCEMENTS

The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the year. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Funds' internal organizational structure.

The Funds use the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Funds' chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Funds' CODM has been identified as the Chief Operation Officer (CFO) and Treasurer, who reviews consolidated results presented within the Funds' financial statements when making decisions about allocating resources and assessing performance of the Funds. The CODM determined that the Funds have only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Funds, against which the CODM assesses performance.

13. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

22 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Additional Information</u> <br> December 31, 2025 (Unaudited)

**Federal Tax Information**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Qualified Dividend Income** | **Dividend Received Deduction** | **199A** |
| GraniteShares Bloomberg Commodity Board Strategy No K-1 ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares HIPS US High Income ETF | 4.14% | 0.22% | 21.29% |
| GraniteShares Nasdaq Select Disruptors ETF | 0.00% | 0.00% | 0.00% |

---

In early 2026, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

**Premium/Discount Information**

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund's net asset value may be found on the Fund's website at www.graniteshares.com.

***Authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained by 1-800-SEC-0330.***

*Distributor, ALPS Distributors, Inc.*

Semi-Annual Report \| December 31, 2025 23

<u>GraniteShares ETF Trust</u> <u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

Not applicable for this reporting period.

24 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Proxy Disclosures for Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

Not applicable for this reporting period.

Semi-Annual Report \| December 31, 2025 25

<u>GraniteShares ETF Trust</u> <u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Aggregate Regular**<br> **Compensation From the Trust**  | **Aggregate Special**<br> **Compensation From the Trust**  | **Total Compensation From the Trust** |
| Steven James Smyser, Trustee | $17500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $17500 |
| Seddik Meziani, Trustee | $17500 | $– | $17500 |
| **Total** | $**35000** | $– | $**35000** |

---

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

26 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

GraniteShares ETF Trust (the "Trust") was organized as a Delaware statutory trust on November 7, 2016, and is authorized to establish multiple series, with each series representing interests in a separate portfolio of securities and other assets of the Trust. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Under the supervision of the Board of Trustees of the Trust (the "Board," with the members of the Board referred to individually as "Trustees"), and pursuant to the terms of multiple investment advisory agreements between GraniteShares Advisors LLC (the "Adviser" or "GraniteShares") and the Trust, GraniteShares provides a continuous program of investment management for each series of the Trust (each, a "Fund" and collectively, the "Funds") and, among other services, determines, in its discretion, the securities to be purchased, retained or sold with respect to each Fund.

At meetings held on August 8, 2025 ("Meeting 1"), September 3, 2025 ("Meeting 2"), and November 7, 2025 ("Meeting 3"), the Board, including a majority of the Trustees who are not "interested person[s]," as defined in the 1940 Act, of the Trust (the "Independent Trustees"), reviewed and unanimously approved the investment advisory agreements (the "Agreements") for a two-year period from the date the first of the Funds commences operations, with respect to: in Meeting 1, each of the Short & Leveraged Funds (the "S&L Funds") and the YieldBOOST Funds (the "YB Funds"); in Meeting 2, each of the YB Funds; and in Meeting 3, each of the Autocallable Funds (the "AC Funds"), each of the YB Funds, and each of the S&L Funds. Each Meeting was held via telephone conference based on exemptive relief issued by the Securities and Exchange Commission ("SEC"), with the Board's intention to ratify the approval of the Agreements at its next in-person meeting.<sup>1</sup>

In advance of each Meeting, the Board received information about each Fund, the Agreements, and the Adviser to facilitate the Board's review of the Agreements, as required by Section 15(c) of the 1940 Act. In addition to such information, the Board noted that the evaluation process with respect to the Adviser is an ongoing one, as part of the Board's regular oversight of the Funds. Thus, in considering the approval of the Agreements, the Board took into account its review of the performance and services provided by the Adviser with respect to the existing series of the Trust at regularly scheduled meetings held throughout the year. The Board also receives information informally outside of the Board meetings, as circumstances warrant.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Agreements.

The Board took note of relevant judicial precedent and regulations adopted by the SEC setting forth factors to be considered by a board when evaluating investment advisory agreements including, among other matters: (1) the nature, extent and quality of the services provided by the investment adviser; (2) the costs of the services provided and profitability to the investment adviser with respect to its relationship with the fund; (3) the advisory fees and total expense ratio of the fund compared to a relevant peer group of funds; (4) the extent to which economies of scale would be realized as the fund grows and whether the advisory fee for the fund would enable investors to share in the benefits of economies of scale; and (5) other benefits received by the investment adviser from its relationship with the fund.

At each Meeting, the Board evaluated the information prepared for the 15(c) review process. Each Meeting included a presentation by representatives of the Adviser during which the Independent Trustees and counsel were able to pose questions. The Adviser's presentation included a discussion of the Adviser's resources and capabilities, including its financial condition and ability to provide the contracted-for services under the Agreements, as well as a review of the experience and qualifications of the Funds' portfolio managers and other key personnel of the Adviser. The Trustees were also presented with quantitative data showing how each existing Fund in the Trust performed against its relevant benchmark and whether the Fund met its investment objective over the relevant period.

Following an analysis and discussion of the factors identified below, in the exercise of their reasonable business judgment and in light of their respective fiduciary duties, the Trustees unanimously concluded that it was in the best interest of the Trust to approve the Agreements. In making determinations regarding the factors identified below, the Trustees considered information received (both oral and written) at each Meeting, as well as information obtained through the Board's experience overseeing the existing Funds in the Trust. In this regard, the Board's conclusions were also based on its knowledge of how well the Adviser performs its duties obtained through Board meetings, discussions, and reports. The Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements.

*<sup>1</sup>* *On March 13, 2020, the SEC issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief was originally limited to the period from March 13, 2020 to June 15, 2020, and was subsequently extended through August 15, 2020. On June 19, 2020, the SEC issued an order extending the duration of the conditional relief further, through at least December 31, 2020. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at the Meeting.*

Semi-Annual Report \| December 31, 2025 27

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approval was based on each Trustee's business judgment after consideration of the information as a whole. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The principal factors and conclusions that formed the basis for the Trustees' determinations to approve the Agreements are discussed below.

**Nature, Extent and Quality of Services.** The Board considered the functions performed by the Adviser for each Fund and the nature and quality of services provided by GraniteShares. The Board noted that each Fund was an exchange-traded fund ("ETF") and the Board considered the qualifications and experience of the Adviser's key personnel, including, in particular, the experience of the Adviser's principals in managing ETFs and coordinating their operation and administration. The Trustees also considered the responsibilities assumed by the Adviser, including, among other things: responsibility for the general management of the day-to-day investment and reinvestment of the assets of each Fund; determining the daily basket of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of shares; monitoring and managing pricing and risks of each Fund; and monitoring and coordinating the provision of services to each Fund by each of the third-party service providers, including the fund administrator, transfer agent, custodian and distributor. The Board also considered the quality of the operational and compliance infrastructure supporting each Fund, including the regular reports provided by the Trust's Chief Compliance Officer regarding compliance procedures and practices. In addition, the Board noted the reports received at each Board meeting regarding regulatory developments germane to the ETF and registered fund industry.

Below are the specific considerations of the Board with respect to the nature, extent and quality of services provided by the Adviser from each Meeting.

**Meeting 1:**

**The S&L Funds**

With respect to each of the S&L Funds, the Board noted that each Fund seeks to replicate the daily performance of an underlying stock multiplied by a leveraged factor. Since the launch of the S&L funds in the Trust, the S&L funds have modified and refined their index strategies to best replicate the performance of the underlying stocks, most recently to single-stock indices provided by Solactive. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the standard deviation of a Fund's NAV from the price changes of each's Fund's underlying stock, premium/discount and intraday trading spreads, as well as the related performance attribution commentary provided by the Adviser. The Board also considered that the Adviser was obligated by an expense limitation agreement for each S&L Fund.

**The YB Funds**

With respect to each of the YB Funds, the Board noted that each Fund seeks to generate income by selling put options on leveraged ETFs and the Adviser will balance the amount distributed to shareholders and the impact of NAV erosion during periods of high volatility. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

**Meeting 2:**

With respect to each of the YB Funds, the Board considered that the previous investment advisory agreements and expense limitation agreements were being revised to add the additional funds and revise certain fund names. The Trustees noted the new funds were similar in nature to each of the previously approved YB Funds in terms of strategy and proposed investment advisory fees. The Board discussed their considerations and determinations from their May 9, 2025 and August 8, 2025 board meetings with respect to the previously approved YB Funds.

**Meeting 3:**

**The AC Funds**

With respect to each of the AC Funds, the Board considered that each Fund will be actively managed and aimed to generate income by gaining exposure to a diversified set of autocallable instruments. The Board considered that the Adviser would be the first issuer to bring autocallable products on single names under an ETF wrapper, the Adviser's history of launching new innovative products and managing those products within tight performance metrics, and that the Adviser will need to trade portfolios of autocallable instruments to achieve a target tenor date, non-callability period, and average yield. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

28 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

**The YB Funds**

With respect to each of the YB Funds, the Board considered that the Funds will be actively managed, similar to the other existing YieldBoost funds, and their investment strategies will generate yield by investing in other existing YieldBoost funds. The Board considered that the YieldBoost Single Stock Universe ETF will invest in all of the single-stock YieldBoost ETFs and the YieldBoost Single TopYielders ETF will invest in the single-stock YieldBoost ETFs that generate the highest yield at the time of rebalancing. The Board considered that the Adviser has managed the YieldBoost funds since December 2024, the Adviser has been able to maintain a high level of income in the funds, and the Adviser has managed the funds within tight performance metrics. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

**The S&L Funds**

With respect to each of the S&L Funds, the Board noted that each Fund seeks to replicate the daily performance of an underlying stock multiplied by a leveraged factor. Since the launch of the S&L funds in the Trust, the index strategies have been modified and refined to best replicate the performance of the underlying stocks, the number of counterparties has increased to provide greater asset coverage, and the Adviser has refined its operational capabilities to manage the S&L funds. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the standard deviation of a S&L Fund's NAV from the price changes of each's Fund's underlying stock, premium/discount and intraday trading spreads, as well as the related performance attribution commentary provided by the Adviser.

Below are the specific considerations of and conclusions of the Board with respect to the nature, extent and quality of services provided by the Adviser from each Meeting for all Funds subject to the Agreements.

The Board considered the performance data, analyses and reports regularly provided by the Adviser regarding each Fund in the Trust, including index tracking, premium/discount and intraday trading spreads, among other things. The Board also considered the Adviser's commentary regarding broader market trends and macroeconomic developments and interrelationship between market conditions and each Fund's performance. The Board concluded that it was satisfied with the information provided regarding, and explanations for, the performance of each existing Fund in the Trust, with the expectation that the Adviser would provide the same level of information and analysis with respect to each new Fund.

Based on the foregoing, including the acceptability of the terms of the Agreements and the responsibilities assumed by the Adviser thereunder, the Board concluded that the Adviser and its personnel continue to be qualified to serve each Fund in such capacity, and that the nature, quality and extent of services provided by the Adviser are expected to be satisfactory and appropriate for each Fund.

Below are additional specific considerations and conclusions of the Board from each Meeting for all Funds subject to the Agreements.

**Comparative Fees, Costs of Services Provided by the Adviser from Its Relationship with Each Fund***.* The Board considered information provided by the Adviser regarding the advisory fee for each Fund in connection with the proposed approval of the Agreements and the Adviser's rationale therefor. In Meeting 2, the Board considered that the Adviser was recommending the same annual advisory fees for the new YB Funds. In Meeting 3, the Board also considered that the Adviser will have an expense limitation agreement in place for each Fund until December 31, 2026.

Based on the information presented and the discussions at each Meeting, the Board concluded that each Fund's proposed fees were reasonable given, among other things, the nature, extent and quality of the services provided under the Agreements.

**Economies of Scale.** The Board considered the potential for the Adviser to experience economies of scale in the provision of services to the Funds and the extent to which potential scale benefits are shared with shareholders.

The Board considered whether the Adviser was benefiting from economies of scale in the provision of services to each of the new Funds and whether such services are being shared with each Fund's shareholders under the Agreements. The Board noted that the Adviser's operational efficiencies have improved and will continue to improve. The Board considered the prospects for growth of each of the Funds and concluded that the expense limitation agreement was adequate for each of the Funds, and economies of scale would be revisited as each Fund's asset levels increase.

The Board concluded that the Adviser's arrangements with respect to the Funds constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

**Conclusion.** Based on all of the foregoing, the Board, including the Independent Trustees, concluded that the advisory fee for each Fund is fair and reasonable in light of the extent and quality of the services provided and expected to be provided over the term, and that the approval of the Agreements is in the best interest of the Trust. At each Meeting, the Board, including the Independent Trustees, unanimously approved the Agreements as to each of the Funds.

Semi-Annual Report \| December 31, 2025 29

![](fin1_002.jpg)

**GraniteShares ETF Trust**

222 Broadway, 21st Floor

New York, NY 10038

Must be accompanied or preceded by a prospectus.

ALPS Distributors, Inc., a FINRA member, is the Distributor for the GraniteShares ETF Trust.

![](fincover_001.jpg)

---

| | |
|:---|:---|
| **Table of Contents** |  |
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long BABA Daily ETF](#GS_001) | 1 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long META Daily ETF](#GS_002) | 2 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long NVDA Daily ETF](#GS_003) | 3 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AAPL Daily ETF](#GS_004) | 4 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long COIN Daily ETF](#GS_005) | 5 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 1.25x Long TSLA Daily ETF](#GS_006) | 6 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short NVDA Daily ETF](#GS_007) | 7 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long TSLA Daily ETF](#GS_008) | 8 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short TSLA Daily ETF](#GS_009) | 9 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AMD Daily ETF](#GS_010) | 10 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AMZN Daily ETF](#GS_011) | 11 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MSFT Daily ETF](#GS_012) | 12 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short COIN Daily ETF](#GS_013) | 13 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long PLTR Daily ETF](#GS_014) | 14 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long UBER Daily ETF](#GS_015) | 15 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MU Daily ETF](#GS_016) | 16 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long TSM Daily ETF](#GS_017) | 17 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long CRWD Daily ETF](#GS_018) | 18 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long SMCI Daily ETF](#GS_019) | 19 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long QCOM Daily ETF](#GS_020) | 20 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long DELL Daily ETF](#GS_021) | 21 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long INTC Daily ETF](#GS_022) | 22 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MARA Daily ETF](#GS_023) | 23 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MRVL Daily ETF](#GS_024) | 24 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long IONQ Daily ETF](#GS_025) | 25 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long VRT Daily ETF](#GS_026) | 26 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long RDDT Daily ETF](#GS_027) | 27 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long LCID Daily ETF](#GS_028) | 28 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long RIVN Daily ETF](#GS_029) | 29 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MSTR Daily ETF](#GS_030) | 30 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short MSTR Daily ETF](#GS_031) | 31 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long NOW Daily ETF](#GS_031) | 32 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long PDD Daily ETF](#GS_032) | 33 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AVGO Daily ETF](#GS_033) | 34 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long ETOR Daily ETF](#GS_034) | 35 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long BULL Daily ETF](#GS_035) | 36 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2X Long ISRG Daily ETF](#GS_036) | 37 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2X Long NBIS Daily ETF](#GS_037) | 38 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long GOOGL Daily ETF](#GS_038) | 39 |
| [Statements of Assets and Liabilities](#GS_040) | 40 |
| [Statements of Operations](#GS_041) | 48 |
| [Statements of Changes in Net Assets](#GS_042) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long BABA Daily ETF](#GS_042) | 56 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long META Daily ETF](#GS_043) | 57 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long NVDA Daily ETF](#GS_044) | 58 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AAPL Daily ETF](#GS_045) | 59 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long COIN Daily ETF](#GS_046) | 60 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 1.25x Long TSLA Daily ETF](#GS_047) | 61 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short NVDA Daily ETF](#GS_048) | 62 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long TSLA Daily ETF](#GS_049) | 63 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short TSLA Daily ETF](#GS_050) | 64 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AMD Daily ETF](#GS_051) | 65 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AMZN Daily ETF](#GS_052) | 66 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MSFT Daily ETF](#GS_053) | 67 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short COIN Daily ETF](#GS_054) | 68 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long PLTR Daily ETF](#GS_055) | 69 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long UBER Daily ETF](#GS_056) | 70 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MU Daily ETF](#GS_057) | 71 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long TSM Daily ETF](#GS_058) | 72 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long CRWD Daily ETF](#GS_059) | 73 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long SMCI Daily ETF](#GS_060) | 74 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long QCOM Daily ETF](#GS_061) | 75 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long DELL Daily ETF](#GS_062) | 76 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long INTC Daily ETF](#GS_063) | 77 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MARA Daily ETF](#GS_064) | 78 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MRVL Daily ETF](#GS_065) | 79 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long IONQ Daily ETF](#GS_066) | 80 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long VRT Daily ETF](#GS_067) | 81 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long RDDT Daily ETF](#GS_068) | 82 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long LCID Daily ETF](#GS_069) | 83 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long RIVN Daily ETF](#GS_070) | 84 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MSTR Daily ETF](#GS_071) | 85 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short MSTR Daily ETF](#GS_072) | 86 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long NOW Daily ETF](#GS_073) | 87 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long PDD Daily ETF](#GS_074) | 88 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AVGO Daily ETF](#GS_075) | 89 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long ETOR Daily ETF](#GS_076) | 90 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long BULL Daily ETF](#GS_077) | 91 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2X Long ISRG Daily ETF](#GS_078) | 92 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2X Long NBIS Daily ETF](#GS_079) | 93 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long GOOGL Daily ETF](#GS_080) | 94 |
| [Financial Highlights](#GS_081) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long BABA Daily ETF](#GS_081) | 95 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long META Daily ETF](#GS_082) | 96 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long NVDA Daily ETF](#GS_083) | 97 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AAPL Daily ETF](#GS_084) | 98 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long COIN Daily ETF](#GS_085) | 99 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 1.25x Long TSLA Daily ETF](#GS_086) | 100 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short NVDA Daily ETF](#GS_087) | 101 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long TSLA Daily ETF](#GS_088) | 102 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short TSLA Daily ETF](#GS_089) | 103 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AMD Daily ETF](#GS_090) | 104 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AMZN Daily ETF](#GS_091) | 105 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MSFT Daily ETF](#GS_092) | 106 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short COIN Daily ETF](#GS_093) | 107 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long PLTR Daily ETF](#GS_094) | 108 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long UBER Daily ETF](#GS_095) | 109 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MU Daily ETF](#GS_096) | 110 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long TSM Daily ETF](#GS_097) | 111 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long CRWD Daily ETF](#GS_098) | 112 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long SMCI Daily ETF](#GS_099) | 113 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long QCOM Daily ETF](#GS_100) | 114 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long DELL Daily ETF](#GS_101) | 115 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long INTC Daily ETF](#GS_102) | 116 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MARA Daily ETF](#GS_103) | 117 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MRVL Daily ETF](#GS_104) | 118 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long IONQ Daily ETF](#GS_105) | 119 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long VRT Daily ETF](#GS_106) | 120 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long RDDT Daily ETF](#GS_107) | 121 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long LCID Daily ETF](#GS_108) | 122 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long RIVN Daily ETF](#GS_109) | 123 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long MSTR Daily ETF](#GS_110) | 124 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Short MSTR Daily ETF](#GS_111) | 125 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long NOW Daily ETF](#GS_112) | 126 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long PDD Daily ETF](#GS_113) | 127 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long AVGO Daily ETF](#GS_114) | 128 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long ETOR Daily ETF](#GS_115) | 129 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long BULL Daily ETF](#GS_116) | 130 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2X Long ISRG Daily ETF](#GS_117) | 131 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2X Long NBIS Daily ETF](#GS_118) | 132 |
| &nbsp;&nbsp;&nbsp;[GraniteShares 2x Long GOOGL Daily ETF](#GS_119) | 133 |
| [Notes to Financial Statements and Financial Highlights](#GS_120) | 134 |
| [Additional Information](#GS_121) | 166 |
| **[Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#GS_122)** | **168** |
| **[Proxy Disclosures for Open-End Management Investment Companies](#GS_123)** | **169** |
| **[Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#GS_124)** | **170** |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract](#GS_125)** | **171** |

---

GraniteShares 2x Long BABA Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 64.63%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78%, 01/20/2026 | $105000000 | $104814447 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $104,845,999)**  |  | 104814447 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 64.63%<br> (Cost $104,845,999)**  |  | $104814447 |
| **Other Assets In Excess Of Liabilities - 35.37%** |  | 57368059 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $162182506 |

---

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

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

 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference**<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 | Alibaba Group Holding, Ltd. | $68757898 | OBFR01 | 125 bps | Monthly | Receive | 01/19/2028 | $106380875 | $37622977 |
| TD Cowen | Alibaba Group Holding, Ltd. | 52828703 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 87729009 | 34900306 |
| Wells Fargo | Alibaba Group Holding, Ltd. | 109475593 | FEDL01 | 200 bps | At Termination | Receive | 03/13/2026 | 130075092 | 20599499 |
| TOTAL |  | $231062194 |  |  |  |  |  | $324184976 | $93122782 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 1

GraniteShares 2x Long META Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 22.39%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 4.15% , 01/02/2026 | $85000000 | $85000000 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $84,991,758)**  |  | 85000000 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 22.39%<br> (Cost $84,991,758)**  |  | $85000000 |
| **Other Assets In Excess Of Liabilities - 77.61%** |  | 294650923 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $379650923 |

---

*(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<br> Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized<br> Appreciation** |
| Clear Street, LLC | Meta Platforms, Inc. | $231350611 | OBFR01 | 100 bps | Monthly | Receive | 10/19/2027 | $269368207 | $38017596 |
| Goldman Sachs | Meta Platforms, Inc. | 212666109 | SOFRRATE | 200 bps | Monthly | Receive | 06/15/2026 | 222120285 | 9454176 |
| Morgan Stanley | Meta Platforms, Inc. | 65120501 | OBFR01 | 350 bps | Monthly | Receive | 12/21/2026 | 66999135 | 1878634 |
| TD Cowen | Meta Platforms, Inc. | 187511657 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 200416526 | 12904869 |
| TOTAL |  | $696648878 |  |  |  |  |  | $758904153 | $62255275 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding

Rate SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> 2 www.graniteshares.com

GraniteShares 2x Long NVDA Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal**<br> **Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 237.20%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 4.04% , 01/02/2026 | $165000000 | $165000000 |
| United States Treasury Bill, 2.78% , 01/20/2026 | 11090000000 | 11070402085 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $11,238,718,572)**  |  | 11235402085 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 237.20%<br> (Cost $11,238,718,572)**  |  | $11235402085 |
| **Liabilities In Excess Of Other Assets - (137.20%)** |  | (6498680128)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $4736721957 |

---

*(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<br> Amount** | **Floating Rate**<br> **Index**  | **Spread** | **Payment <br>Frequency** | **Pay/Receive** | **Termination <br>Date** | **Value** | **Net Unrealized <br>Appreciation** |
| Bank of America | NVIDIA Corp. | $145964595 | OBFR01 | 350 bps | Monthly | Receive | 01/29/2027 | $261100000 | $115135405 |
| BMO Capital | NVIDIA Corp. | 136033415 | SOFRRATE | 375 bps | At Termination | Receive | 05/03/2027 | 259794500 | 123761085 |
| Cantor Fitzgerald | NVIDIA Corp. | 277940130 | OBFR01 | 350 bps | Monthly | Receive | 08/10/2026 | 356718550 | 78778420 |
| Clear Street, LLC | NVIDIA Corp. | 2035013299 | OBFR01 | 625 bps | Monthly | Receive | 10/19/2027 | 4843996205 | 2808982906 |
| Goldman Sachs | NVIDIA Corp. | 480635768 | SOFRRATE | 300 bps | Monthly | Receive | 05/05/2026 | 774926150 | 294290382 |
| HSBC Holdings PLC | NVIDIA Corp. | 131123307 | SOFRRATE | 420 bps | Monthly | Receive | 12/01/2026 | 137487800 | 6364493 |
| Natixis SA | NVIDIA Corp. | 613700791 | FEDL01 | 450 bps | Monthly | Receive | 01/30/2026 | 1306052040 | 692351249 |
| Nomura Holdings, Inc. | NVIDIA Corp. | 653899938 | SOFRRATE | 375 bps | Monthly | Receive | 05/01/2026 | 672369800 | 18469862 |
| TD Cowen | NVIDIA Corp. | 275387100 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 525930000 | 250542900 |
| Wells Fargo | NVIDIA Corp. | 89073765 | FEDL01 | 300 bps | At Termination | Receive | 01/05/2027 | 336891735 | 247817970 |
| TOTAL |  | $4838772108 |  |  |  |  |  | $9475266780 | $4636494672 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 3

GraniteShares 2x Long AAPL Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal**<br>**Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 177.26%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $50000000 | $49911642 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $49,926,666)**  |  | 49911642 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 177.26%<br> (Cost $49,926,666)**  |  | $49911642 |
| **Liabilities In Excess Of Other Assets - (77.26%)** |  | (21754654)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $28156988 |

---

*(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<br> Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized<br> Appreciation** |
| TD Cowen | Apple, Inc. | $42339908 | OBFR01 | 85 bps | Monthly | Receive | 07/01/2026 | $56322596 | $13982688 |
| TOTAL |  | $42339908 |  |  |  |  |  | $56322596 | $13982688 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 4 www.graniteshares.com

GraniteShares 2x Long COIN Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal**<br> **Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 84.95%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.83% , 01/02/2026 | $25000000 | $25000000 |
| United States Treasury Bill, 2.78% , 01/20/2026 | 370000000 | 369346147 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $394,454,903)**  |  | 394346147 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 84.95%<br> (Cost $394,454,903)**  |  | $394346147 |
| **Other Assets In Excess Of Liabilities - 15.05%** |  | 69884518 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $464230665 |

---

*(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<br> Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment<br> Frequency**  | **Pay/Receive** | **Termination<br> Date**  | **Value** | **Net Unrealized<br> Appreciation** |
| BMO Capital | Coinbase Global,Inc. | $47800040 | SOFRRATE | 600 bps | At Termination | Receive | 10/07/2026 | $67321652 | $19521612 |
| Clear Street, LLC | Coinbase Global, Inc. | 375523518 | OBFR01 | 700 bps | Monthly | Receive | 01/11/2028 | 520284821 | 144761303 |
| Goldman Sachs | Coinbase Global, Inc. | 34846318 | SOFRRATE | 600 bps | Monthly | Receive | 06/08/2026 | 49072380 | 14226062 |
| Natixis SA | Coinbase Global, Inc. | 85232072 | FEDL01 | 750 bps | Monthly | Receive | 01/30/2026 | 116394258 | 31162186 |
| Nomura Holdings, Inc. | Coinbase Global, Inc. | 111149147 | SOFRRATE | 950 bps | Monthly | Receive | 05/01/2026 | 145940127 | 34790980 |
| TD Cowen | Coinbase Global, Inc. | 19688285 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 28267500 | 8579215 |
| TOTAL |  | $674239380 |  |  |  |  |  | $927280738 | $253041358 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 5

GraniteShares 1.25x Long TSLA Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 62.97%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $21000000 | $20962889 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $20,969,199)** |  | 20962889 |
| **TOTAL INVESTMENTS - 62.97%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $20,969,199)** |  | $20962889 |
| **Other Assets In Excess Of Liabilities - 37.03%** |  | 12325745 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $33288634 |

---

*(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<br> Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Tesla, Inc. | $32285563 | OBFR01 | 85 bps | Monthly | Receive | 07/01/2026 | $41631480 | $9345917 |
| TOTAL |  | $32285563 |  |  |  |  |  | $41631480 | $9345917 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 6 www.graniteshares.com

GraniteShares 2x Short NVDA Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 5.55%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 3.95% , 01/02/2026 | $5000000 | $5000000 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,999,512)** |  | 5000000 |
| **TOTAL INVESTMENTS - 5.55%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,999,512)** |  | $5000000 |
| **Other Assets In Excess Of Liabilities - 94.45%** |  | 85067560 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $90067560 |

---

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

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

 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional<br> Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Clear Street, LLC | NVIDIA Corp. | $(68155172) | OBFR01 | (30) bps | Monthly | Pay | 01/19/2028 | $(63969500) | $4185672 |
| Goldman Sachs | NVIDIA Corp. | (77994722) | SOFRRATE | (40) bps | Monthly | Pay | 06/16/2026 | (75122200) | 2872522 |
| TD Cowen | NVIDIA Corp. | (45021356) | OBFR01 | (85) bps | Monthly | Pay | 07/01/2026 | (41085950) | 3935406 |
| TOTAL |  | $(191171250) |  |  |  |  |  | $(180177650) | $10993600 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 7

GraniteShares 2x Long TSLA Daily ETF Schedule of Investments <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 65.04%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $227000000 | $226598852 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $226,667,066)** |  | 226598852 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 65.04%<br> (Cost $226,667,066)**  |  | $226598852 |
| **Other Assets In Excess Of Liabilities - 34.96%** |  | 121740408 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $348339260 |

---

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

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

 

**TOTAL RETURN SWAP CONTRACTS**

 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br> Entity/Obligation**  | **Notional<br> Amount** | **Floating Rate<br> Index**  | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation / (Depreciation)** |
| Bank of America | Tesla, Inc. | $69897010 | OBFR01 | 300 bps | Monthly | Receive | 04/30/2026 | $83962724 | $14065714 |
| Clear Street, LLC | Tesla, Inc. | 101675598 | OBFR01 | 125 bps | Monthly | Receive | 08/25/2026 | 99747896 | (1927702) |
| TD Cowen | Tesla, Inc. | 139458417 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 219823136 | 80364719 |
| Wells Fargo | Tesla, Inc. | 191288327 | FEDL01 | 200 bps | At Termination | Receive | 03/03/2026 | 293172468 | 101884141 |
| TOTAL |  | $502319352 |  |  |  |  |  | $696706224 | $194386872 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

*See Notes to Financial Statements.* <br> 8 www.graniteshares.com

<u>GraniteShares 2x Short TSLA Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $67616759 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $67616759 |  |

---

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

 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | **Pay/**<br>**Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized Appreciation /**<br>**(Depreciation)** |
| Bank of America | Tesla, Inc. | $(76445209) | OBFR01 | (100) bps | Monthly | Pay | 04/30/2026 | $(75238156) | $1207053 |
| Cantor Fitzgerald | Tesla, Inc. | (36101258) | OBFR01 | (350) bps | Monthly | Pay | 04/10/2026 | (34538496) | 1562762 |
| Clear Street, LLC | Tesla, Inc. | (22957507) | OBFR01 | (30) bps | Monthly | Pay | 04/21/2026 | (22126224) | 831283 |
| Goldman Sachs | Tesla, Inc. | (43888) | SOFRRATE | (40) bps | Monthly | Pay | 04/14/2026 | (44972) | (1084) |
| TD Cowen | Tesla, Inc. | (3317380) | OBFR01 | (85) bps | Monthly | Pay | 07/01/2026 | (3282956) | 34424 |
| TOTAL |  | $(138865242) |  |  |  |  |  | $(135230804) | $3634438 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 9

<u>GraniteShares 2x Long AMD Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 177.33%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $1025000000 | $1023188651 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $1,023,496,664)**  |  | 1023188651 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 177.33%<br> (Cost $1,023,496,664)**  |  | $1023188651 |
| **Liabilities In Excess Of Other Assets - (77.33%)** |  | (446190023)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $576998628 |

---

*(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**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | **Pay/**<br>**Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| Cantor Fitzgerald | Advanced Micro Devices, Inc. | $91970544 | OBFR01 | 725 bps | Monthly | Receive | 05/07/2026 | $235490336 | $143519792 |
| Clear Street, LLC | Advanced Micro Devices, Inc. | 107055794 | OBFR01 | 100 bps | Monthly | Receive | 04/07/2026 | 228894208 | 121838414 |
| Nomura Holdings, Inc. | Advanced Micro Devices, Inc. | 131749885 | SOFRRATE | 275 bps | Monthly | Receive | 05/01/2026 | 244806296 | 113056411 |
| TD Cowen | Advanced Micro Devices, Inc. | 99230852 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 216173104 | 116942252 |
| Wells Fargo | Advanced Micro Devices, Inc. | 152246442 | FEDL01 | 200 bps | At Termination | Receive | 03/03/2026 | 229558104 | 77311662 |
| TOTAL |  | $582253517 |  |  |  |  |  | $1154922048 | $572668531 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> 10 www.graniteshares.com

<u>GraniteShares 2x Long AMZN Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 37.68%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $21000000 | $20962889 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $20,969,199)**  |  | 20962889 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 37.68%<br> (Cost $20,969,199)**  |  | $20962889 |
| **Other Assets In Excess Of Liabilities - 62.32%** |  | 34671768 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $55634657 |

---

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

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

 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| TD Cowen | Amazon.com, Inc. | $97579763 | OBFR01 | 85 bps | Monthly | Receive | 07/01/2026 | $111287786 | $13708023 |
| TOTAL |  | $97579763 |  |  |  |  |  | $111287786 | $13708023 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 11

<u>GraniteShares 2x Long MSFT Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $45678118 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $45678118 |  |

---

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

 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| TD Cowen | Microsoft Corp. | $85618553 | OBFR01 | 85 bps | Monthly | Receive | 07/01/2026 | $91285693 | $5667140 |
| TOTA |  | $85618553 |  |  |  |  |  | $91285693 | $5667140 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 12 www.graniteshares.com

<u>GraniteShares 2x Short COIN Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $22564833 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $22564833 |  |

---

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

 

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty**  | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| Marex Derivative Products, Inc. | Coinbase Global, Inc. | $(31468229) | OBFR01 | (350) bps | Monthly | Pay | 06/05/2026 | $(26759598) | $4708631 |
| Nomura Holdings, Inc. | Coinbase Global, Inc. | (29544482) | SOFRRATE | (1400) bps | Monthly | Pay | 09/02/2026 | (18272112) | 11272370 |
| TOTAL |  | $(61012711) |  |  |  |  |  | $(45031710) | $15981001 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 13

<u>GraniteShares 2x Long PLTR Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 194.74%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $1150000000 | $1147967754 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $1,148,313,329)**  |  | 1147967754 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 194.74%<br> (Cost $1,148,313,329)**  |  | $1147967754 |
| **Liabilities In Excess Of Other Assets - (94.74%)** |  | (558502668)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $589465086 |

---

*(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**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized Appreciation /**<br>**(Depreciation)** |
| BMO Capital | Palantir Technologies, Inc. | $116519110 | SOFRRATE | 750 bps | At Termination | Receive | 12/01/2026 | $299061353 | $182542243 |
| Clear Street, LLC | Palantir Technologies, Inc. | 139041374 | OBFR01 | 250 bps | Monthly | Receive | 01/19/2028 | 380296126 | 241254752 |
| Nomura Holdings, Inc. | Palantir Technologies, Inc. | 185824359 | SOFRRATE | 375 bps | Monthly | Receive | 03/10/2026 | 213673275 | 27848916 |
| TD Cowen | Palantir Technologies, Inc. | 100681899 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 249354988 | 148673089 |
| Wells Fargo | Palantir Technologies, Inc. | 37936467 | FEDL01 | 250 bps | At Termination | Receive | 01/20/2027 | 36314325 | (1622142) |
| TOTAL |  | $580003209 |  |  |  |  |  | $1178700067 | $598696858 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> 14 www.graniteshares.com

<u>GraniteShares 2x Long UBER Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 68.60%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $20000000 | $19964657 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $19,970,666)**  |  | 19964657 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 68.60%<br> (Cost $19,970,666)**  |  | $19964657 |
| **Other Assets In Excess Of Liabilities - 31.40%** |  | 9137225 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $29101882 |

---

 

*(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**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty**  | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | Payment<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| TD Cowen | Uber Technologies, Inc. | $49385226 | OBFR01 | 85 bps | Monthly | Receive | 07/01/2026 | $58129393 | $8744167 |
| TOTAL |  | $49385226 |  |  |  |  |  | $58129393 | $8744167 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 15

<u>GraniteShares 2x Long MU Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 275.05%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $230000000 | $229593551 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $229,662,666)**  |  | 229593551 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 275.05%<br> (Cost $229,662,666)**  |  | $229593551 |
| **Liabilities In Excess Of Other Assets - (175.05%)** |  | (146120673)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $83472878 |

---

 

*(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**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty**  | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| Nomura Holdings, Inc. | Micron Technology, Inc. | $112037832 | SOFRRATE | 425 bps | Monthly | Receive | 01/12/2027 | $167097851 | $55060019 |
| TOTAL |  | $112037832 |  |  |  |  |  | $167097851 | $55060019 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> 16 www.graniteshares.com

<u>GraniteShares 2x Long TSM Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 259.84%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $73000000 | $72870997 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $72,892,934)**  |  | 72870997 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 259.84%<br> (Cost $72,892,934)**  |  | $72870997 |
| **Liabilities In Excess Of Other Assets - (159.84%)** |  | (44825771)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $28045226 |

---

 

*(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**

 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty**  | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| Nomura Holdings, Inc. | Taiwan Semiconductor Manufacturing Co., Ltd. | $38191592 | SOFRRATE | 350 bps | Monthly | Receive | 01/12/2027 | $56034581 | $17842989 |
| TOTAL |  | $38191592 |  |  |  |  |  | $56034581 | $17842989 |

---

 

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 17

<u>GraniteShares 2x Long CRWD Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 137.24%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $33000000 | $32941683 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $32,951,599)**  |  | 32941683 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 137.24%<br> (Cost $32,951,599)**  |  | $32941683 |
| **Liabilities In Excess Of Other Assets - (37.24%)** |  | (8939477)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $24002206 |

---

 

*(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**

 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty**  | **Reference**<br>**Entity/Obligation** | **Notional**<br>**Amount** | **Floating Rate**<br>**Index** | <br>**Spread** | **Payment**<br>**Frequency** | <br>**Pay/Receive** | **Termination**<br>**Date** |<br>**Value** | **Net Unrealized**<br>**Appreciation** |
| Nomura Holdings, Inc. | Crowdstrike Holdings, Inc. | $38244929 | SOFRRATE | 600 bps | Monthly | Receive | 01/12/2027 | $47932117 | $9687188 |
| TOTAL |  | $38244929 |  |  |  |  |  | $47932117 | $9687188 |

---

 

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> 18 www.graniteshares.com

<u>GraniteShares 2x Long SMCI Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $43333404 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $43333404 |  |

---

*(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 | Super Micro Computer, Inc. | $4890552 | OBFR01 | 1000 bps | Monthly | Receive | 03/31/2026 | $4308544 | $(582008) |
| Clear Street, LLC | Super Micro Computer, Inc | 8204536 | OBFR01 | 600 bps | Monthly | Receive | 06/16/2026 | 7490193 | (714343) |
| Marex Derivative Products, Inc. | Super Micro Computer, Inc | 47492892 | OBFR01 | 500 bps | Monthly | Receive | 03/24/2026 | 42002450 | (5490442) |
| Nomura Holdings, Inc. | Super Micro Computer, Inc. | 35695913 | SOFRRATE | 1750 bps | Monthly | Receive | 01/13/2026 | 32727929 | (2967984) |
| TOTAL |  | $96283893 |  |  |  |  |  | $86529116 | $(9754777) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 19

<u>GraniteShares 2x Long QCOM Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $15738967 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $15738967 |  |

---

*(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**<br>| **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | QUALCOMM, Inc. | $29572748 | OBFR01 | 85 bps | Monthly | Receive | 07/01/2026 | $31474910 | $1902162 |
| TOTAL |  | $29572748 |  |  |  |  |  | $31474910 | $1902162 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 20 www.graniteshares.com

<u>GraniteShares 2x Long DELL Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 94.35%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $13000000 | $12977027 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $12,980,934)**  |  | 12977027 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 94.35%<br> (Cost $12,980,934)**  |  | $12977027 |
| **Other Assets In Excess Of Liabilities - 5.65%** |  | 777626 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $13754653 |

---

*(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**<br>| **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| TD Cowen | Dell Technologies, Inc. | $23031466 | OBFR01 | 85 bps | Monthly | Receive | 07/01/2026 | $27518627 | $4487161 |
| TOTAL |  | $23031466 |  |  |  |  |  | $27518627 | $4487161 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 21

<u>GraniteShares 2x Long INTC Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 203.61%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $212000000 | $211625360 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $211,689,066)**  |  | 211625360 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 203.61%<br> (Cost $211,689,066)**  |  | $211625360 |
| **Liabilities In Excess Of Other Assets - (103.61%)** |  | (107688686)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $103936674 |

---

 

*(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**<br>| **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Cantor Fitzgerald | Intel Corp. | $82485047 | OBFR01 | 350 bps | Monthly | Receive | 10/27/2026 | $83973330 | $1488283 |
| TD Cowen | Intel Corp. | 68430961 | OBFR01 | 185 bps | Monthly | Receive | 07/01/2026 | 124242300 | 55811339 |
| TOTAL |  | $150916008 |  |  |  |  |  | $208215630 | $57299622 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 22 www.graniteshares.com

<u>GraniteShares 2x Long MARA Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $40752017 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $40752017 |  |

---

*(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**<br>| **Termination Date** | **Value** | **Net Unrealized Depreciation** |
| Cantor Fitzgerald | MARA Holdings, Inc. | $2942478 | OBFR01 | 1600 bps | Monthly | Receive | 12/22/2026 | $2517094 | $(425384) |
| Clear Street, LLC | MARA Holdings, Inc. | 13843575 | OBFR01 | 200 bps | Monthly | Receive | 08/19/2026 | 11580608 | (2262967) |
| Marex Derivative Products, Inc. | MARA Holdings, Inc. | 67243345 | OBFR01 | 550 bps | Monthly | Receive | 04/07/2026 | 67243345 |  |
| Natixis SA | MARA Holdings, Inc. | 9620 | FEDL01 | 1100 bps | Monthly | Receive | 11/02/2026 | 4490 | (5130) |
| Nomura Holdings, Inc. | MARA Holdings, Inc. | 10123 | SOFRRATE | 1750 bps | Monthly | Receive | 11/16/2026 | 4490 | (5633) |
| TOTAL |  | $84049141 |  |  |  |  |  | $81350027 | $(2699114) |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

FEDL - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 23

<u>GraniteShares 2x Long MRVL Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 94.89%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $37000000 | $36934615 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $36,945,734)**  |  | 36934615 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 94.89%<br> (Cost $36,945,734)**  |  | $36934615 |
| **Other Assets In Excess Of Liabilities - 5.11%** |  | 1988070 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $38922685 |

---

*(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** |
| Cantor Fitzgerald | Marvell Technology, Inc. | $4668907 | OBFR01 | 300 bps | Monthly | Receive | 10/05/2026 | $6365002 | $1696095 |
| Marex Derivative Products, Inc. | Marvell Technology, Inc. | 58243196 | OBFR01 | 400 bps | Monthly | Receive | 04/07/2026 | 71450674 | 13207478 |
| TOTAL |  | $62912103 |  |  |  |  |  | $77815676 | $14903573 |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 24 www.graniteshares.com

<u>GraniteShares 2x Long IONQ Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $52266009 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $52266009 |  |

---

*(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> **Depreciation** |
| Marex Derivative Products, Inc. | IonQ, Inc. | $105884427 | OBFR01 | 550 bps | Monthly | Receive | 04/27/2026 | $104332801 | $(1551626) |
| TOTAL |  | $105884427 |  |  |  |  |  | $104332801 | $(1551626) |

---

 

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 25

<u>GraniteShares 2x Long VRT Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 145.67%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $45000000 | $44920477 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $44,933,999)**  |  | 44920477 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 145.67%<br> (Cost $44,933,999)**  |  | $44920477 |
| **Liabilities In Excess Of Other Assets - (45.67%)** |  | (14084495)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $30835982 |

---

*(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**<br> **Index** | **Spread** | **Payment**<br> **Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Vertiv Holdings Co. | $48477343 | OBFR01 | 400 bps | Monthly | Receive | 04/27/2026 | $61594419 | $13117076 |
| TOTAL |  | $48477343 |  |  |  |  |  | $61594419 | $13117076 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 26 www.graniteshares.com

<u>GraniteShares 2x Long RDDT Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 292.37%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $191000000 | $190662471 |
| &nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY OBLIGATIONS<br> (Cost $190,719,866)**  |  | 190662471 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 292.37%<br> (Cost $190,719,866)**  |  | $190662471 |
| **Liabilities In Excess Of Other Assets - (192.37%)** |  | (125450512)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $65211959 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Floating Rate Index** | **Spread** | **Payment Frequency** | **Pay/Receive** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Marex Derivative Products, Inc. | Reddit, Inc. | $84568427 | OBFR01 | 400 bps | Monthly | Receive | 04/27/2026 | $130375597 | $45807170 |
| TOTAL |  | $84568427 |  |  |  |  |  | $130375597 | $45807170 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 27

<u>GraniteShares 2x Long LCID Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $4970253 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $4970253 |  |

