UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23214
(Exact name of registrant as specified in charter)
250 Broadway, 24th Floor
New York, New York 10007
(Address of principal executive offices) (Zip code)
William Rhind
GraniteShares ETF Trust
250 Broadway, 24th 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: 1-800-422-3554
Date of fiscal year end: June 30
Date
of reporting period: July 1, 2025 -
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) |
| |
| – June 30, 2026 |
Fund Overview
The GraniteShares HIPS US High Income ETF seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index*.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 5.82% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | 5 Year | 10 Year | Since
Inception ( | |
| GraniteShares HIPS US High Income ETF - NAV | |||||
| S&P 500® Total Return Index | |||||
| EQM High Income Pass-Through Securities Index/TFMS HIPS |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 5.26% and an expense ratio of 0.70%.
What does the Fund invest in?
The Fund attempts to invest all, or substantially all, of its assets in the securities that make up the EQM High Income PassThrough Securities Index.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Two Harbors Investment Corp. | |
| Plains All American Pipeline LP | |
| Kimbell Royalty Partners LP | |
| Dorchester Minerals LP | |
| Delek Logistics Partners LP | |
| BlackRock Enhanced Large Cap Core Fund, Inc. | |
| Western Midstream Partners LP | |
| CVR Partners LP | |
| Capital Southwest Corp. |
Sector Breakdown
| Sector | % of Total Investments |
| Financial | |
| Government | |
| Energy | |
| Closed End Funds | |
| Basic Materials |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares HIPS U.S. High Income ETF | |
| NYSE: HIPS | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 25.06% return.
Over the same period the Benchmark had a return of 25.46%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | 5 Year | Since
Inception ( | |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF - NAV | ||||
| Bloomberg Commodity Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 24.61% and an expense ratio of 0.25%.
What does the Fund invest in?
While the Fund generally seeks exposure to the commodity futures markets included in the Bloomberg Commodity Index.
The Fund seeks to enhance its performance, in part through a cash management strategy consisting of investments in investment grade fixed income securities issued by various U.S. public sector or corporate entities
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Gold 100 Oz Future | |
| Brent Crude | |
| WTI CRUDE FUTURE Sep16 | |
| NATURAL GAS FUTR Sep26 | |
| Copper | |
| Soybean | |
| Corn | |
| Low Su Gasoil G Sep16 | |
| LME PRI ALUM FUTR Sep26 |
Sector Breakdown
| Sector | % of Total Investments |
| Futures | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | |
| NYSE: COMB | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
GraniteShares Nasdaq Select Disruptors ETF (DRUP) tracks the performance of the Nasdaq US Large Cap Select Disruptors Index before fees and expenses.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -0.39% return.
Over the same period the Benchmark had a return of 0.19%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | 5 Year | Since
Inception ( | |
| GraniteShares Nasdaq Select Disruptors ETF - NAV | - |
|||
| Nasdaq US Large Cap Select Disruptors Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 0.76% and an expense ratio of 0.60%.
What does the Fund invest in?
The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (exclusive of collateral held from securities lending) in the securities included in the Nasdaq US Large Cap Select Disruptors Index.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Microsoft Corp. | |
| Alphabet, Inc. | |
| Meta Platforms, Inc. | |
| Eli Lilly & Co. | |
| Johnson & Johnson | |
| Cisco Systems, Inc. | |
| Palo Alto Networks, Inc. | |
| Arista Networks, Inc. | |
| Crowdstrike Holdings, Inc. | |
| Palantir Technologies, Inc. |
Sector Breakdown
| Sector | % of Total Investments |
| Technology | |
| Consumer, Non-cyclical | |
| Communications | |
| Industrial | |
| Financial |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Nasdaq Select Disruptors ETF | |
| NYSE: DRUP | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Apple, (NASDAQ: AAPL) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of AAPL for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 75.94% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | Since
Inception ( | |
| GraniteShares 2x Long AAPL Daily ETF - NAV | |||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 71.55% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Apple Inc (NASDAQ: AAPL).
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| AAPL EQUITY SWAP |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long AAPL Daily ETF | |
| NASDAQ: AAPB | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Alibaba Group Holding Limited, (NASDAQ: BABA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of BABA for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -44.33% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | Since
Inception ( | |
| GraniteShares 2x Long BABA Daily ETF - NAV | - |
- |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -44.86% and an expense ratio of 1.06%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the ADR of Alibaba Group Holding Limited (NYSE: BABA).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long Baba Trs Cs1 | |
| BABA EQUITY SWAP | |
| Recv Long Baba Trs Wf |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long BABA Daily ETF | |
| NASDAQ: BABX | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Coinbase Global Inc, (NASDAQ: COIN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of COIN for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -90.77% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | Since
Inception ( | |
| GraniteShares 2x Long COIN Daily ETF - NAV | - |
- |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -89.90% and an expense ratio of 1.01%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Coinbase Global Inc. (NASDAQ: COIN).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| COIN EQUITY SWAP | |
| COIN EQUITY SWAP 1 | |
| COIN EQUITY SWAP 3 | |
| Recv Long 2x Coin Gs1 | |
| Recv Long 2x Coin Bmo1 | |
| COIN EQUITY SWAP 2 | |
| Recv Long 2x Coin Bmo1 | |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash | |
| Government |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long COIN Daily ETF | |
| NASDAQ: CONL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Meta Platforms Inc, (NASDAQ: META) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of META for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -53.21% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | Since
Inception ( | |
| GraniteShares 2x Long META Daily ETF - NAV | - |
||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -50.71% and an expense ratio of 1.02%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Meta Platforms Inc. (NASDAQ: META).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| META EQUITY SWAP 1 | |
| Recv Meta Trs:30303m102 | |
| Recv Long 2x Meta Trs Gs | |
| META EQUITY SWAP | |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash | |
| Government |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long META Daily ETF | |
| NASDAQ: FBL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NVIDIA Corp, (NASDAQ: NVDA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of NVDA for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 27.28% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | Since
Inception ( | |
| GraniteShares 2x Long NVDA Daily ETF - NAV | |||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 35.30% and an expense ratio of 1.02%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| NVDA EQUITY SWAP | |
| NVDA EQUITY SWAP 2 | |
| NVDA EQUITY SWAP 1 | |
| NVDA EQUITY SWAP 19 | |
| NVDA EQUITY SWAP 5 | |
| Recv Long Nvda Trs Gs2 | |
| United States Treasury Bill | |
| NVDA EQUITY SWAP 4 | |
| NVDA EQUITY SWAP 7 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long NVDA Daily ETF | |
| NASDAQ: NVDL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of NVIDIA Corp, (NASDAQ: NVDA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2 times the cumulative return of NVDA for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -53.87% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Short NVDA Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -56.32% and an expense ratio of 1.27%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of NVIDIA Corp. (NASDAQ: NVDA).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| NVDA EQUITY SWAP | |
| GRANITESHARES SHORT NVDA SWAP | % |
| Recv Short 2x Nvda Gs1 |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Short NVDA Daily ETF | |
| NASDAQ: NVD | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 1.25 times (125%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 1.25 times the cumulative return of TSLA for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 33.17% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | 3 Year | Since
Inception ( | |
| GraniteShares 1.25x Long TSLA Daily ETF - NAV | |||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 42.65% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc.
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Tesla, Inc. Equity Swap |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 1.25x Long TSLA Daily ETF | |
| NASDAQ: TSL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of TSLA for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 28.93% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long TSLA Daily ETF - NAV | - | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 44.35% and an expense ratio of 0.95%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc (NASDAQ: TSLA).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecure d promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| TSLA EQUITY SWAP | |
| Recv Long Tsla 2x Trs Wf | |
| GRANITESHARES LONG 2X TESLA TRS JPM | % |
| GRANITESHARES LONG TSLA SWAP BANK OF AMERICA | % |
| Recv Long Tsla Trs Cs |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long TSLA Daily ETF | |
| NASDAQ: TSLR | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2 times the cumulative return of TSLA for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -66.68% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Short TSLA Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -69.74% and an expense ratio of 0.95%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Tesla Inc.
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES SHORT TSLA SWAP BAML | % |
| Recv Short 2x Tsla Cf1 | |
| TSLA EQUITY SWAP | |
| GRANTIESHARES SHORT TSLA SWAP CLEAR STREET | % |
| Recv Short 2x Tsla Gs1 |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Short TSLA Daily ETF | |
| NASDAQ: TSDD | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Microsoft, (NASDAQ: MSFT) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MSFT for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -51.13% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long MSFT Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -50.04% and an expense ratio of 1.12%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Microsoft Corp. (NASDAQ: MSFT).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long 2x Msft Trs Boa | |
| MSFT EQUITY SWAP |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long MSFT Daily ETF | |
| NASDAQ: MSFL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Advanced Micro Devices, Inc, (NASDAQ: AMD) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of AMD for periods greater than a day.
You can find additional information about the Fund at www.graniteshares.com
You can request this information by calling at (844) 476 8747 or send email to info@graniteshares.com
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 871.13% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long AMD Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 957.20% and an expense ratio of 1.01%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Advanced Micro Devices Inc. (NASDAQ: AMD).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long 2x Amd Trs Nm | |
| GRANITESHARES LONG AMD SWAP CANTOR | % |
| Recv Long 2x Amd Trs Bmo | |
| Recv Long 2x Amd Trs Wf | |
| AMD EQUITY SWAP | |
| Recv Long 2x Amd Trs Cs |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long AMD Daily ETF | |
| NASDAQ: AMDL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Amazon, (NASDAQ: AMZN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of AMZN for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -0.61% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long AMZN Daily ETF - NAV | - |
|
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -1.55% and an expense ratio of 1.12%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Amazon.com (NASDAQ: AMZN).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| AMZN EQUITY SWAP | |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long AMZN Daily ETF | |
| NASDAQ: AMZZ | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Coinbase Global Inc, (NASDAQ: COIN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2 times the cumulative return of COIN for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 32.96% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Short COIN Daily ETF - NAV | - | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 22.42% and an expense ratio of 1.10%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Coinbase Global Inc. (NASDAQ: COIN).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Short 2x Coin Nm1 | |
| GRANITESHARES SHORT COIN SWAP MAREX | % |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Short COIN Daily ETF | |
| NASDAQ: CONI | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Palantir Technologies Inc, (NASDAQ: PLTR) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of PLTR for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -49.07% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long PLTR Daily ETF - NAV | - |
|
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -44.58% and an expense ratio of 1.01%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Palantir Technologies Inc. (NASDAQ: PTLR).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| GRANITESHARES LONG PLTR SWAP CLEAR STREET | % |
| GRANITESHARES LONG PLTR SWAP COWEN | % |
| Recv Long 2x Pltr Trs Bmo | |
| GRANITESHARES LONG PLTR SWAP NOMURA | % |
| Recv Long 2x Pltr Wf1 |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long PLTR Daily ETF | |
| NASDAQ: PTIR | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Uber Technologies Inc, (NASDAQ: UBER) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of UBER for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -50.36% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long UBER Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -49.07% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Uber Technologies Inc. (NYSE: UBER).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecure d promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES LONG UBER SWAP COWEN | % |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash | |
| Government |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long UBER Daily ETF | |
| NASDAQ: UBRL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of CrowdStrike Holdings Inc, (NASDAQ: CRWD) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of CRWD for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 50.90% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long CRWD Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 61.93% and an expense ratio of 1.42%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of CrowdStrike Holdings Inc. (NASDAQ: CRWD).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long 2x Crwd Trs Nm1 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long CRWD Daily ETF | |
| NASDAQ: CRWL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Taiwan Semiconductor Manufacturing Co Ltd, (NASDAQ: TSM) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of TSM for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 233.91% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long TSM Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 239.37% and an expense ratio of 1.50%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the ADR of Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecure d promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long 2x Tsm Trs Nm1 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long TSM Daily ETF | |
| NASDAQ: TSMU | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Micron Technology Inc, (NASDAQ: MU) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MU for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 4217.12% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long MU Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 4390.44% and an expense ratio of 1.36%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Micron Technology Inc. (NASDAQ: MU).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long 2x Mu Trs Nm1 | |
| Recv Long 2x Mu Trs Gs1 | |
| Recv Long 2x Mu Trs Ms1 | |
| Recv Long 2x Mu Trs HSBC | |
| Recv Long 2x Mu Trs Wf1 | |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long MU Daily ETF | |
| NASDAQ: MULL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Super Micro Computer Inc, (NASDAQ: SMCI) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of SMCI for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -89.95% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long SMCI Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -89.14% and an expense ratio of 1.25%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Super Micro Computer Inc. (NASDAQ: SMCI).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long 2x Smci Trs Cs1 | |
| Recv Long 2x Smci Trs Mx1 | |
| Recv Long Scmi Us Trs Nm1 | |
| Recv Long 2x Smci Trs Cf |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long SMCI Daily ETF | |
| NASDAQ: SMCL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Dell Technologies Inc, (NASDAQ: DELL) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of DELL for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 715.35% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long DELL Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 727.15% and an expense ratio of 1.49%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Dell Technologies Inc. (NYSE: DELL).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long 2x Dell Cowen | |
| GRANITESHARES 2X LONG DELL SWAP BAML | % |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long DELL Daily ETF | |
| NASDAQ: DLLL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Intel Corp, (NASDAQ: INTC) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of INTC for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 1950.33% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long INTC Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 1871.44% and an expense ratio of 1.33%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Intel Corp. (NASDAQ: INTC).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long 2x Intc Cowen | |
| Recv Long Intc 2x Trs Cf1 | |
| Recv Long Intc 2x Trs Wf1 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long INTC Daily ETF | |
| NASDAQ: INTW | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Qualcomm Inc, (NASDAQ: QCOM) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of QCOM for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -0.25% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long QCOM Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -0.41% and an expense ratio of 1.50%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Qualcomm Inc. (NASDAQ: QCOM).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long 2x Qcom Cowen | |
| Recv Long 2x Qcom Nm1 |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long QCOM Daily ETF | |
| NASDAQ: QCML | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of MARA Holdings Inc, (NASDAQ: MARA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MARA for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -64.26% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long MARA Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -64.34% and an expense ratio of 1.39%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of MARA Holdings, Inc (NASDAQ: MARA).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long 2x Mara Marex | |
| GRANITESHARES LONG MARA SWAP MAREX | % |
| Recv Long 2x Mara Nomura | |
| Recv Long 2x Mara Trs Nx | |
| Recv Long 2x Mara Trs Cf |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long MARA Daily ETF | |
| NASDAQ: MRAL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Marvell Technology, Inc, (NASDAQ: MRVL) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MRVL for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 651.05% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long MRVL Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 674.36% and an expense ratio of 1.37%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Marvell Technology, Inc. (NASDAQ: MRVL).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Recv Long Mrvl Trs Cantor | |
| Recv Long 2x Mrvl Marex | |
| Recv Long 2x Mrvl Hsbc1 | |
| GRANITESHARES 2X LONG MRVL SWAP CLEAR STREET | % |
| GRANITESHARES LONG 2X MRVL SWAP NAT BANK OF CANADA | % |
| Recv Long 2x Mrvl Trs Nm1 |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long MRVL Daily ETF | |
| NASDAQ: MVLL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of IonQ Inc, (NASDAQ: IONQ) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of IONQ for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -44.98% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long IONQ Daily ETF - NAV | - |
|
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -36.46% and an expense ratio of 1.42%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of IonQ Inc. (NYSE: IONQ).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| GRANITESHARES LONG IONQ SWAP MAREX | % |
| Recv Long Ionq 2x Trs Ba1 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long IONQ Daily ETF | |
| NASDAQ: IONL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Reddit Inc, (NASDAQ: RDDT) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of RDDT for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -26.66% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long RDDT Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -28.25% and an expense ratio of 1.40%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Reddit Inc. (NYSE: RDDT).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES LONG RDDT SWAP MAREX | % |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long RDDT Daily ETF | |
| NASDAQ: RDTL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Vertiv Holdings Co, (NASDAQ: VRT) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of VRT for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 304.53% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long VRTV Daily ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 345.35% and an expense ratio of 1.48%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Vertiv Holding Co. (NYSE: VRT).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecure d promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| GRANITESHARES LONG VRT SWAP MAREX | % |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long VRT Daily ETF | |
| NASDAQ: VRTL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Lucid Group Inc, (NASDAQ: LCID) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of LCID for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -95.14% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long LCID Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -94.76% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Lucid Group Inc, (NASDAQ: LCID).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long Lcid Trs Marex | |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long LCID Daily ETF | |
| NASDAQ: LCDL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Rivian Automotive Inc, (NASDAQ: RIVN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of RIVN for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -6.65% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long RIVN Daily ETF - NAV | - |
|
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -2.79% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Rivian Automotive Inc. (NASDAQ: RIVN).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long Rivn Trs Marex | |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long RIVN Daily ETF | |
| NASDAQ: RVNL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of MicroStrategy Inc, (NASDAQ: MSTR) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MSTR for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -97.85% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares 2x Long MSTR Daily ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -97.46% and an expense ratio of 1.50%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of MicroStrategy Inc (NASDAQ: MSTR).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES SHORT MSTR SWAP MAREX | % |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long MSTR Daily ETF | |
| NASDAQ: MSTP | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of ServiceNow Inc, (NYSE: NOW) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of NOW for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of July 14, 2025 to June 30, 2026, the Fund had a -82.48% return.
Over the same period the Benchmark had a return of 21.04%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Long NOW Daily ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -82.30% and an expense ratio of 1.38%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of ServiceNow Inc (NYSE: NOW).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES LONG 2X NOW TRS MAREX | % |
| GRANITESHARES LONG NOW SWAP CANTOR FITZGERALD | % |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long NOW Daily ETF | |
| NASDAQ: NOWL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of PDD Holdings Inc, (NASDAQ: PDD) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of PDD for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of July 14, 2025 to June 30, 2026, the Fund had a -55.37% return.
Over the same period the Benchmark had a return of 21.04%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Long PDD Daily ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -57.56% and an expense ratio of 1.50%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of PDD Holdings Inc (NASDAQ: PDD).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES LONG PDD SWAP CANTOR FITZGERALD | % |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash | |
| Government |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long PDD Daily ETF | |
| NASDAQ: PDDL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Broadcom Inc, (NASDAQ: AVGO) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of AVGO for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of July 14, 2025 to June 30, 2026, the Fund had a 39.80% return.
