GraniteShares ETF Trust
Notes to Quarterly Schedules of Investments
March 31, 2025 (Unaudited)
| 1. | FAIR VALUE MEASUREMENT |
The Financial Accounting Standards Board (FASB) established a framework for measuring fair value in accordance with U.S. GAAP. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the exchange traded fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities. |
| Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The hierarchy classification of inputs used to value each Fund’s investments is disclosed at the end of the Fund’s Schedule of Investments.
| GraniteShares ETF Trust | ||
| Schedule of Investments | ||
| GraniteShares Nasdaq Select Disruptors ETF | ||
| March 31, 2025 (Unaudited) |
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 99.56% | ||||||||
| Biotechnology - 5.36% | ||||||||
| Alnylam Pharmaceuticals, Inc.(a) | 2,110 | $ | 569,742 | |||||
| BioMarin Pharmaceutical, Inc.(a) | 5,072 | 358,540 | ||||||
| Neurocrine Biosciences, Inc.(a) | 3,111 | 344,077 | ||||||
| United Therapeutics Corp.(a) | 1,275 | 393,044 | ||||||
| Vertex Pharmaceuticals, Inc.(a) | 2,314 | 1,121,874 | ||||||
| Total Biotechnology | 2,787,277 | |||||||
| Communications Equipment - 1.76% | ||||||||
| Arista Networks, Inc.(a) | 11,789 | 913,412 | ||||||
| Health Care Equipment & Supplies - 7.42% | ||||||||
| Boston Scientific Corp.(a) | 12,161 | 1,226,802 | ||||||
| Edwards Lifesciences Corp.(a) | 9,839 | 713,131 | ||||||
| Intuitive Surgical, Inc.(a) | 2,643 | 1,308,998 | ||||||
| ResMed, Inc. | 2,718 | 608,424 | ||||||
| Total Health Care Equipment & Supplies | 3,857,355 | |||||||
| Health Care Technology - 1.29% | ||||||||
| Veeva Systems, Inc., Class A(a) | 2,884 | 668,021 | ||||||
| Hotels, Restaurants & Leisure - 0.88% | ||||||||
| Expedia Group, Inc. | 2,720 | 457,232 | ||||||
| Interactive Media & Services - 13.17% | ||||||||
| Alphabet, Inc., Class A | 19,608 | 3,032,181 | ||||||
| Meta Platforms, Inc., Class A | 5,850 | 3,371,706 | ||||||
| Pinterest, Inc., Class A(a) | 14,267 | 442,277 | ||||||
| Total Interactive Media & Services | 6,846,164 | |||||||
| IT Services - 4.86% | ||||||||
| Cloudflare, Inc., Class A(a) | 4,543 | 511,951 | ||||||
| MongoDB, Inc.(a) | 1,880 | 329,752 | ||||||
| Okta, Inc.(a) | 4,573 | 481,171 | ||||||
| Snowflake, Inc., Class A(a) | 4,782 | 698,937 | ||||||
| VeriSign, Inc.(a) | 2,012 | 510,786 | ||||||
| Total IT Services | 2,532,597 | |||||||
| Machinery - 0.94% | ||||||||
| Fortive Corp. | 6,661 | 487,452 | ||||||
| Media - 0.86% | ||||||||
| Trade Desk, Inc., Class A(a) | 8,147 | 445,804 | ||||||
| Pharmaceuticals - 12.02% | ||||||||
| Eli Lilly & Co. | 3,131 | 2,585,923 | ||||||
| Johnson & Johnson | 12,663 | 2,100,032 | ||||||
| Merck & Co., Inc. | 17,405 | 1,562,273 | ||||||
| Total Pharmaceuticals | 6,248,228 | |||||||
| Semiconductors & Semiconductor Equipment - 12.20% | ||||||||
| Applied Materials, Inc. | 7,611 | 1,104,508 | ||||||
| Broadcom, Inc. | 15,882 | 2,659,122 | ||||||
| KLA Corp. | 1,461 | 993,188 | ||||||
| Monolithic Power Systems, Inc. | 921 | 534,162 | ||||||
| NXP Semiconductors NV | 3,495 | 664,260 | ||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 99.56% (continued) | ||||||||
| Semiconductors & Semiconductor Equipment - 12.20% (continued) | ||||||||
| ON Semiconductor Corp.(a) | 9,511 | $ | 387,003 | |||||
| Total Semiconductors & Semiconductor Equipment | 6,342,243 | |||||||
| Software - 38.14% | ||||||||
| Adobe, Inc.(a) | 3,323 | 1,274,470 | ||||||
| Autodesk, Inc.(a) | 3,025 | 791,945 | ||||||
| Bentley Systems, Inc., Class B | 6,981 | 274,633 | ||||||
| Cadence Design Systems, Inc.(a) | 3,547 | 902,109 | ||||||
| Crowdstrike Holdings, Inc., Class A(a) | 2,763 | 974,178 | ||||||
| Datadog, Inc., Class A(a) | 5,820 | 577,402 | ||||||
| Fortinet, Inc.(a) | 8,492 | 817,440 | ||||||
| HubSpot, Inc.(a) | 850 | 485,597 | ||||||
| Microsoft Corp. | 14,251 | 5,349,683 | ||||||
| Palantir Technologies, Inc., Class A(a) | 17,170 | 1,449,148 | ||||||
| Palo Alto Networks, Inc.(a) | 6,294 | 1,074,008 | ||||||
| PTC, Inc.(a) | 2,726 | 422,394 | ||||||
| Salesforce, Inc. | 5,974 | 1,603,183 | ||||||
| ServiceNow, Inc.(a) | 1,578 | 1,256,309 | ||||||
| Synopsys, Inc.(a) | 1,971 | 845,263 | ||||||
| Workday, Inc., Class A(a) | 3,082 | 719,739 | ||||||
| Zoom Communications, Inc., Class A(a) | 6,729 | 496,398 | ||||||
| Zscaler, Inc.(a) | 2,540 | 503,987 | ||||||
| Total Software | 19,817,886 | |||||||
| Technology Hardware, Storage & Peripherals - 0.66% | ||||||||
| Pure Storage, Inc.(a) | 7,795 | 345,085 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $45,235,200) | 51,748,756 | |||||||
| TOTAL INVESTMENTS - 99.56% | ||||||||
| (Cost $45,235,200) | $ | 51,748,756 | ||||||
| Other Assets In Excess Of Liabilities - 0.44% | 228,573 | |||||||
| NET ASSETS (100.00%) | $ | 51,977,329 | ||||||
| (a) | Non-Income Producing Security. |
| GraniteShares Nasdaq Select Disruptors ETF | ||||||||||||||||
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 51,748,756 | $ | – | $ | – | $ | 51,748,756 | ||||||||
| Total | $ | 51,748,756 | $ | – | $ | – | $ | 51,748,756 | ||||||||