---

*(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> **Depreciation** |
| Marex Derivative Products, Inc. | Lucid Group, Inc. | $10953143 | OBFR01 | 400 bps | Monthly | Receive | 05/22/2026 | $9914110 | $(1039033) |
| TOTAL |  | $10953143 |  |  |  |  |  | $9914110 | $(1039033) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> 28 www.graniteshares.com

<u>GraniteShares 2x Long RIVN Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 249.76%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $24000000 | $23957588 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $23,964,800)** |  | 23957588 |
| **TOTAL INVESTMENTS - 249.76%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $23,964,800)** |  | $23957588 |
| **Liabilities In Excess Of Other Assets - (149.76%)** |  | (14365280)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $9592308 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference**<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 <br>Products, Inc. | Rivian Automotive, Inc. | $13278699 | OBFR01 | 350 bps | Monthly | Receive | 05/22/2026 | $19176667 | $5897968 |
| TOTAL |  | $13278699 |  |  |  |  |  | $19176667 | $5897968 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 29

<u>GraniteShares 2x Long MSTR Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 31.85%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $1000000 | $998233 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $998,533)** |  | 998233 |
| **TOTAL INVESTMENTS - 31.85%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $998,533)** |  | $998233 |
| **Other Assets In Excess Of Liabilities - 68.15%** |  | 2136666 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $3134899 |

---

** 

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference**<br> **Entity/Obligation** | **Notional Amount** | **Floating Rate**<br> **Index** | **Spread** | **Payment**<br> **Frequency** | **Pay/Receive** | **Termination**<br> **Date** | **Value** | **Net Unrealized**<br> **Depreciation** |
| Marex Derivative Products, Inc. | MicroStrategy, Inc. | $6256693 | OBFR01 | 650 bps | Monthly | Receive | 07/10/2026 | $6256693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| TOTAL |  | $6256693 |  |  |  |  |  | $6256693 | $– |

---

*See Notes to Financial Statements.* <br> 30 www.graniteshares.com

<u>GraniteShares 2x Short MSTR Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Investments** | **Principal**<br>**Amount** |<br>**Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 284.69%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $8000000 | $7985863 |
| **TOTAL UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $7,988,267)** |  | 7985863 |
| **TOTAL INVESTMENTS - 284.69%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $7,988,267)** |  | $7985863 |
| **Liabilities In Excess Of Other Assets - (184.69%)** |  | (5180750)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $2805113 |

---

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

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

**TOTAL RETURN SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference**<br> **Entity/Obligation** | **Notional Amount** | **Fixed Rate** | **Payment**<br> **Frequency** | **Pay/Receive** | **Termination**<br> **Date** | **Value** | **Net Unrealized**<br> **Appreciation** |
| Marex Derivative Products, Inc. | MicroStrategy, Inc. | $(7440152) | (200) bps | Monthly | Pay | 07/10/2026 | $(5613033) | $1827119 |
| TOTAL |  | $(7440152) |  |  |  |  | $(5613033) | $1827119 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 31

<u>GraniteShares 2x Long NOW Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $6293123 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $6293123 |  |

---

*<sup>(a)</sup>* *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> **Depreciation** |
| Cantor Fitzgerald | ServiceNow, Inc. | $13693197 | OBFR01 | 500 bps | Monthly | Receive | 09/14/2026 | $12555299 | $(1137898) |
| TOTAL |  | $13693197 |  |  |  |  |  | $12555299 | $(1137898) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> 32 www.graniteshares.com

<u>GraniteShares 2x Long PDD Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $6193956 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $6193956 |  |

---

*<sup>(a)</sup>* *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** |
| Cantor Fitzgerald | PDD Holdings, Inc. | $12343025 | OBFR01 | 100 bps | Monthly | Receive | 08/17/2026 | $12371983 | $28958 |
| TOTAL |  | $12343025 |  |  |  |  |  | $12371983 | $28958 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 33

<u>GraniteShares 2x Long AVGO Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $24494154 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $24494154 |  |

---

*<sup>(a)</sup>* *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** |
| Cantor Fitzgerald | Broadcom, Inc. | $48339330 | OBFR01 | 100 bps | Monthly | Receive | 08/17/2026 | $48963806 | $624476 |
| TOTAL |  | $48339330 |  |  |  |  |  | $48963806 | $624476 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> 34 www.graniteshares.com

<u>GraniteShares 2x Long ETOR Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $1849724 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $1849724 |  |

---

*<sup>(a)</sup>* *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. | eToro Group, Ltd. | $3668836 | OBFR01 | 400 bps | Monthly | Receive | 10/05/2026 | $3695851 | $27015 |
| TOTAL |  | $3668836 |  |  |  |  |  | $3695851 | $27015 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 35

<u>GraniteShares 2x Long BULL Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $1550001 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $1550001 |  |

---

*<sup>(a)</sup>* *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> **Depreciation** |
| Marex Derivative Products, Inc. | Webull Corp. | $3427128 | OBFR01 | 500 bps | Monthly | Receive | 10/05/2026 | $3101170 | $(325958) |
| TOTAL |  | $3427128 |  |  |  |  |  | $3101170 | $(325958) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> 36 www.graniteshares.com

<u>GraniteShares 2x Long ISRG Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Investments | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATIONS - 132.53%<sup>(a)</sup>** |  |  |
| United States Treasury Bill, 2.78% , 01/20/2026 | $4000000 | $3992931 |
| **TOTAL** **UNITED STATES TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,994,134)** |  | 3992931 |
| **TOTAL INVESTMENTS - 132.53%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,994,134)** |  | $3992931 |
| **Liabilities In Excess Of Other Assets - (32.53%)** |  | (980049)<sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  | $3012882 |

---

*(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 | Intuitive Surgical, Inc. | $4910842 | OBFR01 | 125 bps | Monthly Receive | 10/19/2027 | $6026071 | $1115229 |
| TOTAL |  | $4910842 |  |  |  |  | $6026071 | $1115229 |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 37

<u>GraniteShares 2x Long NBIS Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $44877435 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $44877435 |  |

---

*(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>Depreciation** |
| Clear Street, LLC | Nebius Group NV | $97082596 | OBFR01 | 300 bps | Monthly Receive | 10/19/2027 | $89570544 | $(7512052) |
| TOTAL |  | $97082596 |  |  |  |  | $89570544 | $(7512052) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> 38 www.graniteshares.com

<u>GraniteShares 2x Long GOOGL Daily ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Other Assets In Excess Of Liabilities - (100.00%)** | $1461774 | <sup>(a)</sup> |
| **NET ASSETS (100.00%)** | $1461774 |  |

---

*(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. | Alphabet, Inc. | $2937620 | OBFR01 | 250 bps | Monthly Receive | 01/04/2027 | $2923107 | $(14513) |
| TOTAL |  | $2937620 |  |  |  |  | $2923107 | $(14513) |

---

**Investment Abbreviations:**

OBFR - Overnight Bank Funding Rate

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 39

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**GraniteShares 2x Long BABA Daily ETF** | **GraniteShares 2x Long META Daily ETF** | **GraniteShares 2x Long NVDA Daily ETF** | **GraniteShares 2x Long AAPL Daily ETF** | **GraniteShares 2x Long COIN Daily ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $104845999 | $84991757 | $11238718572 | $49926667 | $394454903 |
| &nbsp;&nbsp;&nbsp;Investments at value | $104814447 | $85000000 | $11235402085 | $49911642 | $394346147 |
| &nbsp;&nbsp;&nbsp;Cash | 15932769 | 58701386 | 56865554 | 11501931 | 9331714 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 59470000 | 182736918 | 456810250 | 2880000 | 268018334 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts | 93122782 | 62255275 | 4636494672 | 13982688 | 253041358 |
| &nbsp;&nbsp;&nbsp;Other assets | 13078 | 42060 | 100528 | 2831 | 47816 |
| &nbsp;&nbsp;&nbsp;Total Assets | 273353076 | 388735639 | 16385673089 | 78279092 | 924785369 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration payable | 2320 | 9035 | 95532 | 2331 | 13830 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 17574 | 25548 | 139857 | 16105 | 32203 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 3491 | 1941 | 13238 | 2460 | 6832 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 104846000 |  | 11073734630 | 49926666 | 369457332 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 566 | 566 | 566 | 333 | 333 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 5270 | 5040 | 6110 | 4449 | 4911 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 720756 | 4557940 | 69514118 |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 147200 | 372849 | 3757908 | 32838 | 497756 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 5416550 | 4093211 | 5550387 | 131759 | 90489794 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 10843 | 18586 | 148786 | 5163 | 51713 |
| &nbsp;&nbsp;&nbsp;Payable for Cash collateral | – | – | 495990000 | – | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 111170570 | 9084716 | 11648951132 | 50122104 | 460554704 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $162182506 | $379650923 | $4736721957 | $28156988 | $464230665 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $102311582 | $367478024 | $565951314 | $11050867 | $916479257 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 59870924 | 12172899 | 4170770643 | 17106121 | (452248592) |
| **NET ASSETS** | $162182506 | $379650923 | $4736721957 | $28156988 | $464230665 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 4500001 | 11660005 | 53830006 | 880001 | 31670001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $36.04 | $32.56 | $87.99 | $32.00 | $14.66 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 40 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**GraniteShares 1.25x Long TSLA Daily ETF** | **GraniteShares 2x Short NVDA Daily ETF** | **GraniteShares 2x Long TSLA Daily ETF** | **GraniteShares 2x Short TSLA Daily ETF** | **GraniteShares 2x Long AMD Daily ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $20969199 | $4999513 | $226667066 | $– | $1023496664 |
| &nbsp;&nbsp;&nbsp;Investments at value | $20962889 | $5000000 | $226598852 | $– | $1023188651 |
| &nbsp;&nbsp;&nbsp;Cash | 16920291 | 8686823 | 53547015 | 3093470 | 6439087 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 7280000 | 119453677 | 113220481 | 104118641 | 57269162 |
| &nbsp;&nbsp;&nbsp;Due from counterparty |  |  |  |  | 2405560 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts | 9345917 | 10993600 | 196314574 | 3635522 | 572668531 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  | 7941058 |  | 2624210 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 4152 | 15734 | 52643 | 13093 | 283119 |
| &nbsp;&nbsp;&nbsp;Total Assets | 54513249 | 152090892 | 589733565 | 113484936 | 1662254110 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on total return swap contracts |  |  | 1927702 | 1084 |  |
| &nbsp;&nbsp;&nbsp;Administration payable | 4242 | 4990 | 2622 | 1869 | 12743 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 16165 | 12397 | 16719 | 11064 | 23002 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 2812 | 1284 | 4685 | 785 | 172 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 20969200 |  | 226667066 |  | 1023496663 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 332 | 331 | 331 | 331 | 371 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 4128 | 4964 | 5414 | 4530 | 9551 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 6510237 |  | 8104179 | 9789908 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 40024 | 129277 | 266843 | 107869 | 528702 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 182620 | 55347545 | 12486535 | 37622285 |  |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 5092 | 12307 | 16388 | 14181 | 22682 |
| &nbsp;&nbsp;&nbsp;Payable for Cash collateral | – | – | – | – | 51371688 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 21224615 | 62023332 | 241394305 | 45868177 | 1085255482 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $33288634 | $90067560 | $348339260 | $67616759 | $576998628 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $23553896 | $279613364 | $189024649 | $220143645 | $163480756 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 9734738 | (189545804) | 159314611 | (152526886) | 413517872 |
| **NET ASSETS** | $33288634 | $90067560 | $348339260 | $67616759 | $576998628 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 1780001 | 12587577 | 10880001 | 8758982 | 37130000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $18.70 | $7.16 | $32.02 | $7.72 | $15.54 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 41

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long AMZN Daily ETF** | **GraniteShares 2x Long MSFT Daily <br>ETF** | **GraniteShares 2x Short COIN Daily <br>ETF** | **GraniteShares 2x Long PLTR Daily ETF** | **GraniteShares 2x Long UBER Daily ETF** |
| **ASSETS:** | | | | | |
| Investments at cost | $20969199 | $– | $– | $1148313329 | $19970667 |
| &nbsp;&nbsp;&nbsp;Investments at value | $20962889 | $– | $– | $1147967754 | $19964657 |
| &nbsp;&nbsp;&nbsp;Cash | 21251304 | 22200615 | 990893 | 15436037 | 8726311 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 21423333 | 19201212 | 6417903 | 111237406 | 13060069 |
| &nbsp;&nbsp;&nbsp;Due from counterparty |  |  |  | 6742368 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts | 13708023 | 5667140 | 15981001 | 600319000 | 8744167 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  |  |  | 1068801 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 7427 | 7152 | 2602 | 27109 | 4213 |
| &nbsp;&nbsp;&nbsp;Total Assets | 77352976 | 47076119 | 23392399 | 1882798475 | 50499417 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on total return swap contracts |  |  |  | 1622142 |  |
| &nbsp;&nbsp;&nbsp;Administration payable | 1833 | 2592 | 17 | 1788 | 1442 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 7559 | 7283 | 7180 | 26396 | 6148 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 160 | 327 | 506 | 1494 | 2002 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 20969200 |  |  | 1148313330 | 19970667 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 371 | 371 | 554 | 554 | 554 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 9259 | 9225 | 3923 | 5653 | 5350 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  |  | 681680 | 3206403 |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 57198 | 44340 | 21671 | 594697 | 27593 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 665678 | 1328915 | 108928 |  | 1378286 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 7061 | 4948 | 3107 | 20932 | 5493 |
| &nbsp;&nbsp;&nbsp;Payable for Cash collateral | – | – | – | 139540000 | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 21718319 | 1398001 | 827566 | 1293333389 | 21397535 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $55634657 | $45678118 | $22564833 | $589465086 | $29101882 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $42553334 | $47097054 | $16937605 | $(101252930) | $23171540 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 13081323 | (1418936) | 5627228 | 690718016 | 5930342 |
| **NET ASSETS** | $55634657 | $45678118 | $22564833 | $589465086 | $29101882 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 1770000 | 1680000 | 331000 | 22060015 | 1370001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $31.43 | $27.19 | $68.17 | $26.72 | $21.24 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 42 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**GraniteShares 2x Long MU Daily ETF** | **GraniteShares 2x Long TSM Daily ETF** | **GraniteShares 2x Long CRWD Daily ETF** | **GraniteShares 2x Long SMCI Daily ETF** | **GraniteShares 2x Long QCOM Daily ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $229662666 | $72892934 | $32951599 | $– | $– |
| &nbsp;&nbsp;&nbsp;Investments at value | $229593551 | $72870997 | $32941683 | $– | $– |
| &nbsp;&nbsp;&nbsp;Cash | 16866126 | 2144955 | 4872862 | 4016768 | 4882948 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 13940000 | 9770000 | 12750000 | 53314000 | 9113831 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts | 55060019 | 17842990 | 9687187 |  | 1902162 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  |  |  | 316563 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 6411 | 2084 | 3072 | 9664 | 2404 |
| &nbsp;&nbsp;&nbsp;Total Assets | 315466107 | 102631026 | 60254804 | 57656995 | 15901345 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on total return swap contracts |  |  |  | 9754777 |  |
| &nbsp;&nbsp;&nbsp;Administration payable | 402 | 508 |  |  | 592 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 6694 | 5953 | 5986 | 8433 | 6268 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 610 | 1078 | 2181 | 1279 | 1725 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 229662666 | 72892933 | 32951600 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 719 | 719 | 554 | 554 | 412 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 5684 | 6111 | 4832 | 5202 | 3445 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 79841 | 35874 | 42198 | 51698 | 22529 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 2233239 | 1638450 | 3240274 | 2993245 | 124765 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 3374 | 4174 | 4973 | 8403 | 2642 |
| &nbsp;&nbsp;&nbsp;Payable for Cash collateral | – | – | – | 1500000 | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 231993229 | 74585800 | 36252598 | 14323591 | 162378 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $83472878 | $28045226 | $24002206 | $43333404 | $15738967 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $37127327 | $15512962 | $17469021 | $91037077 | $16540314 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 46345551 | 12532264 | 6533185 | (47703673) | (801347) |
| **NET ASSETS** | $83472878 | $28045226 | $24002206 | $43333404 | $15738967 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 930001 | 640001 | 780001 | 9580000 | 740001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $89.76 | $43.82 | $30.77 | $4.52 | $21.27 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 43

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long DELL Daily ETF** | **GraniteShares 2x Long INTC Daily ETF** | **GraniteShares 2x Long MARA Daily ETF** | **GraniteShares 2x Long MRVL Daily ETF** | **GraniteShares 2x Long IONQ Daily ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $12980934 | $211689066 | $– | $36945733 | $– |
| &nbsp;&nbsp;&nbsp;Investments at value | $12977027 | $211625360 | $– | $36934615 | $– |
| &nbsp;&nbsp;&nbsp;Cash | 4341802 | 10662198 | 5923599 | 7944716 | 3630185 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 5791983 | 37164176 | 68597108 | 12627908 | 55041265 |
| &nbsp;&nbsp;&nbsp;Due from counterparty |  |  |  | 16527872 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts | 4487161 | 57299622 |  | 14903573 |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  |  |  |  | 1314623 |
| &nbsp;&nbsp;&nbsp;Other assets | 1720 | 9193 | 12699 | 3573 | 9965 |
| &nbsp;&nbsp;&nbsp;Total Assets | 27599693 | 316760549 | 74533406 | 88942257 | 59996038 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on total return swap contracts |  |  | 2699114 |  | 1551626 |
| &nbsp;&nbsp;&nbsp;Administration payable | 548 | 568 | 547 | 227 | 488 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 6235 | 8433 | 7655 | 7106 | 7464 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 1665 | 2411 | 1872 | 2313 | 1961 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 12980933 | 211689066 |  | 36945733 |  |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 412 | 412 | 414 | 414 | 421 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 3541 | 3945 | 3330 | 3596 | 3478 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  |  | 456723 |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 21051 | 112216 | 65508 | 55526 | 70815 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 827920 | 1002034 | 30540577 |  | 6090176 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 2735 | 4790 | 5649 | 4657 | 3600 |
| &nbsp;&nbsp;&nbsp;Payable for Cash collateral | – | – | – | 13000000 | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 13845040 | 212823875 | 33781389 | 50019572 | 7730029 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $13754653 | $103936674 | $40752017 | $38922685 | $52266009 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $12111995 | $52319828 | $147592156 | $10905772 | $78840014 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 1642658 | 51616846 | (106840139) | 28016913 | (26574005) |
| **NET ASSETS** | $13754653 | $103936674 | $40752017 | $38922685 | $52266009 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 600001 | 2410001 | 8920001 | 1810001 | 1590001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $22.92 | $43.13 | $4.57 | $21.50 | $32.87 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 44 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long VRT Daily ETF** | **GraniteShares 2x Long RDDT Daily ETF** | **GraniteShares 2x Long LCID Daily ETF** | **GraniteShares 2x Long RIVN Daily ETF** | **GraniteShares 2x Long MSTR Daily ETF** |
| **ASSETS:** | | | | | |
| Investments at cost | $44933999 | $190719866 | $– | $23964800 | $998533 |
| &nbsp;&nbsp;&nbsp;Investments at value | $44920477 | $190662471 | $– | $23957588 | $998233 |
| &nbsp;&nbsp;&nbsp;Cash | 5150174 | 3555211 | 629769 | 698022 | 727651 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 16240188 | 28699613 | 5757000 | 3748000 | 3460000 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts | 13117076 | 45807170 |  | 5897968 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 3687 | 5753 | 1111 | 839 | 709 |
| &nbsp;&nbsp;&nbsp;Total Assets | 79431602 | 268730218 | 6387880 | 34302417 | 5186593 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on total return swap contracts |  |  | 1039033 |  |  |
| &nbsp;&nbsp;&nbsp;Administration payable | 612 | 78 | 814 | 706 | 639 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 6846 | 8013 | 5859 | 6060 | 8766 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 2166 | 1528 | 1102 | 1515 | 1887 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 44934000 | 190719866 |  | 23964800 | 998533 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 421 | 421 | 354 | 354 | 1717 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 3455 | 3228 | 3499 | 3657 | 3650 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 1504767 |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 41199 | 80728 | 8295 | 8537 | 5392 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 3603802 | 2695217 | 356148 | 722065 | 1026488 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 3119 | 4413 | 2523 | 2415 | 4622 |
| &nbsp;&nbsp;&nbsp;Payable for Cash collateral |  | 8500000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 48595620 | 203518259 | 1417627 | 24710109 | 2051694 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $30835982 | $65211959 | $4970253 | $9592308 | $3134899 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $23344958 | $28266243 | $15979871 | $4441948 | $7317247 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 7491024 | 36945716 | (11009618) | 5150360 | (4182348) |
| **NET ASSETS** | $30835982 | $65211959 | $4970253 | $9592308 | $3134899 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 620001 | 1300001 | 1530001 | 170001 | 1140001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $49.74 | $50.16 | $3.25 | $56.43 | $2.75 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 45

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Short MSTR Daily ETF** | **GraniteShares 2x Long NOW Daily ETF** | **GraniteShares 2x Long PDD Daily ETF** | **GraniteShares 2x Long AVGO Daily ETF** | **GraniteShares 2x Long ETOR Daily ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $7988267 | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Investments at value | $7985863 | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Cash | 548199 | 158862 | 778121 | 2494638 | 488727 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 858000 | 7583200 | 5468123 | 21554250 | 1490000 |
| &nbsp;&nbsp;&nbsp;Due from advisor |  | 1515 | 1993 |  | 3436 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts | 1827119 |  | 28958 | 624476 | 27015 |
| &nbsp;&nbsp;&nbsp;Other assets | 248 | 1320 | 1046 | 4030 | 1482 |
| &nbsp;&nbsp;&nbsp;Total Assets | 11219429 | 7744897 | 6278241 | 24677394 | 2010660 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on total return swap contracts |  | 1137898 |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration payable | 682 | 377 | 387 | 368 | 478 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 8732 | 4909 | 4868 | 5233 | 4564 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 1941 | 1389 | 1336 | 1337 | 1934 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 7988267 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 1717 | 320 | 320 | 320 | 100 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 3674 | 2957 | 2991 | 2979 | 2483 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 142996 |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 3609 | 6185 | 5196 | 19464 | 2518 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 1090 | 154471 | 68988 | 153323 | 148180 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 4604 | 272 | 199 | 216 | 679 |
| &nbsp;&nbsp;&nbsp;Payable for Cash collateral | 400000 | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 8414316 | 1451774 | 84285 | 183240 | 160936 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $2805113 | $6293123 | $6193956 | $24494154 | $1849724 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1378463 | $8741573 | $6258307 | $24674805 | $2729496 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | 1426650 | (2448450) | (64351) | (180651) | (879772) |
| **NET ASSETS** | $2805113 | $6293123 | $6193956 | $24494154 | $1849724 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 30001 | 440001 | 220001 | 710001 | 150001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $93.50 | $14.30 | $28.15 | $34.50 | $12.33 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 46 www.graniteshares.com

GraniteShares ETF Trust <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long BULL Daily ETF** | **GraniteShares 2x Long ISRG Daily ETF** | **GraniteShares 2x Long NBIS Daily ETF** | **GraniteShares 2x Long GOOGL Daily ETF** |
| **ASSETS:** |  |  |  |  |
| Investments at cost | $– | $3994133 | $– | $– |
| &nbsp;&nbsp;&nbsp;Investments at value | $– | $3992931 | $– | $– |
| &nbsp;&nbsp;&nbsp;Cash | 119277 | 305049 | 1781842 | 596286 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 1900000 | 1000000 | 68200000 | 890000 |
| &nbsp;&nbsp;&nbsp;Due from advisor | 3200 | 3398 |  | 3873 |
| &nbsp;&nbsp;&nbsp;Due from counterparty |  | 601257 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swap contracts |  | 1115229 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 410 | 246 | 11767 | 1387 |
| &nbsp;&nbsp;&nbsp;Total Assets | 2022887 | 7018110 | 69993609 | 1491546 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on total return swap contracts | 325958 |  | 7512052 | 14513 |
| &nbsp;&nbsp;&nbsp;Administration payable | 478 | 388 | 388 | 167 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 4561 | 3685 | 4858 | 1741 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 1911 | 587 | 602 | 568 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 3994133 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 100 | 300 | 300 | 117 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 2478 | 2107 | 2107 | 415 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 2319 | 3414 | 55358 | 854 |
| &nbsp;&nbsp;&nbsp;Due to Counterparty | 134390 |  | 17539566 | 10704 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 691 | 614 | 943 | 693 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 472886 | 4005228 | 25116174 | 29772 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |
| **NET ASSETS** | $1550001 | $3012882 | $44877435 | $1461774 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $4512861 | $1346353 | $70208602 | $1481845 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(losses) | (2962860) | 1666529 | (25331167) | (20071) |
| **NET ASSETS** | $1550001 | $3012882 | $44877435 | $1461774 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 220001 | 80001 | 4970001 | 60001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $7.05 | $37.66 | $9.03 | $24.36 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 47

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long BABA Daily ETF** | **GraniteShares 2x Long META Daily ETF** | **GraniteShares 2x Long NVDA Daily ETF** | **GraniteShares 2x Long AAPL Daily ETF** | **GraniteShares 2x Long COIN Daily ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Interest | $1166663 | $2457977 | $8424837 | $359423 | $3242393 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1166663 | 2457977 | 8424837 | 359423 | 3242393 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 795300 | 1300134 | 22226410 | 154762 | 3970012 |
| &nbsp;&nbsp;&nbsp;Administration fees | 3432 | 8467 | 103729 | 2225 | 17560 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 5403 | 5418 | 7874 | 4883 | 6031 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 938 | 938 | 938 | 704 | 704 |
| &nbsp;&nbsp;&nbsp;Custody fees | 3763 | 2896 | 13520 | 1992 | 9075 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 33103 | 49910 | 704595 | 13099 | 132347 |
| &nbsp;&nbsp;&nbsp;Recoupment of waived fees | 41689 |  |  | 9663 |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 10581 | 17346 | 7777 | 7782 | 5258 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 894209 | 1385109 | 23064843 | 195110 | 4140987 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | – | – | – | (4475) | – |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (22700) | (25600) | (125850) | (10000) | (64250) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 871509 | 1359509 | 22938993 | 180635 | 4076737 |
| **NET INVESTMENT INCOME/(LOSS)** | 295154 | 1098468 | (14514156) | 178788 | (834344) |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (5502) | (8501) | (482641) | (1251) | (71872) |
| &nbsp;&nbsp;&nbsp;Total return swaps | (24733893) | (45743891) | 54142280 | 4158725 | 49744867 |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (24739395) | (45752392) | 53659639 | 4157474 | 49672995 |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (31552) | 36604 | (1998530) | (15025) | 185532 |
| &nbsp;&nbsp;&nbsp;Total return swaps | 63541466 | (19326692) | 998101359 | 12751031 | (715719908) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 63509914 | (19290088) | 996102829 | 12736006 | (715534376) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $39065673 | $(63944012) | $1035248312 | $17072268 | $(666695725) |

---

<u>*See Notes to Financial Statements.*</u>   <br> 48 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 1.25x Long TSLA Daily ETF** | **GraniteShares 2x Short NVDA Daily ETF** | **GraniteShares 2x Long TSLA Daily ETF** | **GraniteShares 2x Short TSLA Daily ETF** | **GraniteShares 2x Long AMD Daily ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $224866 | $2339747 | $1588825 | $1312208 | $2953873 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 224866 | 2339747 | 1588825 | 1312208 | 2953873 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 97032 | 1008921 | 1333140 | 372080 | 3143455 |
| &nbsp;&nbsp;&nbsp;Administration fees | 3697 | 7222 | 5446 | 2697 | 17351 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 4156 | 6364 | 5736 | 6056 | 5162 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 704 | 702 | 702 | 702 | 742 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1954 | 6049 | 4782 | 5755 | 5834 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 11341 | 32572 | 51644 | 20368 | 105829 |
| &nbsp;&nbsp;&nbsp;Recoupment of waived fees | 14042 |  | 38030 | 54211 |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 7259 | 10048 | 3233 | 8345 | 3812 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 140185 | 1071878 | 1442713 | 470214 | 3282185 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (13669) | – | (71714) | (37379) | – |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (12100) | (71700) | (33200) | (59550) | (30950) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 114416 | 1000178 | 1337799 | 373285 | 3251235 |
| **NET INVESTMENT INCOME/(LOSS)** | 110450 | 1339569 | 251026 | 938923 | (297362) |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (876) |  | (8008) |  | (11048) |
| &nbsp;&nbsp;&nbsp;Total return swaps | 285557 | (92064024) | 45663453 | (66984161) | 144190492 |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | 284681 | (92064024) | 45655445 | (66984161) | 144179444 |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (5142) | 487 | (68214) |  | (281821) |
| &nbsp;&nbsp;&nbsp;Total return swaps | 5824975 | 37269778 | 106250841 | (1998769) | 330564465 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 5819833 | 37270265 | 106182627 | (1998769) | 330282644 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6214964 | $(53454190) | $152089098 | $(68044007) | $474164726 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 49

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long AMZN Daily ETF** | **GraniteShares 2x Long MSFT Daily ETF** | **GraniteShares 2x Short COIN Daily ETF** | **GraniteShares 2x Long PLTR Daily ETF** | **GraniteShares 2x Long UBER Daily ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Interest | $778023 | $410339 | $358566 | $2464872 | $294426 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 778023 | 410339 | 358566 | 2464872 | 294426 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 285815 | 158175 | 101568 | 3416874 | 153493 |
| &nbsp;&nbsp;&nbsp;Administration fees | 2658 | 2420 | 695 | 6710 | 1477 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 5134 | 4778 | 5141 | 6955 | 5112 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 742 | 742 | 636 | 636 | 636 |
| &nbsp;&nbsp;&nbsp;Custody fees | 3493 | 3185 | 2507 | 7062 | 2278 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 17153 | 13160 | 11467 | 114583 | 13322 |
| &nbsp;&nbsp;&nbsp;Recoupment of waived fees | 18727 | 7390 |  |  | 4015 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9254 | 8152 | 7817 | 8145 | 8938 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 342976 | 198002 | 129831 | 3560965 | 189271 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (495) | (8110) | (2016) | – | (6449) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (9600) | (5900) | (18800) | (69200) | (4200) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 332881 | 183992 | 109015 | 3491765 | 178622 |
| **NET INVESTMENT INCOME/(LOSS)** | 445142 | 226347 | 249551 | (1026893) | 115804 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | (1275) | (326) | (43765) | (2976) |
| &nbsp;&nbsp;&nbsp;Total return swaps | 2827417 | (4019891) | (5346894) | 96503195 | (2916647) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | 2827417 | (4021166) | (5347220) | 96459430 | (2919623) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (6310) | 4505 | 2169 | (236969) | 2999 |
| &nbsp;&nbsp;&nbsp;Total return swaps | 4402963 | (2757019) | 23881575 | 167279946 | (6396804) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 4396653 | (2752514) | 23883744 | 167042977 | (6393805) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7669212 | $(6547333) | $18786075 | $262475514 | $(9197624) |

---

<u>*See Notes to Financial Statements.*</u>   <br> 50 www.graniteshares.com

GraniteShares ETF Trust <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long MU Daily ETF** | **GraniteShares 2x Long TSM Daily ETF** | **GraniteShares 2x Long CRWD Daily ETF** | **GraniteShares 2x Long SMCI Daily ETF** | **GraniteShares 2x Long QCOM Daily ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $183805 | $163740 | $410874 | $692586 | $167770 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 183805 | 163740 | 410874 | 692586 | 167770 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 184564 | 147493 | 216200 | 397716 | 71038 |
| &nbsp;&nbsp;&nbsp;Administration fees | 587 | 715 | 936 | 1271 | 496 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 4799 | 4855 | 5126 | 5790 | 4635 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 802 | 802 | 636 | 636 | 745 |
| &nbsp;&nbsp;&nbsp;Custody fees | 2641 | 2879 | 3161 | 5002 | 1914 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 12876 | 11918 | 13561 | 17745 | 10248 |
| &nbsp;&nbsp;&nbsp;Recoupment of waived fees | 17636 | 6350 | 14956 |  | 2317 |
| &nbsp;&nbsp;&nbsp;Other expenses | 7161 | 7266 | 7729 | 8045 | 6422 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 231066 | 182278 | 262305 | 436205 | 97815 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (8512) | (6673) | (803) | – | (13055) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (8650) | (5850) | (12100) | (51850) | (2800) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 213904 | 169755 | 249402 | 384355 | 81960 |
| **NET INVESTMENT INCOME/(LOSS)** | (30099) | (6015) | 161472 | 308231 | 85810 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1650) | (2126) | (2126) | (1650) | (50) |
| &nbsp;&nbsp;&nbsp;Total return swaps | (8292913) | (2479499) | 1632008 | (5656720) | (2592486) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (8294563) | (2481625) | 1629882 | (5658370) | (2592536) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (65945) | (18266) | (2909) | 5839 |  |
| &nbsp;&nbsp;&nbsp;Total return swaps | 50211082 | 11356263 | (4969144) | (45744057) | 1298952 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 50145137 | 11337997 | (4972053) | (45738218) | 1298952 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $41820475 | $8850357 | $(3180699) | $(51088357) | $(1207774) |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 51

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long DELL Daily ETF** | **GraniteShares 2x Long INTC Daily ETF** | **GraniteShares 2x Long MARA Daily ETF** | **GraniteShares 2x Long MRVL Daily ETF** | **GraniteShares 2x Long IONQ Daily ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $120963 | $669490 | $1131562 | $381882 | $484974 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 120963 | 669490 | 1131562 | 381882 | 484974 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 83979 | 505113 | 462919 | 237981 | 226207 |
| &nbsp;&nbsp;&nbsp;Administration fees | 511 | 721 | 779 | 682 | 648 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 4717 | 5485 | 4169 | 4364 | 4261 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 745 | 745 | 747 | 747 | 753 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1987 | 3469 | 2969 | 2963 | 1855 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 10580 | 20531 | 19442 | 14225 | 13803 |
| &nbsp;&nbsp;&nbsp;Recoupment of waived fees | 2942 | 14231 | 18231 | 21123 | 16120 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6285 | 6888 | 7739 | 7644 | 7024 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 111746 | 557183 | 516995 | 289729 | 270671 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (10711) | – | – | – | (3642) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (3850) | (15050) | (14300) | (13400) | (5500) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 97185 | 542133 | 502695 | 276329 | 261529 |
| **NET INVESTMENT INCOME** | 23778 | 127357 | 628867 | 105553 | 223445 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1026) | (4501) | (725) | (2352) | (2451) |
| &nbsp;&nbsp;&nbsp;Total return swaps | (1557210) | 2510876 | (100637191) | 13737012 | (23761659) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (1558236) | 2506375 | (100637916) | 13734660 | (23764110) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1238) | (63706) |  | (7949) | 1335 |
| &nbsp;&nbsp;&nbsp;Total return swaps | 555016 | 53068748 | (7953382) | 7827340 | (5015075) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 553778 | 53005042 | (7953382) | 7819391 | (5013740) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(980680) | $55638774 | $(107962431) | $21659604 | $(28554405) |

---

<u>*See Notes to Financial Statements.*</u>   <br> 52 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long VRT Daily ETF** | **GraniteShares 2x Long RDDT Daily ETF** | **GraniteShares 2x Long LCID Daily ETF** | **GraniteShares 2x Long RIVN Daily ETF** | **GraniteShares 2x Long MSTR Daily ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Interest | $214493 | $699106 | $107604 | $85865 | $33146 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 214493 | 699106 | 107604 | 85865 | 33146 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 146692 | 362445 | 33054 | 29526 | 11476 |
| &nbsp;&nbsp;&nbsp;Administration fees | 522 | 809 | 466 | 461 | 649 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 4188 | 4283 | 4482 | 4401 | 4526 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 753 | 753 | 687 | 687 | 1348 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1718 | 1978 | 1867 | 1639 | 1588 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 11917 | 16973 | 9457 | 9300 | 11373 |
| &nbsp;&nbsp;&nbsp;Recoupment of waived fees | 8313 | 18374 | 3040 | 724 | 1942 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6518 | 6797 | 6002 | 5905 | 7484 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 180621 | 412412 | 59055 | 52643 | 40386 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (6615) | – | (15077) | (15595) | (25822) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (4700) | (9100) | (5800) | (2500) | (1300) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 169306 | 403312 | 38178 | 34548 | 13264 |
| **NET INVESTMENT INCOME** | 45187 | 295794 | 69426 | 51317 | 19882 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1251) | (4727) | (425) | (26) | (7) |
| &nbsp;&nbsp;&nbsp;Total return swaps | (5018218) | (6412296) | (9647628) | (1084658) | (4172322) |
| &nbsp;&nbsp;&nbsp;Total Net realized loss | (5019469) | (6417023) | (9648053) | (1084684) | (4172329) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (10686) | (49220) |  | (7212) | (300) |
| &nbsp;&nbsp;&nbsp;Total return swaps | 8514735 | 33455212 | (742480) | 5879568 | (73452) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 8504049 | 33405992 | (742480) | 5872356 | (73752) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3529767 | $27284763 | $(10321107) | $4838989 | $(4226199) |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 53

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Short MSTR Daily ETF** | **GraniteShares 2x Long NOW Daily ETF<sup>\*</sup>** | **GraniteShares 2x Long PDD Daily ETF<sup>\*</sup>** | **GraniteShares 2x Long AVGO Daily ETF<sup>\*</sup>** | **GraniteShares 2x Long ETOR Daily ETF<sup>†</sup>** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $12647 | $78338 | $37229 | $100431 | $4147 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 12647 | 78338 | 37229 | 100431 | 4147 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 6367 | 29692 | 15587 | 44616 | 7186 |
| &nbsp;&nbsp;&nbsp;Administration fees | 643 | 493 | 488 | 490 | 480 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 4529 | 4239 | 4230 | 4253 | 3008 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1348 | 677 | 677 | 677 | 458 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1633 | 1567 | 1324 | 1402 | 1439 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 11249 | 8794 | 8445 | 9127 | 6652 |
| &nbsp;&nbsp;&nbsp;Recoupment of waived fees | 1600 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 7470 | 5890 | 5821 | 5836 | 4328 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 34839 | 51352 | 36572 | 66401 | 23551 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (26408) | (15842) | (17849) | (13651) | (15191) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (1100) | (1200) | (600) | (1100) | (100) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 7331 | 34310 | 18123 | 51650 | 8260 |
| **NET INVESTMENT INCOME/(LOSS)** | 5316 | 44028 | 19106 | 48781 | (4113) |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  |  | (23) |  |  |
| &nbsp;&nbsp;&nbsp;Total return swaps | (387506) | (1354580) | (91714) | (853908) | (902674) |
| &nbsp;&nbsp;&nbsp;Total Net realized loss | (387506) | (1354580) | (91737) | (853908) | (902674) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (2404) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total return swaps | 1868816 | (1137898) | 28958 | 624476 | 27015 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 1866412 | (1137898) | 28958 | 624476 | 27015 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1484222 | $(2448450) | $(43673) | $(180651) | $(879772) |

---

<sup>\*</sup> *Commenced operations on July 14, 2025.* <br> <sup>†</sup> *Commenced operations on September 2, 2025.*

<u>*See Notes to Financial Statements.*</u>   <br> 54 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GraniteShares 2x Long BULL Daily ETF<sup>\*</sup>** | **GraniteShares 2x Long ISRG Daily ETF<sup>†</sup>** | **GraniteShares 2x Long NBIS Daily ETF<sup>†</sup>** | **GraniteShares 2x Long GOOGL Daily ETF<sup>‡</sup>** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $1566 | $18167 | $312520 | $2833 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1566 | 18167 | 312520 | 2833 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 8306 | 11164 | 95951 | 854 |
| &nbsp;&nbsp;&nbsp;Administration fees | 480 | 391 | 399 | 167 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 3031 | 2107 | 2107 | 415 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 458 | 300 | 300 | 117 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1439 | 65 | 80 | 51 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 6678 | 5067 | 7055 | 1951 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4338 | 3303 | 3631 | 1269 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 24730 | 22397 | 109523 | 4824 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (14908) | (9545) | – | (3873) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 5) | (400) | – | – | – |
| &nbsp;&nbsp;&nbsp;Net Expenses | 9422 | 12852 | 109523 | 951 |
| **NET INVESTMENT INCOME/(LOSS)** | (7856) | 5315 | 202997 | 1882 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (24) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total return swaps | (2629022) | 547187 | (18022112) | (7440) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (2629046) | 547187 | (18022112) | (7440) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | (1202) |  |  |
| &nbsp;&nbsp;&nbsp;Total return swaps | (325958) | 1115229 | (7512052) | (14513) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (325958) | 1114027 | (7512052) | (14513) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2962860) | $1666529 | $(25331167) | $(20071) |

---

<sup>\*</sup> Commenced operations on September 2, 2025. <br> <sup>†</sup> Commenced operations on October 6, 2025. <br> <sup>‡</sup> Commenced operations on December 1, 2025.