Over the same period the Benchmark had a return of 21.04%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Long AVGO Daily ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 34.68% and an expense ratio of 1.50%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Broadcom Inc (NASDAQ: AVGO).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES LONG AVGO SWAP CANTOR FITZGERALD | % |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long AVGO Daily ETF | |
| NASDAQ: AVGU | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Intuitive Surgical, Inc, (NASDAQ: ISRG) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of ISRG for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of October 06, 2025 to June 30, 2026, the Fund had a -31.96% return.
Over the same period the Benchmark had a return of 12.24%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Long ISRG Daily ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -29.16% and an expense ratio of 1.50%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Intuitive Surgical Inc (NASDAQ: ISRG).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES 2X LONG ISRG SWAP CLEAR STREET | % |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long ISRG Daily ETF | |
| NASDAQ: ISUL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Nebius Group N.V, (NASDAQ: NBIS) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of NBIS for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of October 06, 2025 to June 30, 2026, the Fund had a 128.12% return.
Over the same period the Benchmark had a return of 12.24%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Long NBIS Daily ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 158.15% and an expense ratio of 1.37%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Nebius Group N.V. (NASDAQ: NBIS).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| GRANITESHARES 2X LONG NBIS SWAP CLEAR STREET | % |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long NBIS Daily ETF | |
| NASDAQ: NBIL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Alphabet Inc, (NASDAQ: GOOGL) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of GOOGL for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of December 01, 2025 to June 30, 2026, the Fund had a 14.88% return.
Over the same period the Benchmark had a return of 10.85%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Long GOOGL Daily ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 14.40% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of Alphabet Inc (NASDAQ: GOOGL).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long 2x Googl Trs |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long GOOGL Daily ETF | |
| NASDAQ: GOU | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Space Exploration Technologies Corp, (NASDAQ: SPCX) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of SPCX for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of June 12, 2026 to June 30, 2026, the Fund had a 2.56% return.
Over the same period the Benchmark had a return of 0.97%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Long SpaceX Daily ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -25.87% and an expense ratio of 1.50%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of SpaceX (NASDAQ: SPCX).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Long Spcx Trs Bm2 | |
| GRANITESHARES 2X LONG SPCX TRS CLEAR STREET | % |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Long SpaceX Daily ETF | |
| CBOE: SPAL | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Space Exploration Technologies Corp, (NASDAQ: SPCX) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2 times the cumulative return of SPCX for periods greater than a day.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of June 12, 2026 to June 30, 2026, the Fund had a -32.24% return.
Over the same period the Benchmark had a return of 0.97%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares 2x Short SpaceX Daily ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 11.79% and an expense ratio of 2.88%.
What does the Fund invest in?
The Fund enters into financial instruments such as swaps and options on the common stock of SpaceX (NASDAQ: SPCX).
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GRANITESHARES 2X SHORT SPCX TRS CLEAR STREET | % |
| United States Treasury Bill |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Government | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares 2x Short SpaceX Daily ETF | |
| CBOE: SNK | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Tesla Inc. (NASDAQ TSLA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -5.44% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares YieldBOOST TSLA ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -2.36% and an expense ratio of 1.08%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged TSLA ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices from 40% out-of-the-money to 10% in-the-money and their maturity from 1-week to 1-month.
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| United States Treasury Bill | |
| Put TSLR July 21.05 07/06/2026 | |
| Put TSLL July 10.46 07/02/2026 | |
| Put TSLL July 10.28 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST TSLA ETF | |
| NASDAQ: TSYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on S&P 500 Index. (NASDAQ SPY) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 17.57% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares YieldBOOST SPY ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 17.10% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the Direxion Daily S&P500’ Bull 3X Shares (NYSE ARCA: SPXL) and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| United States Treasury Bill | |
| Put SPXL July 226.49 07/02/2026 | |
| Put SPXL July 231.41 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST SPY ETF | |
| NASDAQ: YSPY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on Nasdaq-100 Index. (NASDAQ QQQ) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 11.29% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares YieldBOOST QQQ ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 11.72% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the ProShares UltraPro’ QQQ (NASDAQ: TQQQ), for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity from 1-week to 1-month.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| United States Treasury Bill | |
| Put TQQQ July 69.47 07/06/2026 | |
| Put TQQQ July 64.65 07/02/2026 | |
| Put TQQQ July 65.97 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST QQQ ETF | |
| NASDAQ: TQQY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on NVIDIA Corp. (NASDAQ NVDA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a 17.61% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares YieldBOOST NVDA ETF - NAV | ||
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 20.76% and an expense ratio of 1.11%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged NVDA ETF and for which it will receive a premium. The put options contracts sold and bought by the Fund may vary in regard to their strike prices from and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| United States Treasury Bill | |
| Put NVDL July 25.58 07/06/2026 | |
| Put NVDL July 26.6567 07/01/2026 | |
| Put NVDL July 24.82 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST NVDA ETF | |
| NASDAQ: NVYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on bitcoin (the “Underlying Asset”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform for the last 12 months?
During the period of June 30, 2025 to June 30, 2026, the Fund had a -43.74% return.
Over the same period the Benchmark had a return of 22.32%.
Average Annual Total Returns
As of June 30, 2026
| 1 Year | Since
Inception ( | |
| GraniteShares YieldBOOST Bitcoin ETF - NAV | - |
- |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -42.71% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged bitcoin ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| United States Treasury Bill | |
| Put BITX July 9.84 07/06/2026 | |
| Put BITX July 9.70 07/01/2026 | |
| Put BITX July 9.65 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Bitcoin ETF | |
| NASDAQ: XBTY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Coinbase Global, Inc. (NASDAQ COIN) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of July 28, 2025 to June 30, 2026, the Fund had a -59.39% return.
Over the same period the Benchmark had a return of 18.71%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST COIN ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged COIN ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put CONL July 4.09 07/01/2026 | |
| Put CONL July 4.13 07/06/2026 | |
| Put CONL July 4.01 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST COIN ETF | |
| NASDAQ: COYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Advanced Micro Devices, Inc.. ( AMD) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of September 15, 2025 to June 30, 2026, the Fund had a 30.99% return.
Over the same period the Benchmark had a return of 14.42%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST AMD ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 31.62% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged AMD ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put AMDL July 64.62 07/06/2026 | |
| Put AMDL July 60.06 07/02/2026 | |
| Put AMDL July 60.07 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST AMD ETF | |
| NASDAQ: AMYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Amazon. (NASDAQ AMZN) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of September 15, 2025 to June 30, 2026, the Fund had a -10.89% return.
Over the same period the Benchmark had a return of 14.42%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST AMZN ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged AMZN ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put AMZZ July 26.84 07/01/2026 | |
| Put AMZZ July 26.33 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST AMZN ETF | |
| NASDAQ: AZYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to seek current income. The Fund’s secondary investment objective is to seek exposure to the performance of one or more exchange-traded funds whose shares trade on a U.S.-regulated securities exchange and that seek daily leverage investment results of 2 times (200%) the daily percentage of the common stock of MicroStrategy Inc. (NASDAQ MSTR) (the Underlying Stock) subject to a limit on potential investment gains.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of September 22, 2025 to June 30, 2026, the Fund had a -70.66% return.
Over the same period the Benchmark had a return of 13.06%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST MSTR ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -70.16% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged MSTR ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put MSTU July 1.77 07/01/2026 | |
| Put MSTU July 1.32 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST MSTR ETF | |
| NASDAQ: MTYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to seek current income. The Fund’s secondary investment objective is to seek exposure to the performance of one or more exchange-traded funds whose shares trade on a U.S.-regulated securities exchange and that seek daily leverage investment results of 2 times (200%) the daily percentage of the common stock of Palantir Technologies Inc.. (NASDAQ PLTR) (the Underlying Stock) subject to a limit on potential investment gains.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of September 22, 2025 to June 30, 2026, the Fund had a -30.35% return.
Over the same period the Benchmark had a return of 13.06%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST PLTR ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -31.40% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged PLTR ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put PTIR July 7.93 07/02/2026 | |
| Put PTIR July 8.06 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST PLTR ETF | |
| NASDAQ: PLYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to seek current income. The Fund’s secondary investment objective is to seek exposure to the performance of one or more exchange-traded funds whose shares trade on a U.S.-regulated securities exchange and that seek daily leverage investment results of 2 times (200%) the daily percentage of the common stock of Super Micro Computer Inc. (SMCI). (NASDAQ SMCI) (the Underlying Stock) subject to a limit on potential investment gains.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of September 29, 2025 to June 30, 2026, the Fund had a -27.63% return.
Over the same period the Benchmark had a return of 13.61%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST SMCI ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -29.33% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged SMCI ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put SMCX July 10.00 07/01/2026 | |
| Put SMCX July 8.87 07/02/2026 | |
| Put SMCX July 7.43 07/06/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST SMCI ETF | |
| NASDAQ: SMYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to seek current income. The Fund’s secondary investment objective is to seek exposure to the performance of one or more exchange-traded funds whose shares trade on a U.S.-regulated securities exchange and that seek daily leverage investment results of 2 times (200%) the daily percentage of the common stock of Robinhood Markets, Inc. (HOOD). (NASDAQ HOOD) (the Underlying Stock) subject to a limit on potential investment gains.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of September 29, 2025 to June 30, 2026, the Fund had a -44.47% return.
Over the same period the Benchmark had a return of 13.61%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST HOOD ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -46.20% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged HOOD ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put ROBN July 28.01 07/06/2026 | |
| Put ROBN July 26.39 07/02/2026 | |
| Put ROBN July 25.78 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST HOOD ETF | |
| NASDAQ: HOYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Meta Platforms Inc. (NASDAQ META) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of October 20, 2025 to June 30, 2026, the Fund had a -34.16% return.
Over the same period the Benchmark had a return of 12.29%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST META ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -34.04% and an expense ratio of 1.14%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged META ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put FBL July 18.81 07/06/2026 | |
| Put FBL July 17.96 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST META ETF | |
| NASDAQ: FBYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Alibaba Group Holding Limited. (NASDAQ BABA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of October 20, 2025 to June 30, 2026, the Fund had a -30.87% return.
Over the same period the Benchmark had a return of 12.29%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST BABA ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -29.87% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged BABA ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put BABX July 13.51 07/01/2026 | |
| Put BABX July 12.17 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST BABA ETF | |
| NASDAQ: BBYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on MARA Holdings Inc. (NASDAQ MARA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of November 03, 2025 to June 30, 2026, the Fund had a -40.09% return.
Over the same period the Benchmark had a return of 10.35%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST MARA ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -38.02% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged MARA ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put MRAL July 65.77 07/06/2026 | |
| Put MRAL July 69.75 07/02/2026 | |
| Put MRAL July 64.63 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST MARA ETF | |
| NASDAQ: MAAY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on IonQ Inc. (NASDAQ IONQ) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of November 03, 2025 to June 30, 2026, the Fund had a -25.64% return.
Over the same period the Benchmark had a return of 10.35%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST IONQ ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -23.53% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged IONQ ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put IONL July 24.90 07/06/2026 | |
| Put IONL July 25.04 07/01/2026 | |
| Put IONL July 20.93 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST IONQ ETF | |
| NASDAQ: IOYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Arca Gold Miners Index. ( GDM) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of November 17, 2025 to June 30, 2026, the Fund had a -3.67% return.
Over the same period the Benchmark had a return of 15.73%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST Gold Miners ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged Arca Gold Miners Index ETFs and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put NUGT July 106.21 07/06/2026 | |
| Put NUGT July 110.03 07/02/2026 | |
| Put NUGT July 103.22 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Gold Miners ETF | |
| NASDAQ: NUGY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on Semiconductor Index. ( ICESEMI) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of November 17, 2025 to June 30, 2026, the Fund had a 38.61% return.
Over the same period the Benchmark had a return of 13.25%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST Semiconductor ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 41.26% and an expense ratio of 1.11%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the 3x leveraged ICESEMI ETFs and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put SOXL July 212.87 07/06/2026 | |
| Put SOXL July 206.61 07/01/2026 | |
| Put SOXL July 194.04 07/02/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Semiconductor ETF | |
| NASDAQ: SEMY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Rigetti Computing, Inc. (NASDAQ RGTI) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of November 24, 2025 to June 30, 2026, the Fund had a -35.98% return.
Over the same period the Benchmark had a return of 12.66%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST RGTI ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -33.36% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged RGTI ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put RGTX July 16.65 07/06/2026 | |
| Put RGTX July 17.25 07/01/2026 | |
| Put RGTX July 15.00 07/02/2026 | |
| Put RGTX July 15.18 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST RGTI ETF | |
| NASDAQ: RGYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on D-Wave Quantum, Inc. (NASDAQ QBTS) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of November 24, 2025 to June 30, 2026, the Fund had a -34.33% return.
Over the same period the Benchmark had a return of 12.66%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST QBTS ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -33.30% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged QBTS ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put QBTX July 13.30 07/06/2026 | |
| Put QBTX July 12.25 07/02/2026 | |
| Put QBTX July 12.06 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST QBTS ETF | |
| NASDAQ: QBY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Riot Platforms, Inc. (NASDAQ RIOT) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of January 15, 2025 to June 30, 2026, the Fund had a -6.11% return.
Over the same period the Benchmark had a return of 10.85%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST RIOT ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -6.11% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged RIOT ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put RIOX July 57.49 07/02/2026 | |
| Put RIOX July 57.49 07/02/2026 | |
| Put RIOX July 54.00 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBoost RIOT ETF | |
| NASDAQ: RTYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Hims & Hers Health, Inc.. (NASDAQ HIMS) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of December 01, 2025 to June 30, 2026, the Fund had a -48.59% return.
Over the same period the Benchmark had a return of 10.85%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST HIMS ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -47.64% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged HIMS ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put HIMZ July 41.17 07/06/2026 | |
| Put HIMZ July 42.52 07/02/2026 | |
| Put HIMZ July 39.76 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST HIMS ETF | |
| NASDAQ: HMYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on CoreWeave, Inc. (NASDAQ CRWV) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of April 13, 2026 to June 30, 2026, the Fund had a -3.34% return.
Over the same period the Benchmark had a return of 9.18%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST CRWV ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -4.51% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged CRWV ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put CWVX July 21.92 07/06/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST CRWV ETF | |
| NASDAQ: CWY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Micron Technology Inc. (NASDAQ MU) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of April 13, 2026 to June 30, 2026, the Fund had a 17.32% return.
Over the same period the Benchmark had a return of 9.18%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST MU ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 14.73% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged MU ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put MULL July 32.71 07/06/2026 | |
| Put MULL July 37.1012 07/01/2026 | |
| Put MULL July 31.73 07/02/2026 | |
| Put MULL July 33.14 07/06/2026 | |
| Put MULL July 28.0844 07/01/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST MU ETF | |
| NASDAQ: MUYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Taiwan Semiconductor Manufacturing Co Ltd. (NASDAQ TSM) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of April 13, 2026 to June 30, 2026, the Fund had a 17.03% return.
Over the same period the Benchmark had a return of 9.18%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST TSM ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 16.10% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged TSM ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put TSMU July 75.48 07/06/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST TSM ETF | |
| NASDAQ: TMYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Circle Internet Group, Inc. (NASDAQ CRCL) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of April 27, 2026 to June 30, 2026, the Fund had a -7.69% return.
Over the same period the Benchmark had a return of 4.78%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST CRCL ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -7.52% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged CRCL ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put CRCA July 17.72 07/06/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST CRCL ETF | |
| NASDAQ: CRY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Ether. (NASDAQ Ether) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of April 27, 2026 to June 30, 2026, the Fund had a -12.72% return.
Over the same period the Benchmark had a return of 4.78%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST Ether ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -12.72% and an expense ratio of 1.15%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the leveraged Ether ETF and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put ETHU July 10.87 07/06/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Ether ETF | |
| NASDAQ: XEY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on S&P Biotechnology Select Industry Index. (NASDAQ Biotech) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 04, 2026 to June 30, 2026, the Fund had a 1.35% return.
Over the same period the Benchmark had a return of 4.37%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST Biotech ETF - NAV | |
| GraniteShares YieldBOOST Biotech ETF - Market | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 1.29% and an expense ratio of 1.18%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the S&P Biotechnology Select Industry Index and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Put LABU July 262.51 07/06/2026 |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Purchased Options |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Biotech ETF | |
| NASDAQ: BIOY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: infor@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on Financial Select Sector Index. (NASDAQ Financials) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 04, 2026 to June 30, 2026, the Fund had a 4.94% return.
Over the same period the Benchmark had a return of 4.37%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception | |
| GraniteShares YieldBOOST Financials ETF - NAV | |
| GraniteShares YieldBOOST Financials ETF - Market | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 4.96% and an expense ratio of 1.14%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the Financial Sector Select Sector Index and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Net Assets |
| United States Treasury Bill | % |
| Put FAS July 133.31 07/06/2026 | % |
Sector Breakdown
| Sector | % of Net Assets |
| Government | % |
| Broker Cash | % |
| Purchased Options | % |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Financials ETF | |
| NASDAQ: FINY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: infor@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on Technology Select Sector Index. (NASDAQ Technology ) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 04, 2026 to June 30, 2026, the Fund had a -1.33% return.
Over the same period the Benchmark had a return of 4.37%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST Technology ETF - NAV | - |
| GraniteShares YieldBOOST Technology ETF - Market | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -1.95% and an expense ratio of 1.22%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the Technology Sector Select Sector Index and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Net Assets |
| United States Treasury Bill | % |
| Put TECL July 192.43 07/06/2026 | % |
Sector Breakdown
| Sector | % of Net Assets |
| Government | % |
| Purchased Options | % |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Technology ETF | |
| NASDAQ: TECY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: infor@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on ICE U.S. Treasury 20+ Year Bond Index. (NASDAQ 20Y+ Treasuries) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 04, 2026 to June 30, 2026, the Fund had a -1.39% return.
Over the same period the Benchmark had a return of 4.37%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception | |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF - NAV | - |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF - Market | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -1.54% and an expense ratio of 1.16%.
What does the Fund invest in?
The Fund sells put options contracts, either directly or through swap contracts, on the ICE U.S. Treasury 20+ Year Bond Index and for which it will receive a premium. The put options contracts sold by the Fund may vary in regard to their strike prices and their maturity.
The Fund may also invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements
Top 10 Holdings
As of June 30, 2026
| Holding | % of Net Assets |
| United States Treasury Bill | % |
| Put TMF July 33.08 07/06/2026 | % |
Sector Breakdown
| Sector | % of Net Assets |
| Government | % |
| Broker Cash | % |
| Purchased Options | % |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | |
| NASDAQ: FIYY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: infor@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to seek current income. Its Fund’s secondary objective is to seek exposure to a diversified group of YieldBoost™ ETFs. The fund seeks intends to achieve its objectives from select high-yielding names within the GraniteShares ecosystem.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of December 15, 2025 to June 30, 2026, the Fund had a -21.22% return.
Over the same period the Benchmark had a return of 10.72%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST Single Stock Universe ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -21.76% and an expense ratio of 0.50%.
What does the Fund invest in?
The fund invests in hight-yielding YieldBoost ETFs within the GraniteShares ecosystem
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GraniteShares YieldBOOST QBTS ETF | % |
| GraniteShares YieldBOOST RGTI ETF | % |
| GraniteShares YieldBOOST TSM ETF | % |
| GraniteShares YieldBOOST RIOT ETF | % |
| GraniteShares YieldBOOST MU ETF | % |
| GraniteShares YieldBOOST MARA ETF | % |
| GraniteShares YieldBOOST COIN ETF | % |
| GraniteShares YieldBOOST MSTR ETF | % |
| GraniteShares YieldBOOST IONQ ETF | % |
| GraniteShares YieldBOOST CRCL ETF | % |
Sector Breakdown
| Sector | % of Total Investments |
| Exchange Traded Funds |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST Single Stock Universe ETF | |
| NASDAQ: YBST | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
The Fund’s primary investment objective is to seek current income. Its secondary objective is to seek exposure to a selected YieldBoost™ ETFs. The Fund intends to achieve its objectives through allocations to YieldBoost™ strategies.
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of December 15, 2025 to June 30, 2026, the Fund had a -24.32% return.
Over the same period the Benchmark had a return of 10.72%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares YieldBOOST TopYielders ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -25.21% and an expense ratio of 0.50%.
What does the Fund invest in?
The fund invsets in YieldBoost ETFs selected on factors including implied volatility, upcoming issuer events, and option-market characteristics of the underlying stocks
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| GraniteShares YieldBOOST QBTS ETF | % |
| GraniteShares YieldBOOST RGTI ETF | % |
| GraniteShares YieldBOOST RIOT ETF | % |
| GraniteShares YieldBOOST MU ETF | % |
| GraniteShares YieldBOOST COIN ETF | % |
| GraniteShares YieldBOOST IONQ ETF | % |
| GraniteShares YieldBOOST HOOD ETF | % |
| GraniteShares YieldBOOST SMCI ETF | % |
Sector Breakdown
| Sector | % of Total Investments |
| Exchange Traded Funds |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares YieldBOOST TopYielders ETF | |
| NASDAQ: YBTY | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
 | |
| – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of February 02, 2026 to June 30, 2026, the Fund had a 6.30% return.
Over the same period the Benchmark had a return of 8.05%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable NVDA ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 7.21% and an expense ratio of 1.15%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Autocallable NVDA TRS 70% Knock-In | |
| Autocallable NVDA TRS 65% Knock-In | |
| Autocallable NVDA TRS 60% Knock-In | |
| Autocallable NVDA TRS 55% Knock-In | |
| Autocallable NVDA TRS 50% Knock-In |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable NVDA ETF | |
| NASDAQ: ANV | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of February 02, 2026 to June 30, 2026, the Fund had a 6.60% return.
Over the same period the Benchmark had a return of 8.05%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable TSLA ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 6.77% and an expense ratio of 1.15%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Recv Tsla Auto Trs Nm5 | |
| Recv Tsla Auto Trs Nm4 | |
| Recv Tsla Auto Trs Nm3 | |
| Recv Tsla Auto Trs Nm2 | |
| Recv Tsla Auto Trs Nm1 |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable TSLA ETF | |
| NASDAQ: TLA | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| Annual Shareholder Report – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 11, 2026, to June 30, 2026, the Fund had a -15.55% return.
Over the same period the Benchmark had a return of 1.36%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable COIN ETF – NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -15.55% and an expense ratio of 1.15%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Government | |
| Autocallable COIN TRS |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $
|
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable COIN ETF | |
| NASDAQ: ATC | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 18, 2026 to June 30, 2026, the Fund had a 5.58% return.
Over the same period the Benchmark had a return of 1.46%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable HOOD ETF - NAV | |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of 5.99% and an expense ratio of 1.15%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Autocallable HOOD TRS 70% Knock-In | |
| Autocallable HOOD TRS 65% Knock-In | |
| Autocallable HOOD TRS 60% Knock-In | |
| Autocallable HOOD TRS 55% Knock-In | |
| Autocallable HOOD TRS 50% Knock-In |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable HOOD ETF | |
| NASDAQ: AHD | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 18, 2026 to June 30, 2026, the Fund had a -3.80% return.
Over the same period the Benchmark had a return of 1.46%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable PLTR ETF - NAV | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -4.14% and an expense ratio of 1.15%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Autocallable PLTR TRS 50% Knock-In | |
| Autocallable PLTR TRS 55% Knock-In | |
| Autocallable PLTR TRS 60% Knock-In | |
| Autocallable PLTR TRS 65% Knock-In | |
| Autocallable PLTR TRS 70% Knock-In |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable PLTR ETF | |
| NASDAQ: PLA | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 26, 2026 to June 30, 2026, the Fund had a -0.09% return.
Over the same period the Benchmark had a return of -0.14%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable MARA ETF - NAV | - |
| S&P 500® Total Return Index | - |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -0.53% and an expense ratio of 1.15%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Autocallable MARA TRS |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable MARA ETF | |
| NASDAQ: MRA | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 26, 2026 to June 30, 2026, the Fund had a -10.81% return.
Over the same period the Benchmark had a return of -0.14%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable SMCI ETF - NAV | - |
| S&P 500® Total Return Index | - |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -11.81% and an expense ratio of 1.15%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| Autocallable SMCI TRS |
Sector Breakdown
| Sector | % of Total Investments |
| Total Return Swap | |
| Broker Cash |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable SMCI ETF | |
| NASDAQ: SCA | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: info@graniteshares.com
| |
| – June 30, 2026 |
Fund Overview
You
can find additional information about the Fund at
You
can request this information by calling at
How did the fund perform since inception?
During the period of May 11, 2026 to June 30, 2026, the Fund had a -48.06% return.
Over the same period the Benchmark had a return of 1.36%.
Average Annual Total Returns
As of June 30, 2026
| Since
Inception ( | |
| GraniteShares Autocallable MSTR ETF - NAV | - |
| GraniteShares Autocallable MSTR ETF - Market | - |
| S&P 500® Total Return Index |
How did the fund perform since inception.
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. The NAV performance includes all fund expenses.
What were the fund’s costs for the last 12 months?
(based on hypothetical $10,000 investment)
| Expense Ratio (Actual) | |
| Cost of a $10,000 Investment | $ |
Hypothetical example: The cost shown is the amount you would pay on a $10,000 investment, assuming a return of -47.47% and an expense ratio of 1.81%.
Top 10 Holdings
As of June 30, 2026
| Holding | % of Total Investments |
| United States Treasury Bill | |
| Autocallable MSTR TRS |
Sector Breakdown
| Sector | % of Total Investments |
| Government | |
| Broker Cash | |
| Total Return Swap |
Fund Statistics
| Net Assets | $ |
| Total Number of Holdings | |
| Portfolio Turnover Rate | |
| Inception Date |
Material Fund Changes
There were no material fund changes during the period
Additional Information
If
you wish to receive a copy of this document at a new address, contact (844) 476 8747 or send an email to
| GraniteShares Autocallable MSTR ETF | |
| NASDAQ: MSR | Annual Shareholder Report – June 30, 2026 |
If you wish to view additional information about the Fund, including but not limited to the financial statements and holdings, please visit www.graniteshares.com
Phone: (844) 476 8747 – email: infor@graniteshares.com
| (b) | Not Applicable. |
Item 2. Code of Ethics.
| (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. | |
| (c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. | |
| (d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant’s board of trustees has determined that Seddik Meziani is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $245,000 for 2025 and $535,500 for 2026. |
Audit-Related Fees
| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2026. |
Tax Fees
| (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $41,500 for 2025 and $94,500 for 2026. |
All Other Fees
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2026. | |
| (e)(1) | The Audit Committee of the Trust’s Board of Trustees is responsible for, among other things, the appointment, compensation and oversight of the work of the Trust’s auditor. As part of this responsibility, and to ensure that the Auditor’s independence is not impaired, the Audit Committee (1) pre-approves the audit and non-audit services provided to the Trust by the Auditor, and (2) all non-audit services provided to the Trust’s investment adviser and advisory affiliates (that directly relate to the Trust’s operations and financial reporting). except that (a) services provided to a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser, and (b) de minimis non-audit services, shall not require pre-approval. | |
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) Not applicable.
(c) 0%
(d) Not applicable, no expenses for the period considered.
The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0.
| (g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2026. | |
| (h) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
| (a) | The registrant has a separately designated audit committee consisting of all the independent directors of the registrant. The members of the audit committee are: Steven J. Smyser and Seddik Meziani. | |
| (b) | Not applicable. |
Item 6. Investments.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. | |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Table of Contents
| GraniteShares Bloomberg Commodity | ||
| Broad Strategy No K-1 ETF | Consolidated Schedule of Investments |
June 30, 2026
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 81.22%(a) | ||||||||
| United States Treasury Bill, 3.650%, 07/16/2026 | $ | 50,000,000 | $ | 49,925,000 | ||||
| United States Treasury Bill, 3.639%, 08/20/2026 (b) | 49,000,000 | 48,751,975 | ||||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $98,676,317) | 98,676,975 | |||||||
| TOTAL INVESTMENTS - 81.22% | ||||||||
| (Cost $98,676,317) | $ | 98,676,975 | ||||||
| Other Assets In Excess Of Liabilities - 18.78% | 22,821,635 | (c) | ||||||
| NET ASSETS (100.00%) | $ | 121,498,610 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. | |
| (b) | A portion or all of the security is owned by GraniteShares BCOM Cayman Limited, a wholly-owned subsidiary of the Fund. See Note 1. | |
| (c) | Includes cash which is being held as collateral for futures contracts. |
| See Notes to Consolidated Financial Statements. | |
Annual Report | June 30, 2026
| 1 |
| GraniteShares Bloomberg Commodity | ||
| Broad Strategy No K-1 ETF | Consolidated Schedule of Investments |
June 30, 2026
At June 30, 2026, open futures contracts were as follows:
| Description | Number
of Contracts | Expiration Date | Contract Type | Notional Amount | Value/Unrealized Appreciation | Value/Unrealized Depreciation | ||||||||||||
| Brent Crude(a) | 158 | 07/31/26 | Long | $ | 11,526,099 | – | $ | (3,732,420 | ) | |||||||||
| Cocoa(a) | 33 | 09/15/26 | Long | 1,675,740 | 400,900 | – | ||||||||||||
| Coffee ‘C’(a) | 23 | 09/18/26 | Long | 2,556,882 | 437,063 | – | ||||||||||||
| Copper(a) | 49 | 09/28/26 | Long | 7,661,150 | – | (127,838 | ) | |||||||||||
| Corn(a) | 280 | 09/14/26 | Long | 5,834,500 | – | (122,013 | ) | |||||||||||
| Cotton No.2(a) | 56 | 12/08/26 | Long | 2,150,400 | 15,620 | – | ||||||||||||
| Gasoline RBOB(a) | 34 | 08/31/26 | Long | 3,900,011 | – | (298,040 | ) | |||||||||||
| Gold 100 Oz(a) | 38 | 08/27/26 | Long | 15,346,299 | – | (2,567,071 | ) | |||||||||||
| KC Hard Red Winter Wheat(a) | 76 | 09/14/26 | Long | 2,375,950 | – | (53,963 | ) | |||||||||||
| Lean Hogs(a) | 59 | 08/14/26 | Long | 2,317,520 | 59,150 | – | ||||||||||||
| Live Cattle(a) | 46 | 08/31/26 | Long | 4,460,620 | – | (26,630 | ) | |||||||||||
| LME Lead(a) | 29 | 07/15/26 | Long | 1,335,378 | – | (68,568 | ) | |||||||||||
| LME Lead(a) | 24 | 09/16/26 | Long | 1,120,332 | – | (68,679 | ) | |||||||||||
| LME Nickel(a) | 32 | 07/15/26 | Long | 3,093,886 | – | (287,610 | ) | |||||||||||
| LME Nickel(a) | 28 | 09/16/26 | Long | 2,731,011 | – | (303,134 | ) | |||||||||||
| LME Primary Aluminum(a) | 82 | 07/15/26 | Long | 6,306,559 | – | (921,147 | ) | |||||||||||
| LME Primary Aluminum(a) | 68 | 09/16/26 | Long | 5,246,965 | – | (761,433 | ) | |||||||||||
| LME Zinc(a) | 46 | 07/15/26 | Long | 4,112,895 | 265,783 | – | ||||||||||||
| LME Zinc(a) | 38 | 09/16/26 | Long | 3,389,999 | 48,788 | – | ||||||||||||
| Low Sulphur Gasoil(a) | 55 | 09/10/26 | Long | 4,855,125 | – | (600,475 | ) | |||||||||||
| Natural Gas(a) | 279 | 08/27/26 | Long | 8,911,260 | 72,310 | – | ||||||||||||
| NY Harbor ULSD(a) | 29 | 08/31/26 | Long | 3,849,002 | – | (401,259 | ) | |||||||||||
| Silver(a) | 11 | 09/28/26 | Long | 3,295,710 | – | (313,175 | ) | |||||||||||
| Soybean(a) | 113 | 11/13/26 | Long | 6,462,188 | 49,688 | – | ||||||||||||
| Soybean Meal(a) | 109 | 12/14/26 | Long | 3,303,790 | – | (37,820 | ) | |||||||||||
| Soybean Oil(a) | 108 | 12/14/26 | Long | 4,234,680 | – | (330,786 | ) | |||||||||||
| Sugar #11(a) | 199 | 09/30/26 | Long | 3,303,082 | 77,930 | – | ||||||||||||
| Wheat (CBT)(a) | 119 | 09/14/26 | Long | 3,506,038 | – | (46,362 | ) | |||||||||||
| WTI Crude(a) | 134 | 08/20/26 | Long | 9,282,180 | – | (2,130,760 | ) | |||||||||||
| Total Futures Contracts | 1,427,231 | (13,199,183 | ) | |||||||||||||||
| Net Unrealized | ||||||||||||||||||
| Depreciation | – | (11,771,952 | ) | |||||||||||||||
| Description | Number of Contracts | Expiration Date | Contract Type | Notional Amount | Value/Unrealized Appreciation | Value/Unrealized Depreciation | ||||||||||||
| LME Lead(a) | (29) | 07/15/26 | Short | $ | (1,335,377 | ) | 84,528 | – | ||||||||||
| LME Lead(a) | (3) | 09/16/26 | Short | (140,041 | ) | 8,081 | – | |||||||||||
| LME Nickel(a) | (32) | 07/15/26 | Short | (3,093,886 | ) | 373,599 | – | |||||||||||
| LME Nickel(a) | (4) | 09/16/26 | Short | (390,144 | ) | 35,998 | – | |||||||||||
| LME Primary Aluminum(a) | (82) | 07/15/26 | Short | (6,306,559 | ) | 1,003,219 | – | |||||||||||
| LME Primary Aluminum(a) | (10) | 09/16/26 | Short | (771,613 | ) | 68,849 | – | |||||||||||
| LME Zinc(a) | (46) | 07/15/26 | Short | (4,112,895 | ) | – | (81,199 | ) | ||||||||||
| LME Zinc(a) | (6) | 09/16/26 | Short | (535,263 | ) | – | (1,970 | ) | ||||||||||
| Total Futures Contracts | 1,574,274 | (83,169 | ) | |||||||||||||||
| Net Unrealized Appreciation | 1,491,105 | – | ||||||||||||||||
| (a) | A portion or all of the security is owned by GraniteShares BCOM Cayman Limited, a wholly-owned subsidiary of the Fund. See Note 1. |
| See Notes to Consolidated Financial Statements. | |
| 2 | www.graniteshares.com |
| GraniteShares HIPS U.S. High Income ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 74.72% | ||||||||
| Capital Markets - 22.74% | ||||||||
| Barings BDC, Inc. | 308,352 | $ | 2,627,159 | |||||
| Capital Southwest Corp. | 126,444 | 3,005,574 | ||||||
| FS KKR Capital Corp. | 189,067 | 1,985,204 | ||||||
| Goldman Sachs BDC, Inc. | 290,788 | 2,756,670 | ||||||
| Golub Capital BDC, Inc. | 206,101 | 2,654,581 | ||||||
| Morgan Stanley Direct Lending Fund | 164,369 | 2,485,259 | ||||||
| New Mountain Finance Corp. | 303,327 | 2,174,855 | ||||||
| Nuveen Churchill Direct Lending Corp. | 201,777 | 2,506,070 | ||||||
| PennantPark Floating Rate Capital, Ltd. | 302,342 | 2,261,518 | ||||||
| Prospect Capital Corp. | 1,094,360 | 2,527,972 | ||||||
| Total Capital Markets | 24,984,862 | |||||||
| Chemicals - 2.76% | ||||||||
| CVR Partners LP(a) | 27,172 | 3,029,135 | ||||||
| Mortgage Real Estate Investment Trust (REIT) - 24.15% | ||||||||
| AGNC Investment Corp. | 257,910 | 2,811,219 | ||||||
| Annaly Capital Management, Inc. | 121,170 | 2,709,361 | ||||||
| Arbor Realty Trust, Inc. | 357,270 | 1,936,403 | ||||||
| ARMOUR Residential REIT, Inc. | 159,100 | 2,776,295 | ||||||
| Dynex Capital, Inc. | 200,477 | 2,628,254 | ||||||
| Ellington Financial, Inc. | 202,956 | 2,762,231 | ||||||
| Orchid Island Capital, Inc. | 383,326 | 2,671,782 | ||||||
| PennyMac Mortgage Investment Trust | 222,004 | 2,504,205 | ||||||
| Starwood Property Trust, Inc. | 150,012 | 2,457,197 | ||||||
| Two Harbors Investment Corp. | 264,265 | 3,279,530 | ||||||
| Total Mortgage Real Estate Investment Trust (REIT) | 26,536,477 | |||||||
| Oil, Gas & Consumable Fuels - 25.07% | ||||||||