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 55

<u>GraniteShares 2x Long BABA Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended<br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $295154 | $806176 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (24739395) | (7219516) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 63509914 | 30734731 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 39065673 | 24321391 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 184083086 | 454729363 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (141829686) | (417096613) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 42253400 | 37632750 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 81319073 | 61954141 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 80863433 | 18909292 |
| &nbsp;&nbsp;&nbsp;End of period | $162182506 | $80863433 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3250001 | 1450001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 4790000 | 17480000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3540000) | (15680000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 4500001 | 3250001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 56 www.graniteshares.com

<u>GraniteShares 2x Long META Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1098468 | $2199427 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (45752392) | 38676165 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (19290088) | 50865558 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (63944012) | 91741150 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (8035991) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (8035991) | – |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 544877014 | 1430804380 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (260142660) | (1465155566) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 284734354 | (34351186) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 212754351 | 57389964 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 166896572 | 109506608 |
| &nbsp;&nbsp;&nbsp;End of period | $379650923 | $166896572 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3650005 | 4100005 |
| &nbsp;&nbsp;&nbsp;Shares sold | 15170000 | 37180000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7160000) | (37630000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 11660005 | 3650005 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 57

<u>GraniteShares 2x Long NVDA Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(14514156) | $823191 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 53659639 | (1005344333) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 996102829 | 1635532636 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1035248312 | 631011494 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3889152125 | 9234694497 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4310710427) | (10466188975) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (421558302) | (1231494478) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 613690010 | (600482984) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4123031947 | 4723514931 |
| &nbsp;&nbsp;&nbsp;End of period  | $4736721957 | $4123031947 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 58480006 | 67870006 |
| &nbsp;&nbsp;&nbsp;Shares sold | 44600000 | 174550000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (49250000) | (183940000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 53830006 | 58480006 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 58 www.graniteshares.com

<u>GraniteShares 2x Long AAPL Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $178788 | $473528 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4157474 | 5751809 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 12736006 | (6120450) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 17072268 | 104887 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1197804) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1197804) | – |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 36559523 | 158360031 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (53684985) | (164277279) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (17125462) | (5917248) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (1250998) | (5812361) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 29407986 | 35220347 |
| &nbsp;&nbsp;&nbsp;End of period | $28156988 | $29407986 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1460001 | 1390001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1520000 | 7820000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2100000) | (7750000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 880001 | 1460001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 59

<u>GraniteShares 2x Long COIN Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(834344) | $6353772 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 49672995 | (674337237) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (715534376) | 860284163 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (666695725) | 192300698 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1292016257 | 2283551625 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1084113887) | (2040332574) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 207902370 | 243219051 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (458793355) | 435519749 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 923024020 | 487504271 |
| &nbsp;&nbsp;&nbsp;End of period | $464230665 | $923024020 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 20000001 | 10730001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 37070000 | 68910000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (25400000) | (59640000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 31670001 | 20000001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 60 www.graniteshares.com

<u>GraniteShares 1.25x Long TSLA Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended<br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $110450 | $370634 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 284681 | 2930892 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 5819833 | 2060314 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 6214964 | 5361840 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 74128566 | 190452643 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (60725204) | (190126729) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 13403362 | 325914 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 19618326 | 5687754 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 13670308 | 7982554 |
| &nbsp;&nbsp;&nbsp;End of period  | $33288634 | $13670308 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1090001 | 1020001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 4460000 | 15620000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3770000) | (15550000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1780001 | 1090001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 61

<u>GraniteShares 2x Short NVDA Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1339569 | $2484380 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (92064024) | (51459333) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 37270265 | (31945174) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (53454190) | (80920127) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (11523207) | (6044171) |
| &nbsp;&nbsp;&nbsp;Total distributions | (11523207) | (6044171) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 665947797 | 987706472 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (668165868) | (821860215) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (2218071) | 165846257 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (67195468) | 78881959 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 157263028 | 78381069 |
| &nbsp;&nbsp;&nbsp;End of period | $90067560 | $157263028 |
| **CAPITAL SHARE TRANSACTIONS:<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 12447577 | 1419200 |
| &nbsp;&nbsp;&nbsp;Shares sold | 73420000 | 37173200 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (73280000) | (26144823) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 12587577 | 12447577 |

---

<sup>\*</sup> *The Fund had a 1 for 25 reverse stock split after the close of business November 4, 2024. See Note 1 in the accompanying Notes to Financial Statements.*

<u>*See Notes to Financial Statements.*</u>   <br> 62 www.graniteshares.com

<u>GraniteShares 2x Long TSLA Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $251026 | $1653653 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 45655445 | (80349363) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 106182627 | 80903985 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 152089098 | 2208275 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 326115907 | 478695663 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (386115762) | (262961750) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (59999855) | 215733913 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 92089243 | 217942188 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 256250017 | 38307829 |
| &nbsp;&nbsp;&nbsp;End of period  | $348339260 | $256250017 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 13550001 | 2750000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 11030000 | 22590001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (13700000) | (11790000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 10880001 | 13550001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 63

<u>GraniteShares 2x Short TSLA Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br>December 31, 2025** | **For the Year Ended <br>June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $938923 | $1343732 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (66984161) | (80118067) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (1998769) | 5957313 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (68044007) | (72817022) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6099207) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (6099207) | – |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 409480137 | 582725357 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (354921968) | (429694747) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 54558169 | 153030610 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (19585045) | 80213588 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 87201804 | 6988216 |
| &nbsp;&nbsp;&nbsp;End of period | $67616759 | $87201804 |
| **CAPITAL SHARE TRANSACTIONS:<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3808982 | 22500 |
| &nbsp;&nbsp;&nbsp;Shares sold | 36280000 | 13409500 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (31330000) | (9623018) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 8758982 | 3808982 |

---

<sup>\*</sup> *The Fund had a 1 for 20 reverse stock split after the close of business January 10, 2025. See Note 1 in the accompanying Notes to Financial Statements.*

<u>*See Notes to Financial Statements.*</u>   <br> 64 www.graniteshares.com

<u>GraniteShares 2x Long AMD Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(297362) | $6199312 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 144179444 | (312457091) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 330282644 | 238967522 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 474164726 | (67290257) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 801985953 | 708730693 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1158734730) | (236938816) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (356748777) | 471791877 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 117415949 | 404501620 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 459582679 | 55081059 |
| &nbsp;&nbsp;&nbsp;<br>End of period | $576998628 | $459582679 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 53920000 | 3350000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 60530000 | 81540000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (77320000) | (30970000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 37130000 | 53920000 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 65

<u>GraniteShares 2x Long AMZN Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $445142 | $920025 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 2827417 | (5765260) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 4396653 | 7464290 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7669212 | 2619055 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 67998158 | 80391715 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (69521543) | (50574788) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (1523385) | 29816927 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 6145827 | 32435982 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 49488830 | 17052848 |
| &nbsp;&nbsp;&nbsp;End of period | $55634657 | $49488830 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1600000 | 580000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2210000 | 2890000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2040000) | (1870000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1770000 | 1600000 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 66 www.graniteshares.com

<u>GraniteShares 2x Long MSFT Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Year Ended<br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $226347 | $588845 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (4021166) | (4346978) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (2752514) | 7625352 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (6547333) | 3867219 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 50640471 | 59033256 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18294088) | (53292266) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 32346383 | 5740990 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 25799050 | 9608209 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of period** | 19879068 | 10270859 |
| &nbsp;&nbsp;&nbsp;**<br> End of period**  | $45678118 | $19879068 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 660000 | 370000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1620000 | 2580000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (600000) | (2290000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | <br> 1680000 | <br> 660000 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 67

<u>GraniteShares 2x Short COIN Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period**<br> **September 3, 2024**<br> (**Commencement of<br> Operations) to <br> June 30, 2025<sup>\*</sup>** |
|  | **(Unaudited)\*** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $249551 | $113758 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (5347220) | (5108203) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 23883744 | (7902743) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 18786075 | (12897188) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (197547) | (64112) |
| &nbsp;&nbsp;&nbsp;Total distributions | (197547) | (64112) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 99527732 | 99677509 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (132239198) | (50028438) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (32711466) | 49649071 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (14122938) | 36687771 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 36687771 | – |
| &nbsp;&nbsp;&nbsp;End of period | $22564833 | $36687771 |
| **CAPITAL SHARE TRANSACTIONS:<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 760000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2461500 | 1193000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2890500) | (433000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 331000 | 760000 |

---

*<sup>\*</sup>* *Effective May 5, 2025 the fund changed its name from 1x Short Coin Daily ETF to 2x Short Coin Daily ETF.*

*<sup>(a)</sup>* *The Fund had a 1 for 20 reverse stock split after the close of business August 14, 2025. See Note 1 in the accompanying Notes to Financial Statements*

<u>*See Notes to Financial Statements.*</u>   <br> 68 www.graniteshares.com

<u>GraniteShares 2x Long PLTR Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period <br>September 3, 2024<br> (Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(1026893) | $1707566 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 96459430 | 44353702 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 167042977 | 431308306 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 262475514 | 477369574 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (34638390) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (34638390) | – |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 514849865 | 2558746853 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (640044574) | (2549293756) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (125194709) | 9453097 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 102642415 | 486822671 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 486822671 | – |
| &nbsp;&nbsp;&nbsp;End of period | $589465086 | $486822671 |
| **CAPITAL SHARE TRANSACTIONS:**<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 25050015 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 19880000 | 180750015 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (22870000) | (155700000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 22060015 | 25050015 |

---

*<sup>(a)</sup>* *The Fund had a 15 for 1 stock split after the close of business July 8, 2025. See Note 1 in the accompanying Notes to Financial Statements.*

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 69

<u>GraniteShares 2x Long UBER Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> December 31, 2025** | **For the Period <br>September 3, 2024<br> (Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $115804 | $247342 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (2919623) | 6687354 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (6393805) | 15131962 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (9197624) | 22066658 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2592921) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (2592921) | – |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 35091986 | 175270601 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (23520445) | (168016373) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 11571541 | 7254228 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (219004) | 29320886 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 29320886 | – |
| &nbsp;&nbsp;&nbsp;End of period | $29101882 | $29320886 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 880001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1200000 | 6620001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (710000) | (5740000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1370001 | 880001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 70 www.graniteshares.com

<u>GraniteShares 2x Long MU Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period <br>November 11, 2024 <br>(Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(30099) | $37188 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (8294563) | 1212726 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 50145137 | 4845767 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 41820475 | 6095681 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (322543) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (322543) | – |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 88862892 | 57169999 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (55677134) | (54476492) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 33185758 | 2693507 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 74683690 | 8789188 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 8789188 | – |
| &nbsp;&nbsp;&nbsp;End of period | $83472878 | $8789188 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 410001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1850000 | 3490001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1330000) | (3080000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 930001 | 410001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 71

<u>GraniteShares 2x Long TSM Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period <br>November 11, 2024<br> (Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(6015) | $65445 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (2481625) | (2882165) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 11337997 | 6483056 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 8850357 | 3666336 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 20472746 | 19218114 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15338606) | (8823721) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 5134140 | 10394393 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 13984497 | 14060729 |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of period** | 14060729 | – |
| &nbsp;&nbsp;&nbsp;**End of period** | $28045226 | $14060729 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 510001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 530000 | 920001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (400000) | (410000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 640001 | 510001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 72 www.graniteshares.com

<u>GraniteShares 2x Long CRWD Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period <br>November 11, 2024<br> (Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $161472 | $139500 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 1629882 | (5162972) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (4972053) | 14649324 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (3180699) | 9625852 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 29136919 | 65403657 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (37081242) | (39902281) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (7944323) | 25501376 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (11125022) | 35127228 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 35127228 | – |
| &nbsp;&nbsp;&nbsp;End of period | $24002206 | $35127228 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 830001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 950000 | 2150001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1000000) | (1320000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 780001 | 830001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 73

<u>GraniteShares 2x Long SMCI Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period <br>December 10, 2024<br> (Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $308231 | $269618 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (5658370) | (32918455) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (45738218) | 35983441 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (51088357) | 3334604 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 103288086 | 157906377 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (82011126) | (88096180) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 21276960 | 69810197 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (29811397) | 73144801 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 73144801 | – |
| &nbsp;&nbsp;&nbsp;End of period | $43333404 | $73144801 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 4000000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10480000 | 9720000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4900000) | (5720000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 9580000 | 4000000 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 74 www.graniteshares.com

<u>GraniteShares 2x Long QCOM Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period<br> February 12, 2025<br> (Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $85810 | $8537 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (2592536) | (205320) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 1298952 | 603210 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (1207774) | 406427 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 28147730 | 5312026 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14380474) | (2538968) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 13767256 | 2773058 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 12559482 | 3179485 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3179485 | – |
| &nbsp;&nbsp;&nbsp;End of period | $15738967 | $3179485 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 160001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1260000 | 300001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (680000) | (140000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 740001 | 160001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 75

<u>GraniteShares 2x Long DELL Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> December 31, 2025** | **For the Period<br> February 12, 2025<br> (Commencement of<br> Operations) to <br> June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $23778 | $18796 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1558236) | (1324934) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 553778 | 3929476 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (980680) | 2623338 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 19240144 | 10446817 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (11609919) | (5965047) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 7630225 | 4481770 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 6649545 | 7105108 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of period** | 7105108 | – |
| &nbsp;&nbsp;&nbsp;**End of period** | $13754653 | $7105108 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 290001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 700000 | 670001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (390000) | (380000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 600001 | 290001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 76 www.graniteshares.com

<u>GraniteShares 2x Long INTC Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **February 12, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $127357 | $146441 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 2506375 | (8399243) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 53005042 | 4230874 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 55638774 | (4021928) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 126289555 | 57748821 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (100749958) | (30968590) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 25539597 | 26780231 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 81178371 | 22758303 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 22758303 | – |
| &nbsp;&nbsp;&nbsp;End of period | $103936674 | $22758303 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1150001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3940000 | 2780001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2680000) | (1630000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2410001 | 1150001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 77

<u>GraniteShares 2x Long MARA Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **March 6, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $628867 | $79384 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (100637916) | (4211360) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (7953382) | 5254268 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (107962431) | 1122292 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 137293743 | 45842252 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (30321327) | (5222512) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 106972416 | 40619740 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (990015) | 41742032 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 41742032 | – |
| &nbsp;&nbsp;&nbsp;End of period | $40752017 | $41742032 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2110001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8330000 | 2430001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1520000) | (320000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 8920001 | 2110001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 78 www.graniteshares.com

<u>GraniteShares 2x Long MRVL Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **March 6, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $105553 | $28270 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 13734660 | (744025) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 7819391 | 7073064 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 21659604 | 6357309 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 131144096 | 20746317 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (134527665) | (6456976) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (3383569) | 14289341 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 18276035 | 20646650 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 20646650 | – |
| &nbsp;&nbsp;&nbsp;End of period  | $38922685 | $20646650 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 900001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8330000 | 1270001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (7420000) | (370000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1810001 | 900001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 79

<u>GraniteShares 2x Long IONQ Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **March 24, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $223445 | $22947 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (23764110) | (1504661) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (5013740) | 3462114 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (28554405) | 1980400 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 93725281 | 14549809 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (26649151) | (2785925) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 67076130 | 11763884 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 38521725 | 13744284 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 13744284 | – |
| &nbsp;&nbsp;&nbsp;End of period | $52266009 | $13744284 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 280001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1700000 | 370001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (390000) | (90000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1590001 | 280001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 80 www.graniteshares.com

<u>GraniteShares 2x Long VRT Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **March 24, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $45187 | $7624 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (5019469) | (645872) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 8504049 | 4599505 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3529767 | 3961257 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 32499347 | 6774710 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13691783) | (2237316) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 18807564 | 4537394 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 22337331 | 8498651 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 8498651 | – |
| &nbsp;&nbsp;&nbsp;End of period | $30835982 | $8498651 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 220001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 650000 | 330001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (250000) | (110000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 620001 | 220001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 81

<u>GraniteShares 2x Long RDDT Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **March 24, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $295794 | $50144 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (6417023) | (2732974) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 33405992 | 12343783 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 27284763 | 9660953 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 82545990 | 32479638 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (70915354) | (15844031) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 11630636 | 16635607 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 38915399 | 26296560 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 26296560 | – |
| &nbsp;&nbsp;&nbsp;End of period | $65211959 | $26296560 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 920001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1870000 | 1890001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1490000) | (970000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1300001 | 920001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 82 www.graniteshares.com

<u>GraniteShares 2x Long LCID Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **April 21, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $69426 | $13781 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (9648053) | (405739) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (742480) | (296553) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (10321107) | (688511) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 24831113 | 5749617 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13281923) | (1318936) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 11549190 | 4430681 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1228083 | 3742170 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3742170 | – |
| &nbsp;&nbsp;&nbsp;End of period | $4970253 | $3742170 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 200001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2180000 | 260001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (850000) | (60000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1530001 | 200001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 83

<u>GraniteShares 2x Long RIVN Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **April 21, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $51317 | $5181 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (1084684) | 287790 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 5872356 | 18400 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4838989 | 311371 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 13491549 | 1863976 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (10162873) | (750704) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 3328676 | 1113272 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 8167665 | 1424643 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1424643 | – |
| &nbsp;&nbsp;&nbsp;End of period | $9592308 | $1424643 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 40001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 380000 | 60001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (250000) | (20000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 170001 | 40001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 84 www.graniteshares.com

<u>GraniteShares 2x Long MSTR Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **June 9, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $19882 | $1031 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (4172329) | (30632) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (73752) | 73452 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (4226199) | 43851 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 10382914 | 967018 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3804233) | (228452) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 6578681 | 738566 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2352482 | 782417 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 782417 | – |
| &nbsp;&nbsp;&nbsp;End of period | $3134899 | $782417 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 30001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1490000 | 40001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (380000) | (10000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1140001 | 30001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 85

<u>GraniteShares 2x Short MSTR Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2025** | **For the Period**<br> **June 9, 2025**<br> **(Commencement of<br> Operations) to**<br> **June 30, 2025** |
|  | **(Unaudited)** |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5316 | $939 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (387506) | (16814) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 1866412 | (41697) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 1484222 | (57572) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 6785856 | 750025 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6157418) | – |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 628438 | 750025 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2112660 | 692453 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 692453 | – |
| &nbsp;&nbsp;&nbsp;End of period | $2805113 | $692453 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 30001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 170000 | 30001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (170000) | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 30001 | 30001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 86 www.graniteshares.com

<u>GraniteShares 2x Long NOW Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period <br> July 14, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $44028 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1354580) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (1137898) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (2448450) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 13717884 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4976311) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 8741573 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 6293123 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $6293123 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 680001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (240000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 440001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 87

<u>GraniteShares 2x Long PDD Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period <br> July 14, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $19106 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (91737) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 28958 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (43673) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (20678) |
| &nbsp;&nbsp;&nbsp;Total distributions | (20678) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 8789544 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2531237) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 6258307 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 6193956 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $6193956 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 290001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (70000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 220001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 88 www.graniteshares.com

<u>GraniteShares 2x Long AVGO Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period <br> July 14, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $48781 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (853908) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 624476 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (180651) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 28382388 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3707583) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 24674805 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 24494154 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $24494154 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 810001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (100000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 710001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 89

<u>GraniteShares 2x Long ETOR Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period<br> September 2, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(4113) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (902674) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 27015 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (879772) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3484373 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (754877) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 2729496 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1849724 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1849724 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 190001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (40000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 150001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 90 www.graniteshares.com

<u>GraniteShares 2x Long BULL Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period<br> September 2, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(7856) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (2629046) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (325958) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (2962860) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 6612859 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2099998) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 4512861 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1550001 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1550001 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 350001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (130000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 220001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 91

<u>GraniteShares 2x Long ISRG Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period<br> October 6, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5315 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 547187 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 1114027 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1666529 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 6502767 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5156414) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1346353 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 3012882 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $3012882 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 230001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (150000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 80001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 92 www.graniteshares.com

<u>GraniteShares 2x Long NBIS Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period<br> October 6, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $202997 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (18022112) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (7512052) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (25331167) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 79013015 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (8804413) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 70208602 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 44877435 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $44877435 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5540001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (570000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 4970001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 93

<u>GraniteShares 2x Long GOOGL Daily ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period<br> December 1, 2025<br> (Commencement of<br> Operations) to<br> December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1882 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (7440) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (14513) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (20071) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2000174 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (518329) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1481845 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1461774 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1461774 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 80001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (20000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 60001 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 94 www.graniteshares.com

<u>GraniteShares 2x Long BABA Daily ETF</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Periods Presented

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six<br> Months Ended <br>December 31, 2025 <br> (Unaudited)** | **For the <br>Year Ended <br>June 30, 2025** | **For the <br>Year Ended <br>June 30, 2024** | **For the Period<br> December 12, 2022<br> (Commencement of<br> Operations) <br>June 30, 2023** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $24.88 | $13.04 | $19.42 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.07 | 0.34 | 0.08 | 0.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 11.09 | 11.50 | (6.46) | (5.58) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 11.16 | 11.84 | (6.38) | (5.58) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 11.16 | 11.84 | (6.38) | (5.58) |
| **NET ASSET VALUE, END OF PERIOD** | $36.04 | $24.88 | $13.04 | $19.42 |
| **TOTAL RETURN<sup>(b)</sup>** | 44.86% | 90.80% | (32.85)% | (22.29)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 44.83% | 90.72% | (32.87)% | (25.54)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $162183 | $80863 | $18909 | $3495 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.11 %<sup>(d)</sup> | 1.23% | 1.52% | 3.60 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.08 %<sup>(d)</sup> | 1.15% | 1.15% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.37 %<sup>(d)</sup> | 1.38% | 0.54% | 0.03 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> Semi-Annual Report \| December 31, 2025 95

<u>GraniteShares 2x Long META Daily ETF</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Periods Presented

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six <br> Months Ended<br> December 31, 2025 <br> (Unaudited)** | **For the <br> Year Ended <br> June 30, 2025** | **For the <br> Year Ended <br> June 30, 2024<sup>\*</sup>** | **For the Period<br> December 12, 2022<br> (Commencement of<br> Operations) to <br> June 30, 2023<sup>\*</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $45.73 | $26.71 | $18.20 | $5.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.51 | 0.21 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (12.65) | 18.51 | 16.31 | 13.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (12.50) | 19.02 | 16.52 | 13.20 |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (7.89) |  |
| &nbsp;&nbsp;&nbsp;From realized gains | (0.67) | – | (0.12) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.67) | – | (8.01) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (13.17) | 19.02 | 8.51 | 13.20 |
| **NET ASSET VALUE, END OF PERIOD** | $32.56 | $45.73 | $26.71 | $18.20 |
| **TOTAL RETURN<sup>(b)</sup>** | (27.32) % | 71.21% | 121.19% | 264.19% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (27.42)% | 71.38% | 121.22% | 237.51% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $379651 | $166897 | $109507 | $6371 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.05 %<sup>(d)</sup> | 1.13% | 1.22% | 3.48 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.03 %<sup>(d)</sup> | 1.09% | 1.15% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.83 %<sup>(d)</sup> | 1.55% | 0.86% | 1.07 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% | 0% |

---

*<sup>\*</sup>* *The Fund had a 5 for 1 stock split after the close of business March 12, 2024. See Note 1 in the accompanying Notes to Financial Statements.*

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 96 www.graniteshares.com

<u>GraniteShares 2x Long NVDA Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the <br> Year Ended<br> June 30, 2025** | **For the <br> Year Ended<br> June 30, 2024\*** | **For the Period<br> December 12, 2022<br> (Commencement of <br> Operations) to<br> June 30, 2023\*** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $70.50 | $69.60 | $14.06 | $4.17 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.28) | 0.01 | (0.18) | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 17.77 | 0.89 | 57.41 | 9.83 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 17.49 | 0.90 | 57.23 | 9.89 |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (1.61) |  |
| &nbsp;&nbsp;&nbsp;From realized gains | – | – | (0.08) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | – | (1.69) | – |
| **NET INCREASE IN NET ASSET VALUE** | 17.49 | 0.90 | 55.54 | 9.89 |
| **NET ASSET VALUE, END OF PERIOD** | $87.99 | $70.50 | $69.60 | $14.06 |
| **TOTAL RETURN<sup>(b)</sup>** | 24.81% | 1.29% | 450.96% | 237.62% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 25.01% | 1.22% | 452.02% | 222.13% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $4736722 | $4123032 | $4723515 | $118957 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.03 %<sup>(d)</sup> | 1.05% | 1.06% | 1.57 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.02 %<sup>(d)</sup> | 1.05% | 1.06% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.65)%<sup>(d)</sup> | 0.02% | (0.49)% | 1.13 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 10597% | 11811% | 0% |

---

 

*<sup>\*</sup>* *The Fund had a 6 for 1 stock split after the close of business March 12, 2024. See Note 1 in the accompanying Notes to Financial Statements.*

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 97

 

<u>GraniteShares 2x Long AAPL Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **June 30, 2025** | **For the**<br> **Year Ended**<br> **June 30, 2024** | **For the Period**<br> **August 8, 2022**<br> **(Commencement of<br> Operations) to<br> June 30, 2023** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.14 | $25.34 | $29.38 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 | 0.51 | 0.10 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 13.11 | (5.71) | 0.17 | 4.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 13.27 | (5.20) | 0.27 | 4.38 |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (4.31) |  |
| &nbsp;&nbsp;&nbsp;From realized gains | (1.41) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.41) | – | (4.31) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 11.86 | (5.20) | (4.04) | 4.38 |
| **NET ASSET VALUE, END OF PERIOD** | $32.00 | $20.14 | $25.34 | $29.38 |
| **TOTAL RETURN<sup>(b)</sup>** | 65.79% | (20.52)% | 2.32% | 17.57% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 66.05% | (20.47)% | 2.42% | 17.16% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $28157 | $29408 | $35220 | $3525 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.24 %<sup>(d)</sup> | 1.41% | 1.65% | 5.09 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> | 1.15% | 1.15% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.14 %<sup>(d)</sup> | 1.96% | 0.47% | 0.44 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u>   <br> 98 www.graniteshares.com

 

<u>GraniteShares 2x Long COIN Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six <br>Months Ended <br>December 31, 2025 <br>(Unaudited)** | **For the <br>Year Ended <br>June 30, 2025** | **For the <br>Year Ended <br>June 30, 2024** | **For the Period <br>August 8, 2022 <br>(Commencement of<br> Operations) to<br> June 30, 2023** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $46.15 | $45.43 | $10.26 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.03) | 0.26 | (0.27) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (31.46) | 0.46 | 35.55 | (14.75) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (31.49) | 0.72 | 35.28 | (14.74) |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | – | – | (0.11) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | – | (0.11) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (31.49) | 0.72 | 35.17 | (14.74) |
| **NET ASSET VALUE, END OF PERIOD** | $14.66 | $46.15 | $45.43 | $10.26 |
| **TOTAL RETURN<sup>(b)</sup>** | (68.23)% | 1.58% | 343.82% | (58.94)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (68.21)% | 1.50% | 344.36% | (51.40)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $464231 | $923024 | $487504 | $7594 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.03 %<sup>(d)</sup> | 1.06% | 1.12% | 2.46 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.02 %<sup>(d)</sup> | 1.04% | 1.10% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.21)%<sup>(d)</sup> | 0.83% | (0.57)% | 0.17 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 44577% | 0% |

---

 

<sup>(a)</sup> *Based on daily average shares outstanding during the period*.

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 99

 

<u>GraniteShares 1.25x Long TSLA Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six <br>Months Ended <br>December 31, 2025** | **For the <br>Year Ended <br>June 30, 2025** | **For the <br>Year Ended <br>June 30, 2024** | **For the Period <br>August 8, 2022 <br>(Commencement of<br> Operations) to<br> June 30, 2023** |
|  | **(Unaudited)** | | | |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $12.54 | $7.83 | $19.64 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.09 | 0.30 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 6.07 | 4.41 | (5.27) | (5.47) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 6.16 | 4.71 | (5.15) | (5.36) |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (6.59) |  |
| &nbsp;&nbsp;&nbsp;From return of capital | – | – | (0.07) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | – | (6.66) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 6.16 | 4.71 | (11.81) | (5.36) |
| **NET ASSET VALUE, END OF PERIOD** | $18.70 | $12.54 | $7.83 | $19.64 |
| **TOTAL RETURN<sup>(b)</sup>** | 49.12% | 60.15% | (37.53)% | (21.44)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 49.12% | 60.36% | (37.45)% | (19.55)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $33289 | $13670 | $7983 | $7265 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.41 %<sup>(d)</sup> | 1.55% | 1.98% | 2.67 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> | 1.15% | 1.15% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.11 %<sup>(d)</sup> | 2.41% | 1.09% | 0.89 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 100 www.graniteshares.com

 

<u>GraniteShares 2x Short NVDA Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **June 30, 2025\*** | **For the Period**<br> **August 21, 2023**<br> **(Commencement of<br> Operations) to<br> June 30, 2024\*** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $12.63 | $55.25 | $625.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.08 | 0.82 | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (4.70) | (40.83) | (494.50) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (4.62) | (40.01) | (494.75) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.85) | (2.61) | (37.50) |
| &nbsp;&nbsp;&nbsp;From realized gains | – | – | (37.50) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.85) | (2.61) | (75.00) |
| **NET (DECREASE) IN NET ASSET VALUE** | (5.47) | (42.62) | (569.75) |
| **NET ASSET VALUE, END OF PERIOD** | $7.16 | $12.63 | $55.25 |
| **TOTAL RETURN<sup>(b)</sup>** | (36.48)% | (75.07)% | (89.77)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (36.53)% | (75.16)% | (89.72)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $90068 | $157263 | $78381 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.37 %<sup>(d)</sup> | 1.48% | 1.74 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.28 %<sup>(d)</sup> | 1.35% | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 1.72 %<sup>(d)</sup> | 2.95% | (0.41)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% |

---

 

*<sup>\*</sup>* *The Fund had a 1 for 25 reverse stock split after the close of business November 4, 2024. See Note 1 in the accompanying Notes to Financial Statements.*

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 101

 

<u>GraniteShares 2x Long TSLA Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six <br>Months Ended <br>December 31, 2025 <br>(Unaudited)** | **For the <br>Year Ended <br>June 30, 2025** | **For the Period <br>August 21, 2023 <br>(Commencement of<br> Operations) to<br> June 30, 2024** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.91 | $13.93 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | 0.25 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 13.09 | 4.73 | (11.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 13.11 | 4.98 | (11.07) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 13.11 | 4.98 | (11.07) |
| **NET ASSET VALUE, END OF PERIOD** | $32.02 | $18.91 | $13.93 |
| **TOTAL RETURN<sup>(b)</sup>** | 69.33% | 35.75% | (44.26)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 69.37% | 35.58% | (44.22)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $348339 | $256250 | $38308 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.02 %<sup>(d)</sup> | 1.08% | 1.99 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets  | 0.95 %<sup>(d)</sup> | 0.95 %<sup>(e)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.18 %<sup>(d)</sup> | 1.14% | (0.09)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Effective July 1, 2024, the investment adviser fee changed from 1.30% to 0.95% and the net expense limitation agreement changed from 1.50% to 0.95%. Refer to Note 5.*

<u>*See Notes to Financial Statements.*</u>   <br> 102 www.graniteshares.com

 

<u>GraniteShares 2x Short TSLA Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the Year Ended <br> June 30, 2025\*** | **For the Period<br> August 21, 2023<br> (Commencement of<br> Operations) to<br> June 30, 2024\*** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.89 | $310.60 | $500.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.15 | 1.14 | (1.00) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (14.67) | (288.85) | (111.20) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (14.52) | (287.71) | (112.20) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.65) |  | (5.40) |
| &nbsp;&nbsp;&nbsp;From realized gains | – | – | (71.80) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.65) | – | (77.20) |
| **NET (DECREASE) IN NET ASSET VALUE** | (15.17) | (287.71) | (189.40) |
| **NET ASSET VALUE, END OF PERIOD** | $7.72 | $22.89 | $310.60 |
| **TOTAL RETURN<sup>(b)</sup>** | (63.30)% | (92.63)% | (21.22)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (63.32)% | (92.63)% | (21.22)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $67617 | $87202 | $6988 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.20 %<sup>(d)</sup> | 1.24% | 2.95 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.95 %<sup>(d)</sup> | 0.95 %(e) | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.39 %<sup>(d)</sup> | 3.03% | (0.29)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% |

---

 

*<sup>\*</sup>* *The Fund had a 1 for 20 reverse stock split after the close of business January 10, 2025. See Note 1 in the accompanying Notes to Financial Statements.*

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Effective July 1, 2024, the investment adviser fee changed from 1.30% to 0.95% and the net expense limitation agreement changed from 1.50% to 0.95%. Refer to Note 5.*

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 103

 

<u>GraniteShares 2x Long AMD Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the Year Ended <br> June 30, 2025** | **For the Period<br> March 18, 2024<br> (Commencement of<br> Operations) to<br> June 30, 2024** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $8.52 | $16.44 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.01) | 0.20 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 7.03 | (8.12) | (8.57) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.02 | (7.92) | (8.56) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 7.02 | (7.92) | (8.56) |
| **NET ASSET VALUE, END OF PERIOD** | $15.54 | $8.52 | $16.44 |
| **TOTAL RETURN<sup>(b)</sup>** | 82.39% | (48.18)% | (34.24)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 82.39% | (48.11)% | (34.32)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $576999 | $459583 | $55081 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.04 %<sup>(d)</sup> | 1.10% | 1.44 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.03 %<sup>(d)</sup> | 1.07% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.09)%<sup>(d)</sup> | 2.92% | 0.29 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 104 www.graniteshares.com

 

<u>GraniteShares 2x Long AMZN Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the Year Ended <br> June 30, 2025** | **For the Period<br> March 18, 2024<br> (Commencement of<br> Operations) to<br> June 30, 2024** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $30.93 | $29.40 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.25 | 0.81 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.25 | 0.72 | 4.30 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 1.53 | 4.40 |
| **NET INCREASE IN NET ASSET VALUE** | 0.50 | 1.53 | 4.40 |
| **NET ASSET VALUE, END OF PERIOD** | $31.43 | $30.93 | $29.40 |
| **TOTAL RETURN<sup>(b)</sup>** | 1.62% | 5.20% | 17.60% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 1.58% | 5.10% | 17.72% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $55635 | $49489 | $17053 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.18 %<sup>(d)</sup> | 1.27% | 2.28 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> | 1.15% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.54 %<sup>(d)</sup> | 2.87% | 1.31 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 105

 

<u>GraniteShares 2x Long MSFT Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the Year Ended <br> June 30, 2025** | **For the Period<br> March 18, 2024<br> (Commencement of<br> Operations) to<br> June 30, 2024** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $30.12 | $27.76 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.21 | 0.66 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (3.14) | 1.70 | 2.66 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.93) | 2.36 | 2.76 |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.93) | 2.36 | 2.76 |
| **NET ASSET VALUE, END OF PERIOD** | $27.19 | $30.12 | $27.76 |
| **TOTAL RETURN<sup>(b)</sup>** | (9.73)% | 8.50% | 11.04% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (9.64)% | 8.32% | 11.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $45678 | $19879 | $10271 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.24 %<sup>(d)</sup> | 1.40% | 3.55 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> | 1.15% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.41 %<sup>(d)</sup> | 2.89% | 1.46 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*(d)* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 106 www.graniteshares.com

 

<u>GraniteShares 2x Short COIN Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended <br> December 31, 2025 (Unaudited)#\*** | **For the Period<br> September 3, 2024<br> (Commencement of<br> Operations) to <br> June 30, 2025#\*** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $48.27 | $500.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.55 | 2.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 19.95 | (450.88) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 20.50 | (448.44) |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.60) | (3.29) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.60) | (3.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 19.90 | (451.73) |
| **NET ASSET VALUE, END OF PERIOD** | $68.17 | $48.27 |
| **TOTAL RETURN<sup>(b)</sup>** | 2755.03% | (90.20)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 2744.90% | (90.18)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $22565 | $36688 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.25 %<sup>(d)</sup> | 2.36 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.05 %<sup>(d)</sup> | 1.33 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.40 %<sup>(d)</sup> | 2.68 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

---

| | |
|:---|:---|
| <sup>\*</sup> | *Effective May 5, 2025 the fund changed its name from 1x Short Coin Daily ETF to 2x Short Coin Daily ETF.* |
| <sup>#</sup> | *The Fund had a 1 for 20 reverse stock split after the close of business August 14, 2025. See Note 1 in the accompanying Notes to Financial Statements* |
| *<sup>(a)</sup>* | *Based on daily average shares outstanding during the period.* |
| *<sup>(b)</sup>* | *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).* |
| *<sup>(c)</sup>* | *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.* |
| <sup>(d)</sup> | *Annualized.* |
| *<sup>(e)</sup>* | *Effective May 9, 2025, the investment adviser fee changed from 1.30% to 0.99% and the net expense limitation agreement changed from 1.50% to 1.15%. Refer to Note 5.* |

---

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 107

 

<u>GraniteShares 2x Long PLTR Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended<br> December 31, 2025<br> (Unaudited)#** | **For the Period<br> September 3, 2024<br> (Commencement of<br> Operations) to <br> June 30, 2025#** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.43 | $1.67 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.04) | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 8.88 | 17.69 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 8.84 | 17.76 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;From realized gains | (1.55) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.55) | – |
| **NET INCREASE IN NET ASSET VALUE** | 7.29 | 17.76 |
| **NET ASSET VALUE, END OF PERIOD** | $26.72 | $19.43 |
| **TOTAL RETURN<sup>(b)</sup>** | 44.92% | 1066.04% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 44.91% | 1067.04% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $589465 | $486823 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.03 %<sup>(d)</sup> | 1.05 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.01 %<sup>(d)</sup> | 1.04 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.30)%<sup>(d)</sup> | 0.71 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 17002 %<sup>(e)</sup> |

---

 

# *The Fund had a 15 for 1 stock split after the close of business July 8, 2025. See Note 1 in the accompanying Notes to Financial Statements.*

*(a)* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*(d)* *Annualized.*

(e) *Not Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 108 www.graniteshares.com

 

<u>GraniteShares 2x Long UBER Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**September 3, 2024**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $33.32 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.12 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (9.98) | 8.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (9.86) | 8.32 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;From realized gains | (2.22) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.22) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (12.08) | 8.32 |
| **NET ASSET VALUE, END OF PERIOD** | $21.24 | $33.32 |
| **TOTAL RETURN<sup>(b)</sup>** | (29.58)% | 33.28% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (29.60)% | 33.20% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $29102 | $29321 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.22 %<sup>(d)</sup> | 1.39 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.75 %<sup>(d)</sup> | 1.63 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 109

<u>GraniteShares 2x Long MU Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended <br>December 31, 2025 <br>(Unaudited)** | **For the Period<br> November 11, 2024<br> (Commencement of <br>Operations) to<br> June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $21.44 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.05) | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 68.72 | (3.68) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 68.67 | (3.56) |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;From realized gains | (0.35) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.35) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 68.32 | (3.56) |
| **NET ASSET VALUE, END OF PERIOD** | $89.76 | $21.44 |
| **TOTAL RETURN<sup>(b)</sup>** | 320.17% | (14.24)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 321.14% | (14.36)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $83473 | $8789 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.62 %<sup>(d)</sup> | 3.14 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.21)%<sup>(d)</sup> | 1.34 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized*

<u>*See Notes to Financial Statements.*</u>   <br> 110 www.graniteshares.com

<u>GraniteShares 2x Long TSM Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **For the Period**<br> **November 11, 2024**<br> **(Commencement of<br> Operations) to<br> June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $27.57 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.01) | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 16.26 | 2.37 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 16.25 | 2.57 |
| **NET INCREASE IN NET ASSET VALUE** | 16.25 | 2.57 |
| **NET ASSET VALUE, END OF PERIOD** | $43.82 | $27.57 |
| **TOTAL RETURN<sup>(b)</sup>** | 58.94% | 10.28% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 59.03% | 10.32% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $28045 | $14061 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.61 %<sup>(d)</sup> | 2.54 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.05)%<sup>(d)</sup> | 1.58 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 111

<u>GraniteShares 2x Long CRWD Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended <br>December 31, 2025 <br>(Unaudited)** | **For the Period <br>November 11, 2024 <br>(Commencement of<br> Operations) to<br> June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $42.32 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.17 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (11.72) | 17.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (11.55) | 17.32 |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (11.55) | 17.32 |
| **NET ASSET VALUE, END OF PERIOD** | $30.77 | $42.32 |
| **TOTAL RETURN<sup>(b)</sup>** | (27.29)% | 69.28% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (26.98)% | 69.04% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $24002 | $35127 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.58 %<sup>(d)</sup> | 1.92 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.97 %<sup>(d)</sup> | 1.61 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u>   <br> 112 www.graniteshares.com

<u>GraniteShares 2x Long SMCI Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**December 10, 2024**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.29 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.06 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (13.83) | (6.82) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (13.77) | (6.71) |
| <br>**NET (DECREASE) IN NET ASSET VALUE**  | (13.77) | (6.71) |
| **NET ASSET VALUE, END OF PERIOD** | $4.52 | $18.29 |
| **TOTAL RETURN<sup>(b)</sup>** | (75.29)% | (26.84)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (75.31)% | (26.92)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net assets, end of period (in 000s) | $43333 | $73145 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.43 %<sup>(d)</sup> | 1.56 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.26 %<sup>(d)</sup> | 1.49 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.01 %<sup>(d)</sup> | 1.39 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 113

 

<u>GraniteShares 2x Long QCOM Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**February 12, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.87 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.17 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.23 | (5.24) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.40 | (5.13) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 1.40 | (5.13) |
| **NET ASSET VALUE, END OF PERIOD** | $21.27 | $19.87 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.05% | (20.52)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 7.04% | (20.48)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $15739 | $3180 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.79 %<sup>(d)</sup> | 7.54 %(d) |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.50 %(d) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.57 %<sup>(d)</sup> | 1.71 %(d) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u>   <br> 114 www.graniteshares.com

<u>GraniteShares 2x Long DELL Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**February 12, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $24.50 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.05 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (1.63) | (0.59) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.58) | (0.50) |
| <br>**NET (DECREASE) IN NET ASSET VALUE**  | (1.58) | (0.50) |
| **NET ASSET VALUE, END OF PERIOD** | $22.92 | $24.50 |
| **TOTAL RETURN<sup>(b)</sup>** | (6.45)% | (2.00)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (6.64)% | (1.76)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $13755 | $7105 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.72 %<sup>(d)</sup> | 3.60 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.37 %<sup>(d)</sup> | 1.29 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 115

 

<u>GraniteShares 2x Long INTC Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**February 12, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.79 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.06 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 23.28 | (5.37) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 23.34 | (5.21) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 23.34 | (5.21) |
| **NET ASSET VALUE, END OF PERIOD** | $43.13 | $19.79 |
| **TOTAL RETURN<sup>(b)</sup>** | 117.94% | (20.84)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 118.63% | (21.00)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $103937 | $22758 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.42 %<sup>(d)</sup> | 1.89 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.38 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.32 %<sup>(d)</sup> | 2.24 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u>   <br> 116 www.graniteshares.com

 

<u>GraniteShares 2x Long MARA Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**March 6, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.78 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (15.34) | (5.32) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (15.21) | (5.22) |
| <br>**NET (DECREASE) IN NET ASSET VALUE**  | (15.21) | (5.22) |
| **NET ASSET VALUE, END OF PERIOD** | $4.57 | $19.78 |
| **TOTAL RETURN<sup>(b)</sup>** | (76.90)% | (20.88)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (76.83)% | (20.92)% |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $40752 | $41742 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.45 %<sup>(d)</sup> | 1.94 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.41 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.77 %<sup>(d)</sup> | 1.71 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 117

 

<u>GraniteShares 2x Long MRVL Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**March 6, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.94 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (1.50) | (2.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.44) | (2.06) |
| <br>**NET (DECREASE) IN NET ASSET VALUE**  | (1.44) | (2.06) |
| **NET ASSET VALUE, END OF PERIOD** | $21.50 | $22.94 |
| **TOTAL RETURN<sup>(b)</sup>** | (6.28)% | (8.24)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (6.11)% | (8.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $38923 | $20647 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.55 %<sup>(d)</sup> | 2.53 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.48 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.56 %<sup>(d)</sup> | 1.36 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u>   <br> 118 www.graniteshares.com

 

<u>GraniteShares 2x Long IONQ Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**March 24, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $49.09 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.33 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (16.55) | 23.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (16.22) | 24.09 |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (16.22) | 24.09 |
| **NET ASSET VALUE, END OF PERIOD** | $32.87 | $49.09 |
| **TOTAL RETURN<sup>(b)</sup>** | (33.04)% | 96.36% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (33.22)% | 96.84% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $52266 | $13744 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.55 %<sup>(d)</sup> | 3.63 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.28 %<sup>(d)</sup> | 1.68 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 119

 

<u>GraniteShares 2x Long VRT Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the Six**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**March 24, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $38.63 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 11.01 | 13.58 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 11.11 | 13.63 |
| **NET INCREASE IN NET ASSET VALUE** | 11.11 | 13.63 |
| **NET ASSET VALUE, END OF PERIOD** | $49.74 | $38.63 |
| **TOTAL RETURN<sup>(b)</sup>** | 28.76% | 54.52% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 29.09% | 54.44% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $30836 | $8499 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.60 %<sup>(d)</sup> | 3.83 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.40 %<sup>(d)</sup> | 0.73 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 120 www.graniteshares.com

 

<u>GraniteShares 2x Long RDDT Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the Six**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**March 24, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $28.58 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.24 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 21.34 | 3.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 21.58 | 3.58 |
| **NET INCREASE IN NET ASSET VALUE** | 21.58 | 3.58 |
| **NET ASSET VALUE, END OF PERIOD** | $50.16 | $28.58 |
| **TOTAL RETURN<sup>(b)</sup>** | 75.51% | 14.32% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 75.51% | 14.16% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $65212 | $26297 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.47 %<sup>(d)</sup> | 2.44 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.44 %<sup>(d)</sup> | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.05 %<sup>(d)</sup> | 1.69 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 121

 

<u>GraniteShares 2x Long LCID Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**April 21, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.71 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (15.56) | (6.41) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (15.46) | (6.29) |
| **NET (DECREASE) IN NET ASSET VALUE** | (15.46) | (6.29) |
| **NET ASSET VALUE, END OF PERIOD** | $3.25 | $18.71 |
| **TOTAL RETURN<sup>(b)</sup>** | (82.63)% | (25.16)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (82.62)% | (25.20)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $4970 | $3742 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.78 %<sup>(d)</sup> | 4.67 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.09 %<sup>(d)</sup> | 2.78 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 122 www.graniteshares.com

 

<u>GraniteShares 2x Long RIVN Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**April 21, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $35.62 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.32 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 20.49 | 10.47 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 20.81 | 10.62 |
| **NET INCREASE IN NET ASSET VALUE** | 20.81 | 10.62 |
| **NET ASSET VALUE, END OF PERIOD** | $56.43 | $35.62 |
| **TOTAL RETURN<sup>(b)</sup>** | 58.42% | 42.48% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 58.86% | 42.16% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $9592 | $1425 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.75 %<sup>(d)</sup> | 7.89 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.71 %<sup>(d)</sup> | 1.98 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 123

 

<u>GraniteShares 2x Long MSTR Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**June 9, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $26.08 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (23.40) | 1.05 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (23.33) | 1.08 |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (23.33) | 1.08 |
| **NET ASSET VALUE, END OF PERIOD** | $2.75 | $26.08 |
| **TOTAL RETURN<sup>(b)</sup>** | (89.46)% | 4.32% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (89.49)% | 4.24% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $3135 | $782 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 4.57 %<sup>(d)</sup> | 39.00 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.42 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.25 %<sup>(d)</sup> | 2.53 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 124 www.graniteshares.com

 

<u>GraniteShares 2x Short MSTR Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **For the Period**<br>**June 9, 2025**<br>**(Commencement of**<br>**Operations) to**<br>**June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $23.08 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.24 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 70.18 | (1.95) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 70.42 | (1.92) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 70.42 | (1.92) |
| **NET ASSET VALUE, END OF PERIOD** | $93.50 | $23.08 |
| **TOTAL RETURN<sup>(b)</sup>** | 305.11% | (7.68)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 305.98% | (7.76)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $2805 | $692 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 7.13 %<sup>(d)</sup> | 35.02 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> | 1.44 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.09 %<sup>(d)</sup> | 2.06 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower of market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 125

 

<u>GraniteShares 2x Long NOW Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | |
|:---|:---|
|  | **For the Period**<br> **July 14, 2025**<br> **(Commencement of Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (10.87) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (10.70) |
| **NET (DECREASE) IN NET ASSET VALUE** | (10.70) |
| **NET ASSET VALUE, END OF PERIOD** | $14.30 |
| **TOTAL RETURN<sup>(b)</sup>** | (42.80)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (42.72)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $6293 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 2.24 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.92 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*(a)* *Based on daily average shares outstanding during the period.* 

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).* 

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.* 

*(d)* *Annualized.* 

<u>*See Notes to Financial Statements.*</u>   <br> 126 www.graniteshares.com

 

<u>GraniteShares 2x Long PDD Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | |
|:---|:---|
|  | **For the Period**<br> **July 14, 2025**<br> **(Commencement of Operations) to<br> December 31,** **2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.00 |
| **INCOME FROM OPERATIONS:** |  |
| Net investment income<sup>(a)</sup> | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 3.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.24 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |
| &nbsp;&nbsp;&nbsp;From realized gains | (0.09) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.09) |
| **NET INCREASE IN NET ASSET VALUE** | 3.15 |
| **NET ASSET VALUE, END OF PERIOD** | $28.15 |
| **TOTAL RETURN<sup>(b)</sup>** | 12.97% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 12.61% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $6194 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 3.02 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.58 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*(a)* *Based on daily average shares outstanding during the period.* 

*(b)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).* 

*(c)* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.* 

*(d)* *Annualized.* 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 127

<u>GraniteShares 2x Long AVGO Daily ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | |
|:---|:---|
|  | **For the Period**<br> **July 14, 2025**<br> **(Commencement of Operations) to<br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 9.26 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 9.50 |
| **NET INCREASE IN NET ASSET VALUE** | 9.50 |
| **NET ASSET VALUE, END OF PERIOD** | $34.50 |
| **TOTAL RETURN<sup>(b)</sup>** | 37.96% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 38.12% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $24494 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.93 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.42 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

<u>*See Notes to Financial Statements.*</u>   <br> 128 www.graniteshares.com

 

<u>GraniteShares 2x Long ETOR Daily ETF</u>   <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period**<br> **September 2, 2025<br> (Commencement of Operations) to<br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| &nbsp;&nbsp;**INCOME FROM OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (12.63) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (12.67) |
| **NET (DECREASE) IN NET ASSET VALUE** | (12.67) |
| **NET ASSET VALUE, END OF PERIOD** | $12.33 |
| **TOTAL RETURN<sup>(b)</sup>** | (50.68)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (50.64)% |
| &nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1850 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 4.28 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.75)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 129

 

<u>GraniteShares 2x Long BULL Daily ETF</u>   <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | |
|:---|:---|
|  | **For the Period <br>September 2, 2025<br>(Commencement of Operations) to<br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (17.90) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (17.95) |
| **NET (DECREASE) IN NET ASSET VALUE** | (17.95) |
| **NET ASSET VALUE, END OF PERIOD** | $7.05 |
| **TOTAL RETURN<sup>(b)</sup>** | (71.80)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (71.68)% |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1550 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 3.94 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (1.25)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u>   <br> 130 www.graniteshares.com

 

<u>GraniteShares 2x Long ISRG Daily ETF</u>   <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | |
|:---|:---|
|  | **For the Period <br>October 6, 2025<br>(Commencement of Operations) to<br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 12.61 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 12.66 |
| **NET INCREASE IN NET ASSET VALUE** | 12.66 |
| **NET ASSET VALUE, END OF PERIOD** | $37.66 |
| **TOTAL RETURN<sup>(b)</sup>** | 50.64% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | 50.48% |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $3013 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 2.61 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.62 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 131

 

<u>GraniteShares 2x Long NBIS Daily ETF</u>   <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | |
|:---|:---|
|  | **For the Period <br>October 6, 2025<br>(Commencement of Operations) to<br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (16.05) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (15.97) |
| **NET (DECREASE) IN NET ASSET VALUE** | (15.97) |
| **NET ASSET VALUE, END OF PERIOD** | $9.03 |
| **TOTAL RETURN<sup>(b)</sup>** | (63.88)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (63.88)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $44877 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 1.48 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.48 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.74 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u>   <br> 132 www.graniteshares.com

 

<u>GraniteShares 2x Long GOOGL Daily ETF</u>   <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

 

---

| | |
|:---|:---|
|  | **For the Period <br>December 1, 2025<br>(Commencement of Operations) to<br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (0.68) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.64) |
| **NET (DECREASE) IN NET ASSET VALUE** | (0.64) |
| **NET ASSET VALUE, END OF PERIOD** | $24.36 |
| **TOTAL RETURN<sup>(b)</sup>** | (2.56)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (2.56)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1462 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 5.82 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.27 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

 

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on ex-date).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

 

<u>*See Notes to Financial Statements.*</u> <br> Semi-Annual Report \| December 31, 2025 133

 

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

 

**1. ORGANIZATION**

 

The GraniteShares ETF Trust (the "Trust") was organized as a Delaware statutory trust on November 7, 2016. The Trust is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is an open-end management investment company currently consisting of thirty nine investment series. This report pertains to the GraniteShares 2x Long BABA Daily ETF ("BABX"), GraniteShares 2x Long META Daily ETF ("FBL"), GraniteShares 2x Long NVDA Daily ETF ("NVDL"), GraniteShares 2x Long AAPL Daily ETF ("AAPB"), GraniteShares 2x Long COIN Daily ETF ("CONL"), GraniteShares 1.25x Long TSLA Daily ETF ("TSL"), GraniteShares 2x Short NVDA Daily ETF ("NVD"), GraniteShares 2x Long TSLA Daily ETF ("TSLR"), GraniteShares 2x Short TSLA Daily ETF ("TSDD"), GraniteShares 2x Long AMD Daily ETF ("AMDL"), GraniteShares 2x Long AMZN Daily ETF ("AMZZ"), GraniteShares 2x Long MSFT Daily ETF ("MSFL"), GraniteShares 2x Short COIN Daily ETF ("CONI") (formerly GraniteShares 1x Short COIN Daily ETF), GraniteShares 2x Long PLTR Daily ETF ("PTIR"), GraniteShares 2x Long UBER Daily ETF ("UBRL"), GraniteShares 2x Long MU Daily ETF ("MULL"), GraniteShares 2x Long TSM Daily ETF ("TSMU"), GraniteShares 2x Long CRWD Daily ETF ("CRWL"), GraniteShares 2x Long SMCI Daily ETF ("SMCL"), GraniteShares 2x Long QCOM Daily ETF ("QCML"), GraniteShares 2x Long DELL Daily ETF ("DLLL"), GraniteShares 2x Long INTC Daily ETF ("INTW"), GraniteShares 2x Long MARA Daily ETF ("MRAL"), GraniteShares 2x Long MRVL Daily ETF ("MVLL"), GraniteShares 2x Long IONQ Daily ETF ("IONL"), GraniteShares 2x Long VRT Daily ETF ("VRTL"), GraniteShares 2x Long RDDT Daily ETF ("RDTL"), GraniteShares 2x Long LCID Daily ETF ("LCDL"), GraniteShares 2x Long RIVN Daily ETF ("RVNL"), GraniteShares 2x Long MSTR Daily ETF ("MSTP"), GraniteShares 2x Short MSTR Daily ETF ("MSDD"), GraniteShares 2x Long NOW Daily ETF ("NOWL"), GraniteShares 2x Long PDD Daily ETF ("PDDL"), GraniteShares 2x Long AVGO Daily ETF ("AVGU"), GraniteShares 2x Long ETOR Daily ETF ("ETRL"), GraniteShares 2x Long BULL Daily ETF ("BULX"), GraniteShares 2x Long ISRG Daily ETF ("ISUL"), GraniteShares 2x Long NBIS Daily ETF ("NBIL"), and GraniteShares 2x Long GOOGL Daily ETF ("GOU") (each, a "Fund", and collectively, the "Funds"). AAPB, CONL and TSL commenced operations on August 08, 2022. BABX, FBL and NVDL commenced operations on December 12, 2022. NVD, TSLR and TSDD commenced operations on August 21, 2023. AMDL, AMZZ and MSFL commenced operations on March 18, 2024. CONI, PTIR and UBRL commenced operations on September 3, 2024. MULL, TSMU and CRWL commenced operations on November 11, 2024. SMCL commenced operations on December 10, 2024. QCML, DLLL and INTW commenced operations on February 12, 2025. MRAL and MVLL commenced operations on March 6, 2025. IONL, VRTL and RDTL commenced operations on March 24, 2025. LCDL and RVNL commenced operations on April 21, 2025. MSTP and MSDD commenced operations on June 9, 2025. NOWL, PDDL and AVGU commenced operations on July 14, 2025. ETRL and BULX commenced operations on September 2, 2025. ISUL and NBIL commenced operations on October 6, 2025. GOU commenced operations on December 1, 2025. Each Fund is a non-diversified series of a management investment company under the 1940 Act. The remaining Funds in the Trust are presented separately.

The GraniteShares 2x Long META Daily ETF executed a five-for-one stock split, effective after the close of business on March 12, 2024. On March 13, 2024, shareholders will be deemed to hold five Fund shares for every one Fund share previously held as of the close of business on March 12, 2024. The stock split did not change the total value of the shareholders' investment in the Fund.

The GraniteShares 2x Long NVDA Daily ETF executed a six-for-one stock split, effective after the close of business on March 12, 2024. On March 13, 2024, shareholders will be deemed to hold six Fund shares for every one Fund share previously held as of the close of business on March 12, 2024. The stock split did not change the total value of the shareholders' investment in the Fund.

The GraniteShares 2x Short NVDA Daily ETF executed a one-for-twenty five reverse stock split, effective after the close of business on November 1, 2024. On November 4, 2024, shareholders will be deemed to hold one Fund share for every twenty five Fund shares previously held as of the close of business on November 1, 2024. The reverse stock split did not change the total value of the shareholders' investment in the Fund.

The GraniteShares 2x Short TSLA Daily ETF executed a one-for-twenty reverse stock split, effective after the close of business on January 10, 2025. On January 13, 2025, shareholders will be deemed to hold one Fund share for every twenty Fund shares previously held as of the close of business on January 10, 2025. The reverse stock split did not change the total value of the shareholders' investment in the Fund.

The GraniteShares 2x Long PLTR Daily ETF executed a fifteen-for-one stock split, effective after the close of business on July 8, 2025. On July 9, 2025, shareholders will be deemed to hold fifteen Fund shares for every one Fund share previously held as of the close of business on July 8, 2025. The stock split did not change the total value of the shareholders' investment in the Fund. The stock split was retroactively applied to the financial statements for fiscal year ended June 30, 2025.

The GraniteShares 2x Short COIN Daily ETF executed a one-for-twenty reverse stock split, effective after the close of business on August 14, 2025. On August 15, 2025, shareholders will be deemed to hold one Fund share for every twenty Fund shares previously held as of the close of business on August 14, 2025. The reverse stock split did not change the total value of the shareholders' investment in the Fund. The reverse stock split was retroactively applied to the financial statements for fiscal year ended June 30, 2025.

  <br> 134 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**2. SIGNIFICANT ACCOUNTING POLICIES**

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Funds follows the accounting and reporting guidance in the Accounting Standards Codifications 946, "Financial Services—Investment Companies" issued by the U.S. Financial Accounting Standards Board.

The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements.

**Investment Transactions and Investment Income:** Investment transactions are recorded on the trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as each Fund is informed of the ex-dividend dates. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

**Dividend Distributions:** Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds distribute all or substantially all of their net investment income to shareholders in the form of dividends.

**Total Return Swap contracts:** Each of the Funds AAPB, BABX, CONL, FBL, NVDL, TSL, TSLR, AMDL, AMZZ, MSFL, PTIR, UBRL, MULL, TSMU, CRWL, SMCL, QCML, DLLL, INTW, MRAL, MVLL, IONL, VRTL, RDTL, LCDL, RVNL, MSTP, NOWL, PDDL, AVGU, ETRL, BULX, ISUL, NBIL and GOU may enter into "long" total return swap contracts. Standard equity total return swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested in a particular security). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. Each Fund's obligations are accrued daily and offset by any amounts owed to the Fund.

In a "long" equity total return swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular security, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest on the notional amount of the total return swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such security plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the total return swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Funds' custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as "unrealized appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps".

NVD, TSDD, CONI, and MSDD may enter into total return swap contracts that provide the opposite return of the security ("short" the security). The operations are similar to that of the total return swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying security reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the security underlying the swap agreement can cause a scenario in which the Fund will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event.

  <br> Semi-Annual Report \| December 31, 2025 135

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

Collateral requirements generally differ by type of derivative. Collateral terms are contract specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Interest earned on collateral pledged to a counterparty and interest expense incurred on collateral received from a counterparty is included with the realized gains/losses on the Statements of Operations.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations.

**3. SECURITIES VALUATION**

The Funds calculate their net asset value ("NAV") each day the New York Stock Exchange (the "NYSE") is open for trading as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time (the "NAV Calculation Time").

The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of each Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange Arca, Inc. ("NYSE Arca") is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund's NAV per share.

If a market quotation is not readily available, the affected Fund's portfolio will be valued at fair value for which Trust's Board of Directors (the "Board") maintains responsibility under Rule 2a-5. To achieve this purpose, the Board relies on a committee (the "Valuation Committee") which consists of Trust's CCO and representatives of the Adviser. As rule 2a-5 went into effect on September 8, 2022, the Board approved new valuation and fair value procedures. One of the requirements is that the Board receives an annual report from the trust's CCO on the effectiveness of these procedures. Prior to September 8, 2022, if a market quotation was not readily available or was deemed not to reflect market value, the Adviser determined the price of the security held by the Funds based on a determination of the security's fair value pursuant to policies and procedures approved by the Board.

Fixed income instruments are valued based on prices received from pricing services. The pricing services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the pricing services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments.

Exchange-traded futures contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded futures contracts are fair valued at the mean of the last bid and asked prices, if available, and otherwise at the closing bid price. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.

Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined.

Securities regularly traded in the over-the-counter ("OTC") markets, including securities listed on an exchange but that are primarily traded OTC, other than those traded on the NASDAQ Stock Market, are valued on the basis of the mean between the bid and asked quotes furnished by primary market makers for those instruments. U.S. Treasury securities are valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes. In each of these situations, valuations are typically categorized as Level2 in the fair value hierarchy.

Exchange traded equity and bond futures contracts are generally valued at the official futures settlement price. These valuations are typically categorized as Level 1 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied. Non-exchange traded derivatives (e.g. non-exchange traded swap agreements) are generally valued using independent sources and/or agreement with counterparties or other procedures approved by the Board and are typically categorized as Level 2 in the fair value hierarchy.

  <br> 136 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Board or its delegate at fair value. These securities generally include but are not limited to, restricted securities (securities which may not be publicly sold without registration under the 1933 Act) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of each Fund net asset value (as may be the case in foreign markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, does not reflect the security's "fair value." A variety of factors may be considered in determining the fair value of such securities.

Valuing each Fund's investments using fair value pricing will result in using prices for those investments that may differ from current market valuations.

**4. 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 Fund's 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 at December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long BABA Daily ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $104814447 | $– | $104814447 |
| Total | $– | $104814447 | $– | $104814447 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| <br> Total Return Swap Contracts | $– | $93122782 | $– | $93122782 |
| Total | $– | $93122782 | $– | $93122782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long META Daily ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $85000000 | $– | $85000000 |
| Total | $– | $85000000 | $– | $85000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| <br> Total Return Swap Contracts | $– | $62255275 | $– | $62255275 |
| Total | $– | $62255275 | $– | $62255275 |

---

  <br> Semi-Annual Report \| December 31, 2025 137

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long NVDA Daily ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $11235402085 | $– | $11235402085 |
| Total | $– | $11235402085 | $– | $11235402085 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $4636494672 | $– | $4636494672 |
| Total | $– | $4636494672 | $– | $4636494672 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long AAPL Daily ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $49911642 | $– | $49911642 |
| Total | $– | $49911642 | $– | $49911642 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $13982688 | $– | $13982688 |
| Total | $– | $13982688 | $– | $13982688 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long COIN Daily ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $394346147 | $– | $394346147 |
| Total | $– | $394346147 | $– | $394346147 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $253041358 | $– | $253041358 |
| Total | $– | $253041358 | $– | $253041358 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 1.25x Long TSLA Daily ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $20962889 | $– | $20962889 |
| Total | $– | $20962889 | $– | $20962889 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| <br> Total Return Swap Contracts | $– | $9345917 | $– | $9345917 |
| Total | $– | $9345917 | $– | $9345917 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Short NVDA Daily ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $5000000 | $– | $5000000 |
| Total | $– | $5000000 | $– | $5000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $10993600 | $– | $10993600 |
| Total | $– | $10993600 | $– | $10993600 |

---

    <br> 138 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long TSLA Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $226598852 | $– | $226598852 |
| Total | $– | $226598852 | $– | $226598852 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $196314574 | $– | $196314574 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(1927702) | $– | $(1927702) |
| Total | $– | $194386872 | $– | $194386872 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Short TSLA Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $3635522 | $– | $3635522 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(1084) | $– | $(1084) |
| Total | $– | $3634438 | $– | $3634438 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long AMD Daily ETF**<br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $1023188651 | $– | $1023188651 |
| Total | $– | $1023188651 | $– | $1023188651 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $572668531 | $– | $572668531 |
| Total | $– | $572668531 | $– | $572668531 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long AMZN Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $20962889 | $– | $20962889 |
| Total | $– | $20962889 | $– | $20962889 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $13708023 | $– | $13708023 |
| Total | $– | $13708023 | $– | $13708023 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MSFT Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $5667140 | $– | $5667140 |
| Total | $– | $5667140 | $– | $5667140 |

---

Semi-Annual Report \| December 31, 2025 139

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Short COIN Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $15981001 | $– | $15981001 |
| Total | $– | $15981001 | $– | $15981001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long PLTR Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $1147967754 | $– | $1147967754 |
| Total | $– | $1147967754 | $– | $1147967754 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $600319000 | $– | $600319000 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(1622142) | $– | $(1622142) |
| Total | $– | $598696858 | $– | $598696858 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long UBER Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $19964657 | $– | $19964657 |
| Total | $– | $19964657 | $– | $19964657 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $8744167 | $– | $8744167 |
| Total | $– | $8744167 | $– | $8744167 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MU Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $229593551 | $– | $229593551 |
| Total | $– | $229593551 | $– | $229593551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $55060019 | $– | $55060019 |
| Total | $– | $55060019 | $– | $55060019 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long TSM Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $72870997 | $– | $72870997 |
| Total | $– | $72870997 | $– | $72870997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $17842989 | $– | $17842989 |
| Total | $– | $17842989 | $– | $17842989 |

---

140 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long CRWD Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $32941683 | $– | $32941683 |
| Total | $– | $32941683 | $– | $32941683 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Total Return Swap Contracts | $– | $9687188 | $– | $9687188 |
| Total | $– | $9687188 | $– | $9687188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long SMCI Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(9754777) | $– | $(9754777) |
| Total | $– | $(9754777) | $– | $(9754777) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long QCOM Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $1902162 | $– | $1902162 |
| Total | $– | $1902162 | $– | $1902162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long DELL Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $12977027 | $– | $12977027 |
| Total | $– | $12977027 | $– | $12977027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $4487161 | $– | $4487161 |
| Total | $– | $4487161 | $– | $4487161 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long INTC Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $211625360 | $– | $211625360 |
| Total | $– | $211625360 | $– | $211625360 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $57299622 | $– | $57299622 |
| Total | $– | $57299622 | $– | $57299622 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MARA Daily ETF**<br>**Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $– | $– | $– |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(2699114) | $– | $(2699114) |
| Total | $– | $(2699114) | $– | $(2699114) |

---

Semi-Annual Report \| December 31, 2025 141

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MRVL Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $36934615 | $– | $36934615 |
| Total | $– | $36934615 | $– | $36934615 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $14903573 | $– | $14903573 |
| Total | $– | $14903573 | $– | $14903573 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long IONQ Daily ETF<br>Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(1551626) | $– | $(1551626) |
| Total | $– | $(1551626) | $– | $(1551626) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long VRT Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $44920477 | $– | $44920477 |
| Total | $– | $44920477 | $– | $44920477 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $13117076 | $– | $13117076 |
| Total | $– | $13117076 | $– | $13117076 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long RDDT Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $190662471 | $– | $190662471 |
| Total | $– | $190662471 | $– | $190662471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $45807170 | $– | $45807170 |
| Total | $– | $45807170 | $– | $45807170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long LCID Daily ETF<br>Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(1039033) | $– | $(1039033) |
| Total | $– | $(1039033) | $– | $(1039033) |

---

142 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long RIVN Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $23957588 | $– | $23957588 |
| Total | $– | $23957588 | $– | $23957588 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $5897968 | $– | $5897968 |
| Total | $– | $5897968 | $– | $5897968 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long MSTR Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $998233 | $– | $998233 |
| Total | $– | $998233 | $– | $998233 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Short MSTR Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $7985863 | $– | $7985863 |
| Total | $– | $7985863 | $– | $7985863 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $1827119 | $– | $1827119 |
| Total | $– | $1827119 | $– | $1827119 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long NOW Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(1137898) | $– | $(1137898) |
| Total | $– | $(1137898) | $– | $(1137898) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long PDD Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $28958 | $– | $28958 |
| Total | $– | $28958 | $– | $28958 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long AVGO Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $624476 | $– | $624476 |
| Total | $– | $624476 | $– | $624476 |

---

Semi-Annual Report \| December 31, 2025 143

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long ETOR Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $27015 | $– | $27015 |
| Total | $– | $27015 | $– | $27015 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long BULL Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(325958) | $– | $(325958) |
| Total | $– | $(325958) | $– | $(325958) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long ISRG Daily ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States Treasury Obligations | $– | $3992931 | $– | $3992931 |
| Total | $– | $3992931 | $– | $3992931 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $– | $1115229 | $– | $1115229 |
| Total | $– | $1115229 | $– | $1115229 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long NBIS Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(7512052) | $– | $(7512052) |
| Total | $– | $(7512052) | $– | $(7512052) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares 2x Long GOOGL Daily ETF<br> Other Financial Instruments**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(14513) | $– | $(14513) |
| Total | $– | $(14513) | $– | $(14513) |

---

Swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

As of December 31, 2025, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3.

5. ADVISORY AND OTHER AGREEMENTS

GraniteShares Advisors LLC (the "Adviser"), the investment adviser to the Funds, is a Delaware limited Liability Company located at 222 Broadway, 21st floor, New York, NY 10038. The Adviser provides investment advisory services to exchange-traded funds. The Adviser serves as investment adviser to the Funds with overall responsibility for the portfolio management of the Funds, subject to the supervision of the Board of Trustees (the "Board") of the Trust.

For its services, the Adviser receives a fee that is equal to either 0.95%, 0.99% or 1.30% (see table below) of the average daily net assets of the Funds, calculated daily and paid monthly. Pursuant to the Advisory Agreement, each Fund is responsible for substantially all its expenses.

144 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses, in order to limit the annual operating expenses of each Fund. The expense limitations remain in effect until the dates specified in the table below, after which they may be terminated or revised.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investment Advisory Fee Rate** | **Expense Limitation** | **Expense Limitation**<br> **Effective Through** |
| GraniteShares 2x Long BABA Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long META Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long NVDA Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long AAPL Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long COIN Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 |
| GraniteShares 1.25x Long TSLA Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Short NVDA Daily ETF | 1.30% p.a. | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long TSLA Daily ETF | 0.95% p.a.<sup>(a)</sup> | 0.95% p.a.<sup>(b)</sup> | December 31, 2026 |
| GraniteShares 2x Short TSLA Daily ETF | 0.95% p.a.<sup>(a)</sup> | 0.95% p.a.<sup>(b)</sup> | December 31, 2026 |
| GraniteShares 2x Long AMD Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long AMZN Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long MSFT Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Short COIN Daily ETF | 0.99% p.a <sup>(c)</sup> | 1.15% p.a. <sup>(d)</sup> | December 31, 2026 |
| GraniteShares 2x Long PLTR Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long UBER Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long MU Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long TSM Daily ETF | 1.30% p.a | 1.50% p.a | December 31, 2026 |
| GraniteShares 2x Long CRWD Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long SMCI Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long QCOM Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long DELL Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long INTC Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long MARA Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long MRVL Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long IONQ Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long VRT Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long RDDT Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long LCID Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long RIVN Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |
| GraniteShares 2x Long MSTR Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Short MSTR Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long NOW Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long PDD Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long AVGO Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long ETOR Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long BULL Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long ISRG Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long NBIS Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2026 |
| GraniteShares 2x Long GOOGL Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2026 |

---

<sup>(a)</sup> Effective July 1, 2024, the Investment Advisory Fee Rate changed from 1.30% to 0.95%.

<sup>(b)</sup> Effective July 1, 2024, the Expense Limitation agreement changed from 1.50% to 0.95%.

<sup>(c)</sup> Effective May 9, 2025, the Investment Advisory Fee Rate changed from 1.30% to 0.99%.

<sup>(d)</sup> Effective May 9, 2025, the Expense Limitation agreement changed from 1.50% to 1.15%.

The expense limitation does not cover the following items that remain expenses of each Fund: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of counsel to the Independent Trustees; (iv) extraordinary expenses; (v) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (vi) interest and taxes of any kind or nature; (vii) any fees and expenses related to the provision of securities lending services; and (viii) the advisory fee payable to the Adviser under the Advisory Agreement.

Semi-Annual Report \| December 31, 2025 145

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

This contractual arrangement may only be changed or eliminated by or with the consent of the Funds' Board of Trustees.

GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Funds for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund's total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. As of the six month period ended December 31, 2025, the Advisor may seek reimbursement of previously waived and reimbursed fees as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 6/30/2027** | **Expires 6/30/2028** | **Expires 6/30/2029** | **Total** |
| **GraniteShares 2x Long BABA Daily ETF** | $N/A | $N/A | $N/A | $N/A |
| **GraniteShares 2x Long META Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long NVDA Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long AAPL Daily ETF** | 43751 | 37678 | 4475 | 85905 |
| **GraniteShares 2x Long COIN Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 1.25x Long TSLA Daily ETF** | 47776 | 36769 | 13669 | 98214 |
| **GraniteShares 2x Short NVDA Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long TSLA Daily ETF** | N/A | 89067 | 71713 | 160781 |
| **GraniteShares 2x Short TSLA Daily ETF** | N/A | 25969 | 37379 | 63348 |
| **GraniteShares 2x Long AMD Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long AMZN Daily ETF** | N/A | 5217 | 495 | 5712 |
| **GraniteShares 2x Long MSFT Daily ETF** | N/A | 27017 | 8110 | 35126 |
| **GraniteShares 2x Short COIN Daily ETF** | N/A | N/A | 325 | 325 |
| **GraniteShares 2x Long PLTR Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long UBER Daily ETF** | N/A | 13072 | 6449 | 19521 |
| **GraniteShares 2x Long MU Daily ETF** | N/A | 10012 | 8513 | 18524 |
| **GraniteShares 2x Long TSM Daily ETF** | N/A | 19971 | 6673 | 26643 |
| **GraniteShares 2x Long CRWD Daily ETF** | N/A | 1452 | 803 | 2255 |
| **GraniteShares 2x Long SMCI Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long QCOM Daily ETF** | N/A | 20446 | 13055 | 33501 |
| **GraniteShares 2x Long DELL Daily ETF** | N/A | 18528 | 10711 | 29239 |
| **GraniteShares 2x Long INTC Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long MARA Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long MRVL Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long IONQ Daily ETF** | N/A | 4583 | 3643 | 8226 |
| **GraniteShares 2x Long VRT Daily ETF** | N/A | 12679 | 6615 | 19295 |
| **GraniteShares 2x Long RDDT Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long LCID Daily ETF** | N/A | 14413 | 15077 | 29490 |
| **GraniteShares 2x Long RIVN Daily ETF** | N/A | 16915 | 15595 | 32510 |
| **GraniteShares 2x Long MSTR Daily ETF** | N/A | 13371 | 25822 | 39193 |
| **GraniteShares 2x Short MSTR Daily ETF** | N/A | 13704 | 26408 | 40112 |
| **GraniteShares 2x Long NOW Daily ETF** | N/A | N/A | 15842 | 15842 |
| **GraniteShares 2x Long PDD Daily ETF** | N/A | N/A | 17849 | 17849 |
| **GraniteShares 2x Long AVGO Daily ETF** | N/A | N/A | 13651 | 13651 |
| **GraniteShares 2x Long ETOR Daily ETF** | N/A | N/A | 15191 | 15191 |
| **GraniteShares 2x Long BULL Daily ETF** | N/A | N/A | 14909 | 14909 |
| **GraniteShares 2x Long ISRG Daily ETF** | N/A | N/A | 9545 | 9545 |
| **GraniteShares 2x Long NBIS Daily ETF** | N/A | N/A | N/A | N/A |
| **GraniteShares 2x Long GOOGL Daily ETF** | N/A | N/A | 3873 | 3873 |

---

Recoupment of previously waived fees for the six month period ended December 31, 2025, are disclosed on the Funds Statements of Operations.

The Adviser is the only related party involved with the operations of the Funds.

146 www.graniteshares.com

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

ALPS Fund Services, Inc. ("AFS") serves as the Funds' Administrator, and Accounting Agent pursuant to the Fund Administration and Accounting Agreement. Brown Brothers Harriman & Co serves as the Funds' Custodian and Transfer Agent pursuant to the Custodian and Transfer Agent Agreement. The Funds' have a fee agreement with its custodian, Brown Brothers Harriman & Co, which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. These amounts are shown as a reduction of expenses, "Fees paid indirectly", on the Statement of Operations.

ALPS Distributors, Inc. ("Distributor") serves as the Funds' distributor. The Trust has adopted a distribution and service plan ("Rule 12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to a maximum annual rate of 0.25% of its average net assets in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders. No distribution fees are currently charged to the Funds; there are no plans to impose these fees.

6. SHARE TRANSACTIONS

Shares of the Funds are listed and traded on Nasdaq. Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed for cash.. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of a Creation Unit. The standard fixed transaction fee for each Fund is $250, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. There were no variable fees received during the year. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

7. INVESTMENT TRANSACTIONS

For the Fund there were no costs of purchases and proceeds from sales of investments securities (excluding short-term investments) for the period ended December 31, 2025.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds have adopted authoritative standards of accounting for derivative instruments which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivatives instruments, how derivatives instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations. The Funds use derivative instruments as part of their principal investment strategies to achieve their investment objectives.

Semi-Annual Report \| December 31, 2025 147

<u>GraniteShares ETF Trust</u>   <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The following is the location and the effect of derivative investments, if any, on the Funds' Statement of Assets and Liabilities, categorized by investment type during the six month period ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares 2x Long BABA Daily ETF** | **GraniteShares 2x Long BABA Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap <br>contracts | $93122782 | Unrealized depreciation on Total Return Swap <br>contracts | $– |
| Total |  | $93122782 |  | $– |
| **GraniteShares 2x Long META Daily ETF** | **GraniteShares 2x Long META Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap <br>contracts | $62255275 | Unrealized depreciation on Total Return Swap <br>contracts | $– |
| Total |  | $62255275 |  | $– |
| **GraniteShares 2x Long NVDA Daily ETF** | **GraniteShares 2x Long NVDA Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap <br>contracts | $4636494672 | Unrealized depreciation on Total Return Swap <br>contracts | $– |
| Total |  | $4636494672 |  | $– |
| **GraniteShares 2x Long AAPL Daily ETF** | **GraniteShares 2x Long AAPL Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap <br>contracts | $13982688 | Unrealized depreciation on Total Return Swap <br>contracts | $– |
| Total |  | $13982688 |  | $– |
| **GraniteShares 2x Long COIN Daily ETF** | **GraniteShares 2x Long COIN Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap <br>contracts | $253041358 | Unrealized depreciation on Total Return Swap <br>contracts | $– |
| Total |  | $253041358 |  | $– |
| **GraniteShares 1.25x Long TSLA Daily ETF** | **GraniteShares 1.25x Long TSLA Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap <br>contracts | $9345917 | Unrealized depreciation on Total Return Swap <br>contracts | $– |
| Total |  | $9345917 |  | $– |
| **GraniteShares 2x Short NVDA Daily ETF** | **GraniteShares 2x Short NVDA Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap <br>contracts | $10993600 | Unrealized depreciation on Total Return Swap <br>contracts | $– |
| Total |  | $10993600 |  | $– |

---

148 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares 2x Long TSLA Daily ETF** | **GraniteShares 2x Long TSLA Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $196314574 | Unrealized depreciation on Total Return Swap contracts | $(1927702) |
| Total |  | $196314574 |  | $(1927702) |
| **GraniteShares 2x Short TSLA Daily ETF** | **GraniteShares 2x Short TSLA Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $3635522 | Unrealized depreciation on Total Return Swap contracts | $(1084) |
| Total |  | $3635522 |  | $(1084) |
| **GraniteShares 2x Long AMD Daily ETF** | **GraniteShares 2x Long AMD Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $572668531 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $572668531 |  | $– |
| **GraniteShares 2x Long AMZN Daily ETF** | **GraniteShares 2x Long AMZN Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $13708023 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $13708023 |  | $– |
| **GraniteShares 2x Long MSFT Daily ETF** | **GraniteShares 2x Long MSFT Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $5667140 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $5667140 |  | $– |
| **GraniteShares 2x Short COIN Daily ETF** | **GraniteShares 2x Short COIN Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $15981001 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $15981001 |  | $– |
| **GraniteShares 2x Long PLTR Daily ETF** | **GraniteShares 2x Long PLTR Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $600319000 | Unrealized depreciation on Total Return Swap contracts | $(1622142) |
| Total |  | $600319000 |  | $(1622142) |
| **GraniteShares 2x Long UBER Daily ETF** | **GraniteShares 2x Long UBER Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $8744167 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $8744167 |  | $– |
| **GraniteShares 2x Long MU Daily ETF** | **GraniteShares 2x Long MU Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $55060019 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $55060019 |  | $– |

---

Semi-Annual Report \| December 31, 2025 149

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares 2x Long TSM Daily ETF** | **GraniteShares 2x Long TSM Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $17842990 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $17842990 |  | $– |
| **GraniteShares 2x Long CRWD Daily ETF** | **GraniteShares 2x Long CRWD Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $9687187 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $9687187 |  | $– |
| **GraniteShares 2x Long SMCI Daily ETF** | **GraniteShares 2x Long SMCI Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(9754777) |
| Total |  | $– |  | $(9754777) |
| **GraniteShares 2x Long QCOM Daily ETF** | **GraniteShares 2x Long QCOM Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $1902162 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $1902162 |  | $– |
| **GraniteShares 2x Long DELL Daily ETF** | **GraniteShares 2x Long DELL Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $4487161 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $4487161 |  | $– |
| **GraniteShares 2x Long INTC Daily ETF** | **GraniteShares 2x Long INTC Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $57299622 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $57299622 |  | $– |
| **GraniteShares 2x Long MARA Daily ETF** | **GraniteShares 2x Long MARA Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(2699114) |
| Total |  | $– |  | $(2699114) |
| **GraniteShares 2x Long MRVL Daily ETF** | **GraniteShares 2x Long MRVL Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $14903573 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $14903573 |  | $– |
| **GraniteShares 2x Long IONQ Daily ETF** | **GraniteShares 2x Long IONQ Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(1551626) |
| Total |  | $– |  | $(1551626) |

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150 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares 2x Long VRT Daily ETF** | **GraniteShares 2x Long VRT Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $13117076 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $13117076 |  | $– |
| **GraniteShares 2x Long RDDT Daily ETF** | **GraniteShares 2x Long RDDT Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $45807170 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $45807170 |  | $– |
| **GraniteShares 2x Long LCID Daily ETF** | **GraniteShares 2x Long LCID Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(1039033) |
| Total |  | $– |  | $(1039033) |
| **GraniteShares 2x Long RIVN Daily ETF** | **GraniteShares 2x Long RIVN Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $5897968 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $5897968 |  | $– |
| **GraniteShares 2x Long MSTR Daily ETF** | **GraniteShares 2x Long MSTR Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $– |  | $– |
| **GraniteShares 2x Short MSTR Daily ETF** | **GraniteShares 2x Short MSTR Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $1827119 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $1827119 |  | $– |
| **GraniteShares 2x Long NOW Daily ETF** | **GraniteShares 2x Long NOW Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(1137898) |
| Total |  | $– |  | $(1137898) |
| **GraniteShares 2x Long PDD Daily ETF** | **GraniteShares 2x Long PDD Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $28958 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $28958 |  | $– |
| **GraniteShares 2x Long AVGO Daily ETF** | **GraniteShares 2x Long AVGO Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $624476 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $624476 |  | $– |

---

Semi-Annual Report \| December 31, 2025 151

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares 2x Long ETOR Daily ETF** | **GraniteShares 2x Long ETOR Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $27015 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $27015 |  | $– |
| **GraniteShares 2x Long BULL Daily ETF** | **GraniteShares 2x Long BULL Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(325958) |
| Total |  | $– |  | $(325958) |
| **GraniteShares 2x Long ISRG Daily ETF** | **GraniteShares 2x Long ISRG Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $1115229 | Unrealized depreciation on Total Return Swap contracts | $– |
| Total |  | $1115229 |  | $– |
| **GraniteShares 2x Long NBIS Daily ETF** | **GraniteShares 2x Long NBIS Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(7512052) |
| Total |  | $– |  | $(7512052) |
| **GraniteShares 2x Long GOOGL Daily ETF** | **GraniteShares 2x Long GOOGL Daily ETF** |  |  |  |
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $– | Unrealized depreciation on Total Return Swap contracts | $(14513) |
| Total |  | $– |  | $(14513) |

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152 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The following is the location and the effect of derivative investments, if any, on the Funds' Statement of Operations, categorized by primary market risk exposure during the six month period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income** |
| **GraniteShares 2x Long BABA Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(24733893) | $63541466 |
| **GraniteShares 2x Long META Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(45743891) | $(19326692) |
| **GraniteShares 2x Long NVDA Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $54142280 | $998101359 |
| **GraniteShares 2x Long AAPL Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $4158725 | $12751031 |
| **GraniteShares 2x Long COIN Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $49744867 | $(715719908) |
| **GraniteShares 1.25x Long TSLA Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $285557 | $5824975 |
| **GraniteShares 2x Short NVDA Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(92064024) | $37269778 |
| **GraniteShares 2x Long TSLA Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $45663453 | $106250841 |
| **GraniteShares 2x Short TSLA Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(66984161) | $(1998769) |
| **GraniteShares 2x Long AMD Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $144190492 | $330564465 |
| **GraniteShares 2x Long AMZN Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $2827417 | $4402963 |
| **GraniteShares 2x Long MSFT Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(4019891) | $(2757019) |
| **GraniteShares 2x Short COIN Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(5346894) | $23881575 |
| **GraniteShares 2x Long PLTR Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $96503195 | $167279946 |
| **GraniteShares 2x Long UBER Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(2916647) | $(6396804) |

---

Semi-Annual Report \| December 31, 2025 153

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income** |
| **GraniteShares 2x Long MU Daily ETF** <br> Equity Contracts | Total Return Swap contracts | $(8292913) | $50211082 |
| **GraniteShares 2x Long TSM Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(2479499) | $11356263 |
| **GraniteShares 2x Long CRWD Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $1632008 | $(4969144) |
| **GraniteShares 2x Long SMCI Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(5656720) | $(45744057) |
| **GraniteShares 2x Long QCOM Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(2592486) | $1298952 |
| **GraniteShares 2x Long DELL Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(1557210) | $555016 |
| **GraniteShares 2x Long INTC Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $2510876 | $53068748 |
| **GraniteShares 2x Long MARA Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(100637191) | $(7953382) |
| **GraniteShares 2x Long MRVL Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $13737012 | $7827340 |
| **GraniteShares 2x Long IONQ Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(23761659) | $(5015075) |
| **GraniteShares 2x Long VRT Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(5018218) | $8514735 |
| **GraniteShares 2x Long RDDT Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(6412296) | $33455212 |
| **GraniteShares 2x Long LCID Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(9647628) | $(742480) |
| **GraniteShares 2x Long RIVN Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(1084658) | $5879568 |
| **GraniteShares 2x Long MSTR Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(4172322) | $(73452) |
| **GraniteShares 2x Short MSTR Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(387506) | $1868816 |

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154 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Change in**<br> **Unrealized**<br> **Appreciation/ (Depreciation) on Derivatives**<br> **Recognized in Income** |
| **GraniteShares 2x Long NOW Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(1354580) | $(1137898) |
| **GraniteShares 2x Long PDD Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(91714) | $28958 |
| **GraniteShares 2x Long AVGO Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(853908) | $624476 |
| **GraniteShares 2x Long ETOR Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(902674) | $27015 |
| **GraniteShares 2x Long BULL Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(2629022) | $(325958) |
| **GraniteShares 2x Long ISRG Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $547187 | $1115229 |
| **GraniteShares 2x Long NBIS Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(18022112) | $(7512052) |
| **GraniteShares 2x Long GOOGL Daily ETF**<br> Equity Contracts | Total Return Swap contracts | $(7440) | $(14513) |

---

The average monthly volume of derivative instruments held by the Funds during the period ended December 31, 2025 was $224,574,850 (BABX), $482,972,769 (FBL), $4,638,090,321 (NVDL), $50,926,251 (AAPB), $922,840,143 (CONL), $18,213,878 (TSL), $302,130,703 (NVD), $405,974,244 (TSLR), $150,538,731 (TSDD), $744,402,418 (AMDL), $105,372,695 (AMZZ), $58,022,993 (MSFL), $47,235,871 (CONI), $690,426,181 (PTIR), $46,344,833 (UBRL), $41,552,779 (MULL), $31,328,415 (TSMU), $54,200,707 (CRWL), $100,213,955 (SMCL), $21,047,072 (QCML), $19,956,529 (DLLL), $123,395,395 (INTW), $124,073,855 (MRAL), $69,873,590 (MVLL), $60,744,932 (IONL), $34,501,811 (VRTL), $76,821,337 (RDTL), $11,818,517 (LCDL), $10,089,847 (RVNL), $3,863,124 (MSTP), $2,938,688 (MSDD), $10,978,486 (NOWL), $6,212,482 (PDDL), $16,377,273 (AVGU), $3,294,577 (ETRL), $3,634,872 (BULX), $6,237,173 (ISUL), $81,562,877 (NBIL) and $2,937,620 (GOU).