| Alliance Resource Partners LP(a) | 119,645 | 2,869,087 | ||||||
| Black Stone Minerals LP(a) | 206,254 | 2,881,368 | ||||||
| Delek Logistics Partners LP(a) | 61,632 | 3,176,513 | ||||||
| Dorchester Minerals LP(a) | 126,444 | 3,192,711 | ||||||
| Enterprise Products Partners LP(a) | 80,921 | 2,974,656 | ||||||
| Kimbell Royalty Partners LP | 220,399 | 3,202,397 | ||||||
| MPLX LP(a) | 52,023 | 2,930,456 | ||||||
| Plains All American Pipeline LP(a) | 145,878 | 3,247,244 | ||||||
| Western Midstream Partners LP(a) | 70,436 | 3,082,279 | ||||||
| Total Oil, Gas & Consumable Fuels | 27,556,711 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $84,992,045) | 82,107,185 | |||||||
| INVESTMENT COMPANIES - 24.46% | ||||||||
| BlackRock Debt Strategies Fund, Inc. | 272,252 | 2,640,844 | ||||||
| BlackRock Enhanced Large Cap Core Fund, Inc. | 120,550 | 3,152,383 | ||||||
| BlackRock Floating Rate Income Strategies Fund, Inc. | 237,235 | 2,607,213 | ||||||
| Franklin, Ltd. Duration Income Trust | 452,287 | 2,618,742 | ||||||
| Neuberger High Yield Strategies Fund, Inc. | 392,922 | 2,451,833 | ||||||
| Nuveen Floating Rate Income Fund | 356,400 | 2,733,588 | ||||||
| PIMCO High Income Fund | 580,836 | 2,706,696 | ||||||
| PIMCO Income Strategy Fund | 335,388 | 2,642,857 | ||||||
| Western Asset Global High Income Fund, Inc. | 440,198 | 2,623,580 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 3 |
| GraniteShares HIPS U.S. High Income ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Shares | Value | ||||||
| INVESTMENT COMPANIES - 24.46% (continued) | ||||||||
| Western Asset High Income Fund II, Inc. | 685,465 | $ | 2,714,441 | |||||
| TOTAL INVESTMENT COMPANIES | ||||||||
| (Cost $27,652,055) | 26,892,177 | |||||||
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 44.31%(b) | ||||||||
| United States Treasury Bill, 3.389%, 07/23/2026 | $ | 48,800,000 | 48,692,551 | |||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $48,698,944) | 48,692,551 | |||||||
| TOTAL INVESTMENTS - 143.49% | ||||||||
| (Cost $161,343,044) | $ | 157,691,913 | ||||||
| Liabilities In Excess Of Other Assets - (43.49%) | (47,789,804 | ) | ||||||
| NET ASSETS (100.00%) | $ | 109,902,109 | ||||||
| (a) | Master Limited Partnership (“MLP”). | |
| (b) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| See Notes to Financial Statements. | |
| 4 | www.graniteshares.com |
| GraniteShares Nasdaq Select Disruptors ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 99.92% | ||||||||
| Aerospace & Defense - 1.39% | ||||||||
| Axon Enterprise, Inc.(a) | 1,158 | $ | 649,186 | |||||
| Biotechnology - 8.44% | ||||||||
| Alnylam Pharmaceuticals, Inc.(a) | 1,620 | 487,669 | ||||||
| Incyte Corp.(a) | 3,968 | 449,812 | ||||||
| Insmed, Inc.(a) | 3,746 | 399,399 | ||||||
| Natera, Inc.(a) | 2,089 | 567,059 | ||||||
| Regeneron Pharmaceuticals, Inc. | 1,120 | 698,365 | ||||||
| United Therapeutics Corp.(a) | 770 | 417,209 | ||||||
| Vertex Pharmaceuticals, Inc.(a) | 1,820 | 904,049 | ||||||
| Total Biotechnology | 3,923,562 | |||||||
| Broadline Retail - 1.29% | ||||||||
| eBay, Inc. | 5,370 | 600,097 | ||||||
| Communications Equipment - 8.91% | ||||||||
| Arista Networks, Inc.(a) | 7,273 | 1,235,537 | ||||||
| Cisco Systems, Inc. | 15,418 | 1,810,998 | ||||||
| F5, Inc.(a) | 965 | 401,401 | ||||||
| Motorola Solutions, Inc. | 1,695 | 703,917 | ||||||
| Total Communications Equipment | 4,151,853 | |||||||
| Health Care Equipment & Supplies - 9.46% | ||||||||
| Boston Scientific Corp.(a) | 15,164 | 647,199 | ||||||
| Dexcom, Inc.(a) | 6,263 | 421,813 | ||||||
| Edwards Lifesciences Corp.(a) | 7,074 | 639,914 | ||||||
| Insulet Corp.(a) | 1,908 | 290,493 | ||||||
| Intuitive Surgical, Inc.(a) | 2,483 | 987,439 | ||||||
| ResMed, Inc. | 2,320 | 452,122 | ||||||
| Stryker Corp. | 3,070 | 966,559 | ||||||
| Total Health Care Equipment & Supplies | 4,405,539 | |||||||
| Health Care Technology - 1.04% | ||||||||
| Veeva Systems, Inc., Class A(a) | 2,723 | 483,251 | ||||||
| Household Durables - 1.18% | ||||||||
| Garmin, Ltd. | 2,303 | 547,055 | ||||||
| Interactive Media & Services - 14.32% | ||||||||
| Alphabet, Inc., Class A | 10,767 | 3,847,804 | ||||||
| Meta Platforms, Inc., Class A | 5,008 | 2,820,956 | ||||||
| Total Interactive Media & Services | 6,668,760 | |||||||
| IT Services - 6.30% | ||||||||
| Cloudflare, Inc., Class A(a) | 3,141 | 770,424 | ||||||
| MongoDB, Inc.(a) | 1,393 | 467,909 | ||||||
| Snowflake, Inc., Class A(a) | 3,385 | 861,482 | ||||||
| Twilio, Inc., Class A(a) | 2,344 | 483,638 | ||||||
| VeriSign, Inc. | 1,409 | 354,448 | ||||||
| Total IT Services | 2,937,901 | |||||||
| Pharmaceuticals - 11.80% | ||||||||
| Eli Lilly & Co. | 2,345 | 2,812,663 | ||||||
| Johnson & Johnson | 8,799 | 2,234,682 | ||||||
| Zoetis, Inc. | 6,208 | 446,107 | ||||||
| Total Pharmaceuticals | 5,493,452 | |||||||
| Real Estate Management & Development - 0.57% | ||||||||
| CoStar Group, Inc.(a) | 9,293 | 263,178 | ||||||
| Software - 34.36% | ||||||||
| Adobe, Inc.(a) | 3,385 | 693,993 | ||||||
| Autodesk, Inc.(a) | 2,604 | 506,270 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 5 |
| GraniteShares Nasdaq Select Disruptors ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 99.92% (continued) | ||||||||
| Software - 34.36% (continued) | ||||||||
| Cadence Design Systems, Inc.(a) | 2,338 | $ | 877,498 | |||||
| Crowdstrike Holdings, Inc., Class A(a) | 1,602 | 1,222,550 | ||||||
| Datadog, Inc., Class A(a) | 3,051 | 794,358 | ||||||
| Fair Isaac Corp.(a) | 360 | 430,121 | ||||||
| Fortinet, Inc.(a) | 5,692 | 874,405 | ||||||
| Microsoft Corp. | 10,785 | 4,023,021 | ||||||
| Oracle Corp. | 7,946 | 1,164,486 | ||||||
| Palantir Technologies, Inc., Class A(a) | 10,343 | 1,206,718 | ||||||
| Palo Alto Networks, Inc.(a) | 4,609 | 1,571,761 | ||||||
| PTC, Inc.(a) | 2,174 | 246,988 | ||||||
| Salesforce, Inc. | 5,563 | 871,500 | ||||||
| ServiceNow, Inc.(a) | 7,838 | 778,157 | ||||||
| Workday, Inc., Class A(a) | 3,003 | 367,627 | ||||||
| Zscaler, Inc.(a) | 2,594 | 366,143 | ||||||
| Total Software | 15,995,596 | |||||||
| Technology Hardware, Storage & Peripherals - 0.86% | ||||||||
| Everpure, Inc.(a) | 5,066 | 399,150 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $38,189,724) | 46,518,580 | |||||||
| TOTAL INVESTMENTS - 99.92% | ||||||||
| (Cost $38,189,724) | $ | 46,518,580 | ||||||
| Other Assets In Excess Of Liabilities - 0.08% | 37,473 | |||||||
| NET ASSETS (100.00%) | $ | 46,556,053 | ||||||
| (a) | Non-Income Producing Security. |
| See Notes to Financial Statements. | |
| 6 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF(a) | GraniteShares HIPS U.S. High Income ETF | GraniteShares Nasdaq Select Disruptors ETF | ||||||||||
| ASSETS: | ||||||||||||
| Investments at cost | $ | 98,676,317 | $ | 161,343,044 | $ | 38,189,724 | ||||||
| Investments at value | 98,676,975 | 157,691,913 | 46,518,580 | |||||||||
| Cash | 12,568,580 | 211,019 | 52,330 | |||||||||
| Due from broker | 20,562,691 | – | – | |||||||||
| Unrealized appreciation on open futures contracts | 3,001,505 | – | – | |||||||||
| Prepaid excise tax | 58 | 58 | 505 | |||||||||
| Interest receivable | 863 | – | – | |||||||||
| Dividends receivable | – | 760,838 | 7,645 | |||||||||
| Total Assets | 134,810,672 | 158,663,828 | 46,579,060 | |||||||||
| LIABILITIES: | ||||||||||||
| Unrealized depreciation on open futures contracts | 13,282,352 | – | – | |||||||||
| Payable for investments purchased | – | 48,698,944 | – | |||||||||
| Payable for capital shares redeemed | – | 397 | – | |||||||||
| Advisory fees payable | 29,710 | 62,378 | 23,007 | |||||||||
| Total Liabilities | 13,312,062 | 48,761,719 | 23,007 | |||||||||
| Commitments and contingencies (Note 5) | ||||||||||||
| NET ASSETS | $ | 121,498,610 | $ | 109,902,109 | $ | 46,556,053 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 112,971,910 | $ | 131,785,557 | $ | 51,534,405 | ||||||
| Total distributable earnings/(losses) | 8,526,700 | (21,883,448 | ) | (4,978,352 | ) | |||||||
| NET ASSETS | $ | 121,498,610 | $ | 109,902,109 | $ | 46,556,053 | ||||||
Shares outstanding | 5,050,000 | 9,550,000 | 750,000 | |||||||||
| Net Asset Value per share | $ | 24.06 | $ | 11.51 | $ | 62.07 | ||||||
| (a) | Consolidated statement, including GraniteShares BCOM Cayman Limited Wholly Owned Subsidiary (Note 1) |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 7 |
| GraniteShares ETF Trust | Statements of Operations |
| For the Year Ended June 30, 2026 |
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF(a) | GraniteShares HIPS U.S. High Income ETF | GraniteShares Nasdaq Select Disruptors ETF | ||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Interest | $ | 4,383,111 | $ | 6,817 | $ | 1,978 | ||||||
| Dividends(b) | – | 9,338,981 | 187,159 | |||||||||
| Total Investment Income | 4,383,111 | 9,345,798 | 189,137 | |||||||||
EXPENSES: | ||||||||||||
| Advisory fees | 299,666 | 744,547 | 319,857 | |||||||||
| Overdraft fees | – | 2,522 | 6 | |||||||||
| Total Expenses | 299,666 | 747,069 | 319,863 | |||||||||
| NET INVESTMENT INCOME/(LOSS) | 4,083,445 | 8,598,729 | (130,726 | ) | ||||||||
| REALIZED GAIN/LOSS ON: | ||||||||||||
| Investments(c) | (1,871 | ) | (1,486,934 | ) | 6,332,564 | |||||||
| Futures contracts | 31,498,146 | – | – | |||||||||
| Total Net realized gain/(loss) | 31,496,275 | (1,486,934 | ) | 6,332,564 | ||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||
| Investments | 2,622 | (1,106,151 | ) | (6,169,647 | ) | |||||||
| Futures contracts | (10,264,100 | ) | – | – | ||||||||
| Net change in unrealized depreciation | (10,261,478 | ) | (1,106,151 | ) | (6,169,647 | ) | ||||||
| NET REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS AND FUTURES CONTRACTS | 21,234,797 | (2,593,085 | ) | 162,917 | ||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 25,318,242 | $ | 6,005,644 | $ | 32,191 | ||||||
| (a) | Consolidated statement, including GraniteShares BCOM Cayman Limited Wholly Owned Subsidiary (Note 1) | |
| (b) | Net of dividend withholding of $0, $0 and $1,074, respectively. | |
| (c) | Includes realized gain or loss as a result of in-kind transactions of $0, $1,671,492 and $3,096,552, respectively (See Note 7 in Notes to Financial Statements and Financial Highlights). |
| See Notes to Financial Statements. | |
| 8 | www.graniteshares.com |
| GraniteShares Bloomberg Commodity | |
| Broad Strategy No K-1 ETF | Consolidated Statement of Changes in Net Assets |
| For
the Year Ended June 30, 2026 | For
the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 4,083,445 | $ | 3,722,922 | ||||
| Net realized gain/(loss) | 31,496,275 | (1,825,348 | ) | |||||
| Net change in unrealized appreciation/depreciation | (10,261,478 | ) | 1,563,830 | |||||
| Net increase in net assets resulting from operations | 25,318,242 | 3,461,404 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (9,360,813 | ) | (2,000,012 | ) | ||||
| Total distributions | (9,360,813 | ) | (2,000,012 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 105,717,405 | 25,156,304 | ||||||
| Cost of shares redeemed | (77,771,916 | ) | (42,892,756 | ) | ||||
| Net increase/(decrease) from capital share transactions | 27,945,489 | (17,736,452 | ) | |||||
| Net increase/(decrease) in net assets | 43,902,918 | (16,275,060 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of year | 77,595,692 | 93,870,752 | ||||||
| End of year | $ | 121,498,610 | $ | 77,595,692 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 3,700,000 | 4,600,000 | ||||||
| Shares sold | 4,450,000 | 1,200,000 | ||||||
| Shares redeemed | (3,100,000 | ) | (2,100,000 | ) | ||||
| Shares outstanding, end of year | 5,050,000 | 3,700,000 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 9 |
| GraniteShares HIPS U.S. High Income ETF | Statement of Changes in Net Assets |
For the Year Ended | For the Year Ended | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 8,598,729 | $ | 8,203,131 | ||||
| Net realized gain/(loss) | (1,486,934 | ) | 3,211,004 | |||||
| Net change in unrealized depreciation | (1,106,151 | ) | (6,742,194 | ) | ||||
| Net increase in net assets resulting from operations | 6,005,644 | 4,671,941 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (7,132,815 | ) | (7,121,529 | ) | ||||
| Tax return of capital to shareholders | (4,401,935 | ) | (2,779,221 | ) | ||||
| Total distributions | (11,534,750 | ) | (9,900,750 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 37,948,415 | 76,727,844 | ||||||
| Cost of shares redeemed | (29,267,107 | ) | (42,175,259 | ) | ||||
| Net increase from capital share transactions | 8,681,308 | 34,552,585 | ||||||
| Net increase in net assets | 3,152,202 | 29,323,776 | ||||||
| NET ASSETS: | ||||||||
| Beginning of year | 106,749,907 | 77,426,131 | ||||||
| End of year | $ | 109,902,109 | $ | 106,749,907 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 8,800,000 | 6,100,000 | ||||||
| Shares sold | 3,200,000 | 6,000,000 | ||||||
| Shares redeemed | (2,450,000 | ) | (3,300,000 | ) | ||||
| Shares outstanding, end of year | 9,550,000 | 8,800,000 | ||||||
| See Notes to Financial Statements. | |
| 10 | www.graniteshares.com |
| GraniteShares Nasdaq Select Disruptors ETF | Statement of Changes in Net Assets |
For the Year Ended | For the Year Ended | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment loss | $ | (130,726 | ) | $ | (92,190 | ) | ||
| Net realized gain | 6,332,564 | 6,487,084 | ||||||
| Net change in unrealized appreciation/depreciation | (6,169,647 | ) | 2,286,153 | |||||
| Net increase in net assets resulting from operations | 32,191 | 8,681,047 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | – | 13,997,361 | ||||||
| Cost of shares redeemed | (9,559,061 | ) | (25,248,598 | ) | ||||
| Net decrease from capital share transactions | (9,559,061 | ) | (11,251,237 | ) | ||||
| Net decrease in net assets | (9,526,870 | ) | (2,570,190 | ) | ||||
| NET ASSETS: | ||||||||
| Beginning of year | 56,082,923 | 58,653,113 | ||||||
| End of year | $ | 46,556,053 | $ | 56,082,923 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 900,000 | 1,100,000 | ||||||
| Shares sold | – | 250,000 | ||||||
| Shares redeemed | (150,000 | ) | (450,000 | ) | ||||
| Shares outstanding, end of year | 750,000 | 900,000 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 11 |
| GraniteShares Bloomberg Commodity | |
| Broad Strategy No K-1 ETF | Consolidated Financial Highlights |
For a Share Outstanding Throughout the Years Presented
| For
the Year Ended June 30, 2026 | For
the Year Ended June 30, 2025 | For
the Year Ended June 30, 2024 | For
the Year Ended June 30, 2023 | For
the Year Ended June 30, 2022 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 20.97 | $ | 20.41 | $ | 20.68 | $ | 30.19 | $ | 28.26 | ||||||||||
| INCOME FROM OPERATIONS: | ||||||||||||||||||||
| Net investment income/(loss)(a) | 0.81 | 0.88 | 1.02 | 0.73 | (0.01 | ) | ||||||||||||||
| Net realized and unrealized gain/(loss)(b) | 4.19 | 0.17 | (0.16 | ) | (3.30 | ) | 6.00 | |||||||||||||
| Total from investment operations | 5.00 | 1.05 | 0.86 | (2.57 | ) | 5.99 | ||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||
| From net investment income | (1.91 | ) | (0.49 | ) | (1.13 | ) | (6.94 | ) | (4.06 | ) | ||||||||||
| Total distributions | (1.91 | ) | (0.49 | ) | (1.13 | ) | (6.94 | ) | (4.06 | ) | ||||||||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 3.09 | 0.56 | (0.27 | ) | (9.51 | ) | 1.93 | |||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 24.06 | $ | 20.97 | $ | 20.41 | $ | 20.68 | $ | 30.19 | ||||||||||
| TOTAL RETURN(c) | 25.06 | % | 5.31 | % | 4.59 | % | (10.34 | )% | 23.74 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
| Net assets, end of period (in 000s) | $ | 121,499 | $ | 77,596 | $ | 93,871 | $ | 135,478 | $ | 336,569 | ||||||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||||||
| Ratio of expenses to average net assets | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||
| Ratio of net investment income/(loss) to average net assets | 3.41 | % | 4.26 | % | 4.94 | % | 2.79 | % | (0.03 | )% | ||||||||||
| Portfolio turnover rate | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||
| (a) | Based on daily average shares outstanding during the period. |
| (b) | 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. |
| (c) | 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). |
| See Notes to Financial Statements. | |
| 12 | www.graniteshares.com |
| GraniteShares HIPS U.S. High Income ETF | Financial Highlights |
| For a Share Outstanding Throughout the Years Presented |
For the Year Ended June 30, | For the Year Ended June 30, | For the Year Ended June 30, | For the Year Ended June 30, | For the Year Ended June 30, | ||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 12.13 | $ | 12.69 | $ | 11.83 | $ | 12.37 | $ | 15.74 | ||||||||||
| INCOME FROM OPERATIONS: | ||||||||||||||||||||
| Net investment income(a) | 0.96 | 1.08 | 0.99 | 0.92 | 0.84 | |||||||||||||||
| Net realized and unrealized gain/(loss)(b) | (0.29 | ) | (0.35 | ) | 1.16 | (0.17 | ) | (2.92 | ) | |||||||||||
| Total from investment operations | 0.67 | 0.73 | 2.15 | 0.75 | (2.08 | ) | ||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||
| From net investment income | (0.80 | ) | (0.93 | ) | (0.62 | ) | (0.96 | ) | (0.64 | ) | ||||||||||
| From tax return of capital | (0.49 | ) | (0.36 | ) | (0.67 | ) | (0.33 | ) | (0.65 | ) | ||||||||||
| Total distributions | (1.29 | ) | (1.29 | ) | (1.29 | ) | (1.29 | ) | (1.29 | ) | ||||||||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (0.62 | ) | (0.56 | ) | 0.86 | (0.54 | ) | (3.37 | ) | |||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 11.51 | $ | 12.13 | $ | 12.69 | $ | 11.83 | $ | 12.37 | ||||||||||
| TOTAL RETURN(c) | 5.82 | % | 5.79 | % | 19.13 | % | 6.32 | % | (14.16 | )% | ||||||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
| Net assets, end of period (in 000s) | $ | 109,902 | $ | 106,750 | $ | 77,426 | $ | 55,588 | $ | 65,574 | ||||||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||||||
| Ratio of expenses to average net assets | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||
| Ratio of net investment income to average net assets | 8.08 | % | 8.56 | % | 7.99 | % | 7.45 | % | 5.74 | % | ||||||||||
| Portfolio turnover rate | 52 | % | 65 | % | 43 | % | 108 | % | 74 | % | ||||||||||
| (a) | Based on daily average shares outstanding during the period. | |
| (b) | 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. | |
| (c) | 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). |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 13 |
| GraniteShares Nasdaq Select Disruptors ETF | Financial Highlights |