A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivative Association ("ISDA") Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Funds and each of its counterparties. These agreements allow the Funds and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the Funds' custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Funds from its counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

Semi-Annual Report \| December 31, 2025 155

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The following tables present the Funds' gross OTC derivative assets and liabilities, by counterparty and contract type, net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Funds as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** |
|  | | | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
|  | <br>**Counterparty** |<br>**Gross Amounts Recognized in the Statements of Assets and Liabilities** | **Financial**<br> **Instruments<sup>(a)</sup>** | <br> **Cash Collateral**<br> **Received/(Pledged)<sup>(a)</sup>** | **Net Amount** |
| **GraniteShares 2x Long BABA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | $37622977 | $– | $– | $37622977 |
| Unrealized appreciation on open swap contracts | TD Cowen | 34900306 |  |  | 34900306 |
| Unrealized appreciation on open swap contracts | Wells Fargo | 20599499 | – | – | 20599499 |
| Total |  | $93122782 | $– | $– | $93122782 |
| **GraniteShares 2x Long META Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 38017596 |  |  | 38017596 |
| Unrealized appreciation on open swap contracts | Goldman Sachs | 9454176 |  |  | 9454176 |
| Unrealized appreciation on open swap contracts | Morgan Stanley | 1878634 |  |  | 1878634 |
| Unrealized appreciation on open swap contracts | TD Cowen | 12904869 | – | – | 12904869 |
| Total |  | $62255275 | $– | $– | $62255275 |
| **GraniteShares 2x Long NVDA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Bank of America | 115135405 |  |  | 115135405 |
| Unrealized appreciation on open swap contracts | BMO Capital Markets | 123761085 |  |  | 123761085 |
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 78778420 |  |  | 78778420 |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 2808982906 |  |  | 2808982906 |
| Unrealized appreciation on open swap contracts | Goldman Sachs | 294290382 |  |  | 294290382 |
| Unrealized appreciation on open swap contracts | HSBC | 6364493 |  |  | 6364493 |
| Unrealized appreciation on open swap contracts | Natixis SA | 692351249 |  |  | 692351249 |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 18469862 |  |  | 18469862 |
| Unrealized appreciation on open swap contracts | TD Cowen | 250542900 |  |  | 250542900 |
| Unrealized appreciation on open swap contracts | Wells Fargo | 247817970 | – | – | 247817970 |
| Total |  | $4636494672 | $– | $– | $4636494672 |
| **GraniteShares 2x Long AAPL Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 13982688 | – | – | 13982688 |
| Total |  | $13982688 | $– | $– | $13982688 |
| **GraniteShares 2x Long COIN Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | BMO Capital Markets | 19521612 |  |  | 19521612 |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 144761303 |  |  | 144761303 |
| Unrealized appreciation on open swap contracts | Goldman Sachs | 14226062 |  |  | 14226062 |
| Unrealized appreciation on open swap contracts | Natixis SA | 31162186 |  |  | 31162186 |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 34790980 |  |  | 34790980 |
| Unrealized appreciation on open swap contracts | TD Cowen | 8579215 | – | – | 8579215 |
| Total |  | $253041358 | $– | $– | $253041358 |
| **GraniteShares 1.25x Long TSLA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 9345917 | – | – | 9345917 |
| Total |  | $9345917 | $– | $– | $9345917 |
| **GraniteShares 2x Short NVDA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 4185672 |  |  | 4185672 |
| Unrealized appreciation on open swap contracts | Goldman Sachs | 2872522 |  |  | 2872522 |
| Unrealized appreciation on open swap contracts | TD Cowen | 3935406 | – | – | 3935406 |
| Total |  | $10993600 | $– | $– | $10993600 |

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156 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** |
|  | | | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
|  | <br>**Counterparty** |<br>**Gross Amounts Recognized in the Statements of Assets and Liabilities** | **Financial**<br> **Instruments<sup>(a)</sup>** | <br> **Cash Collateral**<br> **Received/(Pledged)<sup>(a)</sup>** | **Net Amount** |
| **GraniteShares 2x Long TSLA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Bank of America | $14065714 | $– | $– | $14065714 |
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (1927702) |  | 1927702 |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 80364719 |  |  | 80364719 |
| Unrealized appreciation on open swap contracts | Wells Fargo | 101884141 | – | – | 101884141 |
| Total |  | $194386872 | $– | $1927702 | $196314574 |
| **GraniteShares 2x Short TSLA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Bank of America | 1207053 |  |  | 1207053 |
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 1562762 |  |  | 1562762 |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 831283 |  |  | 831283 |
| Unrealized depreciation on open swap contracts | Goldman Sachs | (1084) |  | 1084 |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 34424 | – | – | 34424 |
| Total |  | $3634438 | $– | $1084 | $3635522 |
| **GraniteShares 2x Long AMD Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 143519792 |  |  | 143519792 |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 121838414 |  |  | 121838414 |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 113056411 |  |  | 113056411 |
| Unrealized appreciation on open swap contracts | TD Cowen | 116942252 |  |  | 116942252 |
| Unrealized appreciation on open swap contracts | Wells Fargo | 77311662 | – | – | 77311662 |
| Total |  | $572668531 | $– | $– | $572668531 |
| **GraniteShares 2x Long AMZN Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 13708023 | – | – | 13708023 |
| Total |  | $13708023 | $– | $– | $13708023 |
| **GraniteShares 2x Long MSFT Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 5667140 | – | – | 5667140 |
| Total |  | $5667140 | $– | $– | $5667140 |
| **GraniteShares 2x Short COIN Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 4708631 |  |  | 4708631 |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 11272370 | – | – | 11272370 |
| Total |  | $15981001 | $– | $– | $15981001 |
| **GraniteShares 2x Long PLTR Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Bank of America | 182542243 |  |  | 182542243 |
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 241254752 |  |  | 241254752 |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 27848916 |  |  | 27848916 |
| Unrealized appreciation on open swap contracts | TD Cowen | 148673089 |  |  | 148673089 |
| Unrealized depreciation on open swap contracts | Wells Fargo | (1622142) | – | 1622142 | – |
| Total |  | $598696858 | $– | $1622142 | $600319000 |
| **GraniteShares 2x Long UBER Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 8744167 | – | – | 8744167 |
| Total |  | $8744167 | $– | $– | $8744167 |
| **GraniteShares 2x Long MU Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 55060019 | – | – | 55060019 |
| Total |  | $55060019 | $– | $– | $55060019 |
| **GraniteShares 2x Long TSM Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 17842990 | – | – | 17842990 |
| Total |  | $17842990 | $– | $– | $17842990 |

---

Semi-Annual Report \| December 31, 2025 157

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** |
|  |  | | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
|  | **Counterparty** | **Gross Amounts Recognized in the Statements of Assets and Liabilities** | **Financial**<br> **Instruments<sup>(a)</sup>** | <br> **Cash Collateral**<br> **Received/(Pledged)<sup>(a)</sup>** | **Net Amount** |
| **GraniteShares 2x Long CRWD Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | $9687187 | $– | $– | $9687187 |
| Total |  | $9687187 | $– | $– | $9687187 |
| **GraniteShares 2x Long SMCI Daily ETF** |  |  |  |  |  |
| <br> Unrealized depreciation on open swap contracts | Cantor Fitzgerald | (582008) |  | 582008 |  |
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (714343) |  | 714343 |  |
| Unrealized depreciation on open swap contracts | Marex Derivative Products, Inc. | (5490442) |  | 5490442 |  |
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (2967984) | – | 2967984 | – |
| Total |  | $(9754777) | $– | $9754777 | $– |
| **GraniteShares 2x Long QCOM Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | TD Cowen | 1902162 | – | – | 1902162 |
| Total |  | $1902162 | $– | $– | $1902162 |
| **GraniteShares 2x Long DELL Daily ETF** |  |  |  |  |  |
| <br> Unrealized appreciation on open swap contracts | TD Cowen | 4487161 | – | – | 4487161 |
| Total |  | $4487161 | $– | $– | $4487161 |
| **GraniteShares 2x Long INTC Daily ETF** |  |  |  |  |  |
| <br> Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 1488283 |  |  | 1488283 |
| Unrealized appreciation on open swap contracts | TD Cowen | 55811339 | – | – | 55811339 |
| Total |  | $57299622 | $– | $– | $57299622 |
| **GraniteShares 2x Long MARA Daily ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts | Cantor Fitzgerald | (425384) |  | 425384 |  |
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (2262967) |  | 2262967 |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. |  |  |  |  |
| Unrealized depreciation on open swap contracts | Natixis SA | (5130) |  | 5130 |  |
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (5633) | – | 5633 | – |
| Total |  | $(2699114) | $– | $2699114 | $– |
| **GraniteShares 2x Long MRVL Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 1696095 |  |  | 1696095 |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 13207478 | – | – | 13207478 |
| Total |  | $14903573 | $– | $– | $14903573 |
| **GraniteShares 2x Long IONQ Daily ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts | Marex Derivative Products, Inc. | (1551626) | – | 1551626 | – |
| Total |  | $(1551626) | $– | $1551626 | $– |
| **GraniteShares 2x Long VRT Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 13117076 | – | – | 13117076 |
| Total |  | $13117076 | $– | $– | $13117076 |
| **GraniteShares 2x Long RDDT Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 45807170 | – | – | 45807170 |
| Total |  | $45807170 | $– | $– | $45807170 |

---

158 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** | **Offsetting of Derivatives Assets** |
|  | | | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
|  | <br>**Counterparty** |<br>**Gross Amounts Recognized in the Statements of Assets and Liabilities** | **Financial Instruments<sup>(a)</sup>** | **Cash Collateral Received/(Pledged)<sup>(a)</sup>** | **Net Amount** |
| **GraniteShares 2x Long LCID Daily ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts | Marex Derivative Products, Inc. | $(1039033) | $– | $1039033 | $– |
| Total |  | $(1039033) | $– | $1039033 | $– |
| **GraniteShares 2x Long RIVN Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 5897968 | – | – | 5897968 |
| Total |  | $5897968 | $– | $– | $5897968 |
| **GraniteShares 2x Long MSTR Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | – | – | – | – |
| Total |  | $– | $– | $– | $– |
| **GraniteShares 2x Short MSTR Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 1827119 | – | – | 1827119 |
| Total |  | $1827119 | $– | $– | $1827119 |
| **GraniteShares 2x Long NOW Daily ETF** |  |  |  |  |  |
| <br>Unrealized depreciation on open swap contracts | Cantor Fitzgerald | (1137898) | – | 1137898 | – |
| Total |  | $(1137898) | $– | $1137898 | $– |
| **GraniteShares 2x Long PDD Daily ETF** |  |  |  |  |  |
| <br>Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 28958 | – | – | 28958 |
| Total |  | $28958 | $– | $– | $28958 |
| **GraniteShares 2x Long AVGO Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 624476 | – | – | 624476 |
| Total |  | $624476 | $– | $– | $624476 |
| **GraniteShares 2x Long ETOR Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 27015 | – | – | 27015 |
| Total |  | $27015 | $– | $– | $27015 |
| **GraniteShares 2x Long BULL Daily ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts | Marex Derivative Products, Inc. | (325958) | – | 325958 | – |
| Total |  | $(325958) | $– | $325958 | $– |
| **GraniteShares 2x Long ISRG Daily ETF** |  |  |  |  |  |
| <br>Unrealized appreciation on open swap contracts | Clear Street, LLC | 1115229 | – | – | 1115229 |
| Total |  | $1115229 | $– | $– | $1115229 |
| **GraniteShares 2x Long NBIS Daily ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (7512052) | – | 7512052 | – |
| Total |  | $(7512052) | $– | $7512052 | $– |
| **GraniteShares 2x Long GOOGL Daily ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts | Marex Derivative Products, Inc. | (14513) | – | 14513 | – |
| Total |  | $(14513) | $– | $14513 | $– |

---

*<sup>(a)</sup>* *These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.*

<br> Semi-Annual Report \| December 31, 2025 159

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

Amounts relate to master netting agreements and collateral agreements which have been determined by the Advisor to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Statements of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

9. FEDERAL INCOME TAX MATTERS

------

Each of the Funds intend to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

<br> 160 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

At December 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Appreciation (excess of value over tax cost)** | **Gross Depreciation (excess of tax cost over value)** | **Net Appreciation/ (Depreciation) of Derivatives** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Cost of Investments for Income Tax Purposes** |
| GraniteShares 2x Long BABA Daily ETF | $– | $(31552) | $93122782 | $93091230 | $104845999 |
| GraniteShares 2x Long META Daily ETF | 8242 |  | 62255275 | 62263517 | 84991758 |
| GraniteShares 2x Long NVDA Daily ETF |  | (3316487) | 4636494672 | 4633178185 | 11238718572 |
| GraniteShares 2x Long AAPL Daily ETF |  | (15026) | 13982688 | 13967662 | 49926666 |
| GraniteShares 2x Long COIN Daily ETF |  | (108756) | 253041358 | 252932602 | 394454903 |
| GraniteShares 1.25x Long TSLA Daily ETF |  | (6310) | 9345917 | 9339607 | 20969199 |
| GraniteShares 2x Short NVDA Daily ETF | 488 |  | 10993600 | 10994088 | 4999512 |
| GraniteShares 2x Long TSLA Daily ETF |  | (68214) | 194386872 | 194318658 | 226667066 |
| GraniteShares 2x Short TSLA Daily ETF |  |  | 3634438 | 3634438 |  |
| GraniteShares 2x Long AMD Daily ETF |  | (308013) | 572668531 | 572360518 | 1023496664 |
| GraniteShares 2x Long AMZN Daily ETF |  | (6310) | 13708023 | 13701713 | 20969199 |
| GraniteShares 2x Long MSFT Daily ETF |  |  | 5667140 | 5667140 |  |
| GraniteShares 2x Short COIN Daily ETF |  |  | 15981001 | 15981001 |  |
| GraniteShares 2x Long PLTR Daily ETF |  | (345575) | 598696858 | 598351283 | 1148313329 |
| GraniteShares 2x Long UBER Daily ETF |  | (6009) | 8744167 | 8738158 | 19970666 |
| GraniteShares 2x Long MU Daily ETF |  | (69115) | 55060019 | 54990904 | 229662666 |
| GraniteShares 2x Long TSM Daily ETF |  | (21937) | 17842989 | 17821052 | 72892934 |
| GraniteShares 2x Long CRWD Daily ETF |  | (9916) | 9687188 | 9677272 | 32951599 |
| GraniteShares 2x Long SMCI Daily ETF |  |  | (9754777) | (9754777) |  |
| GraniteShares 2x Long QCOM Daily ETF |  |  | 1902162 | 1902162 |  |
| GraniteShares 2x Long DELL Daily ETF |  | (3907) | 4487161 | 4483254 | 12980934 |
| GraniteShares 2x Long INTC Daily ETF |  | (63706) | 57299622 | 57235916 | 211689066 |
| GraniteShares 2x Long MARA Daily ETF |  |  | (2699114) | (2699114) |  |
| GraniteShares 2x Long MRVL Daily ETF |  | (11119) | 14903573 | 14892454 | 36945734 |
| GraniteShares 2x Long IONQ Daily ETF |  |  | (1551626) | (1551626) |  |
| GraniteShares 2x Long VRT Daily ETF |  | (13522) | 13117076 | 13103554 | 44933999 |
| GraniteShares 2x Long RDDT Daily ETF |  | (57396) | 45807170 | 45749774 | 190719866 |
| GraniteShares 2x Long LCID Daily ETF |  |  | (1039033) | (1039033) |  |
| GraniteShares 2x Long RIVN Daily ETF |  | (7212) | 5897968 | 5890756 | 23964800 |
| GraniteShares 2x Long MSTR Daily ETF |  | (300) |  | (300) | 998533 |
| GraniteShares 2x Short MSTR Daily ETF |  | (2404) | 1827119 | 1824715 | 7988267 |
| GraniteShares 2x Long NOW Daily ETF |  |  | (1137898) | (1137898) |  |
| GraniteShares 2x Long PDD Daily ETF |  |  | 28958 | 28958 |  |
| GraniteShares 2x Long AVGO Daily ETF |  |  | 624476 | 624476 |  |
| GraniteShares 2x Long ETOR Daily ETF |  |  | 27015 | 27015 |  |
| GraniteShares 2x Long BULL Daily ETF |  |  | (325958) | (325958) |  |
| GraniteShares 2x Long ISRG Daily ETF |  | (1203) | 1115229 | 1114026 | 3994134 |
| GraniteShares 2x Long NBIS Daily ETF |  |  | (7512052) | (7512052) |  |
| GraniteShares 2x Long GOOGL Daily ETF |  |  | (14513) | (14513) |  |

---

<br> Semi-Annual Report \| December 31, 2025 161

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The tax character of distributions paid by the Funds during the year ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **June 30, 2025** |  |  |  |
| GraniteShares 2x Long BABA Daily ETF | $– | $– | $– |
| GraniteShares 2x Long META Daily ETF |  |  |  |
| GraniteShares 2x Long NVDA Daily ETF |  |  |  |
| GraniteShares 2x Long AAPL Daily ETF |  |  |  |
| GraniteShares 2x Long COIN Daily ETF |  |  |  |
| GraniteShares 1.25x Long TSLA Daily ETF |  |  |  |
| GraniteShares 2x Short NVDA Daily ETF | 6044171 |  |  |
| GraniteShares 2x Long TSLA Daily ETF |  |  |  |
| GraniteShares 2x Short TSLA Daily ETF |  |  |  |
| GraniteShares 2x Long AMD Daily ETF |  |  |  |
| GraniteShares 2x Long AMZN Daily ETF |  |  |  |
| GraniteShares 2x Long MSFT Daily ETF |  |  |  |
| GraniteShares 2x Short COIN Daily ETF | 64112 |  |  |
| GraniteShares 2x Long PLTR Daily ETF |  |  |  |
| GraniteShares 2x Long UBER Daily ETF |  |  |  |
| GraniteShares 2x Long MU Daily ETF |  |  |  |
| GraniteShares 2x Long TSM Daily ETF |  |  |  |
| GraniteShares 2x Long CRWD Daily ETF |  |  |  |
| GraniteShares 2x Long SMCI Daily ETF |  |  |  |
| GraniteShares 2x Long QCOM Daily ETF |  |  |  |
| GraniteShares 2x Long DELL Daily ETF |  |  |  |
| GraniteShares 2x Long INTC Daily ETF |  |  |  |
| GraniteShares 2x Long MARA Daily ETF |  |  |  |
| GraniteShares 2x Long MRVL Daily ETF |  |  |  |
| GraniteShares 2x Long IONQ Daily ETF |  |  |  |
| GraniteShares 2x Long VRT Daily ETF |  |  |  |
| GraniteShares 2x Long RDDT Daily ETF |  |  |  |
| GraniteShares 2x Long LCID Daily ETF |  |  |  |
| GraniteShares 2x Long RIVN Daily ETF |  |  |  |
| GraniteShares 2x Long MSTR Daily ETF |  |  |  |
| GraniteShares 2x Short MSTR Daily ETF |  |  |  |

---

<br> 162 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

10. INDEMNIFICATION

------

In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that has not yet occurred. Management expects this risk of loss to be remote.

11. PRINCIPAL RISKS

------

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

**Underlying Stock Risk:** Each Fund seeks daily leveraged long or short investment results of an underlying stock. Each underlying stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Fund's daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.

**Effects of Compounding and Market Volatility Risk:** Each Fund aims to replicate the leveraged or inverse daily returns of an underlying stock and a Fund's performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is very likely to differ from the underlying stock's performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage or inverse daily returns. The effect of compounding becomes pronounced as the underlying stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the underlying stock during shareholder's holding period of an investment in the Fund.

**Correlation Risk:** A number of factors may affect the Fund's ability to achieve a high degree of correlation with the underlying stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund's NAV each day may differ, perhaps significantly in amount, and possibly even direction, from the targeted percentage change of underlying stock on such day. In order to achieve a high degree of correlation with underlying stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the underlying stock may prevent the Fund from achieving a high degree of correlation with the underlying stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by underlying stock's movements, including intraday movements. Because of this, it is unlikely that the Fund will have reach its targeted exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the underlying stock is volatile, particularly when underlying stock is volatile at or near the close of the trading day.

**Leverage Risk:** The Long Funds obtain investment exposure in excess of their net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in leveraged Long Funds is exposed to the risk that a decline in the daily performance of the underlying stock would be magnified. A leveraged Long Fund could theoretically lose an amount greater than its net assets. Leverage will also have the effect of magnifying any differences in a Fund performance's correlation with the underlying stock.

**Short Sale Exposure Risk:** The short Fund will seek inverse or "short" exposure through financial instruments, which would cause the short Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower a Fund's return, result in a loss, have the effect of limiting a short Fund's ability to obtain inverse exposure through financial instruments, or require a short Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, a short Fund may be unable to meet its investment objective due to a lack of available securities or counterparties.

During such periods, a short Fund's ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the short Fund's short positions, if any, would negatively impact a short Fund. A short Fund could theoretically lose an amount greater than its net assets in the event the underlying stock increases more than 100%.

<br> Semi-Annual Report \| December 31, 2025 163

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Counterparty Risk:** A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with a Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

**Derivatives Risk:** The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Each Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent a Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund's investment strategy, including the desired daily inverse performance for the Fund.

**Exchange Traded Fund Structure Risk:** Each Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

---

| |
|:---|
| The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares in a Fund may trade at a discount to NAV. |
| In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and a Fund's NAV. |
| In stressed market conditions, the market for a Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of a Fund's shares may, in turn, lead to differences between the market value of a Fund's shares and a Fund's NAV. |
| An active trading market for a Fund's shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that a Fund's Shares will continue to meet the listing requirements of the Exchange. If a Fund's Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's Shares. |

---

**Non-Diversified Risk:** Each Fund's portfolio focuses on its underlying stock and will be subject to potential for volatility than a diversified fund.

**Swap Risk:** Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify a Fund's losses.

**Rebalancing Risk:** If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with the Fund's investment objective. In these instances, the Fund may have investment exposure to its underlying stock that is significantly greater or less than its stated multiple. As a result, a Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.

**Trading Halt Risk:** Although each underlying stock's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the underlying stock's shares is expected, in turn, to result in a halt in the trading in the Fund's shares. Trading in the underlying stock's and/or Fund's shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the underling stock's and/or Fund's shares inadvisable. In addition, trading in underlying stock's and/or Fund's shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**Tracking Error Risk:** Tracking error is the divergence of a Fund's performance from that of its investment objective. The performance of each Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, being under- or overexposed to its underlying stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. A Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.

<br> 164 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Tax Risk:** In order to qualify for the favorable tax treatment generally available to regulated investment companies, each Fund must satisfy certain diversification and other requirements. In particular, each Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of a Fund's assets would be invested in (a) issuers in which a Fund has, in each case, invested more than 5% of the Fund's assets and (b) issuers more than 10% of whose outstanding voting securities are owned by a Fund. The application of these requirements to certain investments (including swaps) that may be entered into by a Fund is unclear. In addition, the application of these requirements to a Fund's investment objective is not clear, particularly because each Fund's investment objective focuses on the performance of the stock of a single issuer. If a Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

12. NEW ACCOUNTING PRONOUNCEMENTS

------

The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the fiscal year ended June 30, 2025. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Funds' internal organizational structure.

The Funds use the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Funds' chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Funds' CODM has been identified as the Chief Operation Officer (CFO) and Treasurer, who reviews consolidated results presented within the Funds' financial statements when making decisions about allocating resources and assessing performance of the Funds. The CODM determined that the Funds have only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Funds, against which the CODM assesses performance.

13. SUBSEQUENT EVENTS

------

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

<br> Semi-Annual Report \| December 31, 2025 165

<u>GraniteShares ETF Trust</u> <u>Additional Information</u> <br> December 31, 2025 (Unaudited)

**Federal Tax Information**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Qualified Dividend Income** | **Dividend Received Deduction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **199A** |
| Granite Shares 2x Long BABA Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long META Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long NVDA Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long AAPL Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long COIN Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 1.25x Long TSLA Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Short NVDA Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long TSLA Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Short TSLA Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long AMD Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long AMZN Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long MSFT Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2XShort COIN Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long PLTR Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long UBER Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long MU Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long TSM Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long CRWD Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long SMCI Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long QCOM Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long DELL Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long INTC Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long MARA Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long MRVL Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long IONQ Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long VRT Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long RDDT Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long LCID Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long RIVN Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long MSTR Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Short MSTR Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long NOW Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long PDD Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long AVGO Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long ETOR Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long BULL Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2X Long ISRG Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2X Long NBIS Daily ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares 2x Long GOOGL Daily ETF | 0.00% | 0.00% | 0.00% |

---

In early 2026, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

<br> 166 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Additional Information</u> <br> December 31, 2025 (Unaudited)

**Premium/Discount Information**

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund's net asset value may be found on the Fund's website at www.graniteshares.com.

**Authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained by 1-800-SEC-0330.**

Distributor, ALPS Distributors, Inc.

<br> Semi-Annual Report \| December 31, 2025 167

<u>GraniteShares ETF Trust</u> <u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

Not applicable for this reporting period.

<br> 168 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Proxy Disclosures for Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

Not applicable for this reporting period.

<br> Semi-Annual Report \| December 31, 2025 169

<u>GraniteShares ETF Trust</u> <u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Regular Compensation**<br> **From the Trust** | **Aggregate Special Compensation**<br> **From the Trust** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Compensation**<br> **From the Trust** |
| Steven James Smyser, Trustee | $17500 | $– | $17500 |
| Seddik Meziani, Trustee | $17500 | $– | $17500 |
| **Total** | $**35000** | $**–** | $**35000** |

---

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

<br> 170 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

GraniteShares ETF Trust (the "Trust") was organized as a Delaware statutory trust on November 7, 2016, and is authorized to establish multiple series, with each series representing interests in a separate portfolio of securities and other assets of the Trust. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Under the supervision of the Board of Trustees of the Trust (the "Board," with the members of the Board referred to individually as "Trustees"), and pursuant to the terms of multiple investment advisory agreements between GraniteShares Advisors LLC (the "Adviser" or "GraniteShares") and the Trust, GraniteShares provides a continuous program of investment management for each series of the Trust (each, a "Fund" and collectively, the "Funds") and, among other services, determines, in its discretion, the securities to be purchased, retained or sold with respect to each Fund.

At meetings held on August 8, 2025 ("Meeting 1"), September 3, 2025 ("Meeting 2"), and November 7, 2025 ("Meeting 3"), the Board, including a majority of the Trustees who are not "interested person[s]," as defined in the 1940 Act, of the Trust (the "Independent Trustees"), reviewed and unanimously approved the investment advisory agreements (the "Agreements") for a two-year period from the date the first of the Funds commences operations, with respect to: in Meeting 1, each of the Short & Leveraged Funds (the "S&L Funds") and the YieldBOOST Funds (the "YB Funds"); in Meeting 2, each of the YB Funds; and in Meeting 3, each of the Autocallable Funds (the "AC Funds"), each of the YB Funds, and each of the S&L Funds. Each Meeting was held via telephone conference based on exemptive relief issued by the Securities and Exchange Commission ("SEC"), with the Board's intention to ratify the approval of the Agreements at its next in-person meeting.<sup>1</sup>

 

In advance of each Meeting, the Board received information about each Fund, the Agreements, and the Adviser to facilitate the Board's review of the Agreements, as required by Section 15(c) of the 1940 Act. In addition to such information, the Board noted that the evaluation process with respect to the Adviser is an ongoing one, as part of the Board's regular oversight of the Funds. Thus, in considering the approval of the Agreements, the Board took into account its review of the performance and services provided by the Adviser with respect to the existing series of the Trust at regularly scheduled meetings held throughout the year. The Board also receives information informally outside of the Board meetings, as circumstances warrant.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Agreements.

The Board took note of relevant judicial precedent and regulations adopted by the SEC setting forth factors to be considered by a board when evaluating investment advisory agreements including, among other matters: (1) the nature, extent and quality of the services provided by the investment adviser; (2) the costs of the services provided and profitability to the investment adviser with respect to its relationship with the fund; (3) the advisory fees and total expense ratio of the fund compared to a relevant peer group of funds; (4) the extent to which economies of scale would be realized as the fund grows and whether the advisory fee for the fund would enable investors to share in the benefits of economies of scale; and (5) other benefits received by the investment adviser from its relationship with the fund.

At each Meeting, the Board evaluated the information prepared for the 15(c) review process. Each Meeting included a presentation by representatives of the Adviser during which the Independent Trustees and counsel were able to pose questions. The Adviser's presentation included a discussion of the Adviser's resources and capabilities, including its financial condition and ability to provide the contracted-for services under the Agreements, as well as a review of the experience and qualifications of the Funds' portfolio managers and other key personnel of the Adviser. The Trustees were also presented with quantitative data showing how each existing Fund in the Trust performed against its relevant benchmark and whether the Fund met its investment objective over the relevant period.

Following an analysis and discussion of the factors identified below, in the exercise of their reasonable business judgment and in light of their respective fiduciary duties, the Trustees unanimously concluded that it was in the best interest of the Trust to approve the Agreements. In making determinations regarding the factors identified below, the Trustees considered information received (both oral and written) at each Meeting, as well as information obtained through the Board's experience overseeing the existing Funds in the Trust. In this regard, the Board's conclusions were also based on its knowledge of how well the Adviser performs its duties obtained through Board meetings, discussions, and reports. The Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements.

<sup>1</sup> On March 13, 2020, the SEC issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief was originally limited to the period from March 13, 2020 to June 15, 2020, and was subsequently extended through August 15, 2020. On June 19, 2020, the SEC issued an order extending the duration of the conditional relief further, through at least December 31, 2020. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at the Meeting.

<br> Semi-Annual Report \| December 31, 2025 171

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approval was based on each Trustee's business judgment after consideration of the information as a whole. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The principal factors and conclusions that formed the basis for the Trustees' determinations to approve the Agreements are discussed below.

**Nature, Extent and Quality of Services.** The Board considered the functions performed by the Adviser for each Fund and the nature and quality of services provided by GraniteShares. The Board noted that each Fund was an exchange-traded fund ("ETF") and the Board considered the qualifications and experience of the Adviser's key personnel, including, in particular, the experience of the Adviser's principals in managing ETFs and coordinating their operation and administration. The Trustees also considered the responsibilities assumed by the Adviser, including, among other things: responsibility for the general management of the day-to-day investment and reinvestment of the assets of each Fund; determining the daily basket of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of shares; monitoring and managing pricing and risks of each Fund; and monitoring and coordinating the provision of services to each Fund by each of the third-party service providers, including the fund administrator, transfer agent, custodian and distributor. The Board also considered the quality of the operational and compliance infrastructure supporting each Fund, including the regular reports provided by the Trust's Chief Compliance Officer regarding compliance procedures and practices. In addition, the Board noted the reports received at each Board meeting regarding regulatory developments germane to the ETF and registered fund industry.

Below are the specific considerations of the Board with respect to the nature, extent and quality of services provided by the Adviser from each Meeting.

**Meeting 1:**

**The S&L Funds**

With respect to each of the S&L Funds, the Board noted that each Fund seeks to replicate the daily performance of an underlying stock multiplied by a leveraged factor. Since the launch of the S&L funds in the Trust, the S&L funds have modified and refined their index strategies to best replicate the performance of the underlying stocks, most recently to single-stock indices provided by Solactive. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the standard deviation of a Fund's NAV from the price changes of each's Fund's underlying stock, premium/discount and intraday trading spreads, as well as the related performance attribution commentary provided by the Adviser. The Board also considered that the Adviser was obligated by an expense limitation agreement for each S&L Fund.

**The YB Funds**

With respect to each of the YB Funds, the Board noted that each Fund seeks to generate income by selling put options on leveraged ETFs and the Adviser will balance the amount distributed to shareholders and the impact of NAV erosion during periods of high volatility. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

**Meeting 2:**

With respect to each of the YB Funds, the Board considered that the previous investment advisory agreements and expense limitation agreements were being revised to add the additional funds and revise certain fund names. The Trustees noted the new funds were similar in nature to each of the previously approved YB Funds in terms of strategy and proposed investment advisory fees. The Board discussed their considerations and determinations from their May 9, 2025 and August 8, 2025 board meetings with respect to the previously approved YB Funds.

**Meeting 3:**

**The AC Funds**

With respect to each of the AC Funds, the Board considered that each Fund will be actively managed and aimed to generate income by gaining exposure to a diversified set of autocallable instruments. The Board considered that the Adviser would be the first issuer to bring autocallable products on single names under an ETF wrapper, the Adviser's history of launching new innovative products and managing those products within tight performance metrics, and that the Adviser will need to trade portfolios of autocallable instruments to achieve a target tenor date, non-callability period, and average yield. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

<br> 172 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

**The YB Funds**

With respect to each of the YB Funds, the Board considered that the Funds will be actively managed, similar to the other existing YieldBoost funds, and their investment strategies will generate yield by investing in other existing YieldBoost funds. The Board considered that the YieldBoost Single Stock Universe ETF will invest in all of the single-stock YieldBoost ETFs and the YieldBoost Single TopYielders ETF will invest in the single-stock YieldBoost ETFs that generate the highest yield at the time of rebalancing. The Board considered that the Adviser has managed the YieldBoost funds since December 2024, the Adviser has been able to maintain a high level of income in the funds, and the Adviser has managed the funds within tight performance metrics. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

**The S&L Funds**

With respect to each of the S&L Funds, the Board noted that each Fund seeks to replicate the daily performance of an underlying stock multiplied by a leveraged factor. Since the launch of the S&L funds in the Trust, the index strategies have been modified and refined to best replicate the performance of the underlying stocks, the number of counterparties has increased to provide greater asset coverage, and the Adviser has refined its operational capabilities to manage the S&L funds. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the standard deviation of a S&L Fund's NAV from the price changes of each's Fund's underlying stock, premium/discount and intraday trading spreads, as well as the related performance attribution commentary provided by the Adviser.

Below are the specific considerations of and conclusions of the Board with respect to the nature, extent and quality of services provided by the Adviser from each Meeting for all Funds subject to the Agreements.

The Board considered the performance data, analyses and reports regularly provided by the Adviser regarding each Fund in the Trust, including index tracking, premium/discount and intraday trading spreads, among other things. The Board also considered the Adviser's commentary regarding broader market trends and macroeconomic developments and interrelationship between market conditions and each Fund's performance. The Board concluded that it was satisfied with the information provided regarding, and explanations for, the performance of each existing Fund in the Trust, with the expectation that the Adviser would provide the same level of information and analysis with respect to each new Fund.

Based on the foregoing, including the acceptability of the terms of the Agreements and the responsibilities assumed by the Adviser thereunder, the Board concluded that the Adviser and its personnel continue to be qualified to serve each Fund in such capacity, and that the nature, quality and extent of services provided by the Adviser are expected to be satisfactory and appropriate for each Fund.

Below are additional specific considerations and conclusions of the Board from each Meeting for all Funds subject to the Agreements.

**Comparative Fees, Costs of Services Provided by the Adviser from Its Relationship with Each Fund.** The Board considered information provided by the Adviser regarding the advisory fee for each Fund in connection with the proposed approval of the Agreements and the Adviser's rationale therefor. In Meeting 2, the Board considered that the Adviser was recommending the same annual advisory fees for the new YB Funds. In Meeting 3, the Board also considered that the Adviser will have an expense limitation agreement in place for each Fund until December 31, 2026.

Based on the information presented and the discussions at each Meeting, the Board concluded that each Fund's proposed fees were reasonable given, among other things, the nature, extent and quality of the services provided under the Agreements.

**Economies of Scale.** The Board considered the potential for the Adviser to experience economies of scale in the provision of services to the Funds and the extent to which potential scale benefits are shared with shareholders.

The Board considered whether the Adviser was benefiting from economies of scale in the provision of services to each of the new Funds and whether such services are being shared with each Fund's shareholders under the Agreements. The Board noted that the Adviser's operational efficiencies have improved and will continue to improve. The Board considered the prospects for growth of each of the Funds and concluded that the expense limitation agreement was adequate for each of the Funds, and economies of scale would be revisited as each Fund's asset levels increase.

The Board concluded that the Adviser's arrangements with respect to the Funds constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

**Conclusion.** Based on all of the foregoing, the Board, including the Independent Trustees, concluded that the advisory fee for each Fund is fair and reasonable in light of the extent and quality of the services provided and expected to be provided over the term, and that the approval of the Agreements is in the best interest of the Trust. At each Meeting, the Board, including the Independent Trustees, unanimously approved the Agreements as to each of the Funds.

<br> Semi-Annual Report \| December 31, 2025 173

![](fin2_001.jpg)

**Granite**Shares ETF Trust

222 Broadway, 21st Floor

New York, NY 10038

Must be accompanied or preceded by a prospectus.

ALPS Distributors, Inc., a FINRA member, is the Distributor for the GraniteShares ETF Trust.

![](financial3_001.jpg)

**Table of Contents**

---

| | |
|:---|:---|
|  | **PAGE** |
| [Schedule of Investments](#GS_126) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST TSLA ETF](#GS_126) | 1 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST QQQ ETF](#GS_127) | 2 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST SPY ETF](#GS_128) | 3 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST NVDA ETF](#GS_129) | 4 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Bitcoin ETF](#GS_130) | 5 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost Coin ETF](#GS_131) | 6 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost AMD ETF](#GS_132) | 7 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost AMZN ETF](#GS_133) | 8 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost MSTR ETF](#GS_134) | 9 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost PLTR ETF](#GS_135) | 10 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost SMCI ETF](#GS_136) | 11 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost HOOD ETF](#GS_137) | 12 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost META ETF](#GS_138) | 13 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost BABA ETF](#GS_139) | 14 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost MARA ETF](#GS_140) | 15 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost IONQ ETF](#GS_141) | 16 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Semiconductor ETF](#GS_142) | 17 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Gold Miners ETF](#GS_143) | 18 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST RGTI ETF](#GS_144) | 19 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST QBTS ETF](#GS_145) | 20 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST RIOT ETF](#GS_146) | 21 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST HIMS ETF](#GS_147) | 22 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF](#GS_148) | 23 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST TOPYIELDERS ETF](#GS_149) | 24 |
| [Statements of Assets and Liabilities](#GS_150) | 25 |
| [Statements of Operations](#GS_151) | 30 |
| [Statement of Changes in Net Assets](#GS_152) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST TSLA ETF](#GS_152) | 35 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST QQQ ETF](#GS_153) | 36 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST SPY ETF](#GS_154) | 37 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST NVDA ETF](#GS_155) | 38 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Bitcoin ETF](#GS_156) | 39 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost Coin ETF](#GS_157) | 40 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost AMD ETF](#GS_158) | 41 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost AMZN ETF](#GS_159) | 42 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost MSTR ETF](#GS_160) | 43 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost PLTR ETF](#GS_161) | 44 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost SMCI ETF](#GS_162) | 45 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost HOOD ETF](#GS_163) | 46 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost META ETF](#GS_164) | 47 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost BABA ETF](#GS_165) | 48 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost MARA ETF](#GS_166) | 49 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost IONQ ETF](#GS_167) | 50 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Semiconductor ETF](#GS_168) | 51 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Gold Miners ETF](#GS_169) | 52 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST RGTI ETF](#GS_170) | 53 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST QBTS ETF](#GS_171) | 54 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST RIOT ETF](#GS_172) | 55 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST HIMS ETF](#GS_173) | 56 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF](#GS_174) | 57 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST TOPYIELDERS ETF](#GS_175) | 58 |

---

---

| | |
|:---|:---|
|  | **PAGE** |
| [Financial Highlights](#GS_176) |  |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST TSLA ETF](#GS_176) | 59 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST QQQ ETF](#GS_177) | 60 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST SPY ETF](#GS_178) | 61 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST NVDA ETF](#GS_179) | 62 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Bitcoin ETF](#GS_180) | 63 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost Coin ETF](#GS_181) | 64 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost AMD ETF](#GS_182) | 65 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost AMZN ETF](#GS_183) | 66 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost MSTR ETF](#GS_184) | 67 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost PLTR ETF](#GS_185) | 68 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost SMCI ETF](#GS_186) | 69 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost HOOD ETF](#GS_187) | 70 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost META ETF](#GS_188) | 71 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost BABA ETF](#GS_189) | 72 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost MARA ETF](#GS_190) | 73 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBoost IONQ ETF](#GS_191) | 74 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Semiconductor ETF](#GS_192) | 75 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST Gold Miners ETF](#GS_193) | 76 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST RGTI ETF](#GS_194) | 77 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST QBTS ETF](#GS_195) | 78 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST RIOT ETF](#GS_196) | 79 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST HIMS ETF](#GS_197) | 80 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF](#GS_198) | 81 |
| &nbsp;&nbsp;&nbsp;[GraniteShares YieldBOOST TOPYIELDERS ETF](#GS_199) | 82 |
| [Notes to Financial Statements](#GS_200) | 83 |
| [Additional Information](#GS_201) | 111 |
| **[Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#GS_202)** | **112** |
| **[Proxy Disclosures for Open-End Management Investment Companies](#GS_203)** | **113** |
| **[Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#GS_204)** | **114** |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract](#GS_205)** | **115** |

---

<u>GraniteShares YieldBOOST TSLA ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (38.79%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.893%, 01/15/2026<sup>(a)</sup> | $100000000 | $99872191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 27800000 | 27655525 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 127,492,188)** |  | 127527716 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.90%)** |  |  |  |  |  |
| ***Put Option Contracts (0.90%)*** |  |  |  |  |  |
| Direxion Daily TSLA Bull 2X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 16.82 | 67000 | 128037000 | 670000 |
|  |  |  |  | 128037000 | 670000 |
| Graniteshares 2x Long TSLA Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 28.78 | 240 | 768480 | 8130 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 29.46 | 44440 | 142296880 | 1384487 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 31.54 | 17580 | 56291160 | 901526 |
|  |  |  |  | 199356520 | 2294143 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $2,337,858) |  |  |  | 327393520 | 2964143 |
| **TOTAL INVESTMENTS (39.69%)** |  |  |  |  |  |
| **(Cost $129,830,046)** |  |  |  |  | $130491859 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (60.31%)** |  |  |  |  | 198273015 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $328764874 |

---

*<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 (6.33%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (6.33%)**  |  |  |  |  |  |  |
| Direxion Daily TSLA Bull 2X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $19.11 | (67000) | $4940305 | $(128037000) | $(5025000) |
|  |  |  |  | 4940305 | (128037000) | (5025000) |
| Graniteshares 2x Long TSLA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 32.71 | (240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 36177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(768480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> (41794) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 33.48 | (44440) | 6209863 | (142296880) | (9035529) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 35.84 | (17580) | 2632357 | (56291160) | (6720899) |
|  |  |  |  | 8878397 | (199356520) | (15798222) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**13818702** | $**(327393520)** | $**(20823222)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 1

<u>GraniteShares YieldBOOST QQQ ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (45.95%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.866%, 01/15/2026<sup>(a)</sup> | $4000000 | $3994887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 1500000 | 1492205 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 5,485,545)** |  | 5487092 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date**  | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.39%)** |  |  |  |  |  |
| ***Put Option Contracts (0.39%)*** |  |  |  |  |  |
| ProShares UltraPro QQQ: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 49.78 | 2221 | 11709112 | 46554 |
|  |  |  |  | $11709112 | 46554 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $23,352) |  |  |  | 11709112 | 46554 |
| **TOTAL INVESTMENTS (46.34%)** |  |  |  |  |  |
| (Cost $5,508,897) |  |  |  |  | $5533646 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (53.66%)** |  |  |  |  | 6408622 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $11942268 |

---

*<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 (4.84%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (4.84%)** |  |  |  |  |  |  |
| ProShares UltraPro QQQ: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | $55.31 | (2221) | $196527 | $(11709112) | $(577449) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**196527** | $**(11709112)** | $**(577449)** |

---

*See Notes to Financial Statements.* <br> 2 www.graniteshares.com

<u>GraniteShares YieldBOOST SPY ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (39.10%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.872%, 01/15/2026<sup>(a)</sup> | $5000000 | $4993610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 3700000 | 3680771 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 8,671,652)** |  | 8674381 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTION CONTRACTS - (0.04%)**<br>|  |  |  |  |  |
| ***Put Option Contracts (0.04%)*** |  |  |  |  |  |
| Direxion Daily S&P 500 Bull 3X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 206.21 | 990 | 21840390 | 8607 |
|  |  |  |  | $21840390 | 8607 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $28,229) |  |  |  | 21840390 | 8607 |
| **TOTAL INVESTMENTS (39.14%)**  |  |  |  |  |  |
| **(Cost $8,699,881)** |  |  |  |  | $8682988 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (60.86%)** |  |  |  |  | 13504266 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $22187254 |

---

*<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 (3.83%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (3.83%)** |  |  |  |  |  |  |
| Direxion Daily S&P 500 Bull 3X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | $229.12 | (990) | $270751 | $(21840390) | $(849535) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**270751** | $**(21840390)** | $**(849535)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 3

<u>GraniteShares YieldBOOST NVDA ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (47.30%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.893%, 01/15/2026<sup>(a)</sup> | $3000000 | $2996166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 36000000 | 35812910 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 38,792,893)** |  | 38809076 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.49%)** |  |  |  |  |  |
| ***Put Option Contracts (0.49%)*** |  |  |  |  |  |
| GraniteShares 2x Long NVDA Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 79.21 | 3030 | 26667030 | 163620 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 80.78 | 3889 | 34227089 | 197883 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 82.83 | 2387 | 21007987 | 37381 |
|  |  |  |  | $81902106 | 398884 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $421,857) |  |  |  | 81902106 | 398884 |
| **TOTAL INVESTMENTS (47.79%)** |  |  |  |  |  |
| **(Cost $39,214,750)** |  |  |  |  | $39207960 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (52.21%)** |  |  |  |  | 42831204 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $82039164 |

---

*<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 (3.87%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (3.87%)** |  |  |  |  |  |  |
| GraniteShares 2x Long NVDA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $88.01 | (3030) | $874112 | $(26667030) | $(878700) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 89.76 | (3889) | 1013030 | (34227089) | (1314028) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 92.03 | (2387) | 609845 | (21007987) | (978216) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**2496987** | $**(81902106)** | $**(3170944)** |

---

*See Notes to Financial Statements.* <br> 4 www.graniteshares.com

<u>GraniteShares YieldBOOST Bitcoin ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (26.45%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.893%, 01/15/2026<sup>(a)</sup> | $4000000 | $3994888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 3300000 | 3282850 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 7,275,376)** |  | 7277738 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.64%)** |  |  |  |  |  |
| ***Put Option Contracts (0.64%)*** |  |  |  |  |  |
| 2x Bitcoin Strategy ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 24.78 | 3580 | 9930920 | 44222 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 24.97 | 4990 | 13842260 | 129739 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 25.04 | 1370 | 3800380 | 1240 |
|  |  |  |  | $27573560 | 175201 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| **(Cost $266,860)** |  |  |  | 27573560 | 175201 |
| **TOTAL INVESTMENTS (27.09%)** |  |  |  |  |  |
| **(Cost $7,542,236)** |  |  |  |  | $7452939 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (72.91%)** |  |  |  |  | 20057236 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $27510175 |

---

*<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 (3.33%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (3.33%)** |  |  |  |  |  |  |
| 2x Bitcoin Strategy ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | $27.53 | (3580) | $359740 | $(9930920) | $(303902) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 27.74 | (4990) | 526374 | (13842260) | (533930) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 27.82 | (1370) | 145886 | (3800380) | (77080) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**1032000** | $**(27573560)** | $**(914912)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 5

<u>GraniteShares YieldBOOST Coin ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (21.61%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.893%, 01/15/2026<sup>(a)</sup> | $15000000 | $14980828 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 14,977,292)** |  | 14980828 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (1.54%)** |  |  |  |  |  |
| ***Put Option Contracts (1.54%)*** |  |  |  |  |  |
| GraniteShares 2x Long COIN Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 12.89 | 20170 | 29549050 | 262210 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 13.81 | 18210 | 26677650 | 557346 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 14.20 | 8830 | 12935950 | 244823 |
|  |  |  |  | $69162650 | 1064379 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| **(Cost $702,321)** |  |  |  | 69162650 | 1064379 |
| **TOTAL INVESTMENTS (23.15%)** |  |  |  |  |  |
| **(Cost $15,679,613)** |  |  |  |  | $16045207 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (76.85%)** |  |  |  |  | 53258741 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $69303948 |

---

*<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 (7.03%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (7.03%)** |  |  |  |  |  |  |
| GraniteShares 2x Long COIN Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $14.65 | (20170) | $1320850 | $(29549050) | $(1351390) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 15.69 | (18210) | 1210708 | (26677650) | (2209965) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 16.14 | (8830) | 622391 | (12935950) | (1313305) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**3153949** | $**(69162650)** | $**(4874660)** |

---

*See Notes to Financial Statements.* <br> 6 www.graniteshares.com

<u>GraniteShares YieldBOOST AMD ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (43.49%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.853%, 01/15/2026<sup>(a)</sup> | $4000000 | $3994888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 1200000 | 1193764 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 5,187,254)** |  | 5188652 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.19%)** |  |  |  |  |  |
| ***Put Option Contracts (0.19%)*** |  |  |  |  |  |
| GraniteShares 2x Long AMD Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 14.00 | 290 | 450950 | 4350 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 14.10 | 7274 | 11311070 | 18339 |
|  |  |  |  | $11762020 | 22689 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $103,091) |  |  |  | 11762020 | 22689 |
| **TOTAL INVESTMENTS (43.68%)** |  |  |  |  |  |
| **(Cost $5,290,345)** |  |  |  |  | $5211341 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (56.32%)** |  |  |  |  | 6720056 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $11931397 |

---

*<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 (2.18%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (2.18%)** |  |  |  |  |  |  |
| GraniteShares 2x Long AMD Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $15.55 | (290) | $18701 | $(450950) | $(19140) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 15.67 | (7274) | 403604 | (11311070) | (240552) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**422305** | $**(11762020)** | $**(259692)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 7

<u>GraniteShares YieldBOOST AMZN ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (38.01%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.840%, 01/15/2026<sup>(a)</sup> | $500000 | $499361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 600000 | 596881 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 1,095,877)** |  | 1096242 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 01/07/2026 | 28.32 | 220 | 692331 | 1980 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 28.79 | 700 | 2202872 | 223 |
|  |  |  |  | $2895203 | 2203 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $13,173) |  |  |  | 2895203 | 2203 |
| **TOTAL INVESTMENTS (38.09%)** |  |  |  |  |  |
| **(Cost $1,109,050)** |  |  |  |  | $1098445 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (61.91%)** |  |  |  |  | 1785716 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $2884161 |

---

*<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 (2.39%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (2.39%)** |  |  |  |  |  |  |
| GraniteShares 2x Long AMZN Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $31.47 | (220) | $17707 | $(692331) | $(18040) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 31.99 | (700) | 50740 | (2202872) | (50939) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**68447** | $**(2895203)** | $**(68979)** |

---

*See Notes to Financial Statements.* <br> 8 www.graniteshares.com

<u>GraniteShares YieldBoost MSTR ETF</u> <u>Schedule of Investments</u>

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (29.49%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**United States Treasury Bill**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 3.550%, 02/24/2026<sup>(a)</sup> | $400000 | $397922 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 397,900)** |  | 397922 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value** |
| **PURCHASED OPTION CONTRACTS – (2.07%)** |  |  |  |  |  |
| ***Put Option Contracts (2.07%)***<br>|  |  |  |  |  |
| T-Rex 2X Long MSTR Daily Target ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 7.70 | 350 | 290850 | 7364 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 8.04 | 1210 | 1005510 | 20565 |
|  |  |  |  | $1296360 | 27929 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $28,692) |  |  |  | 1296360 | 27929 |
| **TOTAL INVESTMENTS (31.56%)** |  |  |  |  |  |
| **(Cost $426,592)** |  |  |  |  | $425851 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (68.44%)** |  |  |  |  | 923603 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $1349454 |

---

<sup>(a)</sup> Rate shown represents the bond equivalent yield to maturity at date of purchase. <br> <sup>(b)</sup> Includes cash which is being held as collateral for written option contracts.

**WRITTEN OPTION CONTRACTS (9.20%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 4)** |
| **Put Option Contracts – (9.20%)** |  | | | | | |
| T-Rex 2X Long MSTR Daily Target ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | $8.75 | (350) | $16970 | $(290850) | $(22691) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 9.14 | (1210) | 70768 | (1005510) | (101441) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**87738** | $**(1296360)** | $**(124132)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 9

<u>GraniteShares YieldBoost PLTR ETF</u> <u>Schedule of Investments</u>

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (30.74%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.893%, 01/15/2026<sup>(a)</sup> | $1000000 | $998722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | 1300000 | 1293244 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 2,291,172)** |  | 2291966 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date**  | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (2.29%)**<br>|  | | | | |
| ***Put Option Contracts (2.29%)*** |  | | | | |
| GraniteShares 2x Long PLTR Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 24.06 | 710 | 1897830 | 20590 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 27.04 | 2080 | 5559840 | 150210 |
|  |  |  |  | $7457670 | 170800 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $99,694) |  |  |  | 7457670 | 170800 |
| **TOTAL INVESTMENTS (33.03%)** |  |  |  |  |  |
| **(Cost $2,390,866)** |  |  |  |  | $2462766 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (66.97%)** |  |  |  |  | 4993234 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $7456000 |

---

<sup>(a)</sup> Rate shown represents the bond equivalent yield to maturity at date of purchase. <br> <sup>(b)</sup> Includes cash which is being held as collateral for written option contracts.

**WRITTEN OPTION CONTRACTS (10.71%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date**<br>| **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 4)** |
| **Put Option Contracts - (10.71%)** |  | | | | | |
| GraniteShares 2x Long PLTR Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $26.73 | (710) | $74185 | $(1897830) | $(75260) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 30.22 | (2080) | 256851 | (5559840) | (723169) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**331036** | $**(7457670)** | $**(798429)** |

---

*See Notes to Financial Statements.* <br> 10 www.graniteshares.com

<u>GraniteShares YieldBoost SMCI ETF</u> <u>Schedule of Investments</u>

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (71.57%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.808%, 01/15/2026<sup>(a)</sup> | $7000000 | $6991053 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 6,989,634)** |  | 6991053 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (2.70%)** |  |  |  |  |  |
| ***Put Option Contracts (2.70%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long SMCI ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 11.08 | 1390 | 1584600 | 40058 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 11.49 | 6700 | 7638000 | 223401 |
|  |  |  |  | $9222600 | 263459 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $206,409) |  |  |  | 9222600 | 263459 |
| **TOTAL INVESTMENTS (74.27%)** |  |  |  |  |  |
| **(Cost $7,196,043)** |  |  |  |  | $7254512 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (25.73%)** |  |  |  |  | 2512587 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $9767099 |

---

*<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 (13.35%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 4)** |
| **Put Option Contracts - (13.35%)** |  |  |  |  |  |  |
| Defiance Daily Target 2X Long SMCI ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | $12.59 | (1390) | $102145 | $(1584600) | $(185357) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 13.06 | (6700) | 485656 | (7638000) | (1118463) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**587801** | $**(9222600)** | $**(1303820)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 11

<u>GraniteShares YieldBoost HOOD ETF</u> <u>Schedule of Investments</u>

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (62.92%)<sup>(a)</sup>** | | |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.843%, 01/15/2026<sup>(a)</sup> | $14000000 | $13982107 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 13,979,077)** |  | 13982107 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (1.44%)** |  |  |  |  |  |
| ***Put Option Contracts (1.44%)*** |  |  |  |  |  |
| T-Rex 2X Long HOOD Daily Target ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 47.64 | 1020 | 5522280 | 66300 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 51.66 | 230 | 1245220 | 31742 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 52.34 | 2830 | 15321620 | 222819 |
|  |  |  |  | $22089120 | 320861 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $325,998) |  |  |  | 22089120 | 320861 |
| **TOTAL INVESTMENTS (64.36%)** |  |  |  |  |  |
| **(Cost $14,305,075)** |  |  |  |  | $14302968 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (35.64%)** |  |  |  |  | 7919245 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $22222213 |

---

*<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 (8.71%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 4)** |
| **Put Option Contracts - (8.71%)** |  |  |  |  |  |  |
| T-Rex 2X Long HOOD Daily Target ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $54.14 | (1020) | $272836 | $(5522280) | $(274380) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 58.71 | (230) | 70492 | (1245220) | (121275) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 59.48 | (2830) | 870184 | (15321620) | (1539716) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**1213512** | $**(22089120)** | $**(1935371)** |

---

*See Notes to Financial Statements.* <br> 12 www.graniteshares.com

<u>GraniteShares YieldBoost META ETF</u> <u>Schedule of Investments</u>

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (16.48%)<sup>(a)</sup>** | | |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 02/24/2026<sup>(a)</sup> | $100000 | $99480 |
| **TOTAL GOVERNMENT BOND**<br>|  |  |
| **(Cost 99,475)** |  | 99480 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.03%)** |  |  |  |  |  |
| ***Put Option Contracts (0.03%)*** |  |  |  |  |  |
| GraniteShares 2x Long META Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 29.18 | 60 | 195060 | 144 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 29.56 | 120 | 390120 | 17 |
|  |  |  |  | $585180 | 161 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $2,373) |  |  |  | 585180 | 161 |
| **TOTAL INVESTMENTS (16.51%)**<br>|  |  |  |  |  |
| **(Cost $101,848)** |  |  |  |  | $99641 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (83.49%)** |  |  |  |  | 503954 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $603595 |

---

*<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 (1.70%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 4)** |
| **Put Option Contracts - (1.70%)** |  | | | | | |
| GraniteShares 2x Long META Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | $32.42 | (60) | $4589 | $(195060) | $(3182) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 32.92 | (120) | 8698 | (390120) | (7107) |
| **TOTAL WRITTEN OPTION CONTRACTS**  |  |  |  | $**13287** | $**(585180)** | $**(10289)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 13

<u>GraniteShares YieldBoost BABA ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (22.66%)<sup>(a)</sup>** | | |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>3.840%, 01/15/2026<sup>(a)</sup> | $300000 | $299616 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 299,552)** |  | 299616 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.78%)** |  |  |  |  |  |
| ***Put Option Contracts (0.78%)*** |  |  |  |  |  |
| GraniteShares 2x Long BABA Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 32.44 | 60 | 216240 | 1500 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 35.07 | 310 | 1117240 | 8849 |
|  |  |  |  | $1333480 | 10349 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $9,190) |  |  |  | 1333480 | 10349 |
| **TOTAL INVESTMENTS (23.44%)** |  |  |  |  |  |
| **(Cost $308,742)** |  |  |  |  | $309965 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (76.56%)** |  |  |  |  | 1012627 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $1322592 |

---

<sup>(a)</sup> Rate shown represents the bond equivalent yield to maturity at date of purchase. <br> <sup>(b)</sup> Includes cash which is being held as collateral for written option contracts.

**WRITTEN OPTION CONTRACTS (7.46%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (7.46%)** |  |  |  |  |  |  |
| GraniteShares 2x Long BABA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $36.04 | (60) | $7109 | $(216240) | $(7200) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 38.97 | (310) | 37971 | (1117240) | (91401) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**45080** | $**(1333480)** | $**(98601)** |

---

*See Notes to Financial Statements.* <br> 14 www.graniteshares.com

<u>GraniteShares YieldBoost MARA ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (46.33%)<sup>(a)</sup>** | | |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 3.833%, 01/15/2026<sup>(a)</sup> | $900000 | $898850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.547%, 02/24/2026<sup>(a)</sup> | 700000 | 696362 |
| **TOTAL GOVERNMENT BOND <br>(Cost 1,594,934)** |  | 1595212 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (3.68%)** |  |  |  |  |  |
| ***Put Option Contracts (3.68%)*** |  |  |  |  |  |
| GraniteShares 2x Long MARA Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 4.04 | 2290 | 1051110 | 50380 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 4.33 | 850 | 390150 | 11548 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 4.49 | 3060 | 1404540 | 48386 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 4.61 | 1200 | 550800 | 16424 |
|  |  |  |  | $3396600 | 126738 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $187,974) |  |  |  | 3396600 | 126738 |
| **TOTAL INVESTMENTS (50.**01%) |  |  |  |  |  |
| **(Cost $1,782,908)** |  |  |  |  | $1721950 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (49.99%)** |  |  |  |  | 1721558 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $3443508 |

---

<sup>(a)</sup> Rate shown represents the bond equivalent yield to maturity at date of purchase. <br> <sup>(b)</sup> Includes cash which is being held as collateral for written option contracts.

**WRITTEN OPTION CONTRACTS (11.20%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (11.20%)** |  |  |  |  |  |  |
| GraniteShares 2x Long MARA Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $4.59 | (2290) | $95003 | $(1051110) | $(98470) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 4.92 | (850) | 42063 | (390150) | (38131) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 5.10 | (3060) | 142247 | (1404540) | (170602) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 5.24 | (1200) | 56983 | (550800) | (78609) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**336296** | $**(3396600)** | $**(385812)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 15

<u>GraniteShares YieldBoost IONQ ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (49.85%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.837%, 01/15/2026<sup>(a)</sup> | $2400000 | $2396933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.603%, 02/24/2026<sup>(a)</sup> | 1100000 | 1094283 |
| **TOTAL GOVERNMENT BOND <br>(Cost 3,490,474)** |  | 3491216 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (2.56%)** |  |  |  |  |  |
| ***Put Option Contracts (2.56%)*** |  |  |  |  |  |
| GraniteShares 2x Long IONQ Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 29.00 | 290 | 955550 | 26390 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 29.53 | 1040 | 3426800 | 108545 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 30.43 | 790 | 2603050 | 44607 |
|  |  |  |  | $6985400 | 179542 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $220,580) |  |  |  | 6985400 | 179542 |
| **TOTAL INVESTMENTS (52.41%)** |  |  |  |  |  |
| **(Cost $3,711,054)** |  |  |  |  | $3670758 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (47.59%)** |  |  |  |  | 3333672 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $7004430 |

---

<sup>(a)</sup> Rate shown represents the bond equivalent yield to maturity at date of purchase. <br> <sup>(b)</sup> Includes cash which is being held as collateral for written option contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTION CONTRACTS (7.74%)** | **WRITTEN OPTION CONTRACTS (7.74%)** | **WRITTEN OPTION CONTRACTS (7.74%)** | **WRITTEN OPTION CONTRACTS (7.74%)** | **WRITTEN OPTION CONTRACTS (7.74%)** | **WRITTEN OPTION CONTRACTS (7.74%)** | **WRITTEN OPTION CONTRACTS (7.74%)** |
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (7.74%)** |  |  |  |  |  |  |
| GraniteShares 2x Long IONQ Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $32.95 | (290) | $71771 | $(955550) | $(72210) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 33.56 | (1040) | 264665 | (3426800) | (277762) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 34.58 | (790) | 217634 | (2603050) | (192265) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**554070** | $**(6985400)** | $**(542237)** |

---

*See Notes to Financial Statements.* <br> 16 www.graniteshares.com

<u>GraniteShares YieldBOOST Semiconductor ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (58.83%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.848%, 01/15/2026<sup>(a)</sup> | $500000 | $499361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.624%, 02/24/2026<sup>(a)</sup> | 9300000 | 9251668 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 9,748,697)** |  | 9751029 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (0.72%)** |  |  |  |  |  |
| ***Put Option Contracts (0.72%)*** |  |  |  |  |  |
| Direxion Daily Semiconductor Bull 3X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 36.99 | 2250 | 9456750 | 67500 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 38.43 | 190 | 798570 | 10633 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 38.56 | 1020 | 4287060 | 38172 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 38.90 | 470 | 1975410 | 3377 |
|  |  |  |  | $16517790 | 119682 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| <br>(Cost $110,430) |  |  |  | 16517790 | 119682 |
| **TOTAL INVESTMENTS (59.55%) <br>(Cost $9,859,127)** |  |  |  |  | $9870711 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (40.45%)** |  |  |  |  | 6705168 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $16575879 |

---

<sup>(a)</sup> Rate shown represents the bond equivalent yield to maturity at date of purchase. <br> <sup>(b)</sup> Includes cash which is being held as collateral for written option contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTION CONTRACTS (4.69%)** | **WRITTEN OPTION CONTRACTS (4.69%)** | **WRITTEN OPTION CONTRACTS (4.69%)** | **WRITTEN OPTION CONTRACTS (4.69%)** | **WRITTEN OPTION CONTRACTS (4.69%)** | **WRITTEN OPTION CONTRACTS (4.69%)** | **WRITTEN OPTION CONTRACTS (4.69%)** |
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (4.69%)** |  | | | | | |
| Direxion Daily Semiconductor Bull 3X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $42.03 | (2250) | $356594 | $(9456750) | $(360000) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 43.67 | (190) | 33152 | (798570) | (50870) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 43.82 | (1020) | 148396 | (4287060) | (256551) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 44.21 | (470) | 63678 | (1975410) | (109686) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**601820** | $**(16517790)** | $**(777107)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 17

<u>GraniteShares YieldBOOST Gold Miners ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (23.06%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.848%, 01/15/2026<sup>(a)</sup> | $500000 | $499361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.547%, 02/24/2026<sup>(a)</sup> | 1200000 | 1193763 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 1,692,866)** |  | 1693124 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (1.24%)** |  | | | | |
| ***Put Option Contracts (1.24%)*** |  | | | | |
| <br>Direxion Daily Gold Miners Index Bull 2X Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 165.47 | 190 | 3493150 | 32490 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 166.50 | 140 | 2573900 | 15854 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 188.01 | 70 | 1286950 | 42530 |
|  |  |  |  | $7354000 | 90874 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $80,416) |  |  |  | 7354000 | 90874 |
| **TOTAL INVESTMENTS (24.30%)** |  |  |  |  |  |
| **(Cost $1,773,282)** |  |  |  |  | $1783998 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (75.70%)** |  |  |  |  | 5558366 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $7342364 |

---

<sup>(a)</sup> Rate shown represents the bond equivalent yield to maturity at date of purchase. <br> <sup>(b)</sup> Includes cash which is being held as collateral for written option contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTION CONTRACTS (5.63%)** | **WRITTEN OPTION CONTRACTS (5.63%)** | **WRITTEN OPTION CONTRACTS (5.63%)** | **WRITTEN OPTION CONTRACTS (5.63%)** | **WRITTEN OPTION CONTRACTS (5.63%)** | **WRITTEN OPTION CONTRACTS (5.63%)** | **WRITTEN OPTION CONTRACTS (5.63%)** |
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (5.63%)** |  | | | | | |
| Direxion Daily Gold Miners Index Bull 2X Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $183.85 | (190) | $135562 | $(3493150) | $(135850) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 185.00 | (140) | 123128 | (2573900) | (99949) |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/02/2026 | 208.90 | (70) | 53584 | (1286950) | (177633) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**312274** | $**(7354000)** | $**(413432)** |

---

*See Notes to Financial Statements.* <br> 18 www.graniteshares.com

<u>GraniteShares YieldBOOST RGTI ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (29.90%)**<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751%, 02/24/2026<sup>(a)</sup> | $400000 | $397921 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 397,749)** |  | 397921 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date**  | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (3.68%)**<br>|  |  |  |  |  |
| ***Put Option Contracts (3.68%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long RGTI ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 10.69 | 580 | 704700 | 25520 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 10.93 | 530 | 643950 | 23401 |
|  |  |  |  | $1348650 | 48921 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $61,121) |  |  |  | 1348650 | 48921 |
| **TOTAL INVESTMENTS (33.58%)** |  |  |  |  |  |
| **(Cost $458,870)** |  |  |  |  | $446842 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (66.42%)** |  |  |  |  | 883717 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $1330559 |

---

<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 (9.10%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (9.10%)** |  |  |  |  |  |  |
| Defiance Daily Target 2X Long RGTI ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $12.15 | (580) | $61182 | $(704700) | $(62060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 12.42 | (530) | 65977 | (643950) | (58968) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**127159** | $**(1348650)** | $**(121028)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 19

<u>GraniteShares YieldBOOST QBTS ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (34.13%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>3.751%, 02/24/2026<sup>(a)</sup> | $400000 | $397921 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 397,749)** |  | 397921 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (4.79%)** |  |  |  |  |  |
| ***Put Option Contracts (4.79%)*** |  |  |  |  |  |
| Tradr 2X Long QBTS Daily ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 29.24 | 360 | 1190880 | 55776 |
|  |  |  |  | $1190880 | 55776 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $58,865) |  |  |  | 1190880 | 55776 |
| **TOTAL INVESTMENTS (38.92%)** |  |  |  |  |  |
| **(Cost $456,614)** |  |  |  |  | $453697 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (61.08%)** |  |  |  |  | 711941 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $1165638 |

---

<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 (10.16%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 4)** |
| **Put Option Contracts - (10.16%)** |  |  |  |  |  |  |
| Tradr 2X Long QBTS Daily ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | $33.23 | (360) | $120415 | $(1190880) | $(118452) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**120415** | $**(1190880)** | $**(118452)** |

---

*See Notes to Financial Statements.* <br> 20 www.graniteshares.com

<u>GraniteShares YieldBOOST RIOT ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (26.17%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>3.643%, 02/24/2026<sup>(a)</sup> | $500000 | $497401 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 497,268)** |  | 497401 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (12.15%)** |  |  |  |  |  |
| **Put Option Contracts (12.15%)** |  |  |  |  |  |
| Defiance Daily Target 2X Long RIOT ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 10.88 | 450 | 317250 | 172184 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 6.20 | 2170 | 1529850 | 58590 |
|  |  |  |  | $1847100 | 230774 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $83,707) |  |  |  | 1847100 | 230774 |
| **TOTAL INVESTMENTS (38.32%)** |  |  |  |  |  |
| **(Cost $580,975)** |  |  |  |  | $728175 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (61.68%)** |  |  |  |  | 1171924 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $1900099 |

---

<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 (19.07%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 4)** |
| **Put Option Contracts - (19.07%)** |  |  |  |  |  |  |
| Defiance Daily Target 2X Long RIOT ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | $12.36 | (450) | $45219 | $(317250) | $(238743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 7.05 | (2170) | 120404 | (1529850) | (123690) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**165623** | $**(1847100)** | $**(362433)** |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 21

<u>GraniteShares YieldBOOST HIMS ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount** | **Value** |
| **UNITED STATES TREASURY OBLIGATION (44.30%)<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 3.643%, 02/24/2026<sup>(a)</sup> | $500000 | $497402 |
| **TOTAL GOVERNMENT BOND** |  |  |
| **(Cost 497,267)** |  | 497402 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **PURCHASED OPTION CONTRACTS - (3.02%)** |  |  |  |  |  |
| ***Put Option Contracts (3.02%)*** |  |  |  |  |  |
| Defiance Daily Target 2X Long HIMS ETF: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | 5.10 | 1040 | 602160 | 9360 |
| &nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 5.76 | 920 | 532680 | 24602 |
|  |  |  |  | $1134840 | 33962 |
| **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |  |  |
| (Cost $24,288) |  |  |  | 1134840 | 33962 |
| **TOTAL INVESTMENTS (47.32%)** |  |  |  |  |  |
| **(Cost $521,555)** |  |  |  |  | $531364 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (52.68%)** |  |  |  |  | 591509 <sup>(b)</sup> |
| **NET ASSETS (100.00%)** |  |  |  |  | $1122873 |

---

<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 (9.81%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration <br>Date** | **Strike <br>Price** | **Contracts** | **Premiums <br>Received** | **Notional <br>Value** | **Value <br>(Note 4)** |
| **Put Option Contracts - (9.81%)** |  |  |  |  |  |  |
| Defiance Daily Target 2X Long HIMS ETF: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/07/2026 | $5.79 | (1040) | $32745 | $(602160) | $(34320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group Inc | 01/05/2026 | 6.55 | (920) | 33567 | (532680) | (75882) |
| **TOTAL WRITTEN OPTION CONTRACTS** |  |  |  | $**66312** | $**(1134840)** | $**(110202)** |

---

*See Notes to Financial Statements.* <br> 22 www.graniteshares.com

<u>GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS (97.60%)** | |  |  |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST AMD ETF<sup>(a)</sup> | | 9333 | $210179 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBoost AMZN ETF<sup>(a)</sup> | | 10224 | 210748 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST BABA ETF<sup>(a)</sup> | | 10066 | 190071 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST COIN ETF<sup>(a)</sup> | | 21989 | 172614 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST HIMS ETF<sup>(a)</sup> | | 8964 | 168478 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST HOOD ETF<sup>(a)</sup> | | 13617 | 185718 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST IONQ ETF<sup>(a)</sup> | | 10705 | 182376 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST MARA ETF<sup>(a)</sup> | | 11890 | 165019 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST META ETF<sup>(a)</sup> | | 10234 | 205607 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST MSTR ETF<sup>(a)</sup> | | 20887 | 175346 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST NVDA ETF<sup>(a)</sup> | | 10640 | 200564 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST PLTR ETF<sup>(a)</sup> | | 9893 | 184403 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST QBTS ETF<sup>(a)</sup> | | 9828 | 191981 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST RGTI ETF<sup>(a)</sup> | | 9720 | 185263 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST RIOT ETF<sup>(a)</sup> | | 9445 | 180683 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST SMCI ETF<sup>(a)</sup> | | 13570 | 176983 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST TSLA ETF<sup>(a)</sup> | | 33067 | 183522 |
| ***Total*** | |  | 3169555 |
|  | |  |  |
| **TOTAL EXCHANGE TRADED FUNDS** | |  |  |
| **(Cost $3,424,532)** | |  | 3169555 |
|  | |  |  |
| **TOTAL INVESTMENTS (97.60%)** | |  |  |
| **(Cost $3,424,532)** | |  | $3169555 |
|  | |  |  |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (2.40%)** | |  | 77987 |
|  | |  |  |
| **NET ASSETS (100.00%)** | |  | $3247542 |

---

** 

*<sup>(a)</sup> Affiliated Company. See Note 5 in Notes to Financial Statements. Financials for the affiliated company can be found at www.sec.gov.*

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 23

<u>GraniteShares YieldBOOST TOPYIELDERS ETF</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS (97.69%)** |  |  |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST COIN ETF<sup>(a)</sup> | 69422 | $544963 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST HOOD ETF<sup>(a)</sup> | 42986 | 586272 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST IONQ ETF<sup>(a)</sup> | 33795 | 575749 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST SMCI ETF<sup>(a)</sup> | 42843 | 558767 |
| &nbsp;&nbsp;&nbsp;GRANITESHARES YIELDBOOST TSLA ETF<sup>(a)</sup> | 104387 | 579348 |
| ***Total*** |  | 2845099 |
| **TOTAL EXCHANGE TRADED FUNDS** |  |  |
| **(Cost $3,183,627)** |  | 2845099 |
| **TOTAL INVESTMENTS (97.69%)** |  |  |
| **(Cost $3,183,627)** |  | $2845099 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (2.31%)** |  | 67202 |
| **NET ASSETS (100.00%)** |  | $2912301 |

---

*<sup>(a)</sup> Affiliated Company. See Note 5 in Notes to Financial Statements. Financials for the affiliated company can be found at www.sec.gov.*

*See Notes to Financial Statements.* <br> 24 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares YieldBOOST TSLA ETF** | **GraniteShares YieldBOOST QQQ ETF** | **GraniteShares YieldBOOST SPY ETF** | **GraniteShares YieldBOOST NVDA ETF** | **GraniteShares YieldBOOST Bitcoin ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $129830046 | $5508897 | $8699881 | $39214750 | $7542236 |
| &nbsp;&nbsp;&nbsp;Investments at value | $130491859 | $5533646 | $8682988 | $39207960 | $7452939 |
| &nbsp;&nbsp;&nbsp;Cash | 231262404 | 6949030 | 14229523 | 46691183 | 20758208 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open Options contracts | 1182463 | 63749 | 159572 | 343895 | 217476 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 8494584 |  |  | 874112 | 526375 |
| &nbsp;&nbsp;&nbsp;Other assets | 33348 | 1124 | 2104 | 13127 | 5390 |
| &nbsp;&nbsp;&nbsp;Total Assets | 371464658 | 12547549 | 23074187 | 87130277 | 28960388 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at value (premiums received $13,818,702, $196,527, $270,751, $2,496,987 and $1,032,000) | 20823222 | 577449 | 849535 | 3170944 | 914912 |
| &nbsp;&nbsp;&nbsp;Administration payable |  | 327 | 252 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 17993 | 8404 | 8644 | 11572 | 9584 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 3208 | 2213 | 2240 | 1399 | 1596 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 21560556 |  |  | 880619 | 149941 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 752 | 428 | 428 | 788 | 788 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 3630 | 2554 | 2633 | 3014 | 3134 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  |  |  | 940675 | 335428 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 288184 | 10034 | 19225 | 77392 | 30918 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 2239 | 3872 | 3976 | 4710 | 3912 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 42699784 | 605281 | 886933 | 5091113 | 1450213 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $328764874 | $11942268 | $22187254 | $82039164 | $27510175 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $497941204 | $14480071 | $24411134 | $118044456 | $69662768 |
| &nbsp;&nbsp;&nbsp;Total distributable (losses) | (169176330) | (2537803) | (2223880) | (36005292) | (42152593) |
| **NET ASSETS** | $328764874 | $11942268 | $22187254 | $82039164 | $27510175 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 59290000 | 760001 | 1230001 | 4360001 | 2460001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $5.55 | $15.71 | $18.04 | $18.82 | $11.18 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 25

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares YieldBoost COIN ETF** | **GraniteShares YieldBoost AMD ETF** | **GraniteShares YieldBoost AMZN ETF** | **GraniteShares YieldBoost MSTR ETF** | **GraniteShares YieldBoost PLTR ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $15679613 | $5290345 | $1109050 | $426592 | $2390866 |
| &nbsp;&nbsp;&nbsp;Investments at value | $16045207 | $5211341 | $1098445 | $425851 | $2462766 |
| &nbsp;&nbsp;&nbsp;Cash | 60862606 | 6532193 | 1856604 | 1052705 | 5881449 |
| &nbsp;&nbsp;&nbsp;Due from advisor |  |  | 1567 | 2113 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1330194 | 18701 | 17707 |  | 152374 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  | 450193 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 15981 | 1334 | 446 | 268 | 1319 |
| &nbsp;&nbsp;&nbsp;Total Assets | 78253988 | 12213762 | 2974769 | 1480937 | 8497908 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at value (premiums received $3,153,949, $422,305, $68,447, $87,738 and $331,036) | 4874660 | 259692 | 68979 | 124132 | 798429 |
| &nbsp;&nbsp;&nbsp;Administration payable | 27 | 418 | 313 | 180 | 400 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 7966 | 4340 | 4341 | 4134 | 4298 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 882 | 1761 | 1793 | 440 | 446 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 3994796 | 4789 | 12416 |  | 232076 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 306 | 53 | 53 | 24 | 24 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 2885 | 2410 | 2414 | 2393 | 2393 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 67695 | 8570 |  |  | 3615 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 823 | 332 | 299 | 180 | 227 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 8950040 | 282365 | 90608 | 131483 | 1041908 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $69303948 | $11931397 | $2884161 | $1349454 | $7456000 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $167664941 | $13352033 | $3205333 | $3160624 | $9623672 |
| &nbsp;&nbsp;&nbsp;Total distributable (losses) | (98360993) | (1420636) | (321172) | (1811170) | (2167672) |
| **NET ASSETS** | $69303948 | $11931397 | $2884161 | $1349454 | $7456000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 8800001 | 530001 | 140001 | 160001 | 400001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $7.88 | $22.51 | $20.60 | $8.43 | $18.64 |

---

*See Notes to Financial Statements.* <br> 26 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares YieldBoost SMCI ETF** | **GraniteShares YieldBoost HOOD ETF** | **GraniteShares YieldBoost META ETF** | **GraniteShares YieldBoost BABA ETF** | **GraniteShares YieldBoost MARA ETF** |
| **ASSETS:** |  |  |  |  |  |
| Investments at cost | $7196043 | $14305075 | $101848 | $308742 | $1782908 |
| &nbsp;&nbsp;&nbsp;Investments at value | $7254512 | $14302968 | $99641 | $309965 | $1721950 |
| &nbsp;&nbsp;&nbsp;Cash | 3829560 | 9758183 | 517166 | 1118707 | 2215022 |
| &nbsp;&nbsp;&nbsp;Due from advisor |  |  | 3481 | 2776 | 992 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 307684 |  | 7133 | 166044 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  | 545327 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 1021 | 1742 | 2 | 5 | 372 |
| &nbsp;&nbsp;&nbsp;Total Assets | 11085093 | 24915904 | 620290 | 1438586 | 4104380 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at value (premiums received $587,801, $1,213,512, $13,287, $45,080 and $336,296) | 1303820 | 1935371 | 10289 | 98601 | 385812 |
| &nbsp;&nbsp;&nbsp;Administration payable | 381 | 382 | 227 | 225 | 268 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 4267 | 4602 | 3413 | 3433 | 3147 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 721 | 721 | 483 | 483 | 636 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 730196 |  | 10967 | 269146 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 328 | 328 | 258 | 258 | 215 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 2106 | 2106 | 1749 | 1749 | 1255 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 6177 | 18229 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 194 | 1756 | 276 | 278 | 393 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1317994 | 2693691 | 16695 | 115994 | 660872 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $9767099 | $22222213 | $603595 | $1322592 | $3443508 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $17961461 | $35213655 | $740968 | $1649570 | $4717828 |
| &nbsp;&nbsp;&nbsp;Total distributable (losses) | (8194362) | (12991442) | (137373) | (326978) | (1274320) |
| **NET ASSETS** | $9767099 | $22222213 | $603595 | $1322592 | $3443508 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 750001 | 1630001 | 30001 | 70001 | 250001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $13.02 | $13.63 | $20.12 | $18.89 | $13.77 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 27

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares YieldBoost IONQ ETF** | **GraniteShares YieldBOOST Semiconductor ETF** | **GraniteShares YieldBOOST Gold Miners ETF** | **GraniteShares YieldBOOST RGTI ETF** | **GraniteShares YieldBOOST QBTS ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at cost | $3711054 | $9859127 | $1773282 | $458870 | $456614 |
| &nbsp;&nbsp;&nbsp;Investments at value | $3670758 | $9870711 | $1783998 | $446842 | $453697 |
| &nbsp;&nbsp;&nbsp;Cash | 3580869 | 7697693 | 6234164 | 1074197 | 830630 |
| &nbsp;&nbsp;&nbsp;Due from advisor |  |  | 61 | 2994 | 3029 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 126764 | 356593 | 135655 | 131454 |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 341650 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 612 | 1198 | 953 | 173 | 137 |
| &nbsp;&nbsp;&nbsp;Total Assets | 7720653 | 17926195 | 8154831 | 1655660 | 1287493 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at value (premiums received $554,070, $601,820, $312,274, $127,159 and $120,415) | 542237 | 777107 | 413432 | 121028 | 118452 |
| &nbsp;&nbsp;&nbsp;Administration payable | 268 | 213 | 213 | 183 | 183 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 3226 | 2929 | 2710 | 2162 | 2338 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 636 | 438 | 438 | 373 | 373 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 166146 | 560448 | 394445 | 200846 |  |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 215 | 168 | 168 | 142 | 142 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 1255 | 919 | 919 | 367 | 367 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 1841 | 7932 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 399 | 162 | 142 | – | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 716223 | 1350316 | 812467 | 325101 | 121855 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |  |
| **NET ASSETS** | $7004430 | $16575879 | $7342364 | $1330559 | $1165638 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $8919721 | $18551682 | $7789434 | $1623369 | $1372440 |
| &nbsp;&nbsp;&nbsp;Total distributable (losses) | (1915291) | (1975803) | (447070) | (292810) | (206802) |
| **NET ASSETS** | $7004430 | $16575879 | $7342364 | $1330559 | $1165638 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 410001 | 800001 | 320001 | 70001 | 60001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $17.08 | $20.72 | $22.94 | $19.01 | $19.43 |

---

*See Notes to Financial Statements.* <br> 28 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GraniteShares YieldBOOST RIOT ETF** | **GraniteShares YieldBOOST HIMS ETF** | **GraniteShares YieldBOOST Single Stock Universe ETF** | **GraniteShares YieldBOOST TopYielders ETF** |
| **ASSETS:** | | | | |
| Investments at cost  | $580975 | $521555 | $– | $– |
| Investments in affiliates, at cost | – | – | 3424532 | 3183627 |
| &nbsp;&nbsp;&nbsp;Investments at value | $728175 | $531364 | $– | $– |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value |  |  | 3169555 | 2845099 |
| &nbsp;&nbsp;&nbsp;Cash | 1679694 | 331682 | 78345 | 67648 |
| &nbsp;&nbsp;&nbsp;Due from advisor | 2595 | 3277 | 1827 | 1748 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 735387 | 38591 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  | 374267 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 262 | 55 | – | – |
| &nbsp;&nbsp;&nbsp;Total Assets | 3146113 | 1279236 | 3249727 | 2914495 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at value (premiums received $165,623, $66,312, $- and $-) | 362433 | 110202 |  |  |
| &nbsp;&nbsp;&nbsp;Administration payable | 166 | 166 | 95 | 95 |
| &nbsp;&nbsp;&nbsp;Payable for accounting and legal | 1929 | 1910 | 1074 | 1083 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 570 | 568 | 324 | 324 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 879693 | 42289 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees | 117 | 117 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency | 415 | 415 | 265 | 265 |
| &nbsp;&nbsp;&nbsp;Other accrued payables | 691 | 696 | 362 | 362 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1246014 | 156363 | 2185 | 2194 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 5) |  |  |  |  |
| **NET ASSETS** | $1900099 | $1122873 | $3247542 | $2912301 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $2332120 | $1332086 | $3474610 | $3295832 |
| &nbsp;&nbsp;&nbsp;Total distributable (losses) | (432021) | (209213) | (227068) | (383531) |
| **NET ASSETS** | $1900099 | $1122873 | $3247542 | $2912301 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 100001 | 60001 | 140001 | 130001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value per share | $19.00 | $18.71 | $23.20 | $22.40 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 29

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares<br> YieldBOOST<br> TSLA ETF** | **GraniteShares<br> YieldBOOST<br> QQQ ETF** | **GraniteShares<br> YieldBOOST<br> SPY ETF** | **GraniteShares<br> YieldBOOST<br> NVDA ETF** | **GraniteShares<br> YieldBOOST<br> Bitcoin ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $4340032 | $159736 | $254780 | $1517647 | $947710 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 4340032 | 159736 | 254780 | 1517647 | 947710 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 1215316 | 44816 | 72218 | 407254 | 236030 |
| &nbsp;&nbsp;&nbsp;Administration fees | 1090 | 493 | 501 | 733 | 682 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 4763 | 5572 | 5546 | 5217 | 5190 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 859 | 785 | 785 | 1146 | 1146 |
| &nbsp;&nbsp;&nbsp;Custody fees | 2222 | 2189 | 2102 | 2241 | 2157 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 47123 | 11565 | 12413 | 23839 | 18165 |
| &nbsp;&nbsp;&nbsp;Recoupment of previously waived fees | 35818 |  | 654 | 17542 | 12791 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9080 | 6006 | 6050 | 6900 | 6524 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 1316271 | 71426 | 100269 | 464872 | 282685 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | – | (18165) | (14887) | – | (5307) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 6) | (16350) | (1400) | (1600) | (5800) | (3900) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 1299921 | 51861 | 83782 | 459072 | 273478 |
| **NET INVESTMENT INCOME** | 3040111 | 107875 | 170998 | 1058575 | 674232 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (88453542) | (1500603) | (1367026) | (18650720) | 1649060 |
| &nbsp;&nbsp;&nbsp;Written option Contracts | 93437282 | 1503783 | 3222111 | 22817188 | (20720004) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | 4983740 | 3180 | 1855085 | 4166468 | (19070944) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 681724 | 30930 | (11017) | 21447 | (63529) |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (6636442) | (417197) | (609347) | (748013) | 63688 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (5954718) | (386267) | (620364) | (726566) | 159 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2069133 | $(275212) | $1405719 | $4498477 | $(18396553) |

---

*See Notes to Financial Statements.* <br> 30 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares**<br>**YieldBoost**<br>**COIN ETF\*** | **GraniteShares**<br>**YieldBoost**<br>**AMD ETF†** | **GraniteShares**<br>**YieldBoost**<br>**AMZN ETF†** | **GraniteShares**<br>**YieldBoost**<br>**MSTR ETF‡** | **GraniteShares**<br>**YieldBoost**<br>**PLTR ETF‡** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $1373667 | $95302 | $19159 | $17117 | $63076 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1373667 | 95302 | 19159 | 17117 | 63076 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 349504 | 27388 | 5335 | 4421 | 17565 |
| &nbsp;&nbsp;&nbsp;Administration fees | 577 | 426 | 421 | 401 | 405 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 4323 | 2799 | 2789 | 2580 | 2580 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 663 | 410 | 410 | 381 | 381 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1939 | 1401 | 1398 | 135 | 134 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 19647 | 6582 | 6174 | 5832 | 6235 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5875 | 3825 | 3795 | 3362 | 3628 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 382528 | 42831 | 20322 | 17112 | 30928 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | – | (11046) | (14099) | (11941) | (10668) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 6) | (6800) | (200) | – | (100) | (100) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 375728 | 31585 | 6223 | 5071 | 20160 |
| **NET INVESTMENT INCOME** | 997939 | 63717 | 12936 | 12046 | 42916 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1548819) | 566186 | (172071) | 373536 | (318350) |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (43213433) | 588218 | 115214 | (1694043) | 276159 |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (44762252) | 1154404 | (56857) | (1320507) | (42191) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 365594 | (79004) | (10605) | (741) | 71900 |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (1720710) | 162614 | (532) | (36393) | (467393) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (1355116) | 83610 | (11137) | (37134) | (395493) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(45119429) | $1301731 | $(55058) | $(1345595) | $(394768) |

---

---

| | |
|:---|:---|
| *\** | *Commenced operations on July 28, 2025.* |
| † | *Commenced operations on September 15, 2025.* |
| *‡* | *Commenced operations on September 22, 2025.* |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 31

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares<br> YieldBoost<br> SMCI ETF\*** | **GraniteShares<br> YieldBoost<br> HOOD ETF\*** | **GraniteShares<br> YieldBoost<br> META ETF†** | **GraniteShares<br> YieldBoost<br> BABA ETF†** | **GraniteShares<br> YieldBoost<br> MARA ETF‡** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Interest | $98928 | $179097 | $2626 | $4469 | $12130 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 98928 | 179097 | 2626 | 4469 | 12130 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 25754 | 47468 | 1052 | 2123 | 3351 |
| &nbsp;&nbsp;&nbsp;Administration fees | 389 | 395 | 317 | 317 | 269 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 2190 | 2190 | 1749 | 1749 | 1255 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 328 | 328 | 258 | 258 | 215 |
| &nbsp;&nbsp;&nbsp;Custody fees | 130 | 130 | 128 | 128 | 113 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 6100 | 6766 | 4369 | 4402 | 3701 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3318 | 3386 | 2680 | 2686 | 2140 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 38209 | 60663 | 10553 | 11663 | 11044 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (8463) | (5975) | (9336) | (9213) | (7223) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 29746 | 54688 | 1217 | 2450 | 3821 |
| **NET INVESTMENT INCOME** | 69182 | 124409 | 1409 | 2019 | 8309 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 3438422 | 1389967 | 63577 | (111251) | 253552 |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (7480816) | (7053209) | (152397) | 44077 | (928513) |
| &nbsp;&nbsp;&nbsp;Total Net realized loss | (4042394) | (5663242) | (88820) | (67174) | (674961) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 58469 | (2107) | (2207) | 1223 | (60958) |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (716020) | (721858) | 2998 | (53521) | (49517) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (657551) | (723965) | 791 | (52298) | (110475) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(4630763) | $(6262798) | $(86620) | $(117453) | $(777127) |

---

---

| | |
|:---|:---|
| *\** | *Commenced operations on September 29, 2025.* |
| *†* | *Commenced operations on October 20, 2025.* |
| ‡ | *Commenced operations on November 3, 2025.* |

---

 