| For a Share Outstanding Throughout the Years Presented |
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| Ended June 30, 2026 | Ended June 30, 2025 | Ended June 30, 2024 | Ended June 30, 2023 | Ended June 30, 2022 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 62.31 | $ | 53.32 | $ | 40.15 | $ | 33.01 | $ | 40.74 | ||||||||||
| INCOME FROM OPERATIONS: | ||||||||||||||||||||
| Net investment income/(loss)(a) | (0.15 | ) | (0.09 | ) | 0.03 | 0.21 | 0.13 | |||||||||||||
| Net realized and unrealized gain/(loss) | (0.09 | ) | 9.08 | 13.18 | 7.16 | (7.72 | ) | |||||||||||||
| Total from investment operations | (0.24 | ) | 8.99 | 13.21 | 7.37 | (7.59 | ) | |||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||
| From net investment income | –– | (0.04 | ) | (0.23 | ) | (0.14 | ) | |||||||||||||
| Total distributions | –– | (0.04 | ) | (0.23 | ) | (0.14 | ) | |||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (0.24 | ) | 8.99 | 13.17 | 7.14 | (7.73 | ) | |||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 62.07 | $ | 62.31 | $ | 53.32 | $ | 40.15 | $ | 33.01 | ||||||||||
| TOTAL RETURN(b) | (0.39 | )% | 16.86 | % | 32.92 | % | 22.41 | % | (18.69 | )% | ||||||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
| Net assets, end of period (in 000s) | $ | 46,556 | $ | 56,083 | $ | 58,653 | $ | 72,271 | $ | 87,474 | ||||||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||||||
| Ratio of expenses to average net assets | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
| Ratio of net investment income/(loss) to average net assets | (0.25 | )% | (0.16 | )% | 0.06 | % | 0.60 | % | 0.31 | % | ||||||||||
| Portfolio turnover rate | 47 | % | 51 | % | 107 | % | 56 | % | 45 | % | ||||||||||
| (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). |
| See Notes to Financial Statements. | |
| 14 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 June 30, 2026, the Trust consists of eighty-two 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(1) (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 June 30, 2026:
| Fund | Wholly Owned Subsidiary | Value | Percentage of Fund’s Net Assets | |||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | GraniteShares BCOM Cayman Limited | $ | 21,343,739 | 17.57 | % | |||||
| (1) | 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. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Funds represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Operation Officer and Treasurer acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM monitors the operating results as a whole and the Funds’ long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statements note disclosures only and did not affect the Funds’ financial position or the results of its operations.
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.
| Annual Report | June 30, 2026 | 15 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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.
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 June 30, 2026 are listed in COMB’s Consolidated Schedule of Investments. As of June 30, 2026, the balance of margin receivable from the broker to the Fund was $20,562,691 as presented on the Consolidated Statement of Assets and Liabilities as due from broker. At June 30, 2026 the Fund had a variation margin receivable from the broker of $10,281,844. 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 June 30, 2026.
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.
| 16 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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.
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 June 30, 2026 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.
Annual Report | June 30, 2026 | 17 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
The hierarchy classification of inputs used to value each Fund’s investments at June 30, 2026 were as follows:
GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 98,676,975 | $ | – | $ | 98,676,975 | ||||||||
| Total | $ | – | $ | 98,676,975 | $ | – | $ | 98,676,975 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
| Futures Contracts | $ | 3,001,505 | $ | – | $ | – | $ | 3,001,505 | ||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | (13,282,352 | ) | – | – | (13,282,352 | ) | ||||||||||
| Total | $ | (10,280,847 | ) | $ | – | $ | – | $ | (10,280,847 | ) | ||||||
GraniteShares HIPS U.S. High Income ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 82,107,185 | $ | – | $ | – | $ | 82,107,185 | ||||||||
| Investment Companies | 26,892,177 | – | – | 26,892,177 | ||||||||||||
| United States Treasury Obligations | – | 48,692,551 | – | 48,692,551 | ||||||||||||
| Total | $ | 108,999,362 | $ | 48,692,551 | $ | – | $ | 157,691,913 | ||||||||
GraniteShares Nasdaq Select Disruptors ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 46,518,580 | $ | – | $ | – | $ | 46,518,580 | ||||||||
| Total | $ | 46,518,580 | $ | – | $ | – | $ | 46,518,580 | ||||||||
As of June 30, 2026, 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.
| 18 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 year ended June 30, 2026, 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 | $ | 55,371,304 | $ | 56,159,799 | ||||
| GraniteShares Nasdaq Select Disruptors ETF | 25,408,443 | 25,587,777 | ||||||
For the year ended June 30, 2026, 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 | $ | 37,824,720 | $ | 29,214,197 | ||||
| GraniteShares Nasdaq Select Disruptors ETF | – | 9,542,363 | ||||||
For the year ended June 30, 2026, HIPS and DRUP had in-kind net realized gains of $1,671,492 and $3,096,552, 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 year ended June 30, 2026.
Annual Report | June 30, 2026 | 19 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 June 30, 2026:
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | ||||||||||||
| Commodity Contracts (Futures Contracts) | Unrealized appreciation on futures contracts | $ | 3,001,505 | Unrealized depreciation on futures contracts | $ | (13,282,352 | ) | |||||
| Total | $ | 3,001,505 | $ | (13,282,352 | ) | |||||||
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 year ended June 30, 2026:
| 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 Bloomberg Commodity Broad Strategy No K-1 ETF | ||||||||||
| Commodity Contracts (Futures Contracts) | Net realized gain on futures contracts/Net change in unrealized depreciation on futures contracts | $ | 31,498,146 | $ | (10,264,100 | ) | ||||
| Total | $ | 31,498,146 | $ | (10,264,100 | ) | |||||
For COMB for the year ended June 30, 2026, the average notional value of futures contracts held were $124,534,073 for long futures and ($7,060,307) for short futures and the ending notional value of the futures contracts were $138,145,249 for long futures and ($16,685,778) for short futures.
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 June 30, 2026, 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 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
At June 30, 2026, 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 Appreciation/ (Depreciation) | Cost of Investments for Income Tax Purposes | ||||||||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $ | 661 | $ | (10,280,847 | ) | $ | (10,280,186 | ) | $ | 98,676,317 | ||||||
| GraniteShares HIPS U.S. High Income ETF | 10,682,084 | (10,730,755 | ) | (48,671 | ) | 157,740,584 | ||||||||||
| GraniteShares Nasdaq Select Disruptors ETF | 12,519,844 | (4,225,846 | ) | 8,293,998 | 38,224,582 | |||||||||||
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.
At June 30, 2026, the components of undistributed or accumulated earnings/loss on a tax-basis were as follows:
| Fund | Undistributed net investment income | Accumulated net realized loss on investments | Other accumulated gains/(losses) | Net unrealized appreciation/(depreciation) on investments and derivatives | Total | |||||||||||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 10,077,270 | $ | (946,337 | ) | $ | 9,675,953 | $ | (10,280,186 | ) | $ | 8,526,700 | |||||||||
| GraniteShares HIPS U.S. High Income ETF | – | (19,933,625 | ) | (1,901,152 | ) | (48,671 | ) | (21,883,448 | ) | |||||||||||
| GraniteShares Nasdaq Select Disruptors ETF | – | (13,207,096 | ) | (65,254 | ) | 8,293,998 | (4,978,352 | ) | ||||||||||||
Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next year without expiration. As of June 30, 2026, the following amounts are available as carry forwards to the next year:
| Fund | Short-Term | Long-Term | ||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $ | 940,212 | $ | 6,125 | ||||
| GraniteShares HIPS U.S. High Income ETF | 8,152,780 | 11,780,845 | ||||||
| GraniteShares Nasdaq Select Disruptors ETF | 6,448,138 | 6,758,958 | ||||||
Late Year Ordinary Losses and Capital Losses arising in the post-October period of the current fiscal year may be deferred to the next fiscal year if the fund elects to defer the recognition of these losses. When this election is made, any losses recognized during the period are treated as having occurred on the first day of the next fiscal year separate from and in addition to the application of normal late year ordinary and capital loss carry forwards as described above.
The Funds elect to defer to the year ending June 30, 2027 late year ordinary losses recognized during the period November 1, 2025 – June 30, 2026 in the amounts of:
| Fund | Late Year Ordinary Losses Deferred | |||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $ | – | ||
| GraniteShares HIPS U.S. High Income ETF | – | |||
| GraniteShares Nasdaq Select Disruptors ETF | 65,254 | |||
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
For the year ended June 30, 2026, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions and differing treatment of investments in partnerships:
| Fund | Paid-in Capital | Total Distributable Earnings | ||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $ | 9,143,206 | $ | (9,143,206 | ) | |||
| GraniteShares HIPS U.S. High Income ETF | 2,851,963 | (2,851,963 | ) | |||||
| GraniteShares Nasdaq Select Disruptors ETF | 2,969,488 | (2,969,488 | ) | |||||
Annual Report | June 30, 2026 | 21 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
The tax character of distributions paid by the Funds during the years ended June 30, 2026 and 2025 were as follows:
| Fund | Ordinary Income | Long-Term Capital Gain | Return of Capital | |||||||||
| June 30, 2026 | ||||||||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $ | 9,360,813 | $ | – | $ | – | ||||||
| GraniteShares HIPS U.S. High Income ETF | 7,132,815 | – | 4,401,935 | |||||||||
| GraniteShares Nasdaq Select Disruptors ETF | – | – | – | |||||||||
| Fund | Ordinary Income | Long-Term Capital Gain | Return of Capital | |||||||||
| June 30, 2025 | ||||||||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $ | 2,000,012 | $ | – | $ | – | ||||||
| GraniteShares HIPS U.S. High Income ETF | 7,121,529 | – | 2,779,221 | |||||||||
| 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.
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.
| 22 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENT
The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.
13. REGULATORY UPDATES
In September 2023, the SEC adopted a final rule relating to “Names Rule” under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets’ treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective in December 2023. Following a recent extension by the SEC, fund groups with net assets of $1 billion or more must comply by June 11, 2026, while smaller fund groups (less than $1 billion in net assets) have until December 11, 2026. Management has determined that adoption of this rule will not have a material impact on the Funds’ financial statements.
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.
Annual Report | June 30, 2026 | 23 |
| GraniteShares ETF Trust | Report of Independent Registered Public Accounting Firm |
To the Shareholders and
The Board of Directors of GraniteShares ETF Trust
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities of GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (“COMB”), a series of GraniteShares ETF Trust, including the consolidated schedule of investments as of June 30, 2026, and the related consolidated statement of operations, the consolidated statements of changes in net assets and the consolidated financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “consolidated financial statements”).
We have also audited the accompanying statements of assets and liabilities of GraniteShares HIPS U.S. High Income ETF (“HIPS”) and GraniteShares Nasdaq Select Disruptors ETF (“DRUP”), (collectively along with COMB, referred to as the “Funds”), each a series of GraniteShares ETF Trust, including the schedules of investments, as of June 30, 2026, the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the consolidated financial statements and financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2026, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the tables below, in conformity with accounting principles generally accepted in the United States of America.
| Individual Funds constituting Granite Shares ETF Trust | Consolidated Statement of Operations | Consolidated Statements of Changes in Net Assets | Consolidated Financial Highlights | |||
| COMB | For the year ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 | For each of the five years in the period ended June 30, 2026 | |||
| Individual Funds constituting GraniteShares ETF Trust | Statement of Operations | Statements of Changes in Net Assets | Financial Highlights | |||
| HIPS, DRUP | For the year ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 | For each of the five years in the period ended June 30, 2026 |
Basis for Opinion
These consolidated financial statements and financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated financial statements and financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more GraniteShares LLC investment companies since 2019.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements and financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and financial statements. Our procedures included confirmation of securities owned as of June 30, 2026 by correspondence with the custodians and brokers, when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 28, 2026
| 24 | www.graniteshares.com |
| GraniteShares ETF Trust | Additional Information |
| June 30, 2026 (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 | Dividends Received Deduction | 199A | ||||||||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
| GraniteShares HIPS U.S. High Income ETF | 4.14 | % | 0.22 | % | 21.22 | % | ||||||
| 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.
Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designated the following amounts as long-term capital gain dividends for the calendar year ended December 31, 2025.
| Long Term Capital Gain | ||||
| GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | $ | 0.00 | ||
| GraniteShares HIPS U.S. High Income ETF | $ | 0.00 | ||
| GraniteShares Nasdaq Select Disruptors ETF | $ | 0.00 | ||
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.
Annual Report | June 30, 2026 | 25 |
| GraniteShares ETF Trust | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
| June 30, 2026 (Unaudited) |
Not applicable for this reporting period.
| 26 | www.graniteshares.com |
| GraniteShares ETF Trust | Proxy Disclosures for Open-End Management Investment Companies |
| June 30, 2026 (Unaudited) |
Not applicable for this reporting period.
Annual Report | June 30, 2026 | 27 |
| GraniteShares ETF Trust | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies |
| June 30, 2026 (Unaudited) |
The following chart provides certain information about the Trustee fees paid by the Trust for the period ended June 30, 2026:
| Aggregate Regular Compensation From the Trust | Aggregate Special Compensation From the Trust | Total Compensation From the Trust | ||||||||||
| Steven James Smyser, Trustee | $ | 35,000 | $ | – | $ | 35,000 | ||||||
| Seddik Meziani, Trustee | $ | 35,000 | $ | – | $ | 35,000 | ||||||
| Total | $ | 70,000 | $ | – | $ | 70,000 | ||||||
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.
| 28 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (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 a meeting held on May 8, 2026 (the “Meeting”), 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 in each relevant Agreement, with respect to each of the Delta 1 Funds (the “D1 Funds”), each of the Short and Leveraged Funds (the “S&L Funds”), each of the YieldBOOST Funds (the “YB Funds”), each of the Autocallable Funds (the “AC Funds”), and each of the Prediction Market Funds (the “PM Funds”). The 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.1
In advance of the 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 independent legal 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 the Meeting, the Board evaluated the information prepared for the 15(c) review process. The 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 the 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. |
Annual Report | June 30, 2026 | 29 |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (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.
The D1 Funds
With respect to each of the D1 Funds, the Board assessed the Adviser’s management capabilities as demonstrated by each Fund’s performance and ability to meet its investment objective.
The Board noted that COMB is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. The Fund’s investment strategy is based in part on the Bloomberg Commodity Index (the “COMB Benchmark”), which is designed to be a highly liquid and broad benchmark for commodities futures investments. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the Fund’s returns on a market price basis and on a net asset value (“NAV”) basis, as well as the returns of the COMB Benchmark, and the related performance attribution commentary provided by the Adviser.
As to HIPS, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index (the “HIPS Index”). HIPS is a rules-based index that measures the performance of up to 40 high income U.S.-listed securities that typically have “pass-through” structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. As with COMB, the Board took into account the information it received regarding HIPS’s returns on a market price basis and on a NAV basis, and the returns of the HIPS Index over the same periods, as well as the Adviser’s performance attribution analysis.