*See Notes to Financial Statements.* <br> 32 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GraniteShares<br> YieldBoost<br> IONQ ETF\*** | **GraniteShares<br> YieldBOOST<br> Semiconductor<br> ETF†** | **GraniteShares<br> YieldBOOST<br> Gold Miners<br> ETF†** | **GraniteShares<br> YieldBOOST<br> RGTI ETF<sup>‡</sup>** | **GraniteShares<br> YieldBOOST<br> QBTS ETF<sup>‡</sup>** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $26397 | $40686 | $12903 | $3345 | $3209 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 26397 | 40686 | 12903 | 3345 | 3209 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 7342 | 11509 | 3853 | 961 | 937 |
| &nbsp;&nbsp;&nbsp;Administration fees | 270 | 214 | 214 | 184 | 183 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 1255 | 919 | 919 | 367 | 367 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 215 | 168 | 168 | 142 | 142 |
| &nbsp;&nbsp;&nbsp;Custody fees | 113 | 112 | 112 | 153 | 154 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 3825 | 3225 | 2987 | 2509 | 2508 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2144 | 1712 | 1692 | 1442 | 1444 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 15164 | 17859 | 9945 | 5758 | 5735 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (6720) | (4459) | (5409) | (4642) | (4654) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 8444 | 13400 | 4536 | 1116 | 1081 |
| **NET INVESTMENT INCOME** | 17953 | 27286 | 8367 | 2229 | 2128 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 170061 | 450301 | (185374) | 239586 | 209277 |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (984335) | (707385) | 195710 | (395129) | (296480) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (814274) | (257084) | 10336 | (155543) | (87203) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (40296) | 11584 | 10716 | (12028) | (2917) |
| &nbsp;&nbsp;&nbsp;Written option Contracts | 11833 | (175288) | (101157) | 6132 | 1963 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized depreciation | (28463) | (163704) | (90441) | (5896) | (954) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(824784) | $(393502) | $(71738) | $(159210) | $(86029) |

---

---

| | |
|:---|:---|
| *\** | *Commenced operations on November 3, 2025.* |
| *†* | *Commenced operations on November 17, 2025.* |
| *‡* | *Commenced operations on November 24, 2025.* |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 33

<u>GraniteShares ETF Trust</u> <u>Statements of Operations</u> <br> For the Period Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GraniteShares**<br> **YieldBOOST**<br> **RIOT ETF\*** | **GraniteShares**<br> **YieldBOOST**<br> **HIMS ETF\*** | **GraniteShares**<br> **YieldBOOST**<br> **Single Stock**<br> **Universe ETF†** | **GraniteShares**<br> **YieldBOOST**<br> **TopYielders**<br> **ETF<sup>†</sup>** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $4128 | $2121 | $– | $– |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated securities | – | – | 94424 | 131698 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 4128 | 2121 | 94424 | 131698 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 1206 | 591 | 222 | 295 |
| &nbsp;&nbsp;&nbsp;Administration fees | 166 | 166 | 95 | 95 |
| &nbsp;&nbsp;&nbsp;Transfer agency | 415 | 415 | 265 | 265 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 117 | 117 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;Custody fees | 53 | 51 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;Accounting and legal | 1963 | 1944 | 1074 | 1083 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1269 | 1273 | 717 | 716 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 5189 | 4557 | 2467 | 2548 |
| &nbsp;&nbsp;&nbsp;Less waiver fees | (3801) | (3868) | (2049) | (2043) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 1388 | 689 | 418 | 505 |
| **NET INVESTMENT INCOME** | 2740 | 1432 | 94006 | 131193 |
| **REALIZED GAIN/(LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 588346 | (50444) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments - affiliated securities |  |  |  | (84008) |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (792679) | (48272) | – | – |
| &nbsp;&nbsp;&nbsp;Total Net realized gain/(loss) | (204333) | (98716) | 1 | (84007) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 147200 | 9809 |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on affiliate investments |  |  | (254977) | (338528) |
| &nbsp;&nbsp;&nbsp;Written option Contracts | (196810) | (43890) | – | – |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized depreciation | (49610) | (34081) | (254977) | (338528) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(251203) | $(131365) | $(160970) | $(291342) |

---

*\** *Commenced operations on December 1, 2025.* <br> *†* *Commenced operations on December 15, 2025.*

*See Notes to Financial Statements.* <br> 34 www.graniteshares.com

<u>GraniteShares YieldBOOST TSLA ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the Period**<br> **December 17, 2024**<br> **(Commencement**<br> **of Operations)**<br> **to June 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3040111 | $44619 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 4983740 | (161814) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (5954718) | (387988) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 2069133 | (505183) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (170185967) | (554313) |
| &nbsp;&nbsp;&nbsp;Tax return of capital to shareholders | – | (2020765) |
| &nbsp;&nbsp;&nbsp;Total distributions | (170185967) | (2575078) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 540367371 | 27628991 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (68034393) | – |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 472332978 | 27628991 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 304216144 | 24548730 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 24548730 | – |
| &nbsp;&nbsp;&nbsp;End of period | $328764874 | $24548730 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2450000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 67450000 | 2450000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10610000) | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 59290000 | 2450000 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 35

<u>GraniteShares YieldBOOST QQQ ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the Period<br> February 25, 2025<br> (Commencement of<br> Operations)<br> to June 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $107875 | $9992 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3180 | 9533 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (386267) | 30093 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (275212) | 49618 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2265565) | (46644) |
| &nbsp;&nbsp;&nbsp;Tax return of capital to shareholders | – | (148547) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2265565) | (195191) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 12916871 | 3003381 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1291634) | – |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 11625237 | 3003381 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 9084460 | 2857808 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2857808 | – |
| &nbsp;&nbsp;&nbsp;End of period | $11942268 | $2857808 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 150001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 690000 | 150001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (80000) | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 760001 | 150001 |

---

*See Notes to Financial Statements.* <br> 36 www.graniteshares.com

<u>GraniteShares YieldBOOST SPY ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> December 31, 2025<br> (Unaudited)** | **For the Period<br> February 25, 2025<br> (Commencement of<br> Operations) to<br> June 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $170998 | $13618 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1855085 | 104491 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (620364) | 24687 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1405719 | 142796 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (3623609) | (148786) |
| &nbsp;&nbsp;&nbsp;Tax return of capital to shareholders | – | (93339) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3623609) | (242125) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 22678050 | 3325325 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1498902) | – |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 21179148 | 3325325 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 18961258 | 3225996 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3225996 | – |
| &nbsp;&nbsp;&nbsp;End of period | $22187254 | $3225996 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 160001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1150000 | 160001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (80000) | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1230001 | 160001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 37

<u>GraniteShares YieldBOOST NVDA ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> December 31, 2025<br> **(Unaudited)** | **For the Period**<br> **May 12, 2025**<br> **(Commencement of**<br> **Operations) to**<br> **June 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1058575 | $4355 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4166468 | 190630 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (726566) | 45819 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4498477 | 240804 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (40534392) | (210181) |
| &nbsp;&nbsp;&nbsp;Total distributions | (40534392) | (210181) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 127521779 | 6112051 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15589374) | – |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 111932405 | 6112051 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 75896490 | 6142674 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6142674 | – |
| &nbsp;&nbsp;&nbsp;End of period | $82039164 | $6142674 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 230001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4900000 | 230001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (770000) | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 4360001 | 230001 |

---

*See Notes to Financial Statements.* <br> 38 www.graniteshares.com

<u>GraniteShares YieldBOOST Bitcoin ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **For the Period**<br> **May 12, 2025**<br> **(Commencement**<br> **of Operations) to June 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $674232 | $3759 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (19070944) | 101913 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 159 | 27632 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (18396553) | 133304 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (23719585) | (169759) |
| &nbsp;&nbsp;&nbsp;Total distributions | (23719585) | (169759) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 83406937 | 4993268 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18737437) | – |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 64669500 | 4993268 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 22553362 | 4956813 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4956813 | – |
| &nbsp;&nbsp;&nbsp;End of period | $27510175 | $4956813 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 200001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3510000 | 200001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1250000) | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2460001 | 200001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 39

<u>GraniteShares YieldBOOST coin ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **July 28, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $997939 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (44762252) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (1355116) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (45119429) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (53241564) |
| &nbsp;&nbsp;&nbsp;Total distributions | (53241564) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 182233820 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14568879) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 167664941 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 69303948 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $69303948 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10000001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1200000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 8800001 |

---

*See Notes to Financial Statements.* <br> 40 www.graniteshares.com

 

<u>GraniteShares YieldBOOST AMD ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **September 15, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $63717 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1154404 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 83610 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1301731 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2722367) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2722367) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 15762350 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2410317) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 13352033 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 11931397 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $11931397 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 640001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (110000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 530001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 41

<u>GraniteShares YieldBOOST AMZN ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **September 15, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $12936 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (56857) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (11137) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (55058) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (266114) |
| &nbsp;&nbsp;&nbsp;Total distributions | (266114) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3205333 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 3205333 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2884161 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $2884161 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 140001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 140001 |

---

*See Notes to Financial Statements.* <br> 42 www.graniteshares.com

 

<u>GraniteShares YieldBOOST MSTR ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **September 22, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $12046 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1320507) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (37134) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (1345595) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (465575) |
| &nbsp;&nbsp;&nbsp;Total distributions | (465575) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4484143 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1323519) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 3160624 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1349454 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1349454 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 240001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (80000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 160001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 43

<u>GraniteShares YieldBOOST PLTR ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **September 22, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $42916 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (42191) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (395493) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (394768) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1772904) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1772904) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 9829406 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (205734) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 9623672 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 7456000 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $7456000 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 410001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 400001 |

---

*See Notes to Financial Statements.* <br> 44 www.graniteshares.com

 

<u>GraniteShares YieldBOOST SMCI ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **September 29, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $69182 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (4042394) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (657551) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (4630763) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (3563599) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3563599) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 20161840 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2200379) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 17961461 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 9767099 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $9767099 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 870001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (120000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 750001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 45

<u>GraniteShares YieldBOOST HOOD ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **September 29, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $124409 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (5663242) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (723965) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (6262798) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6728644) |
| &nbsp;&nbsp;&nbsp;Total distributions | (6728644) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 37837492 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2623837) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 35213655 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 22222213 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $22222213 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1790001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (160000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1630001 |

---

*See Notes to Financial Statements.* <br> 46 www.graniteshares.com

<u>GraniteShares YieldBOOST META ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **October 20, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1409 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (88820) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 791 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (86620) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (50753) |
| &nbsp;&nbsp;&nbsp;Total distributions | (50753) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 947949 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (206981) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 740968 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 603595 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $603595 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 40001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 30001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 47

<u>GraniteShares YieldBOOST BABA ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period**<br> **October 20, 2025**<br> **(Commencement**<br> **of Operations) to**<br> **December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2019 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (67174) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (52298) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (117453) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (209525) |
| &nbsp;&nbsp;&nbsp;Total distributions | (209525) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1649570 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1649570 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1322592 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1322592 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 70001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 70001 |

---

 

*See Notes to Financial Statements.* <br> 48 www.graniteshares.com

 

<u>GraniteShares YieldBOOST MARA ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period November 3, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $8309 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (674961) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (110475) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (777127) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (497193) |
| &nbsp;&nbsp;&nbsp;Total distributions | (497193) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 5062810 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (344982) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 4717828 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 3443508 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $3443508 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 270001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (20000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 250001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 49

<u>GraniteShares YieldBOOST IONQ ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period November 3, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $17953 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (814274) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (28463) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (824784) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1090507) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1090507) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 9384082 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (464361) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 8919721 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 7004430 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $7004430 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 430001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (20000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 410001 |

---

*See Notes to Financial Statements.* <br> 50 www.graniteshares.com

<u>GraniteShares YieldBOOST Semiconductor ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period November 17, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $27286 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (257084) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (163704) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (393502) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1582301) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1582301) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 18551682 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 18551682 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 16575879 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $16575879 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 800001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 800001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 51

<u>GraniteShares YieldBOOST Gold Miners ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period November 17, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $8367 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 10336 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (90441) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (71738) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (375332) |
| &nbsp;&nbsp;&nbsp;Total distributions | (375332) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 7789434 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 7789434 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 7342364 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $7342364 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 320001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 320001 |

---

*See Notes to Financial Statements.* <br> 52 www.graniteshares.com

 

<u>GraniteShares YieldBOOST RGTI ETF</u> <u>Statement of Changes in Net Assets</u>

 

---

| | |
|:---|:---|
|  | **For the Period November 24, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2229 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (155543) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (5896) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (159210) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (133600) |
| &nbsp;&nbsp;&nbsp;Total distributions | (133600) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1623369 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1623369 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1330559 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1330559 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 70001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 70001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 53

<u>GraniteShares YieldBOOST QBTS ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period November 24, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2128 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (87203) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (954) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (86029) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (120773) |
| &nbsp;&nbsp;&nbsp;Total distributions | (120773) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1372440 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1372440 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1165638 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1165638 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 60001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 60001 |

---

*See Notes to Financial Statements.* <br> 54 www.graniteshares.com

 

<u>GraniteShares YieldBOOST RIOT ETF</u> <u>Statement of Changes in Net Assets</u>

 

---

| | |
|:---|:---|
|  | **For the Period December 1, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2740 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (204333) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (49610) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (251203) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (180818) |
| &nbsp;&nbsp;&nbsp;Total distributions | (180818) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2332120 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 2332120 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1900099 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1900099 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 100001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 100001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 55

<u>GraniteShares YieldBOOST HIMS ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period December 1, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1432 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (98716) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (34081) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (131365) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (77848) |
| &nbsp;&nbsp;&nbsp;Total distributions | (77848) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1332086 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1332086 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 1122873 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $1122873 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 60001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 60001 |

---

*See Notes to Financial Statements.* <br> 56 www.graniteshares.com

<u>GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period December 15, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $94006 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (254977) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (160970) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (66098) |
| &nbsp;&nbsp;&nbsp;Total distributions | (66098) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3474610 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 3474610 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 3247542 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $3247542 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 140001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 140001 |

---

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 57

<u>GraniteShares YieldBOOST TOPYIELDERS ETF</u> <u>Statement of Changes in Net Assets</u>

---

| | |
|:---|:---|
|  | **For the Period December 15, 2025 (Commencement of Operations) to December 31, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $131193 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (84007) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (338528) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (291342) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (92189) |
| &nbsp;&nbsp;&nbsp;Total distributions | (92189) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4222329 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (926497) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 3295832 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2912301 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $2912301 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 170001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (40000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 130001 |

---

 

*See Notes to Financial Statements.* <br> 58 www.graniteshares.com

<u>GraniteShares YieldBOOST TSLA ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended December 31, 2025 (Unaudited)** | **For the Period December 17, 2024 (Commencement of Operations) to<br> June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.02 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.09 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.87 | (6.28) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.96 | (6.12) |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (5.43) | (1.91) |
| &nbsp;&nbsp;&nbsp;From return of capital | – | (6.95) |
| &nbsp;&nbsp;&nbsp;Total distributions | (5.43) | (8.86) |
| **NET (DECREASE) IN NET ASSET VALUE** | (4.47) | (14.98) |
| **NET ASSET VALUE, END OF PERIOD** | $5.55 | $10.02 |
| **TOTAL RETURN**<sup>(b)</sup>** | 11.48% | (26.18)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | 10.57% | (25.45)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $328765 | $24549 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.07 % <sup>(d)</sup> | 3.03 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.07 % <sup>(d)</sup> | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.49 % <sup>(d)</sup> | 2.38 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 59

<u>GraniteShares YieldBOOST QQQ ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended December 31, 2025 (Unaudited)** | **For the Period February 25, 2025 (Commencement of Operations) to<br> June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.05 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.21 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.99 | (2.88) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.20 | (2.71) |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (4.54) | (0.77) |
| &nbsp;&nbsp;&nbsp;From return of capital | – | (2.47) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.54) | (3.24) |
| **NET (DECREASE) IN NET ASSET VALUE** | (3.34) | (5.95) |
| **NET ASSET VALUE, END OF PERIOD** | $15.71 | $19.05 |
| **TOTAL RETURN**<sup>(b)</sup>** | 5.95% | (9.61)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | 5.77% | (9.52)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $11942 | $2858 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.55 % <sup>(d)</sup> | 7.17 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 % <sup>(d)</sup> | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.39 % <sup>(d)</sup> | 2.59 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> 60 www.graniteshares.com

<u>GraniteShares YieldBOOST SPY ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended December 31, 2025 (Unaudited)** | **For the Period February 25, 2025 (Commencement of Operations) to<br> June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.16 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.50 | (1.64) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.73 | (1.45) |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (4.85) | (2.08) |
| &nbsp;&nbsp;&nbsp;From return of capital | – | (1.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.85) | (3.39) |
| **NET (DECREASE) IN NET ASSET VALUE** | (2.12) | (4.84) |
| **NET ASSET VALUE, END OF PERIOD** | $18.04 | $20.16 |
| **TOTAL RETURN**<sup>(b)</sup>** | 14.80% | (4.77)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | 14.83% | (4.58)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $22187 | $3226 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.35 % <sup>(d)</sup> | 5.84 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 % <sup>(d)</sup> | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.35 % <sup>(d)</sup> | 2.72 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 61

<u>GraniteShares YieldBOOST NVDA ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended December 31, 2025 (Unaudited)** | **For the Period**<br> **May 12, 2025 (Commencement of**<br> **Operations) to**<br> **June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $26.71 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.30 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 3.59 | 4.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.89 | 4.13 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (11.78) | (2.42) |
| &nbsp;&nbsp;&nbsp;Total distributions | (11.78) | (2.42) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (7.89) | 1.71 |
| **NET ASSET VALUE, END OF PERIOD** | $18.82 | $26.71 |
| **TOTAL RETURN**<sup>(b)</sup>** | 15.52% | 16.92% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | 15.53% | 17.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $82039 | $6143 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.12 % <sup>(d)</sup> | 9.45 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.12 % <sup>(d)</sup> | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.58 % <sup>(d)</sup> | 2.08 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> 62 www.graniteshares.com

<u>GraniteShares YieldBOOST Bitcoin ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended December 31, 2025 (Unaudited)** | **For the Period**<br> **May 12, 2025 (Commencement of**<br> **Operations) to**<br> **June 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $24.78 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.25 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (4.56) | 1.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (4.31) | 1.98 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (9.29) | (2.20) |
| &nbsp;&nbsp;&nbsp;Total distributions | (9.29) | (2.20) |
| **NET (DECREASE) IN NET ASSET VALUE** | (13.60) | (0.22) |
| **NET ASSET VALUE, END OF PERIOD** | $11.18 | $24.78 |
| **TOTAL RETURN**<sup>(b)</sup>** | (25.53)% | 8.24% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (25.59)% | 8.32% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $27510 | $4957 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.17 % <sup>(d)</sup> | 10.77 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 % <sup>(d)</sup> | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.84 % <sup>(d)</sup> | 2.08 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 63

<u>GraniteShares YieldBOOST Coin ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period**<br> **July 28, 2025 (Commencement of Operations) to December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (6.91) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (6.75) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (10.37) |
| &nbsp;&nbsp;&nbsp;Total distributions | (10.37) |
| **NET (DECREASE) IN NET ASSET VALUE** | (17.12) |
| **NET ASSET VALUE, END OF PERIOD** | $7.88 |
| **TOTAL RETURN**<sup>(b)</sup>** | (39.03)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (39.26)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $69304 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.07 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.07 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.84 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> 64 www.graniteshares.com

<u>GraniteShares YieldBOOST AMD ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period September 15, 2025 (Commencement of Operations) to December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 4.17 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.33 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (6.82) |
| &nbsp;&nbsp;&nbsp;Total distributions | (6.82) |
| **NET (DECREASE) IN NET ASSET VALUE** | (2.49) |
| **NET ASSET VALUE, END OF PERIOD** | $22.51 |
| **TOTAL RETURN**<sup>(b)</sup>** | 19.69% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | 19.32% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $11931 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.55 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.31 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 65

<u>GraniteShares YieldBOOST AMZN ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period September 15, 2025 (Commencement of Operations) to December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (1.28) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.13) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (3.27) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.27) |
| **NET (DECREASE) IN NET ASSET VALUE** | (4.40) |
| **NET ASSET VALUE, END OF PERIOD** | $20.60 |
| **TOTAL RETURN<sup>(b)</sup>** | (4.68)% |
| **MARKET VALUE TOTAL RETURN<sup>(c)</sup>** | (4.59)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $2884 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 3.74 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.38 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> 66 www.graniteshares.com

<u>GraniteShares YieldBOOST MSTR ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period September 22, 2025 (Commencement of Operations) to December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (12.56) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (12.46) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (4.11) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.11) |
| **NET (DECREASE) IN NET ASSET VALUE** | (16.57) |
| **NET ASSET VALUE, END OF PERIOD** | $8.43 |
| **TOTAL RETURN**<sup>(b)</sup>** | (55.17)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (55.33)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1349 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 3.84 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.14 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.72 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 67

<u>GraniteShares YieldBOOST PLTR ETF</u> <u> Financial Highlights </u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period September 22, 2025 (Commencement of Operations) to December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.14 |
| &nbsp;&nbsp;Net realized and unrealized loss | (0.51) |
| &nbsp;&nbsp;Total from investment operations | (0.37) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;From net investment income | (5.99) |
| &nbsp;&nbsp;Total distributions | (5.99) |
| **NET (DECREASE) IN NET ASSET VALUE** | (6.36) |
| **NET ASSET VALUE, END OF PERIOD** | $18.64 |
| **TOTAL RETURN**<sup>(b)</sup>** | (2.43)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (2.53)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;Net assets, end of period (in 000s) | $7456 |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 1.75 %<sup>(d)</sup> |
| &nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.14 %<sup>(d)</sup> |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 2.43 %<sup>(d)</sup> |
| &nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* *Based on daily average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).*

*<sup>(c)</sup>* *Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.* <br> 68 www.graniteshares.com

<u>GraniteShares YieldBOOST SMCI ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> September 29, 2025 <br> (Commencement of <br> Operations) to<br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (5.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (5.02) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (6.96) |
| &nbsp;&nbsp;&nbsp;Total distributions | (6.96) |
| **NET (DECREASE) IN NET ASSET VALUE** | (11.98) |
| **NET ASSET VALUE, END OF PERIOD** | $13.02 |
| **TOTAL RETURN**<sup>(b)</sup>** | (26.11)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (25.82)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $9767 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.47 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.66 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 69

<u>GraniteShares YieldBOOST HOOD ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period<br> September 29, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (4.60) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (4.48) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (6.89) |
| &nbsp;&nbsp;&nbsp;Total distributions | (6.89) |
| **NET (DECREASE) IN NET ASSET VALUE** | (11.37) |
| **NET ASSET VALUE, END OF PERIOD** | $13.63 |
| **TOTAL RETURN**<sup>(b)</sup>** | (22.21)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (21.93)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $22222 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.27 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.61 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> 70 www.graniteshares.com

<u>GraniteShares YieldBOOST META ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period**<br> **October 20, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (2.86) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.80) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.08) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.08) |
| **NET (DECREASE) IN NET ASSET VALUE** | (4.88) |
| **NET ASSET VALUE, END OF PERIOD** | $20.12 |
| **TOTAL RETURN**<sup>(b)</sup>** | (11.41)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (11.46)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $604 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 9.96 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.33 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 71

<u>GraniteShares YieldBOOST BABA ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period**<br> **October 20, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (2.00) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.96) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (4.15) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.15) |
| **NET (DECREASE) IN NET ASSET VALUE** | (6.11) |
| **NET ASSET VALUE, END OF PERIOD** | $18.89 |
| **TOTAL RETURN**<sup>(b)</sup>** | (8.55)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (8.50)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1323 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 5.42 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.14 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.94 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> 72 www.graniteshares.com

<u>GraniteShares YieldBOOST MARA ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> November 3, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (6.97) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (6.90) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (4.33) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.33) |
| **NET (DECREASE) IN NET ASSET VALUE** | (11.23) |
| **NET ASSET VALUE, END OF PERIOD** | $13.77 |
| **TOTAL RETURN**<sup>(b)</sup>** | (30.52)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (30.01)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $3444 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 3.30 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.14 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.49 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 73

<u>GraniteShares YieldBOOST IONQ ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> November 3, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (3.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.06) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (4.86) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.86) |
| **NET (DECREASE) IN NET ASSET VALUE** | (7.92) |
| **NET ASSET VALUE, END OF PERIOD** | $17.08 |
| **TOTAL RETURN**<sup>(b)</sup>** | (13.97)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (13.92)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $7004 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.06 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.44 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*<sup>(a)</sup>* Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> 74 www.graniteshares.com

<u>GraniteShares YieldBOOST Semiconductor ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> November 17, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (0.69) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.63) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (3.65) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.65) |
| **NET (DECREASE) IN NET ASSET VALUE** | (4.28) |
| **NET ASSET VALUE, END OF PERIOD** | $20.72 |
| **TOTAL RETURN**<sup>(b)</sup>** | (2.56)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (2.00)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $16576 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.53 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.34 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 75

<u>GraniteShares YieldBOOST Gold Miners ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> November 17, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.68 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.74 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.80) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.80) |
| **NET (DECREASE) IN NET ASSET VALUE** | (2.06) |
| **NET ASSET VALUE, END OF PERIOD** | $22.94 |
| **TOTAL RETURN**<sup>(b)</sup>** | 2.81% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | 3.39% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $7342 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.51 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.14 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.11 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> 76 www.graniteshares.com

<u>GraniteShares YieldBOOST RGTI ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> November 24, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (3.09) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.04) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.95) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.95) |
| **NET (DECREASE) IN NET ASSET VALUE** | (5.99) |
| **NET ASSET VALUE, END OF PERIOD** | $19.01 |
| **TOTAL RETURN**<sup>(b)</sup>** | (12.99)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (12.94)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1331 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 5.93 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.30 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 77

<u>GraniteShares YieldBOOST QBTS ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> November 24, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (2.68) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.63) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.94) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.94) |
| **NET (DECREASE) IN NET ASSET VALUE** | (5.57) |
| **NET ASSET VALUE, END OF PERIOD** | $19.43 |
| **TOTAL RETURN**<sup>(b)</sup>** | (11.24)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (10.65)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1166 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 6.11 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.27 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> 78 www.graniteshares.com

<u>GraniteShares YieldBOOST RIOT ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> December 1, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (3.47) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.43) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.57) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.57) |
| **NET (DECREASE) IN NET ASSET VALUE** | (6.00) |
| **NET ASSET VALUE, END OF PERIOD** | $19.00 |
| **TOTAL RETURN**<sup>(b)</sup>** | (14.83)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (14.24)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1900 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 4.30 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.27 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 79

<u>GraniteShares YieldBOOST HIMS ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> December 1, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (3.91) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.87) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.42) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.42) |
| **NET (DECREASE) IN NET ASSET VALUE** | (6.29) |
| **NET ASSET VALUE, END OF PERIOD** | $18.71 |
| **TOTAL RETURN**<sup>(b)</sup>** | (16.80)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (16.27)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1123 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 7.61 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.39 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> 80 www.graniteshares.com

<u>GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> December 15, 2025<br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (2.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.03) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.77) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.77) |
| **NET (DECREASE) IN NET ASSET VALUE** | (1.80) |
| **NET ASSET VALUE, END OF PERIOD** | $23.20 |
| **TOTAL RETURN**<sup>(b)</sup>** | (4.23)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (4.23)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $3248 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.95 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 112.27 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

*See Notes to Financial Statements.* <br> Semi-Annual Report \| December 31, 2025 81

<u>GraniteShares YieldBOOST TOPYIELDERS ETF</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
|  | **For the Period <br> December 15, 2025 <br> (Commencement of <br> Operations) to <br> December 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (2.98) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.68) |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.92) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.92) |
| **NET (DECREASE) IN NET ASSET VALUE** | (2.60) |
| **NET ASSET VALUE, END OF PERIOD** | $22.40 |
| **TOTAL RETURN**<sup>(b)</sup>** | (6.95)% |
| **MARKET VALUE TOTAL RETURN**<sup>(c)</sup>** | (6.87)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $2912 |
| &nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.52 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.50 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 129.76 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 32 %<sup>(e)</sup> |

---

<sup>(a)</sup> Based on daily average shares outstanding during the period.

<sup>(b)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices (lower of market or NAV on exdate).

<sup>(c)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Not Annualized.

*See Notes to Financial Statements.* <br> 82 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**1. ORGANIZATION**

The GraniteShares ETF Trust (the "Trust") was organized as a Delaware statutory trust on November 7, 2016. The Trust is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is an open-end management investment company currently consisting of sixty six investment series. This report pertains to the GraniteShares YieldBOOST TSLA ETF ("TSYY"), GraniteShares YieldBOOST QQQ ETF ("TQQY"), GraniteShares YieldBOOST SPY ETF ("YSPY"), GraniteShares YieldBOOST NVDA ETF ("NVYY"), GraniteShares YieldBOOST Bitcoin ETF ("XBTY"), GraniteShares YieldBOOST Coin ETF ("COYY"), GraniteShares YieldBOOST AMD ETF ("AMYY"), GraniteShares YieldBOOST AMZN ETF ("AZYY"), GraniteShares YieldBOOST MSTR ETF ("MTYY"), GraniteShares YieldBOOST PLTR ETF ("PLYY"), GraniteShares YieldBOOST SMCI ETF ("SMYY"), GraniteShares YieldBOOST HOOD ETF ("HOYY"), GraniteShares YieldBOOST META ETF ("FBYY"), GraniteShares YieldBOOST BABA ETF ("BBYY"), GraniteShares YieldBOOST MARA ETF ("MAAY"), GraniteShares YieldBOOST IONQ ETF ("IOYY"), GraniteShares YieldBOOST Semiconductor ETF ("SEMY"), GraniteShares YieldBOOST Gold Miners ETF ("NUGY"), GraniteShares YieldBOOST RGTI ETF ("RGYY"), GraniteShares YieldBOOST QBTS ETF ("QBY"), GraniteShares YieldBOOST RIOT ETF ("RTYY"), GraniteShares YieldBOOST HIMS ETF ("HMYY"), GraniteShares YieldBOOST Single Stock Universe ETF ("YBST") and GraniteShares YieldBOOST Top Yielders ETF ("YBTY") (each, a "Fund", and collectively, the "Funds"). TSYY commenced operations on December 17, 2024. TQQY and YSPY commenced operations on February 25, 2025. NVYY and XBTY commenced operations on May 12, 2025. COYY commenced operations on July 28, 2025. AMYY and AZYY commenced operations on September 15, 2025. MTYY and PLYY commenced operations on September 22, 2025. SMYY and HOYY commenced operations on September 29, 2025. FBYY and BBYY commenced operations on October 20, 2025. MAAY and IOYY commenced operations on November 3, 2025. SEMY and NUGY commenced operations on Nobevember 17, 2025. RGYY and QBY commenced operations on November 24, 2025. RTYY and HMYY commenced operations on December 1, 2025. YBST and YBTY commenced operations on December 15, 2025. Each Fund is a non-diversified series of a management investment company under the 1940 Act. The remaining Funds in the Trust are presented separately.

NVYY invests in options that reference the GraniteShares 2x Long NVDA Daily ETF, which is an affiliated exchange-traded unit investment trust.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Funds follows the accounting and reporting guidance in the Accounting Standards Codifications 946, "Financial Services—Investment Companies" issued by the U.S. Financial Accounting Standards Board.

The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements.

**Investment Transactions and Investment Income:** Investment transactions are recorded on the trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as each Fund is informed of the ex-dividend dates. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

**Dividend Distributions:** Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds distribute all or substantially all of their net investment income to shareholders in the form of dividends.

**Purchased options:** When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

**Written options:** When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds had realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

<br> Semi-Annual Report \| December 31, 2025 83

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**3. SECURITIES VALUATION**

The Funds calculate their net asset value ("NAV") each day the New York Stock Exchange (the "NYSE") is open for trading as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time (the "NAV Calculation Time").

The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of each Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange Arca, Inc. ("NYSE Arca") is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund's NAV per share.

If a market quotation is not readily available, the affected Fund's portfolio will be valued at fair value for which Trust's Board of Directors (the "Board") maintains responsibility under Rule 2a-5. To achieve this purpose, the Board relies on a committee (the "Valuation Committee") which consists of Trust's CCO and representatives of the Adviser. As rule 2a-5 went into effect on September 8, 2022, the Board approved new valuation and fair value procedures. One of the requirements is that the Board receives an annual report from the trust's CCO on the effectiveness of these procedures. Prior to September 8, 2022, if a market quotation was not readily available or was deemed not to reflect market value, the Adviser determined the price of the security held by the Funds based on a determination of the security's fair value pursuant to policies and procedures approved by the Board.

Fixed income instruments are valued based on prices received from pricing services. The pricing services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the pricing services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments.

The Funds will sell put options contracts, either directly or through swap contracts, on the Underlying ETF and for which it will receive a premium. The Funds' participation in a potential increase in the price of the Underlying ETF's only applies if the Funds sell in-the-money put options contracts. The put options contracts sold by the Funds may vary in regard to their strike prices from 40% out-of-the-money to 10% in-the-money and their maturity from 1-week to 1-month. Flexible Exchange ("FLEX") Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. The Funds may sell put options contracts that are based on the value of the price returns of the Underlying ETF. Exhange-listed options contracts are guaranteed by the Options Clearing Corporations ("OCC").

Exchange-traded futures contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded futures contracts are fair valued at the mean of the last bid and asked prices, if available, and otherwise at the closing bid price. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.

Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined.

Securities regularly traded in the over-the-counter ("OTC") markets, including securities listed on an exchange but that are primarily traded OTC, other than those traded on the NASDAQ Stock Market, are valued on the basis of the mean between the bid and asked quotes furnished by primary market makers for those instruments. U.S. Treasury securities are valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Exchange traded equity and bond futures contracts are generally valued at the official futures settlement price. These valuations are typically categorized as Level 1 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied. Non-exchange traded derivatives (e.g. non-exchange traded swap agreements) are generally valued using independent sources and/or agreement with counterparties or other procedures approved by the Board and are typically categorized as Level 2 in the fair value hierarchy.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Board or its delegate at fair value. These securities generally include but are not limited to, restricted securities (securities which may not be publicly sold without registration under the 1933 Act) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of each Fund net asset value (as may be the case in December 31, 2025 (Unaudited) foreign markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, does not reflect the security's "fair value." A variety of factors may be considered in determining the fair value of such securities.

<br> 84 www.graniteshares.com

 

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

 

Valuing each Fund's investment using fair value pricing will result in using prices for those investments that may differ from current market valuations.

 

**4. 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 Fund's 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 at December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST TSLA ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp; – | $2964143 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $2964143 |
| United States Treasury Obligations | – | 127527716 | – | 127527716 |
| Total | $– | $130491859 | $– | $130491859 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (20823222) | – | (20823222) |
| Total | $– | $(20823222) | $– | $(20823222) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST QQQ ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp; – | $46554 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $46554 |
| United States Treasury Obligations | – | 5487092 | – | 5487092 |
| Total | $– | $5533646 | $– | $5533646 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (577449) | – | (577449) |
| Total | $– | $(577449) | $– | $(577449) |

---

<br> Semi-Annual Report \| December 31, 2025 85

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST SPY EF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp; – | $8607 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $8607 |
| United States Treasury Obligations | – | 8674381 | – | 8674381 |
| Total | $– | $8682988 | $– | $8682988 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (849535) | – | (849535) |
| Total | $– | $(849535) | $– | $(849535) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST NVDA**<br> **ETF Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp; – | $398884 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $398884 |
| United States Treasury Obligations | – | 38809076 | – | 38809076 |
| Total | $– | $39207960 | $– | $39207960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (3170944) | – | (3170944) |
| Total | $– | $(3170944) | $– | $(3170944) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST Bitcoin** **ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $175201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $175201 |
| United States Treasury Obligations | – | 7277738 | – | 7277738 |
| Total | $– | $7452939 | $– | $7452939 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (914912) | – | (914912) |
| Total | $– | $(914912) | $– | $(914912) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost COIN ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $1064379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $1064379 |
| United States Treasury Obligations | – | 14980828 | – | 14980828 |
| Total | $– | $16045207 | $– | $16045207 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | | | | |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (4874660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (4874660) |
| Total | $– | $(4874660) | $– | $(4874660) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost AMD ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $22689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $22689 |
| United States Treasury Obligations | – | 5188652 | – | 5188652 |
| Total | $– | $5211341 | $– | $5211341 |

---

<br> 86 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | | | | |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp; – | (259692) | &nbsp;&nbsp;&nbsp;&nbsp; – | (259692) |
| Total | $– | $(259692) | $– | $(259692) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost AMZN ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $2203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $2203 |
| United States Treasury Obligations | – | 1096242 | – | 1096242 |
| Total | $– | $1098445 | $– | $1098445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (68979) | – | (68979) |
| Total | $– | $(68979) | $– | $(68979) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost MSTR ETF**<br> **Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $27929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $27929 |
| United States Treasury Obligations | – | 397922 | – | 397922 |
| Total | $– | $425851 | $– | $425851 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (124132) | – | (124132) |
| Total | $– | $(124132) | $– | $(124132) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost PLTR ETF**<br> **Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $170800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $170800 |
| United States Treasury Obligations | – | 2291966 | – | 2291966 |
| Total | $– | $2462766 | $– | $2462766 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (798429) | – | (798429) |
| Total | $– | $(798429) | $– | $(798429) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost SMCI ETF**<br> **Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $263459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $263459 |
| United States Treasury Obligations | – | 6991053 | – | 6991053 |
| Total | $– | $7254512 | $– | $7254512 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (1303820) | – | (1303820) |
| Total | $– | $(1303820) | $– | $(1303820) |

---

<br> Semi-Annual Report \| December 31, 2025 87

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost HOOD ETF**<br> **Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $320861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $320861 |
| United States Treasury Obligations | – | 13982107 | – | 13982107 |
| Total | $– | $14302968 | $– | $14302968 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (1935371) | – | (1935371) |
| Total | $– | $(1935371) | $– | $(1935371) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost META ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $161 |
| United States Treasury Obligations | – | 99480 | – | 99480 |
| Total | $– | $99641 | $– | $99641 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (10289) | – | (10289) |
| Total | $– | $(10289) | $– | $(10289) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost BABA ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $10349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $10349 |
| United States Treasury Obligations | – | 299616 | – | 299616 |
| Total | $– | $309965 | $– | $309965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | | | | |
| <br> Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (98601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (98601) |
| Total | $– | $(98601) | $– | $(98601) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost MARA EF**<br> **Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $126738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $126738 |
| United States Treasury Obligations | – | 1595212 | – | 1595212 |
| Total | $– | $1721950 | $– | $1721950 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (385812) | – | (385812) |
| Total | $– | $(385812) | $– | $(385812) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBoost IONQ ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $179542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $179542 |
| United States Treasury Obligations | – | 3491216 | – | 3491216 |
| Total | $– | $3670758 | $– | $3670758 |

---

<br> 88 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | | | | |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (542237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (542237) |
| Total | $– | $(542237) | $– | $(542237) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST Semiconductor ETF** <br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $119682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $119682 |
| United States Treasury Obligations | – | 9751029 | – | 9751029 |
| Total | $– | $9870711 | $– | $9870711 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** | | | | |
| <br> Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (777107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | (777107) |
| Total | $– | $(777107) | $– | $(777107) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST Gold Miners ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $90874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $90874 |
| United States Treasury Obligations | – | 1693124 | – | 1693124 |
| Total | $– | $1783998 | $– | $1783998 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | (413432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (413432) |
| Total | $– | $(413432) | $– | $(413432) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST RGTI ETF**<br> **Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $48921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $48921 |
| United States Treasury Obligations | – | 397921 | – | 397921 |
| Total | $– | $446842 | $– | $446842 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (121028) | – | (121028) |
| Total | $– | $(121028) | $– | $(121028) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST QBTS ETF**<br> **Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $55776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $55776 |
| United States Treasury Obligations | – | 397921 | – | 397921 |
| Total | $– | $453697 | $– | $453697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (118452) | – | (118452) |
| Total | $– | $(118452) | $– | $(118452) |

---

<br> Semi-Annual Report \| December 31, 2025 89

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST RIOT ETF<br> Investments in Securities at Value**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $230774 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $230774 |
| United States Treasury Obligations | – | 497401 | – | 497401 |
| Total | $– | $728175 | $– | $728175 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (362433) | – | (362433) |
| Total | $– | $(362433) | $– | $(362433) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST HIMS ETF**<br> **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $33962 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $33962 |
| United States Treasury Obligations | – | 497402 | – | 497402 |
| Total | $– | $531364 | $– | $531364 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities** |  |  |  |  |
| Written Options | – | (110202) | – | (110202) |
| Total | $– | $(110202) | $– | $(110202) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST Single Stock** **Investments in Securities at Value Universe ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $3169555 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $3169555 |
| Total | $3169555 | $– | $– | $3169555 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GraniteShares YieldBOOST TopYielders ETF** **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $2845099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $2845099 |
| Total | $2845099 | $– | $– | $2845099 |

---

Written Options are presented at value on the instrument.

As of December 31, 2025, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3.

**5. 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. December 31, 2025 (Unaudited)

<br> 90 www.graniteshares.com

 

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

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 December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Fair Value as of June 30, 2025** | **Purchases** | **Sales** | **Fair Value as of December 31, 2025** | **Share Balance as of December 31, 2025** | **Dividends** | **Change in Unrealized Gain (Loss)** | **Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GraniteShares<br> YieldBOOST AMD ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $208930 | $— | $210179 | 9333 | $4717 | $1249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GraniteShares<br> YieldBoost AMZN ETF |  | 211186 |  | 210748 | 10224 | 2473 | (437) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES<br> YIELDBOOST BABA ETF |  | 200284 |  | 190071 | 10066 | 4588 | (10213) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GraniteShares<br> YieldBOOST COIN ETF |  | 195437 |  | 172614 | 21989 | 6595 | (22823) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES<br> YIELDBOOST HIMS ETF |  | 190476 |  | 168478 | 8964 | 5883 | (21998) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES<br> YIELDBOOST HOOD ETF |  | 206218 |  | 185718 | 13617 | 6675 | (20499) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br>YIELDBOOST IONQ ETF |  | 203699 |  | 182376 | 10705 | 7001 | (21323) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br>YIELDBOOST MARA ETF |  | 190725 |  | 165019 | 11890 | 6519 | (25706) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br> YIELDBOOST META ETF |  | 207238 |  | 205607 | 10234 | 2388 | (1631) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GraniteShares <br> YieldBOOST MSTR ETF |  | 191861 |  | 175346 | 20887 | 5809 | (16515) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GraniteShares <br> YieldBOOST NVDA ETF |  | 204790 |  | 200564 | 10640 | 4609 | (4225) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GraniteShares<br> YieldBOOST PLTR ETF |  | 205554 |  | 184403 | 9893 | 4742 | (21151) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br> YIELDBOOST QBTS ETF |  | 199438 |  | 191981 | 9828 | 6357 | (7457) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES<br>YIELDBOOST RGTI ETF |  | 202227 |  | 185263 | 9720 | 6510 | (16963) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br> YIELDBOOST RIOT ETF |  | 204522 |  | 180683 | 9445 | 6911 | (23839) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br> YIELDBOOST SMCI ETF |  | 195022 |  | 176983 | 13570 | 6084 | (18039) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br>YIELDBOOST TSLA ETF |  | 206929 |  | 183522 | 33067 | 6563 | (23407) |  |
|  | $— | $3424536 | $— | $3169555 |  | $94424 | $(254977) | $— |

---

<br> Semi-Annual Report \| December 31, 2025 91

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

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 December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Fair Value as of Jun 30,**<br> **2025** | **Purchases** | **Sales** | **Fair Value as of December 31, 2025** | **Share Balance as of**<br> **December 31, 2025** | <br> **Dividends** | **Change in Unrealized**<br> **Gain (Loss)** | **Realized**<br> **Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GraniteShares<br> YieldBOOST COIN ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $810185 | $(176121) | $544963 | 69422 | $26371 | $(69075) | $(20026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br> YIELDBOOST HOOD ETF |  | 859564 | (188008) | 586272 | 42986 | 26727 | (73777) | (11507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br>YIELDBOOST IONQ ETF |  | 847832 | (178378) | 575749 | 33795 | 28037 | (73065) | (20641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br> YIELDBOOST SMCI ETF |  | 804145 | (180264) | 558767 | 42843 | 24322 | (50062) | (15052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANITESHARES <br> YIELDBOOST TSLA ETF |  | 851275 | (182597) | 579348 | 104387 | 26241 | (72549) | (16782) |
|  | $— | $4173001 | $(905368) | $2845099 |  | $131698 | $(338528) | $(84008) |

---

**6. ADVISORY AND OTHER AGREEMENTS**

GraniteShares Advisors LLC (the "Adviser"), the investment adviser to the Funds, is a Delaware limited Liability Company located at 205 Hudson Street, 7th Floor, New York, NY 10013. The Adviser provides investment advisory services to exchange-traded funds. The Adviser serves as investment adviser to the Funds with overall responsibility for the portfolio management of the Funds, subject to the supervision of the Board of Trustees (the "Board") of the Trust.

For its services on the GraniteShares YieldBOOST Single Stock Universe ETF and GraniteShares YieldBOOST Top Yielders ETF funds, the Adviser receives a fee that is equal to 0.29% of the average daily net assets of the Funds, calculated daily and paid monthly. For its services on the remaining GraniteShares YieldBOOST funds, the Adviser receives a fee that is equal to 0.99% of the average daily net assets of the Funds, calculated daily and paid monthly. Pursuant to the Advisory Agreement, the Funds are responsible for substantially all its expenses.