With respect to DRUP, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the Nasdaq US Large Cap Select Disruptors Index (the “DRUP Index”), which tracks the performance of large-cap, U.S.-listed companies with high disruption scores. Companies are assigned a disruption score using a multifactor scoring model, which is based on multiple fundamental metrics such as patent value, revenue growth, research and development expenses, and gross margins. The index universe consists of all issuers from the Nasdaq US 500 Large Cap Index, and the top 50 securities are selected for inclusion in the DRUP Index. The DRUP Index is a modified free-float market capitalization-weighted index to reduce excessive concentration. The Index is reconstituted semi-annually and rebalanced quarterly. As with COMB and HIPS, the Board considered the information it received regarding DRUP’s returns on a market price basis and on a NAV basis, and the returns of the DRUP Index over the same periods, as well as the Adviser’s performance attribution analysis.
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.
The YB Funds
With respect to each of the single stock 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. With respect to each of the fund-of-funds YB Funds, the Board considered that the Funds will be actively managed, similar to the single stock YB funds, and their investment strategies will generate yield by investing in single stock YB Funds. The Board considered that the Adviser has managed the YB 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.
| 30 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
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 was 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 the Adviser has refined its operational capabilities to manage the AC Funds. 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 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 PM Funds
With respect to each of the PM Funds, the Board considered that each Fund will be actively managed and will seek to gain exposure to certain events by gaining exposure to a prediction contract and roll forward to a new prediction contract prior to expiration of the prior contract to ensure that the ETF will maintain value after the prior event has taken place. The Board considered that the Adviser was the first issuer to bring prediction contracts under an ETF wrapper, and the Adviser’s history of launching new innovative products, managing those products within tight performance metrics, and refining their operational processes. 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.
All Funds
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.
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. The Board also considered that the Adviser will have an expense limitation agreement in place for each S&L Fund, YB Fund, AC Fund, and PM Fund until December 31, 2027.
The D1 Funds
With respect to each of the D1 Funds, the Board noted that the Adviser recommended maintaining the current advisory fee for each of COMB, HIPS and DRUP at 0.25%, 0.70% and 0.60% per annum, respectively. The Board considered that the advisory fee for each Fund is a unitary fee pursuant to which the Adviser assumes substantially all expenses of the Fund (excluding interest, Acquired Fund Fees and Expenses, 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 the Fund’s business and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act). Thus, the Board reviewed information provided in the Meeting materials comparing each Fund’s proposed unitary fee to certain other funds identified by the Adviser. The Board also took into account the information provided regarding the Adviser’s process for identifying such other funds.
With respect to COMB, the Adviser identified certain ETFs and mutual funds providing broad commodity exposures (with particular focus on the least expensive mutual fund share class) using third-party data sources. The Board observed that the Fund’s proposed unitary fee was significantly lower than the average total expense ratio of the commodity funds deemed relevant for comparative analysis.
Annual Report | June 30, 2026 | 31 |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
With respect to HIPS and DRUP, the Adviser identified certain ETFs and mutual funds providing similar exposures using third-party data sources. The Board noted that each Fund’s fee was higher than the respective average peer fee, but lower than the maximum observed fee, and the strategy for each Fund was unique in the marketplace.
In assessing the proposed unitary fee for each Fund, the Board also considered the Adviser’s description of the resources involved in managing each Fund. In addition, the Board considered each Fund’s size and the likelihood that the Adviser would continue to absorb certain operational expenses incurred by each Fund through the renewal term of the Agreement.
The S&L Funds
With respect to the existing S&L Funds, the Board considered the proposed annual advisory fees at their current level. With respect to each of the New S&L Funds, the Board considered the proposed varied fee levels based on whether each fund had long or short exposure and the amount of leverage applied to each fund. The Board noted as assets held for short periods, investors focus on the tradability and investment objective of the fund, and that management fees and expense ratios have little impact over the short duration that each fund was expected to be held. The Board also considered that the Adviser had worked with its swap counterparties on strategies that would enable a fund to have long and short leverage factors greater than 2x while still complying with the derivative risk limits imposed by the SEC. The Board considered that the Adviser recommended for each of the S&L Funds a non-unitary fee structure and a total expense ratio capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the Adviser did not recommend lowering the Adviser’s fees for the S&L Funds because the daily tracking performance of the existing S&L Funds was small and stable, the Adviser expected commercial uncertainties with respect to the S&L Funds, the Funds were unique and operationally intensive to manage, and the costs of launching and managing the S&L Funds benefit from the advisory fee levels. After further consideration, the Board determined that the advisory fees and expected profitability for each S&L Fund were not unreasonable.
The YB Funds
With respect to each of the single stock YB Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and total expense ratio of 1.15%, and for the fund-of-funds YB Funds, the Board considered that the Adviser recommended a management fee of 0.29% with a non-unitary fee structure and a total expense ratio of 0.50%, all of which would be capped by a fee waiver in effect until at least December 31, 2027. The Board considered that with the YB Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching and managing funds with unique strategies in order to build a market for those funds. The Board also noted that the fund-of-funds YB Funds invest in the YieldBOOST series of the Trust, and the management fee and fee waiver did not include the fees and expenses of the underlying funds that each of the fund-of-fund YB Funds will invest in. The Board considered that the management fees for each of the single stock YB funds was greater than the average management fees for peer ETFs and mutual funds with option-based income strategies. After further consideration, the Board determined that the advisory fees for each YB Fund was not unreasonable.
The AC Funds
With respect to each of the AC Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the AC Funds consisted of autocallable instruments on single names under an ETF wrapper, which was an asset type that was typically accessed via a bank or broker through significant investment, relatively high fees, and limited diversification. The Board also observed that investors could access the autocallable asset class via limited ETFs of broad indices, and that the advisers to the peer funds had lower management fees than the Adviser’s recommended management fees for each of AC Funds. The Board observed that the AC Funds benefit from the Adviser’s operational capabilities and experience gained managing the S&L Funds and YB Funds of the Trust. The Board considered that with the AC Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. In addition, the Board considered the size of peer funds and the likelihood that the Adviser would absorb certain operational expenses incurred by each AC Fund through the end of December 31, 2027. After further consideration, the Board determined that the Adviser’s proposed advisory fees for each of the AC Funds was not unreasonable.
The PM Funds
With respect to each of the PM Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board observed that prediction markets are a recent innovation and there are no instances where prediction contracts have been wrapped in an ETF. The Board considered that structuring the PM Funds was highly complex, there were few brokers that would provide institutional access to relevant derivative contracts, and the Adviser was taking entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. After consideration, the Board determined that the Adviser’s proposed advisory fees for each of the PM Funds was not unreasonable.
Based on the information presented and the discussions at the 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.
| 32 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
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 agreements were 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 was in the best interest of the Trust. At the Meeting, the Board, including the Independent Trustees, unanimously approved the Agreements as to each of the Funds.
Annual Report | June 30, 2026 | 33 |
GraniteShares Autocallable ETF
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 Autocallable ETF.
Table of Contents
| GraniteShares 2x Long BABA Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 74,518,266 | (a) | |
| NET ASSETS (100.00%) | $ | 74,518,266 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation |
Notional Amount | Floating Rate Index |
Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Clear Street, LLC | Alibaba Group Holding, Ltd. | $ | 60,082,499 | OBFR01 | 125 bps | Monthly | Receive | 01/19/2028 | $ | 64,302,089 | $ | 4,219,590 | ||||||||||||
| TD Cowen | Alibaba Group Holding, Ltd. | 51,658,375 | SOFRRATE | 200 bps | Monthly | Receive | 07/29/2027 | 56,753,550 | 5,095,175 | |||||||||||||||
| Wells Fargo | Alibaba Group Holding, Ltd. | 31,166,952 | FEDL01 | 200 bps | At Termination | Receive | 04/13/2027 | 28,112,542 | (3,054,410 | ) | ||||||||||||||
| TOTAL | $ | 142,907,826 | $ | 149,168,181 | $ | 6,260,355 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 1 |
| GraniteShares 2x Long META Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal
Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 10.12%(a) | ||||||||
| United States Treasury Bill, 3.798% , 07/02/2026 | $ | 20,000,000 | $ | 19,998,006 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $19,998,031) | 19,998,006 | |||||||
| TOTAL INVESTMENTS - 10.12% | ||||||||
| (Cost $19,998,031) | $ | 19,998,006 | ||||||
| Other Assets In Excess Of Liabilities - 89.88% | 177,623,214 | (b) | ||||||
| NET ASSETS (100.00%) | $ | 197,621,220 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation |
Notional Amount | Floating Rate Index |
Spread | Payment Frequency |
Pay/Receive | Termination Date |
Value | Net Unrealized Appreciation | |||||||||||||||
| Clear Street, LLC | Meta Platforms, Inc. | $ | 127,000,587 | OBFR01 | 100 bps | Monthly | Receive | 10/19/2027 | $ | 137,261,381 | $ | 10,260,794 | ||||||||||||
| Goldman Sachs | Meta Platforms, Inc. | 84,127,779 | SOFRRATE | 200 bps | Monthly | Receive | 07/09/2027 | 81,116,576 | (3,011,203 | ) | ||||||||||||||
| Morgan Stanley | Meta Platforms, Inc. | 101,521,392 | SOFRRATE | 350 bps | Monthly | Receive | 12/21/2026 | 100,539,379 | (982,013 | ) | ||||||||||||||
| TD Cowen | Meta Platforms, Inc. | 75,562,456 | SOFRRATE | 200 bps | Monthly | Receive | 07/29/2027 | 77,028,218 | 1,465,762 | |||||||||||||||
| TOTAL | $ | 388,212,214 | $ | 395,945,554 | $ | 7,733,340 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 2 | www.graniteshares.com |
| GraniteShares 2x Long NVDA Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal
Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 323.95%(a) | ||||||||
| United States Treasury Bill, 3.798% , 07/02/2026 | $ | 150,000,000 | $ | 149,985,042 | ||||
| United States Treasury Bill, 3.372% , 07/21/2026 | 13,000,000,000 | 12,974,027,040 | ||||||
TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $13,125,628,299) | 13,124,012,082 | |||||||
| TOTAL INVESTMENTS - 323.95% | ||||||||
| (Cost $13,125,628,299) | $ | 13,124,012,082 | ||||||
| Liabilities In Excess Of Other Assets - (223.95%) | (9,072,637,224 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 4,051,374,858 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Bank of America | NVIDIA Corp. | $ | 31,278 | OBFR01 | 300 bps | Monthly | Receive | 01/29/2027 | $ | 60,027 | $ | 28,749 | ||||||||||||
| BMO Capital | NVIDIA Corp. | 68,504,982 | SOFRRATE | 375 bps | At Termination | Receive | 05/03/2027 | 140,363,135 | 71,858,153 | |||||||||||||||
| Cantor Fitzgerald | NVIDIA Corp. | 221,029,637 | OBFR01 | 350 bps | Monthly | Receive | 08/10/2026 | 219,138,568 | (1,891,069 | ) | ||||||||||||||
| Clear Street, LLC | NVIDIA Corp. | 1,973,347,649 | OBFR01 | 625 bps | Monthly | Receive | 10/19/2027 | 5,078,718,395 | 3,105,370,746 | |||||||||||||||
| Goldman Sachs | NVIDIA Corp. | 207,195,805 | SOFRRATE | 300 bps | Monthly | Receive | 06/11/2027 | 199,409,694 | (7,786,111 | ) | ||||||||||||||
| Natixis SA | NVIDIA Corp. | 613,700,791 | FEDL01 | 450 bps | Monthly | Receive | 11/30/2026 | 1,401,222,266 | 787,521,475 | |||||||||||||||
| Nomura Holdings, Inc. | NVIDIA Corp. | 724,317,736 | SOFRRATE | 375 bps | Monthly | Receive | 07/19/2027 | 715,121,660 | (9,196,076 | ) | ||||||||||||||
| TD Cowen | NVIDIA Corp. | 9,766 | SOFRRATE | 200 bps | Monthly | Receive | 07/29/2027 | 20,009 | 10,243 | |||||||||||||||
| Wells Fargo | NVIDIA Corp. | 89,073,765 | FEDL01 | 300 bps | At Termination | Receive | 01/05/2027 | 361,440,575 | 272,366,810 | |||||||||||||||
| TOTAL | $ | 3,897,211,409 | $ | 8,115,494,329 | $ | 4,218,282,920 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 3 |
| GraniteShares 2x Long AAPL Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal
Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 233.93%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 43,000,000 | $ | 42,905,321 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $42,910,954) | 42,905,321 | |||||||
| TOTAL INVESTMENTS - 233.93% | ||||||||
| (Cost $42,910,954) | $ | 42,905,321 | ||||||
| Liabilities In Excess Of Other Assets - (133.93%) | (24,564,402 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 18,340,919 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
Counterparty | Reference Entity/Obligation |
Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| TD Cowen | Apple, Inc. | $ | 25,935,207 | SOFRRATE | 100 bps | Monthly | Receive | 07/29/2027 | $ | 36,712,550 | $ | 10,777,343 | ||||||||||||
| TOTAL | $ | 25,935,207 | $ | 36,712,550 | $ | 10,777,343 | ||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 4 | www.graniteshares.com |
| GraniteShares 2x Long COIN Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal
Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 3.64%(a) | ||||||||
| United States Treasury Bill, 3.920% , 07/02/2026 | $ | 20,000,000 | $ | 19,998,006 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $19,998,040) | 19,998,006 | |||||||
| TOTAL INVESTMENTS - 3.64% | ||||||||
| (Cost $19,998,040) | $ | 19,998,006 | ||||||
| Other Assets In Excess Of Liabilities - 96.36% | 529,470,289 | (b) | ||||||
NET ASSETS (100.00%) | $ | 549,468,295 | ||||||
| (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 Depreciation | |||||||||||||||
| BMO Capital | Coinbase Global, Inc. | $ | 131,416,618 | SOFRRATE | 600 bps | At Termination | Receive | 10/07/2026 | $ | 119,864,836 | $ | (11,551,782 | ) | |||||||||||
| BMO Capital | Coinbase Global, Inc. | 42,136,620 | SOFRRATE | 600 bps | At Termination | Receive | 04/18/2028 | 33,565,224 | (8,571,396 | ) | ||||||||||||||
| Clear Street, LLC | Coinbase Global, Inc. | 375,523,518 | OBFR01 | 700 bps | Monthly | Receive | 01/11/2028 | 336,342,257 | (39,181,261 | ) | ||||||||||||||
| Goldman Sachs | Coinbase Global, Inc. | 172,135,800 | SOFRRATE | 600 bps | Monthly | Receive | 07/06/2027 | 165,121,605 | (7,014,195 | ) | ||||||||||||||
| Natixis SA | Coinbase Global, Inc. | 108,220,125 | FEDL01 | 750 bps | Monthly | Receive | 02/26/2027 | 97,654,920 | (10,565,205 | ) | ||||||||||||||
| Nomura Holdings, Inc. | Coinbase Global, Inc. | 171,910,959 | SOFRRATE | 950 bps | Monthly | Receive | 07/19/2027 | 165,743,351 | (6,167,608 | ) | ||||||||||||||
| TD Cowen | Coinbase Global, Inc. | 186,807,631 | SOFRRATE | 200 bps | Monthly | Receive | 07/29/2027 | 179,111,988 | (7,695,643 | ) | ||||||||||||||
| TOTAL | $ | 1,188,151,271 | $ | 1,097,404,181 | $ | (90,747,090 | ) | |||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 5 |
| GraniteShares 1.25x Long TSLA Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 181.66%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 22,500,000 | $ | 22,450,459 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $22,453,406) | 22,450,459 | |||||||
| TOTAL INVESTMENTS - 181.66% | ||||||||
| (Cost $22,453,406) | $ | 22,450,459 | ||||||
| Liabilities In Excess Of Other Assets - (81.66%) | (10,092,232 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 12,358,227 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
Counterparty | Reference Entity/Obligation |
Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| TD Cowen | Tesla, Inc. | $ | 9,122,049 | SOFRRATE | 100 bps | Monthly | Receive | 07/29/2027 | $ | 15,466,303 | $ | 6,344,254 | ||||||||||||
| TOTAL | $ | 9,122,049 | $ | 15,466,303 | $ | 6,344,254 | ||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 6 | www.graniteshares.com |
| GraniteShares 2x Short NVDA Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 60,726,077 | (a) | |
| NET ASSETS (100.00%) | $ | 60,726,077 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
Counterparty | Reference Entity/Obligation |
Notional Amount | Floating Rate Index | Spread | Payment Frequency |
Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Clear Street, LLC | NVIDIA Corp. | $ | (87,742,723 | ) | OBFR01 | (30) bps | Monthly | Pay | 01/19/2028 | $ | (83,797,692 | ) | $ | 3,945,031 | ||||||||||
| Goldman Sachs | NVIDIA Corp. | (15,616,621 | ) | SOFRRATE | (40) bps | Monthly | Pay | 06/01/2027 | (14,026,309 | ) | 1,590,312 | |||||||||||||
| TD Cowen | NVIDIA Corp. | (25,821,251 | ) | SOFRRATE | (100) bps | Monthly | Pay | 07/29/2027 | (23,630,629 | ) | 2,190,622 | |||||||||||||
| TOTAL | $ | (129,180,595 | ) | $ | (121,454,630 | ) | $ | 7,725,965 | ||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 7 |
| GraniteShares 2x Long TSLA Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 92.74%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 99,700,000 | $ | 99,480,478 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $99,493,538) | 99,480,478 | |||||||
| TOTAL INVESTMENTS - 92.74% | ||||||||
| (Cost $99,493,538) | $ | 99,480,478 | ||||||
| Other Assets In Excess Of Liabilities - 7.26% | 7,779,974 | (b) | ||||||
| NET ASSETS (100.00%) | $ | 107,260,452 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index |
Spread | Payment Frequency | Pay/Receive | Termination Date |
Value | Net Unrealized Appreciation | |||||||||||||||
| Bank of America | Tesla, Inc. | $ | 7,053,148 | OBFR01 | 300 bps | Monthly | Receive | 07/30/2027 | $ | 13,290,960 | $ | 6,237,812 | ||||||||||||
| Clear Street, LLC | Tesla, Inc. | 123,734 | OBFR01 | 125 bps | Monthly | Receive | 08/25/2026 | 168,240 | 44,506 | |||||||||||||||
| J.P. Morgan | Tesla, Inc. | 31,536,116 | OBFR01 | 350 bps | At Termination | Receive | 04/22/2027 | 33,605,940 | 2,069,824 | |||||||||||||||
| TD Cowen | Tesla, Inc. | 47,184,713 | SOFRRATE | 200 bps | Monthly | Receive | 07/29/2027 | 84,708,840 | 37,524,127 | |||||||||||||||
| Wells Fargo | Tesla, Inc. | 46,134,660 | FEDL01 | 200 bps | At Termination | Receive | 03/30/2027 | 82,984,380 | 36,849,720 | |||||||||||||||
| TOTAL | $ | 132,032,371 | $ | 214,758,360 | $ | 82,725,989 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 8 | www.graniteshares.com |
| GraniteShares 2x Short TSLA Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 39,023,823 | (a) | |
| NET ASSETS (100.00%) | $ | 39,023,823 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency |
Pay/Receive | Termination Date |
Value | Net Unrealized Appreciation | |||||||||||||||
| Bank of America | Tesla, Inc. | $ | (48,757,209 | ) | OBFR01 | (100) bps | Monthly | Pay | 07/30/2027 | $ | (45,550,980 | ) | $ | 3,206,229 | ||||||||||
| Cantor Fitzgerald | Tesla, Inc. | (36,101,257 | ) | OBFR01 | (350) bps | Monthly | Pay | 04/03/2028 | (32,302,080 | ) | 3,799,177 | |||||||||||||
| Clear Street, LLC | Tesla, Inc. | (39,242 | ) | OBFR01 | (30) bps | Monthly | Pay | 07/18/2028 | (42,060 | ) | (2,818 | ) | ||||||||||||
| Goldman Sachs | Tesla, Inc. | (35,242 | ) | SOFRRATE | (40) bps | Monthly | Pay | 05/14/2027 | (42,060 | ) | (6,818 | ) | ||||||||||||
| TD Cowen | Tesla, Inc. | (136,331 | ) | SOFRRATE | (100) bps | Monthly | Pay | 07/29/2027 | (126,180 | ) | 10,151 | |||||||||||||
| TOTAL | $ | (85,069,281 | ) | $ | (78,063,360 | ) | $ | 7,005,921 | ||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 9 |
| GraniteShares 2x Long AMD Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 207.20%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 3,450,000,000 | $ | 3,442,403,686 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $3,442,855,636) | 3,442,403,686 | |||||||
| TOTAL INVESTMENTS - 207.20% | ||||||||
| (Cost $3,442,855,636) | $ | 3,442,403,686 | ||||||
| Liabilities In Excess Of Other Assets - (107.20%) | (1,781,031,277 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 1,661,372,409 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| BMO Capital | Advanced Micro Devices, Inc. | $ | 405,806,920 | SOFRRATE | 300 bps | At Termination | Receive | 04/25/2028 | $ | 627,382,800 | $ | 221,575,880 | ||||||||||||
| Cantor Fitzgerald | Advanced Micro Devices, Inc. | 91,970,544 | OBFR01 | 2400 bps | Monthly | Receive | 06/07/2027 | 638,768,636 | 546,798,092 | |||||||||||||||
| Clear Street, LLC | Advanced Micro Devices, Inc. | 161,293,419 | OBFR01 | 100 bps | Monthly | Receive | 07/18/2028 | 401,699,265 | 240,405,846 | |||||||||||||||
| Nomura Holdings, Inc. | Advanced Micro Devices, Inc. | 219,932,333 | SOFRRATE | 275 bps | Monthly | Receive | 07/19/2027 | 642,893,097 | 422,960,764 | |||||||||||||||
| TD Cowen | Advanced Micro Devices, Inc. | 69,063,900 | SOFRRATE | 3500 bps | Monthly | Receive | 07/29/2027 | 422,902,480 | 353,838,580 | |||||||||||||||
| Wells Fargo | Advanced Micro Devices, Inc. | 475,655,430 | FEDL01 | 200 bps | At Termination | Receive | 03/29/2027 | 595,432,750 | 119,777,320 | |||||||||||||||
| TOTAL | $ | 1,423,722,546 | $ | 3,329,079,028 | $ | 1,905,356,482 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 10 | www.graniteshares.com |
| GraniteShares 2x Long AMZN Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 102.67%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 46,500,000 | $ | 46,397,615 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $46,403,706) | 46,397,615 | |||||||
| TOTAL INVESTMENTS - 102.67% | ||||||||
| (Cost $46,403,706) | $ | 46,397,615 | ||||||
| Liabilities In Excess Of Other Assets - (2.67%) | (1,208,555 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 45,189,060 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| TD Cowen | Amazon.com, Inc. | $ | 74,421,224 | SOFRRATE | 100 bps | Monthly | Receive | 07/29/2027 | $ | 90,531,304 | $ | 16,110,080 | ||||||||||||
| TOTAL | $ | 74,421,224 | $ | 90,531,304 | $ | 16,110,080 | ||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 11 |
| GraniteShares 2x Long MSFT Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 125,577,456 | (a) | |
| NET ASSETS (100.00%) | $ | 125,577,456 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Depreciation | |||||||||||||||
| Bank of America | Microsoft Corp. | $ | 148,265,905 | OBFR01 | 275 bps | Monthly | Receive | 03/31/2027 | $ | 143,276,982 | $ | (4,988,923 | ) | |||||||||||
| TD Cowen | Microsoft Corp. | 114,476,661 | SOFRRATE | 100 bps | Monthly | Receive | 07/29/2027 | 108,047,108 | (6,429,553 | ) | ||||||||||||||
| TOTAL | $ | 262,742,566 | $ | 251,324,090 | $ | (11,418,476 | ) | |||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 12 | www.graniteshares.com |
| GraniteShares 2x Short COIN Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS – 524.51% ⁽ᵃ⁾ | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 83,900,000 | $ | 83,715,266 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $83,726,257) | 83,715,266 | |||||||
| TOTAL INVESTMENTS – 524.51% | ||||||||
| (Cost $83,726,257) | $ | 83,715,266 | ||||||
| Liabilities In Excess Of Other Assets – (424.51%) | (67,754,472 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 15,960,794 | ||||||
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Marex Derivative Products, Inc. | Coinbase Global, Inc. | $ | (23,451,148 | ) | OBFR01 | (350) bps | Monthly | Pay | 07/09/2027 | $ | (20,110,189 | ) | $ | 3,340,959 | ||||||||||
| Nomura Holdings, Inc. | Coinbase Global, Inc. | (29,544,483 | ) | SOFRRATE | (1400) bps | Monthly | Pay | 09/02/2026 | (11,812,152 | ) | 17,732,331 | |||||||||||||
| TOTAL | $ | (52,995,631 | ) | $ | (31,922,341 | ) | $ | 21,073,290 | ||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 13 |
| GraniteShares 2x Long PLTR Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS – 110.61% ⁽ᵃ⁾ | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 329,000,000 | $ | 328,275,598 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $328,318,697) | 328,275,598 | |||||||
| TOTAL INVESTMENTS – 110.61% | ||||||||
| (Cost $328,318,697) | $ | 328,275,598 | ||||||
| Liabilities In Excess Of Other Assets – (10.61%) | (31,500,966 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 296,774,632 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| BMO Capital | Palantir Technologies, Inc. | $ | 75,278,232 | SOFRRATE | 750 bps | At Termination | Receive | 12/01/2026 | $ | 135,230,214 | $ | 59,951,982 | ||||||||||||
| Clear Street, LLC | Palantir Technologies, Inc. | 139,041,374 | OBFR01 | 250 bps | Monthly | Receive | 01/19/2028 | 249,615,465 | 110,574,091 | |||||||||||||||
| Nomura Holdings, Inc. | Palantir Technologies, Inc. | 37,861,984 | SOFRRATE | 375 bps | Monthly | Receive | 04/12/2027 | 39,107,784 | 1,245,800 | |||||||||||||||
| TD Cowen | Palantir Technologies, Inc. | 88,861,379 | SOFRRATE | 700 bps | Monthly | Receive | 07/29/2027 | 144,453,910 | 55,592,531 | |||||||||||||||
| Wells Fargo | Palantir Technologies, Inc. | 24,924,487 | FEDL01 | 250 bps | At Termination | Receive | 05/11/2027 | 25,037,382 | 112,895 | |||||||||||||||
| TOTAL | $ | 365,967,456 | $ | 593,444,755 | $ | 227,477,299 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 14 | www.graniteshares.com |
| GraniteShares 2x Long UBER Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS – 2.86% ⁽ᵃ⁾ | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 600,000 | $ | 598,679 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $598,758) | 598,679 | |||||||
| TOTAL INVESTMENTS – 2.86% | ||||||||
| (Cost $598,758) | $ | 598,679 | ||||||
| Other Assets In Excess Of Liabilities – 97.14% | 20,364,231 | (b) | ||||||
| NET ASSETS (100.00%) | $ | 20,962,910 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| TD Cowen | Uber Technologies, Inc. | $ | 38,412,609 | SOFRRATE | 100 bps | Monthly | Receive | 07/29/2027 | $ | 41,788,650 | $ | 3,376,041 | ||||||||||||
| TOTAL | $ | 38,412,609 | $ | 41,788,650 | $ | 3,376,041 | ||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 15 |
| GraniteShares 2x Long MU Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS – 171.88% ⁽ᵃ⁾ | ||||||||
| United States Treasury Bill, 3.854% , 07/02/2026 | $ | 85,000,000 | $ | 84,991,524 | ||||
| United States Treasury Bill, 3.389% , 07/23/2026 | 2,560,000,000 | 2,554,363,315 | ||||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $2,639,690,313) | 2,639,354,839 | |||||||
| TOTAL INVESTMENTS – 171.88% | ||||||||
| (Cost $2,639,690,313) | $ | 2,639,354,839 | ||||||
| Liabilities In Excess Of Other Assets – (71.88%) | (1,103,731,424 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 1,535,623,415 | ||||||
| (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 | |||||||||||||||
| Goldman Sachs | Micron Technology, Inc. | $ | 419,891,360 | SOFRRATE | 375 bps | Monthly | Receive | 06/08/2027 | $ | 691,419,710 | $ | 271,528,350 | ||||||||||||
| HSBC Holdings PLC | Micron Technology, Inc. | 408,045,183 | SOFRRATE | 1035 bps | Monthly | Receive | 06/22/2027 | 490,457,821 | 82,412,638 | |||||||||||||||
| Morgan Stanley | Micron Technology, Inc. | 227,893,583 | SOFRRATE | 700 bps | Monthly | Receive | 02/26/2027 | 538,591,714 | 310,698,131 | |||||||||||||||
| Nomura Holdings, Inc. | Micron Technology, Inc. | 188,586,225 | SOFRRATE | 650 bps | Monthly | Receive | 01/12/2027 | 930,549,352 | 741,963,127 | |||||||||||||||
| Wells Fargo | Micron Technology, Inc. | 400,507,106 | FEDL01 | 200 bps | At Termination | Receive | 07/15/2027 | 419,122,699 | 18,615,593 | |||||||||||||||
| TOTAL | $ | 1,644,923,457 | $ | 3,070,141,296 | $ | 1,425,217,839 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 16 | www.graniteshares.com |
| GraniteShares 2x Long TSM Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS – 346.53% ⁽ᵃ⁾ | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 223,800,000 | $ | 223,307,230 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $223,336,548) | 223,307,230 | |||||||
| TOTAL INVESTMENTS – 346.53% | ||||||||
| (Cost $223,336,548) | $ | 223,307,230 | ||||||
| Liabilities In Excess Of Other Assets – (246.53%) | (158,866,542 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 64,440,688 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Nomura Holdings, Inc. | Taiwan Semiconductor Manufacturing Co., Ltd | $ | 75,773,215 | SOFRRATE | 350 bps | Monthly | Receive | 01/12/2027 | $ | 128,987,359 | $ | 53,214,144 | ||||||||||||
| TOTAL | $ | 75,773,215 | $ | 128,987,359 | $ | 53,214,144 | ||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 17 |
| GraniteShares 2x Long CRWD Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS – 474.75% ⁽ᵃ⁾ | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 252,200,000 | $ | 251,644,698 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $251,677,736) | 251,644,698 | |||||||
| TOTAL INVESTMENTS – 474.75% | ||||||||
| (Cost $251,677,736) | $ | 251,644,698 | ||||||
| Liabilities In Excess Of Other Assets – (374.75%) | (198,639,486 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 53,005,212 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Nomura Holdings, Inc. | Crowdstrike Holdings, Inc. | $ | 50,830,558 | SOFRRATE | 600 bps | Monthly | Receive | 01/12/2027 | $ | 105,964,278 | $ | 55,133,720 | ||||||||||||
| TOTAL | $ | 50,830,558 | $ | 105,964,278 | $ | 55,133,720 | ||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 18 | www.graniteshares.com |
| GraniteShares 2x Long SMCI Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 39,220,767 | (a) | |
| NET ASSETS (100.00%) | $ | 39,220,767 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Cantor Fitzgerald | Super Micro Computer, Inc. | $ | 2,223 | OBFR01 | 1600 bps | Monthly | Receive | 04/26/2027 | $ | 2,933 | $ | 710 | ||||||||||||
| Clear Street, LLC | Super Micro Computer, Inc. | 44,876,002 | OBFR01 | 600 bps | Monthly | Receive | 08/08/2028 | 44,540,538 | (335,464 | ) | ||||||||||||||
| Marex Derivative Products, Inc. | Super Micro Computer, Inc. | 13,542,767 | OBFR01 | 500 bps | Monthly | Receive | 03/28/2028 | 19,164,222 | 5,621,455 | |||||||||||||||
| Nomura Holdings, Inc. | Super Micro Computer, Inc. | 11,479,898 | SOFRRATE | 1500 bps | Monthly | Receive | 04/27/2027 | 14,578,154 | 3,098,256 | |||||||||||||||
| TOTAL | $ | 69,900,890 | $ | 78,285,847 | $ | 8,384,957 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 19 |
| GraniteShares 2x Long QCOM Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 136,171,312 | (a) | |
| NET ASSETS (100.00%) | $ | 136,171,312 |
| (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 | ||||||||||||||
| Nomura Holdings, Inc. | QUALCOMM, Inc. | $ | 139,258,882 | SOFRRATE | 375 bps | Monthly | Receive | 06/07/2027 | $ | 123,975,611 | $ | (15,283,271 | ) | ||||||||||
| TD Cowen | QUALCOMM, Inc. | 140,547,109 | SOFRRATE | 300 bps | Monthly | Receive | 07/29/2027 | 148,277,344 | 7,730,235 | ||||||||||||||
| TOTAL | $ | 279,805,991 | $ | 272,252,955 | $ | (7,553,036 | ) | ||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 20 | www.graniteshares.com |
| GraniteShares 2x Long DELL Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 344.11%(a) | ||||||||
| United States Treasury Bill, 3.389%, 07/23/2026 | $ | 553,800,000 | $ | 552,580,627 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $552,653,174) | 552,580,627 | |||||||
| TOTAL INVESTMENTS - 344.11% | ||||||||
| (Cost $552,653,174) | $ | 552,580,627 | ||||||
| Liabilities In Excess Of Other Assets - (244.11%) | (391,996,243 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 160,584,384 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Bank of America | Dell Technologies, Inc. | $ | 42,844,973 | OBFR01 | 300 bps | Monthly | Receive | 06/30/2027 | $ | 45,130,716 | $ | 2,285,743 | ||||||||||||
| TD Cowen | Dell Technologies, Inc. | 143,635,883 | SOFRRATE | 300 bps | Monthly | Receive | 07/29/2027 | 275,836,693 | 132,200,810 | |||||||||||||||
| TOTAL | $ | 186,480,856 | $ | 320,967,409 | $ | 134,486,553 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 21 |
| GraniteShares 2x Long INTC Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 219.49%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 1,779,400,000 | $ | 1,775,482,064 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $1,775,715,165) | 1,775,482,064 | |||||||
| TOTAL INVESTMENTS - 219.49% | ||||||||
| (Cost $1,775,715,165) | $ | 1,775,482,064 | ||||||
| Liabilities In Excess Of Other Assets - (119.49%) | (966,566,838 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 808,915,226 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | ||||||||||||||
| Cantor Fitzgerald | Intel Corp. | $ | 253,266,064 | OBFR01 | 1000 bps | Monthly | Receive | 10/27/2026 | $ | 475,946,867 | $ | 222,680,803 | |||||||||||
| TD Cowen | Intel Corp. | 214,550,053 | SOFRRATE | 1675 bps | Monthly | Receive | 07/29/2027 | 679,621,099 | 465,071,046 | ||||||||||||||
| Wells Fargo | Intel Corp. | 386,695,523 | FEDL01 | 200 bps | At Termination | Receive | 06/21/2027 | 462,105,485 | 75,409,962 | ||||||||||||||
| TOTAL | $ | 854,511,640 | $ | 1,617,673,451 | $ | 763,161,811 | |||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 22 | www.graniteshares.com |
| GraniteShares 2x Long MARA Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 276.49%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 200,200,000 | $ | 199,759,194 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $199,785,420) | 199,759,194 | |||||||
| TOTAL INVESTMENTS - 276.49% | ||||||||
| (Cost $199,785,420) | $ | 199,759,194 | ||||||
| Liabilities In Excess Of Other Assets - (176.49%) | (127,509,890 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 72,249,304 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Cantor Fitzgerald | MARA Holdings, Inc. | $ | 1,014 | OBFR01 | 1600 bps | Monthly | Receive | 12/22/2026 | $ | 1,389 | $ | 375 | ||||||||||||