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses, in order to limit the annual operating expenses to 0.50% for the GraniteShares YieldBOOST Single Stock Universe ETF and GraniteShares YieldBOOST Top Yielders ETF funds and to 1.15% for the remaining GrainteShares YieldBOOST funds. The expense limitation remains in effect until December 31, 2026, after which they may be terminated or revised.

The expense limitation does not cover the following items that remain expenses of the Fund: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of counsel to the Independent Trustees; (iv) extraordinary expenses; (v) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (vi) interest and taxes of any kind or nature; (vii) any fees and expenses related to the provision of securities lending services; and (viii) the advisory fee payable to the Adviser under the Advisory Agreement.

This contractual arrangement may only be changed or eliminated by or with the consent of the Funds' Board of Trustees.

<br> 92 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Funds for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund's total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. As of the period ended December 31, 2025, the Advisor may seek reimbursement of previously waived and reimbursed fees as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Expires 6/30/2028** | **Expires 6/30/2029** | **Total** |
| **GraniteShares YieldBOOST TSLA ETF** | $N/A | $N/A | $N/A |
| **GraniteShares YieldBOOST QQQ ETF** | 23216 | 18165 | 41381 |
| **GraniteShares YieldBOOST SPY ETF** | 22793 | 14887 | 37680 |
| **GraniteShares YieldBOOST NVDA ETF** | N/A | N/A | N/A |
| **GraniteShares YieldBOOST Bitcoin ETF** | 4759 | 5307 | 10066 |
| **GraniteShares YieldBoost COIN ETF** | N/A | N/A | N/A |
| **GraniteShares YieldBoost AMD ETF** | N/A | 11046 | 11046 |
| **GraniteShares YieldBoost AMZN ETF** | N/A | 14099 | 14099 |
| **GraniteShares YieldBoost MSTR ETF** | N/A | 11941 | 11941 |
| **GraniteShares YieldBoost PLTR ETF** | N/A | 10668 | 10668 |
| **GraniteShares YieldBoost SMCI ETF** | N/A | 8463 | 8463 |
| **GraniteShares YieldBoost HOOD ETF** | N/A | 5975 | 5975 |
| **GraniteShares YieldBoost META ETF** | N/A | 9336 | 9336 |
| **GraniteShares YieldBoost BABA ETF** | N/A | 9213 | 9213 |
| **GraniteShares YieldBoost MARA ETF** | N/A | 7223 | 7223 |
| **GraniteShares YieldBoost IONQ ETF** | N/A | 6720 | 6720 |
| **GraniteShares YieldBOOST Semiconductor ETF** | N/A | 4459 | 4459 |
| **GraniteShares YieldBOOST Gold Miners ETF** | N/A | 5409 | 5409 |
| **GraniteShares YieldBOOST RGTI ETF** | N/A | 4642 | 4642 |
| **GraniteShares YieldBOOST QBTS ETF** | N/A | 4654 | 4654 |
| **GraniteShares YieldBOOST RIOT ETF** | N/A | 3801 | 3801 |
| **GraniteShares YieldBOOST HIMS ETF** | N/A | 3868 | 3868 |
| **GraniteShares YieldBOOST Single Stock Universe ETF** | N/A | 2049 | 2049 |
| **GraniteShares YieldBOOST TopYielders ETF** | N/A | 2043 | 2043 |

---

Recoupment of previously waived fees for the period ended December 31, 2025, if any, are disclosed on the Fund's Statements of Operations.

The Adviser is the only related party involved with the operations of the Fund.

ALPS Fund Services, Inc. ("AFS") serves as the Funds' Administrator, and Accounting Agent pursuant to the Fund Administration and Accounting Agreement. Brown Brothers Harriman & Co serves as the Funds' Custodian and Transfer Agent pursuant to the Custodian and Transfer Agent Agreement. The Funds' have a fee agreement with its custodian, Brown Brothers Harriman & Co, which provides for custody fees to be reduced by Create/Redeem credits received by the custodian from Authorized Participants. These amounts are shown as a reduction of expenses, "Fees paid indirectly", on the Statement of Operations.

ALPS Distributors, Inc. ("Distributor") serves as the Funds' distributor. The Trust has adopted a distribution and service plan ("Rule 12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to a maximum annual rate of 0.25% of its average net assets in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders. No distribution fees are currently charged to the Funds; there are no plans to impose these fees.

**7. SHARE TRANSACTIONS**

Shares of the Funds are listed and traded on Nasdaq. Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed for cash. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

<br> Semi-Annual Report \| December 31, 2025 93

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The Funds currently offer one class of shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of a Creation Unit. The standard fixed transaction fee for each Fund is $250, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. There were no variable fees received during the year. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

8. INVESTMENT TRANSACTIONS

During the six month period ended December 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| GraniteShares YieldBOOST Single Stock Universe ETF | $3424532 | $– |
| GraniteShares YieldBOOST TopYielders ETF | 4173002 | 905367 |

---

9. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds have adopted authoritative standards of accounting for derivative instruments which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivatives instruments, how derivatives instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations. The Funds use derivative instruments as part of their principal investment strategies to achieve their investment objectives.

<br> 94 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The following is the location and fair values of the Funds' derivative investments disclosed, if any, in the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares YieldBOOST TSLA ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $2964143 | Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;– |
| Total |  | $2964143 |  | $– |
| **GraniteShares YieldBOOST QQQ ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $46554 | Investments, at value | $– |
| Total |  | $46554 |  | $– |
| **GraniteShares YieldBOOST SPY ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $8607 | Investments, at value | $– |
| Total |  | $8607 |  | $– |
| **GraniteShares YieldBOOST NVDA ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $398884 | Investments, at value | $– |
| Total |  | $398884 |  | $– |
| **GraniteShares YieldBOOST Bitcoin ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $175201 | Investments, at value | $– |
| Total |  | $175201 |  | $– |

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<br> Semi-Annual Report \| December 31, 2025 95

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposurem** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares YieldBoost COIN ETF** |  | |  | |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $1064379 | Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Total |  | $1064379 |  | $– |
| **GraniteShares YieldBoost AMD ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $22689 | Investments, at value | $– |
| Total |  | $22689 |  | $– |
| **GraniteShares YieldBoost AMZN ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $2203 | Investments, at value | $– |
| Total |  | $2203 |  | $– |
| **GraniteShares YieldBoost MSTR ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $27929 | Investments, at value | $– |
| Total |  | $27929 |  | $– |
| **GraniteShares YieldBoost PLTR ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $170800 | Investments, at value | $– |
| Total |  | $170800 |  | $– |
| **GraniteShares YieldBoost SMCI ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $263459 | Investments, at value | $– |
| Total |  | $263459 |  | $– |
| **GraniteShares YieldBoost HOOD ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $320861 | Investments, at value | $– |
| Total |  | $320861 |  | $– |
| **GraniteShares YieldBoost META ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $161 | Investments, at value | $– |
| Total |  | $161 |  | $– |
| **GraniteShares YieldBoost BABA ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $10349 | Investments, at value | $– |
| Total |  | $10349 |  | $– |
| **GraniteShares YieldBoost MARA ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $126738 | Investments, at value | $– |
| Total |  | $126738 |  | $– |

---

<br> 96 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares YieldBoost IONQ ETF** |  | |  | |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $179542 | Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;– |
| Total |  | $179542 |  | $– |
| **GraniteShares YieldBOOST Semiconductor ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $119682 | Investments, at value | $– |
| Total |  | $119682 |  | $– |
| **GraniteShares YieldBOOST Gold Miners ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $90874 | Investments, at value | $– |
| Total |  | $90874 |  | $– |
| **GraniteShares YieldBOOST RGTI ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $48921 | Investments, at value | $– |
| Total |  | $48921 |  | $– |
| **GraniteShares YieldBOOST QBTS ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $55776 | Investments, at value | $– |
| Total |  | $55776 |  | $– |
| **GraniteShares YieldBOOST RIOT ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $230774 | Investments, at value | $– |
| Total |  | $230774 |  | $– |
| **GraniteShares YieldBOOST HIMS ETF** |  |  |  |  |
| Equity Contracts (Purchase Options Contracts) | Investments, at value | $33962 | Investments, at value | $– |
| Total |  | $33962 |  | $– |

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<br> Semi-Annual Report \| December 31, 2025 97

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **GraniteShares YieldBOOST TSLA ETF** |  | |  | |
| Equity Contracts (Written Options Contracts) | Written Options, at value | $&nbsp;&nbsp;&nbsp;&nbsp;– | Written Options, at value | $(20823222) |
| Total |  | $– |  | $(20823222) |
| **GraniteShares YieldBOOST QQQ ETF** |  |  |  |  |
| Equity Contracts (Written Options Contracts) | Written Options, at value | $– | Written Options, at value | $(577449) |
| Total |  | $– |  | $(577449) |
| **GraniteShares YieldBOOST SPY ETF** |  |  |  |  |
| Equity Contracts (Written Options Contracts) | Written Options, at value | $– | Written Options, at value | $(849535) |
| Total |  | $– |  | $(849535) |
| **GraniteShares YieldBOOST NVDA ETF** |  |  |  |  |
| Equity Contracts (Written Options Contracts) | Written Options, at value | $– | Written Options, at value | $(3170944) |
| Total |  | $– |  | $(3170944) |
| **GraniteShares YieldBOOST Bitcoin ETF** |  |  |  |  |
| Equity Contracts (Written Options Contracts) | Written Options, at value | $– | Written Options, at value | $(914912) |
| Total |  | $– |  | $(914912) |

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<br> 98 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location**  | **Fair Value** |
| **GraniteShares YieldBoost COIN ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $&nbsp;&nbsp;&nbsp;&nbsp; – | Written Options, at value | $(4874660) |
| Total |  | $– |  | $(4874660) |
| **GraniteShares YieldBoost AMD ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(259692) |
| Total |  | $– |  | $(259692) |
| **GraniteShares YieldBoost AMZN ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(68979) |
| Total |  | $– |  | $(68979) |
| **GraniteShares YieldBoost MSTR ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(124132) |
| Total |  | $– |  | $(124132) |
| **GraniteShares YieldBoost PLTR ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(798429) |
| Total |  | $– |  | $(798429) |
| **GraniteShares YieldBoost SMCI ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(1303820) |
| Total |  | $– |  | $(1303820) |
| **GraniteShares YieldBoost HOOD ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(1935371) |
| Total |  | $– |  | $(1935371) |
| **GraniteShares YieldBoost META ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(10289) |
| Total |  | $– |  | $(10289) |
| **GraniteShares YieldBoost BABA ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(98601) |
| Total |  | $– |  | $(98601) |
| **GraniteShares YieldBoost MARA ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(385812) |
| Total |  | $– |  | $(385812) |

---

<br> Semi-Annual Report \| December 31, 2025 99

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location**  | **Fair Value** |
| **GraniteShares YieldBoost IONQ ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $&nbsp;&nbsp;&nbsp;&nbsp; – | Written Options, at value | $(542237) |
| Total |  | $– |  | $(542237) |
| **GraniteShares YieldBOOST Semiconductor ETF** |  |  |  |  |
| <br>Equity Contracts (Written<br> Options Contracts) | Written Options, at value | $– | Written Options, at value | $(777107) |
| Total |  | $– |  | $(777107) |
| **GraniteShares YieldBOOST Gold Miners ETF** |  |  |  |  |
| <br>Equity Contracts (Written<br> Options Contracts) | Written Options, at value | $– | Written Options, at value | $(413432) |
| Total |  | $– |  | $(413432) |
| **GraniteShares YieldBOOST RGTI ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(121028) |
| Total |  | $– |  | $(121028) |
| **GraniteShares YieldBOOST QBTS ETF** |  |  |  |  |
| <br>Equity Contracts (Written<br> Options Contracts) | Written Options, at value | $– | Written Options, at value | $(118452) |
| Total |  | $– |  | $(118452) |
| **GraniteShares YieldBOOST RIOT ETF** |  |  |  |  |
| <br>Equity Contracts (Written<br> Options Contracts) | Written Options, at value | $– | Written Options, at value | $(362433) |
| Total |  | $– |  | $(362433) |
| **GraniteShares YieldBOOST HIMS ETF** |  |  |  |  |
| Equity Contracts (Written <br>Options Contracts) | Written Options, at value | $– | Written Options, at value | $(110202) |
| Total |  | $– |  | $(110202) |

---

<br> 100 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The following is the location and the effect of derivative investments, if any, on the Funds' Statement of Operations, categorized by primary market risk exposure during the period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of**<br> **Operations Location** | **Realized<br> Gain/(Loss)<br> on Derivatives<br> Recognized<br> in Income** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)<br> on Derivatives<br> Recognized<br> in Income** |
| **GraniteShares YieldBOOST TSLA ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (88454732) | 646206 |
| **Total** |  | $(88454732) | $646206 |
| **GraniteShares YieldBOOST QQQ ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (1500617) | 29400 |
| **Total** |  | $(1500617) | $29400 |
| **GraniteShares YieldBOOST SPY ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (1367033) | (13711) |
| **Total** |  | $(1367033) | $(13711) |
| **GraniteShares YieldBOOST NVDA ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (18650803) | 5282 |
| **Total** |  | $(18650803) | $5282 |
| **GraniteShares YieldBOOST Bitcoin ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 1648692 | (65874) |
| **Total** |  | $1648692 | $(65874) |
| **GraniteShares YieldBoost COIN ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (1549422) | 362058 |
| **Total** |  | $(1549422) | $362058 |
| **GraniteShares YieldBoost AMD ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 566169 | (80401) |
| **Total** |  | $566169 | $(80401) |
| **GraniteShares YieldBoost AMZN ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (172075) | (10970) |
| **Total** |  | $(172075) | $(10970) |
| **GraniteShares YieldBoost MSTR ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 373546 | (763) |
| **Total** |  | $373546 | $(763) |

---

<br> Semi-Annual Report \| December 31, 2025 101

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of**<br> **Operations Location** | **Realized<br> Gain/(Loss)<br> on Derivatives<br> Recognized<br> in Income** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)<br> on Derivatives<br> Recognized<br> in Income** |
| **GraniteShares YieldBoost PLTR ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (318339) | 71106 |
| **Total** |  | $(318339) | $71106 |
| **GraniteShares YieldBoost SMCI ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 3438066 | 57050 |
| **Total** |  | $3438066 | $57050 |
| **GraniteShares YieldBoost HOOD ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 1389885 | (5136) |
| **Total** |  | $1389885 | $(5136) |
| **GraniteShares YieldBoost META ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 63588 | (2211) |
| **Total** |  | $63588 | $(2211) |
| **GraniteShares YieldBoost BABA ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Contracts (Purchased Options) | Investments | (111255) | 1159 |
| **Total** |  | $(111255) | $1159 |
| **GraniteShares YieldBoost MARA ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 253550 | (61236) |
| **Total** |  | $253550 | $(61236) |
| **GraniteShares YieldBoost IONQ ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Contracts (Purchased Options) | Investments | 170047 | (41038) |
| **Total** |  | $170047 | $(41038) |
| **GraniteShares YieldBOOST Semiconductor ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 450282 | 9252 |
| **Total** |  | $450282 | $9252 |
| **GraniteShares YieldBOOST Gold Miners ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (185378) | 10458 |
| **Total** |  | $(185378) | $10458 |
| **GraniteShares YieldBOOST RGTI ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 239581 | (12200) |
| **Total** |  | $239581 | $(12200) |

---

<br> 102 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of**<br> **Operations Location** | **Realized<br> Gain/(Loss)<br> on Derivatives<br> Recognized<br> in Income** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)<br> on Derivatives<br> Recognized<br> in Income** |
| **GraniteShares YieldBOOST QBTS ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 209270 | (3090) |
| **Total** |  | $209270 | $(3090) |
| **GraniteShares YieldBOOST RIOT ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | 588345 | 147067 |
| **Total** |  | $588345 | $147067 |
| **GraniteShares YieldBOOST HIMS ETF** |  |  |  |
| Equity Contracts (Purchased Options) | Investments | (50454) | 9675 |
| **Total** |  | $(50454) | $9675 |

---

<br> Semi-Annual Report \| December 31, 2025 103

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of <br>Operations Location** | **Realized <br>Gain/(Loss) <br>on Derivatives <br>Recognized <br>in Income** | **Change in <br>Unrealized <br>Appreciation/ <br>(Depreciation) <br>on Derivatives <br>Recognized <br>in Income** |
| **GraniteShares YieldBOOST TSLA ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 93437282 | (6636442) |
| **Total** |  | $93437282 | $(6636442) |
| **GraniteShares YieldBOOST QQQ ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 1503783 | (417197) |
| **Total** |  | $1503783 | $(417197) |
| **GraniteShares YieldBOOST SPY ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 3222111 | (609347) |
| **Total** |  | $3222111 | $(609347) |
| **GraniteShares YieldBOOST NVDA ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 22817188 | (748013) |
| **Total** |  | $22817188 | $(748013) |
| **GraniteShares YieldBOOST Bitcoin ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (20720004) | 63688 |
| **Total** |  | $(20720004) | $63688 |
| **GraniteShares YieldBoost COIN ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (43213433) | (1720710) |
| **Total** |  | $(43213433) | $(1720710) |
| **GraniteShares YieldBoost AMD ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 588218 | 162614 |
| **Total** |  | $588218 | $162614 |
| **GraniteShares YieldBoost AMZN ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 115214 | (532) |
| **Total** |  | $115214 | $(532) |
| **GraniteShares YieldBoost MSTR ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (1694043) | (36393) |
| **Total** |  | $(1694043) | $(36393) |

---

<br> 104 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of <br>Operations Location** | **Realized <br>Gain/(Loss) <br>on Derivatives <br>Recognized <br>in Income** | **Change in <br>Unrealized <br>Appreciation/ <br>(Depreciation) <br>on Derivatives <br>Recognized <br>in Income** |
| **GraniteShares YieldBoost PLTR ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 276159 | (467393) |
| **Total** |  | $276159 | $(467393) |
| **GraniteShares YieldBoost SMCI ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (7480816) | (716020) |
| **Total** |  | $(7480816) | $(716020) |
| **GraniteShares YieldBoost HOOD ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (7053209) | (721858) |
| **Total** |  | $(7053209) | $(721858) |
| **GraniteShares YieldBoost META ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (152397) | 2998 |
| **Total** |  | $(152397) | $2998 |
| **GraniteShares YieldBoost BABA ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 44077 | (53521) |
| **Total** |  | $44077 | $(53521) |
| **GraniteShares YieldBoost MARA ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (928513) | (49517) |
| **Total** |  | $(928513) | $(49517) |
| **GraniteShares YieldBoost IONQ ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (984335) | 11833 |
| **Total** |  | $(984335) | $11833 |
| **GraniteShares YieldBOOST Semiconductor ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (707385) | (175288) |
| **Total** |  | $(707385) | $(175288) |
| **GraniteShares YieldBOOST Gold Miners ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | 195710 | (101157) |
| **Total** |  | $195710 | $(101157) |
| **GraniteShares YieldBOOST RGTI ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (395129) | 6132 |
| **Total** |  | $(395129) | $6132 |

---

<br> Semi-Annual Report \| December 31, 2025 105

<u>GraniteShares ETF Trust</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of**<br> **Operations Location** | **Realized**<br> **Gain/(Loss)**<br> **on Derivatives**<br> **Recognized**<br>**in Income** | **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **on Derivatives**<br> **Recognized**<br> **in Income** |
| **GraniteShares YieldBOOST QBTS ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (296480) | 1963 |
| **Total** |  | $(296480) | $1963 |
| **GraniteShares YieldBOOST RIOT ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (792679) | (196810) |
| **Total** |  | $(792679) | $(196810) |
| **GraniteShares YieldBOOST HIMS ETF** |  |  |  |
| Equity Contracts (Written Options) | Options contracts | (48272) | (43890) |
| **Total** |  | $(48272) | $(43890) |

---

The average monthly volume of derivative instruments Purchased Options held by the Funds during the period ended December 31, 2025 was $236,693,835 (TSYY), $8,686,847 (TQQY), $14,118,123 (YSPY), $76,705,992 (NVYY), $42,567,127 (XBTY), $77,899,342 (COYY), $9,613,790 (AMYY), $2,000,373 (AZYY), $4,633,928 (MTYY), $6,133,333 (PLYY), $9,015,135 (SMYY), $16,683,510 (HOYY), $576,043 (FBYY), $1,179,943 (BBYY), $2,283,340 (MAAY), $5,717,500 (IOYY), $11,250,245 (SEMY), $4,459,055 (NUGY), $1,046,056 (RGYY), $978,240 (QBY), $1,847,100 (RTYY) and $1,134,840 (HMYY).

The average monthly volume of derivative instruments Written Optoins held by the Funds during the period ended December 31, 2025 was ($236,693,835) (TSYY), ($8,686,847) (TQQY), ($14,118,123) (YSPY), ($76,705,992) (NVYY), ($42,567,127) (XBTY), ($77,899,342) (COYY), ($9,613,790) (AMYY), ($2,000,373) (AZYY), ($4,633,928) (MTYY), ($6,133,333) (PLYY), ($9,015,135) (SMYY), ($16,683,510) (HOYY), ($576,043) (FBYY), ($1,179,943) (BBYY), ($2,283,340) (MAAY), ($5,717,500) (IOYY), ($11,250,245) (SEMY), ($4,459,055) (NUGY), ($1,046,056) (RGYY), ($978,240) (QBY), ($1,847,100) (RTYY) and ($1,134,840) (HMYY).

10. FEDERAL INCOME TAX MATTERS

Each of the Funds intend to qualify as a ''regulated investment company'' under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are ''more-likely-than-not'' of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

<br> 106 www.graniteshares.com

<u>GraniteShares ETF Trust </u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

At December 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Appreciation (excess of value**<br> **over tax cost)** | **Gross Depreciation (excess of tax cost**<br> **over value)** | **Net Unrealized<br>Appreciation/ (Depreciation)** | **Cost of Investments for Income Tax Purposes** |
| GraniteShares YieldBOOST TSLA ETF | $746508 | $(7089215) | $(6342707) | $129830046 |
| GraniteShares YieldBOOST QQQ ETF | 24749 | (380922) | (356173) | 5508897 |
| GraniteShares YieldBOOST SPY ETF | 2729 | (598406) | (595677) | 8699881 |
| GraniteShares YieldBOOST NVDA ETF | 64286 | (745033) | (680747) | 39214750 |
| GraniteShares YieldBOOST Bitcoin ETF | 127005 | (99214) | 27791 | 7542236 |
| GraniteShares YieldBoost COIN ETF | 396134 | (1751251) | (1355117) | 15679613 |
| GraniteShares YieldBoost AMD ETF | 164450 | (80841) | 83609 | 5290345 |
| GraniteShares YieldBoost AMZN ETF | 366 | (11503) | (11137) | 1109050 |
| GraniteShares YieldBoost MSTR ETF | 2305 | (39440) | (37135) | 426592 |
| GraniteShares YieldBoost PLTR ETF | 72976 | (468469) | (395493) | 2390866 |
| GraniteShares YieldBoost SMCI ETF | 58470 | (716020) | (657550) | 7196043 |
| GraniteShares YieldBoost HOOD ETF | 15794 | (739760) | (723966) | 14305075 |
| GraniteShares YieldBoost META ETF | 3002 | (2211) | 791 | 101848 |
| GraniteShares YieldBoost BABA ETF | 1314 | (53612) | (52298) | 308742 |
| GraniteShares YieldBoost MARA ETF | 4211 | (114685) | (110474) | 1782908 |
| GraniteShares YieldBoost IONQ ETF | 35322 | (63785) | (28463) | 3711054 |
| GraniteShares YieldBOOST Semiconductor ETF | 20786 | (196011) | (175225) | 9870649 |
| GraniteShares YieldBOOST Gold Miners ETF | 55361 | (145803) | (90442) | 1773282 |
| GraniteShares YieldBOOST RGTI ETF | 7182 | (13079) | (5897) | 458870 |
| GraniteShares YieldBOOST QBTS ETF | 2136 | (3090) | (954) | 456614 |
| GraniteShares YieldBOOST RIOT ETF | 150486 | (200097) | (49611) | 580975 |
| GraniteShares YieldBOOST HIMS ETF | 11383 | (45464) | (34081) | 521555 |
| GraniteShares YieldBOOST Single Stock Universe ETF | 3489 | (258466) | (254977) | 3424532 |
| GraniteShares YieldBOOST TopYielders ETF |  | (382173) | (382173) | 3227272 |

---

The tax character of distributions paid by the Funds during the year ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **June 30, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST TSLA ETF | $554313 | $– | $2020765 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST QQQ ETF | 46644 |  | 148547 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST SPY ETF | 148786 |  | 93339 |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST NVDA ETF | 210181 |  |  |
| &nbsp;&nbsp;&nbsp;GraniteShares YieldBOOST Bitcoin ETF | 169759 |  |  |

---

**11. INDEMNIFICATION**

In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that has not yet occurred. Management expects this risk of loss to be remote.

**12. PRINCIPAL RISKS**

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

**Underlying Stock Risk:** Each Fund seeks daily leveraged long or short investment results of an underlying stock. Each underlying stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Fund's daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.

<br> Semi-Annual Report \| December 31, 2025 107

<u>GraniteShares ETF Trust </u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Effects of Compounding and Market Volatility Risk:** Each Fund aims to replicate the leveraged or inverse daily returns of an underlying stock and a Fund's performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is very likely to differ from the underlying stock's performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage or inverse daily returns. The effect of compounding becomes pronounced as the underlying stock volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the underlying stock during shareholder's holding period of an investment in the Fund.

**Correlation Risk:** A number of factors may affect the Fund's ability to achieve a high degree of correlation with the underlying stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund's NAV each day may differ, perhaps significantly in amount, and possibly even direction, from the targeted percentage change of underlying stock on such day. In order to achieve a high degree of correlation with underlying stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the underlying stock may prevent the Fund from achieving a high degree of correlation with the underlying stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by underlying stock's movements, including intraday movements. Because of this, it is unlikely that the Fund will have reach its targeted exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the underlying stock is volatile, particularly when underlying stock is volatile at or near the close of the trading day.

**Leverage Risk:** The Long Funds obtain investment exposure in excess of their net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in leveraged Long Funds is exposed to the risk that a decline in the daily performance of the underlying stock would be magnified. A leveraged Long Fund could theoretically lose an amount greater than its net assets. Leverage will also have the effect of magnifying any differences in a Fund performance's correlation with the underlying stock.

**Short Sale Exposure Risk:** The short Fund will seek inverse or "short" exposure through financial instruments, which would cause the short Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower a Fund's return, result in a loss, have the effect of limiting a short Fund's ability to obtain inverse exposure through financial instruments, or require a short Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, a short Fund may be unable to meet its investment objective due to a lack of available securities or counterparties.

During such periods, a short Fund's ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the short Fund's short positions, if any, would negatively impact a short Fund. A short Fund could theoretically lose an amount greater than its net assets in the event the underlying stock increases more than 100%.

**Counterparty Risk:** A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with a Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

**Derivatives Risk:** The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Each Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent a Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund's investment strategy, including the desired daily inverse performance for the Fund.

<br> 108 www.graniteshares.com

<u>GraniteShares ETF Trust </u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Exchange Traded Fund Structure Risk:** Each Fund is structured as an exchange traded fund and as a result is subject to special risks, including:

---

| |
|:---|
| The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares in a Fund may trade at a discount to NAV. |
| In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and a Fund's NAV. |
| In stressed market conditions, the market for a Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of a Fund's shares may, in turn, lead to differences between the market value of a Fund's shares and a Fund's NAV. |
| An active trading market for a Fund's shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that a Fund's Shares will continue to meet the listing requirements of the Exchange. If a Fund's Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's Shares. |

---

**Non-Diversified Risk:** Each Fund's portfolio focuses on its underlying stock and will be subject to potential for volatility than a diversified fund.

**Options Risk:** The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, amount other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, where are effected by fiscal and monetary policies and by national and international political, changes in actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

**Swap Risk:** Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify a Fund's losses.

**Rebalancing Risk:** If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with the Fund's investment objective. In these instances, the Fund may have investment exposure to its underlying stock that is significantly greater or less than its stated multiple. As a result, a Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.

**Trading Halt Risk:** Although each underlying stock's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the underlying stock's shares is expected, in turn, to result in a halt in the trading in the Fund's shares. Trading in the underlying stock's and/or Fund's shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the underling stock's and/or Fund's shares inadvisable. In addition, trading in underlying stock's and/or Fund's shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**Tracking Error Risk:** Tracking error is the divergence of a Fund's performance from that of its investment objective. The performance of each Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, being under- or overexposed to its underlying stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. A Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.

**Tax Risk:** In order to qualify for the favorable tax treatment generally available to regulated investment companies, each Fund must satisfy certain diversification and other requirements. In particular, each Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of a Fund's assets would be invested in (a) issuers in which a Fund has, in each case, invested more than 5% of the Fund's assets and (b) issuers more than 10% of whose outstanding voting securities are owned by a Fund. The application of these requirements to certain investments (including swaps) that may be entered into by a Fund is unclear. In addition, the application of these requirements to a Fund's investment objective is not clear, particularly because each Fund's investment objective focuses on the performance of the stock of a single issuer. If a Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

<br> Semi-Annual Report \| December 31, 2025 109

<u>GraniteShares ETF Trust </u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**13. NEW ACCOUNTING PRONOUNCEMENTS**

The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the fiscal year. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Fund's internal organizational structure.

The Funds use the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Fund's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Funds' CODM has been identified as the Chief Operation Officer (CFO) and Treasurer, who reviews consolidated results presented within the Funds' financial statements when making decisions about allocating resources and assessing performance of the Funds. The CODM determined that the Funds have only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Funds, against which the CODM assesses performance.

**14. SUBSEQUENT EVENTS**

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

<br> 110 www.graniteshares.com

<u>GraniteShares ETF Trust </u> <u>Additional Information</u> <br> December 31, 2025 (Unaudited)

**TAX INFORMATION**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Qualified**<br> **Dividend Income** | **Dividend**<br> **Received Deduction** | **199A** |
| GraniteShares YieldBoost TSLA ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST QQQ ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST SPY ETF | 0.00% | 0.00% | 0.00% |
| Graniteshares YieldBOOST NVDA ETF | 0.00% | 0.00% | 0.00% |
| Graniteshares YieldBOOST Bitcoin ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost Coin ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost AMD ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost AMZN ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost MSTR ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost PLTR ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost SMCI ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost HOOD ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost META ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost BABA ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost MARA ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBoost IONQ ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST Semiconductor ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST Gold Miners ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST RGTI ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST QBTS ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST RIOT ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST HIMS ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF | 0.00% | 0.00% | 0.00% |
| GraniteShares YieldBOOST TOPYIELDERS ETF | 0.00% | 0.00% | 0.00% |

---

In early 2026, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

**Premium/Discount Information**

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund's net asset value may be found on the Fund's website at www.graniteshares.com.

**Authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained by 1-800-SEC-0330.**

Distributor, ALPS Distributors, Inc.

<br> Semi-Annual Report \| December 31, 2025 111

GraniteShares ETF Trust Changes in and Disagreements with Accountants for Open-End Management Investment Companies <br> December 31, 2025 (Unaudited)

Not applicable for this reporting period.

<br> 112 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Proxy Disclosures for Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

Not applicable for this reporting period.

<br> Semi-Annual Report \| December 31, 2025 113

<u>GraniteShares ETF Trust</u> <u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u> <br> December 31, 2025 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Aggregate Regular<br> Compensation From<br> the Trust** | **Aggregate Special<br> Compensation From<br> the Trust** | **Total Compensation<br> From the Trust** |
| Steven James Smyser, Trustee | $17500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $17500 |
| Seddik Meziani, Trustee | $17500 | $– | $17500 |
| **Total** | $**35000** | $**–** | $**35000** |

---

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

<br> 114 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

GraniteShares ETF Trust (the "Trust") was organized as a Delaware statutory trust on November 7, 2016, and is authorized to establish multiple series, with each series representing interests in a separate portfolio of securities and other assets of the Trust. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Under the supervision of the Board of Trustees of the Trust (the "Board," with the members of the Board referred to individually as "Trustees"), and pursuant to the terms of multiple investment advisory agreements between GraniteShares Advisors LLC (the "Adviser" or "GraniteShares") and the Trust, GraniteShares provides a continuous program of investment management for each series of the Trust (each, a "Fund" and collectively, the "Funds") and, among other services, determines, in its discretion, the securities to be purchased, retained or sold with respect to each Fund.

At meetings held on August 8, 2025 ("Meeting 1"), September 3, 2025 ("Meeting 2"), and November 7, 2025 ("Meeting 3"), the Board, including a majority of the Trustees who are not "interested person[s]," as defined in the 1940 Act, of the Trust (the "Independent Trustees"), reviewed and unanimously approved the investment advisory agreements (the "Agreements") for a two-year period from the date the first of the Funds commences operations, with respect to: in Meeting 1, each of the Short & Leveraged Funds (the "S&L Funds") and the YieldBOOST Funds (the "YB Funds"); in Meeting 2, each of the YB Funds; and in Meeting 3, each of the Autocallable Funds (the "AC Funds"), each of the YB Funds, and each of the S&L Funds. Each Meeting was held via telephone conference based on exemptive relief issued by the Securities and Exchange Commission ("SEC"), with the Board's intention to ratify the approval of the Agreements at its next in-person meeting.<sup>1</sup>

In advance of each Meeting, the Board received information about each Fund, the Agreements, and the Adviser to facilitate the Board's review of the Agreements, as required by Section 15(c) of the 1940 Act. In addition to such information, the Board noted that the evaluation process with respect to the Adviser is an ongoing one, as part of the Board's regular oversight of the Funds. Thus, in considering the approval of the Agreements, the Board took into account its review of the performance and services provided by the Adviser with respect to the existing series of the Trust at regularly scheduled meetings held throughout the year. The Board also receives information informally outside of the Board meetings, as circumstances warrant.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Agreements.

The Board took note of relevant judicial precedent and regulations adopted by the SEC setting forth factors to be considered by a board when evaluating investment advisory agreements including, among other matters: (1) the nature, extent and quality of the services provided by the investment adviser; (2) the costs of the services provided and profitability to the investment adviser with respect to its relationship with the fund; (3) the advisory fees and total expense ratio of the fund compared to a relevant peer group of funds; (4) the extent to which economies of scale would be realized as the fund grows and whether the advisory fee for the fund would enable investors to share in the benefits of economies of scale; and (5) other benefits received by the investment adviser from its relationship with the fund.

At each Meeting, the Board evaluated the information prepared for the 15(c) review process. Each Meeting included a presentation by representatives of the Adviser during which the Independent Trustees and counsel were able to pose questions. The Adviser's presentation included a discussion of the Adviser's resources and capabilities, including its financial condition and ability to provide the contracted-for services under the Agreements, as well as a review of the experience and qualifications of the Funds' portfolio managers and other key personnel of the Adviser. The Trustees were also presented with quantitative data showing how each existing Fund in the Trust performed against its relevant benchmark and whether the Fund met its investment objective over the relevant period.

Following an analysis and discussion of the factors identified below, in the exercise of their reasonable business judgment and in light of their respective fiduciary duties, the Trustees unanimously concluded that it was in the best interest of the Trust to approve the Agreements. In making determinations regarding the factors identified below, the Trustees considered information received (both oral and written) at each Meeting, as well as information obtained through the Board's experience overseeing the existing Funds in the Trust. In this regard, the Board's conclusions were also based on its knowledge of how well the Adviser performs its duties obtained through Board meetings, discussions, and reports. The Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements.

---

| | |
|:---|:---|
| 1 | On March 13, 2020, the SEC issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief was originally limited to the period from March 13, 2020 to June 15, 2020, and was subsequently extended through August 15, 2020. On June 19, 2020, the SEC issued an order extending the duration of the conditional relief further, through at least December 31, 2020. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at the Meeting. |

---

<br> Semi-Annual Report \| December 31, 2025 115

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approval was based on each Trustee's business judgment after consideration of the information as a whole. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The principal factors and conclusions that formed the basis for the Trustees' determinations to approve the Agreements are discussed below.

**Nature, Extent and Quality of Services.** The Board considered the functions performed by the Adviser for each Fund and the nature and quality of services provided by GraniteShares. The Board noted that each Fund was an exchange-traded fund ("ETF") and the Board considered the qualifications and experience of the Adviser's key personnel, including, in particular, the experience of the Adviser's principals in managing ETFs and coordinating their operation and administration. The Trustees also considered the responsibilities assumed by the Adviser, including, among other things: responsibility for the general management of the day-to-day investment and reinvestment of the assets of each Fund; determining the daily basket of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of shares; monitoring and managing pricing and risks of each Fund; and monitoring and coordinating the provision of services to each Fund by each of the third-party service providers, including the fund administrator, transfer agent, custodian and distributor. The Board also considered the quality of the operational and compliance infrastructure supporting each Fund, including the regular reports provided by the Trust's Chief Compliance Officer regarding compliance procedures and practices. In addition, the Board noted the reports received at each Board meeting regarding regulatory developments germane to the ETF and registered fund industry.

Below are the specific considerations of the Board with respect to the nature, extent and quality of services provided by the Adviser from each Meeting.

**Meeting 1:**

**The S&L Funds**

With respect to each of the S&L Funds, the Board noted that each Fund seeks to replicate the daily performance of an underlying stock multiplied by a leveraged factor. Since the launch of the S&L funds in the Trust, the S&L funds have modified and refined their index strategies to best replicate the performance of the underlying stocks, most recently to single-stock indices provided by Solactive. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the standard deviation of a Fund's NAV from the price changes of each's Fund's underlying stock, premium/discount and intraday trading spreads, as well as the related performance attribution commentary provided by the Adviser. The Board also considered that the Adviser was obligated by an expense limitation agreement for each S&L Fund.

**The YB Funds**

With respect to each of the YB Funds, the Board noted that each Fund seeks to generate income by selling put options on leveraged ETFs and the Adviser will balance the amount distributed to shareholders and the impact of NAV erosion during periods of high volatility. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

**Meeting 2:**

With respect to each of the YB Funds, the Board considered that the previous investment advisory agreements and expense limitation agreements were being revised to add the additional funds and revise certain fund names. The Trustees noted the new funds were similar in nature to each of the previously approved YB Funds in terms of strategy and proposed investment advisory fees. The Board discussed their considerations and determinations from their May 9, 2025 and August 8, 2025 board meetings with respect to the previously approved YB Funds.

**Meeting 3:**

**The AC Funds**

With respect to each of the AC Funds, the Board considered that each Fund will be actively managed and aimed to generate income by gaining exposure to a diversified set of autocallable instruments. The Board considered that the Adviser would be the first issuer to bring autocallable products on single names under an ETF wrapper, the Adviser's history of launching new innovative products and managing those products within tight performance metrics, and that the Adviser will need to trade portfolios of autocallable instruments to achieve a target tenor date, non-callability period, and average yield. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

<br> 116 www.graniteshares.com

<u>GraniteShares ETF Trust</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> December 31, 2025 (Unaudited)

**The YB Funds**

With respect to each of the YB Funds, the Board considered that the Funds will be actively managed, similar to the other existing YieldBoost funds, and their investment strategies will generate yield by investing in other existing YieldBoost funds. The Board considered that the YieldBoost Single Stock Universe ETF will invest in all of the single-stock YieldBoost ETFs and the YieldBoost Single TopYielders ETF will invest in the single-stock YieldBoost ETFs that generate the highest yield at the time of rebalancing. The Board considered that the Adviser has managed the YieldBoost funds since December 2024, the Adviser has been able to maintain a high level of income in the funds, and the Adviser has managed the funds within tight performance metrics. The Board considered the information it received, including ongoing discussions with the Adviser regarding its observations about market trends, and its ability to efficiently develop and market investment products to tap into those trends and demands.

**The S&L Funds**

With respect to each of the S&L Funds, the Board noted that each Fund seeks to replicate the daily performance of an underlying stock multiplied by a leveraged factor. Since the launch of the S&L funds in the Trust, the index strategies have been modified and refined to best replicate the performance of the underlying stocks, the number of counterparties has increased to provide greater asset coverage, and the Adviser has refined its operational capabilities to manage the S&L funds. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the standard deviation of a S&L Fund's NAV from the price changes of each's Fund's underlying stock, premium/discount and intraday trading spreads, as well as the related performance attribution commentary provided by the Adviser.

Below are the specific considerations of and conclusions of the Board with respect to the nature, extent and quality of services provided by the Adviser from each Meeting for all Funds subject to the Agreements.

The Board considered the performance data, analyses and reports regularly provided by the Adviser regarding each Fund in the Trust, including index tracking, premium/discount and intraday trading spreads, among other things. The Board also considered the Adviser's commentary regarding broader market trends and macroeconomic developments and interrelationship between market conditions and each Fund's performance. The Board concluded that it was satisfied with the information provided regarding, and explanations for, the performance of each existing Fund in the Trust, with the expectation that the Adviser would provide the same level of information and analysis with respect to each new Fund.

Based on the foregoing, including the acceptability of the terms of the Agreements and the responsibilities assumed by the Adviser thereunder, the Board concluded that the Adviser and its personnel continue to be qualified to serve each Fund in such capacity, and that the nature, quality and extent of services provided by the Adviser are expected to be satisfactory and appropriate for each Fund.

Below are additional specific considerations and conclusions of the Board from each Meeting for all Funds subject to the Agreements.

**Comparative Fees, Costs of Services Provided by the Adviser from Its Relationship with Each Fund.** The Board considered information provided by the Adviser regarding the advisory fee for each Fund in connection with the proposed approval of the Agreements and the Adviser's rationale therefor. In Meeting 2, the Board considered that the Adviser was recommending the same annual advisory fees for the new YB Funds. In Meeting 3, the Board also considered that the Adviser will have an expense limitation agreement in place for each Fund until December 31, 2026.

Based on the information presented and the discussions at each Meeting, the Board concluded that each Fund's proposed fees were reasonable given, among other things, the nature, extent and quality of the services provided under the Agreements.

**Economies of Scale.** The Board considered the potential for the Adviser to experience economies of scale in the provision of services to the Funds and the extent to which potential scale benefits are shared with shareholders.

The Board considered whether the Adviser was benefiting from economies of scale in the provision of services to each of the new Funds and whether such services are being shared with each Fund's shareholders under the Agreements. The Board noted that the Adviser's operational efficiencies have improved and will continue to improve. The Board considered the prospects for growth of each of the Funds and concluded that the expense limitation agreement was adequate for each of the Funds, and economies of scale would be revisited as each Fund's asset levels increase.

The Board concluded that the Adviser's arrangements with respect to the Funds constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

**Conclusion.** Based on all of the foregoing, the Board, including the Independent Trustees, concluded that the advisory fee for each Fund is fair and reasonable in light of the extent and quality of the services provided and expected to be provided over the term, and that the approval of the Agreements is in the best interest of the Trust. At each Meeting, the Board, including the Independent Trustees, unanimously approved the Agreements as to each of the Funds.

<br> Semi-Annual Report \| December 31, 2025 117

![](financial3_002.jpg)

**GraniteShares ETF Trust**

222 Broadway, 21st Floor

New York, NY 10038

Must be accompanied or preceded by a prospectus.

ALPS Distributors, Inc., a FINRA member, is the Distributor for the GraniteShares ETF Trust.

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

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

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

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

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

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

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

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

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded
 that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
 as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the
 report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
 by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
 as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There have been no changes in the registrant's internal controls over financial reporting that
 occurred during the registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect,
 the registrant's internal control over financial reporting.

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

Not applicable.

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

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

(b) Not
 applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.](exa3.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [The certifications required by Rule 30a-2(b) under the 1940 Act are attached hereto.](exb.htm) |

---

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | GraniteShares ETF Trust |
| By (Signature and Title) | */s/ William Rhind* |
|  | William Rhind, Trustee, President and Chief Financial Officer |
|  | (Principal Executive Officer and Principal Financial Officer) |
| Date | March 04, 2026 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | */s/ William Rhind* |
|  | William Rhind, Trustee, President and Chief Financial Officer |
|  | (Principal Executive Officer and Principal Financial Officer) |
| Date | March 04, 2026 |

---

## Ex-1

**Exhibit (a)(3)**

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

I, William Rhind, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | March 04, 2026 | */s/ William Rhind* |
|  |  | William Rhind, Trustee, President and Chief Financial Officer |
|  |  | (Principal Executive Officer) |

---

**Exhibit (a)(3)**

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

I, William Rhind, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | March 04, 2026 | */s/ William Rhind* |
|  |  | William Rhind, Trustee, President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Ex-1

**Exhibit (b)**

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | March 04, 2026 | */s/ William Rhind* |
|  |  | William Rhind, Trustee, President and Chief Financial Officer |
|  |  | (Principal Executive Officer and Principal Financial Officer) |

---