| Clear Street, LLC | MARA Holdings, Inc. | 21,448,428 | OBFR01 | 200 bps | Monthly | Receive | 08/19/2026 | 36,855,726 | 15,407,298 | |||||||||||||||
| Marex Derivative Products, Inc. | MARA Holdings, Inc. | 54,343,906 | OBFR01 | 550 bps | Monthly | Receive | 04/06/2029 | 107,913,118 | 53,569,212 | |||||||||||||||
| Natixis SA | MARA Holdings, Inc. | 9,620 | FEDL01 | 1100 bps | Monthly | Receive | 11/02/2026 | 6,945 | (2,675 | ) | ||||||||||||||
| Nomura Holdings, Inc. | MARA Holdings, Inc. | 10,123 | SOFRRATE | 1750 bps | Monthly | Receive | 11/16/2026 | 6,945 | (3,178 | ) | ||||||||||||||
| TOTAL | $ | 75,813,091 | $ | 144,784,123 | $ | 68,971,032 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
FEDL - Federal Funds Effective Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 23 |
| GraniteShares 2x Long MRVL Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 152.96%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 1,584,600,000 | $ | 1,581,110,980 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $1,581,318,562) | 1,581,110,980 | |||||||
| TOTAL INVESTMENTS - 152.96% | ||||||||
| (Cost $1,581,318,562) | $ | 1,581,110,980 | ||||||
| Liabilities In Excess Of Other Assets - (52.96%) | (547,426,480 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 1,033,684,500 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | ||||||||||||||||
| Cantor Fitzgerald | Marvell Technology, Inc. | $ | 598,412,879 | OBFR01 | 1950 bps | Monthly | Receive | 10/05/2026 | $ | 889,142,072 | $ | 290,729,193 | |||||||||||||
| Clear Street, LLC | Marvell Technology, Inc. | 144,206,054 | OBFR01 | 350 bps | Monthly | Receive | 08/08/2028 | 153,919,763 | 9,713,709 | ||||||||||||||||
| HSBC Holdings PLC | Marvell Technology, Inc. | 175,886,128 | SOFRRATE | 1000 bps | Monthly | Receive | 06/29/2027 | 254,398,060 | 78,511,932 | ||||||||||||||||
| Marex Derivative Products, Inc. | Marvell Technology, Inc. | 278,805,536 | OBFR01 | 700 bps | Monthly | Receive | 04/06/2029 | 745,378,570 | 466,573,034 | ||||||||||||||||
| National Bank of Canada | Marvell Technology, Inc. | 22,939,277 | OBFR01 | 600 bps | At Termination | Receive | 06/30/2031 | 23,652,466 | 713,189 | ||||||||||||||||
| Nomura Holdings, Inc. | Marvell Technology, Inc. | 29,088 | SOFRRATE | 500 bps | Monthly | Receive | 07/02/2027 | 29,789 | 701 | ||||||||||||||||
| TOTAL | $ | 1,220,278,962 | $ | 2,066,520,720 | $ | 846,241,758 | |||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| 24 | www.graniteshares.com |
| GraniteShares 2x Long IONQ Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 371.43%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 323,800,000 | $ | 323,087,047 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $323,129,465) | 323,087,047 | |||||||
| TOTAL INVESTMENTS - 371.43% | ||||||||
| (Cost $323,129,465) | $ | 323,087,047 | ||||||
| Liabilities In Excess Of Other Assets - (271.43%) | (236,103,361 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 86,983,686 | ||||||
| (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 | ||||||||||||||
| BofA Securities, Inc | IonQ, Inc. | $ | 13,036,775 | OBFR01 | 100 bps | Monthly | Receive | 08/02/2027 | $ | 12,918,799 | $ | (117,976 | ) | ||||||||||
| Marex Derivative Products, Inc. | IonQ, Inc. | 87,429,287 | OBFR01 | 600 bps | Monthly | Receive | 07/26/2028 | 161,027,562 | 73,598,275 | ||||||||||||||
| TOTAL | $ | 100,466,062 | $ | 173,946,361 | $ | 73,480,299 | |||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 25 |
| GraniteShares 2x Long VRT Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 268.38%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 236,800,000 | $ | 236,278,607 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $236,309,627) | 236,278,607 | |||||||
| TOTAL INVESTMENTS - 268.38% | ||||||||
| (Cost $236,309,627) | $ | 236,278,607 | ||||||
| Liabilities In Excess Of Other Assets - (168.38%) | (148,238,599 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 88,040,008 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | ||||||||||||||||||
| Marex Derivative Products, Inc. | Vertiv Holdings Co. | $ | 116,827,114 | OBFR01 | 400 bps | Monthly | Receive | 07/26/2028 | $ | 176,044,673 | $ | 59,217,559 | |||||||||||||||
| TOTAL | $ | 116,827,114 | $ | 176,044,673 | $ | 59,217,559 | |||||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| 26 | www.graniteshares.com |
| GraniteShares 2x Long RDDT Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 186.95%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 106,400,000 | $ | 106,165,725 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $106,179,664) | 106,165,725 | |||||||
| TOTAL INVESTMENTS - 186.95% | ||||||||
| (Cost $106,179,664) | $ | 106,165,725 | ||||||
| Liabilities In Excess Of Other Assets - (86.95%) | (49,377,061 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 56,788,664 | ||||||
| (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. | $ | 83,039,816 | OBFR01 | 400 bps | Monthly | Receive | 07/26/2028 | $ | 113,516,286 | $ | 30,476,470 | |||||||||||||
| TOTAL | $ | 83,039,816 | $ | 113,516,286 | $ | 30,476,470 | |||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 27 |
| GraniteShares 2x Long LCID Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 165.99%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 10,900,000 | $ | 10,876,000 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $10,877,428) | 10,876,000 | |||||||
| TOTAL INVESTMENTS - 165.99% | ||||||||
| (Cost $10,877,428) | $ | 10,876,000 | ||||||
| Liabilities In Excess Of Other Assets - (65.99%) | (4,323,879 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 6,552,121 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Marex Derivative Products, Inc. | Lucid Group, Inc. | $ | 9,752,043 | OBFR01 | 400 bps | Monthly | Receive | 07/20/2027 | $ | 13,099,341 | $ | 3,347,298 | ||||||||||||
| TOTAL | $ | 9,752,043 | $ | 13,099,341 | $ | 3,347,298 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| 28 | www.graniteshares.com |
| GraniteShares 2x Long RIVN Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 121.35%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 18,600,000 | $ | 18,559,046 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $18,561,483) | 18,559,046 | |||||||
| TOTAL INVESTMENTS - 121.35% | ||||||||
| (Cost $18,561,483) | $ | 18,559,046 | ||||||
| Liabilities In Excess Of Other Assets - (21.35%) | (3,265,135 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 15,293,911 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Marex Derivative Products, Inc. | Rivian Automotive,Inc. | $ | 24,136,469 | OBFR01 | 350 bps | Monthly | Receive | 07/20/2027 | $ | 30,574,881 | $ | 6,438,412 | ||||||||||||
| TOTAL | $ | 24,136,469 | $ | 30,574,881 | $ | 6,438,412 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 29 |
| GraniteShares 2x Long MSTR Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 5,167,479 | (a) | |
| NET ASSETS (100.00%) | $ | 5,167,479 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Marex Derivative Products, Inc. | MicroStrategy, Inc. | $ | 10,188,582 | OBFR01 | 650 bps | Monthly | Receive | 07/10/2026 | $ | 10,328,936 | $ | 140,354 | ||||||||||||
| TOTAL | $ | 10,188,582 | $ | 10,328,936 | $ | 140,354 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| 30 | www.graniteshares.com |
| GraniteShares 2x Long NOW Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 285,662,561 | (a) | |
| NET ASSETS (100.00%) | $ | 285,662,561 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Cantor Fitzgerald | ServiceNow, Inc. | $ | 183,588,756 | OBFR01 | 700 bps | Monthly | Receive | 09/14/2026 | $ | 200,710,603 | $ | 17,121,847 | ||||||||||||
| Marex Derivative Products, Inc. | ServiceNow, Inc. | 341,559,185 | OBFR01 | 450 bps | Monthly | Receive | 05/28/2027 | 370,274,688 | 28,715,503 | |||||||||||||||
| TOTAL | $ | 525,147,941 | $ | 570,985,291 | $ | 45,837,350 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 31 |
| GraniteShares 2x Long PDD Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 63.36%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 4,800,000 | $ | 4,789,431 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $4,790,060) | 4,789,431 | |||||||
| TOTAL INVESTMENTS - 63.36% | ||||||||
| (Cost $4,790,060) | $ | 4,789,431 | ||||||
| Other Assets In Excess Of Liabilities - 36.64% | 2,769,515 | (b) | ||||||
| NET ASSETS (100.00%) | $ | 7,558,946 | ||||||
| (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 Depreciation | |||||||||||||||
| Cantor Fitzgerald | PDD Holdings, Inc. | $ | 17,806,339 | OBFR01 | 700 bps | Monthly | Receive | 08/17/2026 | $ | 15,099,168 | $ | (2,707,171 | ) | |||||||||||
| TOTAL | $ | 17,806,339 | $ | 15,099,168 | $ | (2,707,171 | ) | |||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| 32 | www.graniteshares.com |
| GraniteShares 2x Long AVGO Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 35,650,050 | (a) | |
| NET ASSETS (100.00%) | $ | 35,650,050 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Depreciation | ||||||||||||||||
| Cantor Fitzgerald | Broadcom, Inc. | $ | 72,705,441 | OBFR01 | 450 bps | Monthly | Receive | 08/17/2026 | $ | 71,412,504 | $ | (1,292,937 | ) | ||||||||||||
| TOTAL | $ | 72,705,441 | $ | 71,412,504 | $ | (1,292,937 | ) | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 33 |
| GraniteShares 2x Long ISRG Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 7,144,327 | (a) | |
| NET ASSETS (100.00%) | $ | 7,144,327 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Depreciation | |||||||||||||||
| Clear Street, LLC | Intuitive Surgical, Inc. | $ | 15,393,365 | OBFR01 | 125 bps | Monthly | Receive | 10/19/2027 | $ | 14,287,847 | $ | (1,105,518 | ) | |||||||||||
| TOTAL | $ | 15,393,365 | $ | 14,287,847 | $ | (1,105,518 | ) | |||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| 34 | www.graniteshares.com |
| GraniteShares 2x Long NBIS Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 503.95%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 987,900,000 | $ | 985,724,812 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $985,854,227) | 985,724,812 | |||||||
| TOTAL INVESTMENTS - 503.95% | ||||||||
| (Cost $985,854,227) | $ | 985,724,812 | ||||||
| Liabilities In Excess Of Other Assets - (403.95%) | (790,125,374 | )(b) | ||||||
| NET ASSETS (100.00%) | $ | 195,599,438 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Clear Street, LLC | Nebius Group NV | $ | 187,542,014 | OBFR01 | 600 bps | Monthly | Receive | 10/19/2027 | $ | 391,353,327 | $ | 203,811,313 | ||||||||||||
| TOTAL | $ | 187,542,014 | $ | 391,353,327 | $ | 203,811,313 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 35 |
| GraniteShares 2x Long GOOGL Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 12,063,721 | (a) | |
| NET ASSETS (100.00%) | $ | 12,063,721 |
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Marex Derivative Products, Inc. | Alphabet, Inc. | $ | 22,206,463 | OBFR01 | 250 bps | Monthly | Receive | 01/01/2027 | $ | 24,157,497 | $ | 1,951,034 | ||||||||||||
| TOTAL | $ | 22,206,463 | $ | 24,157,497 | $ | 1,951,034 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| 36 | www.graniteshares.com |
| GraniteShares 2x Long SpaceX Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| SHORT-TERM INVESTMENTS - 0.00% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, 3.552% | ||||||||
| TOTAL SHORT-TERM INVESTMENTS(Cost $25) | $ | 25 | ||||||
| TOTAL INVESTMENTS - 0.00% | ||||||||
| (Cost $25) | $ | 25 | ||||||
| Other Assets In Excess Of Liabilities - 100.00% | 31,277,469 | (a) | ||||||
| NET ASSETS (100.00%) | $ | 31,277,494 | ||||||
| (a) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency | Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| BMO Capital | Space Exploration Technologies Corp | $ | 40,040,564 | SOFRRATE | 600 bps | At Termination | Receive | 06/16/2028 | $ | 44,264,700 | $ | 4,224,136 | ||||||||||||
| Clear Street, LLC | Space Exploration Technologies Corp | 18,087,538 | OBFR01 | 175 bps | Monthly | Receive | 07/25/2028 | 18,129,955 | 42,417 | |||||||||||||||
| TOTAL | $ | 58,128,102 | $ | 62,394,655 | $ | 4,266,553 | ||||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 37 |
| GraniteShares 2x Short SpaceX Daily ETF | Schedule of Investments |
| June 30, 2026 |
| Principal | ||||||||
| Investments | Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 78.03%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 29,800,000 | $ | 29,734,385 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $29,738,289) | 29,734,385 | |||||||
| SHORT-TERM INVESTMENTS - 0.00% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, 3.552% | ||||||||
| TOTAL SHORT-TERM INVESTMENTS(Cost $25) | 25 | |||||||
| TOTAL INVESTMENTS - 78.03% | ||||||||
| (Cost $29,738,314) | $ | 29,734,410 | ||||||
| Other Assets In Excess Of Liabilities - 21.97% | 8,374,637 | (b) | ||||||
| NET ASSETS (100.00%) | $ | 38,109,047 | ||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for total return swap contracts. |
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Reference Entity/Obligation | Notional Amount | Floating Rate Index | Spread | Payment Frequency |
Pay/Receive | Termination Date | Value | Net Unrealized Appreciation | |||||||||||||||
| Clear Street, LLC | Space Exploration Technologies Corp | $ | (86,141,084 | ) | OBFR01 | (450) bps | Monthly | Receive | 07/25/2028 | $ | (76,215,520 | ) | $ | 9,925,564 | ||||||||||
| TOTAL | $ | (86,141,084 | ) | $ | (76,215,520 | ) | $ | 9,925,564 | ||||||||||||||||
Investment Abbreviations:
OBFR - Overnight Bank Funding Rate
| See Notes to Financial Statements. | |
| 38 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| 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 | $ | – | $ | 19,998,031 | $ | 13,125,628,299 | $ | 42,910,954 | $ | 19,998,040 | ||||||||||
| Investments at value | $ | – | $ | 19,998,006 | $ | 13,124,012,082 | $ | 42,905,321 | $ | 19,998,006 | ||||||||||
| Cash | 6,311,088 | 21,024,803 | 1,237,339,280 | 6,479,749 | 7,689,563 | |||||||||||||||
| Cash collateral held for open swap contracts | 63,400,000 | 155,594,142 | 486,213,148 | 640,000 | 688,231,936 | |||||||||||||||
| Due from counterparty | – | – | 101,053,336 | – | – | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 9,314,765 | 11,726,556 | 4,237,156,176 | 10,777,343 | – | |||||||||||||||
| Receivable for shares sold | 553,996 | – | – | 679,270 | 4,259,370 | |||||||||||||||
| Other assets | 5,751 | 13,327 | 147,429 | 587 | 52,095 | |||||||||||||||
| Total Assets | 79,585,600 | 208,356,834 | 19,185,921,451 | 61,482,270 | 720,230,970 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Unrealized depreciation on total return swap contracts | 3,054,410 | 3,993,216 | 18,873,256 | – | 90,747,090 | |||||||||||||||
| Administration payable | 4,452 | 9,274 | 46,832 | 2,104 | 14,971 | |||||||||||||||
| Payable for accounting and legal | 17,908 | 21,410 | 133,264 | 18,649 | 32,384 | |||||||||||||||
| Payable to custodian | 1,508 | 2,117 | 4,982 | 991 | 3,714 | |||||||||||||||
| Payable for investments purchased | – | – | 12,975,643,070 | 42,910,954 | – | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 997 | 1,183 | 2,019 | 908 | 1,631 | |||||||||||||||
| Payable for capital shares redeemed | – | – | 1,021,544,810 | – | – | |||||||||||||||
| Advisory fees payable | 79,516 | 164,012 | 3,633,971 | 18,595 | 439,922 | |||||||||||||||
| Accrued interest payable | – | – | 3,807,363 | 7,104 | – | |||||||||||||||
| Due to Counterparty | 1,903,433 | 6,530,310 | – | 176,636 | 79,486,709 | |||||||||||||||
| Other accrued payables | 4,899 | 13,881 | 6,815 | 5,199 | 36,043 | |||||||||||||||
| Payable for Cash collateral | – | – | 1,110,850,000 | – | – | |||||||||||||||
| Total Liabilities | 5,067,334 | 10,735,614 | 15,134,546,593 | 43,141,351 | 170,762,675 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 74,518,266 | $ | 197,621,220 | $ | 4,051,374,858 | $ | 18,340,919 | $ | 549,468,295 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 100,213,461 | $ | 251,578,823 | $ | – | $ | 7,569,209 | $ | 1,453,964,931 | ||||||||||
| Total distributable earnings/(losses) | (25,695,195 | ) | (53,957,603 | ) | 4,051,374,858 | 10,771,710 | (904,496,636 | ) | ||||||||||||
| NET ASSETS | $ | 74,518,266 | $ | 197,621,220 | $ | 4,051,374,858 | $ | 18,340,919 | $ | 549,468,295 | ||||||||||
| Shares outstanding | 5,380,001 | 9,430,005 | 135,460,018 | 540,001 | 128,990,001 | |||||||||||||||
| Net Asset Value per share | $ | 13.85 | $ | 20.96 | $ | 29.91 | $ | 33.96 | $ | 4.26 | ||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 39 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| 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 | $ | 22,453,406 | $ | – | $ | 99,493,538 | $ | – | $ | 3,442,855,636 | ||||||||||
| Investments at value | $ | 22,450,459 | $ | – | $ | 99,480,478 | $ | – | $ | 3,442,403,686 | ||||||||||
| Cash | 4,397,833 | 1,591,081 | 3,864,916 | 6,612,131 | 28,278,209 | |||||||||||||||
| Cash collateral held for open swap contracts | 1,750,000 | 109,683,325 | 31,660,000 | 26,518,641 | 287,431,187 | |||||||||||||||
| Due from counterparty | – | – | – | – | 190,222,169 | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 6,344,254 | 7,725,965 | 82,725,989 | 7,015,557 | 1,905,356,482 | |||||||||||||||
| Receivable for shares sold | – | 5,047,814 | – | – | 25,642,239 | |||||||||||||||
| Other assets | 507 | 9,072 | 3,711 | 2,882 | 28,166 | |||||||||||||||
| Total Assets | 34,943,053 | 124,057,257 | 217,735,094 | 40,149,211 | 5,879,362,138 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Unrealized depreciation on total return swap contracts | – | – | – | 9,636 | – | |||||||||||||||
| Administration payable | 3,075 | 4,952 | 3,207 | 2,758 | 12,356 | |||||||||||||||
| Payable for accounting and legal | 18,405 | 14,225 | 15,330 | 13,616 | 42,153 | |||||||||||||||
| Payable to custodian | 1,130 | 2,972 | 1,311 | 2,565 | 3,849 | |||||||||||||||
| Payable for investments purchased | 22,453,406 | – | 99,493,538 | – | 3,442,855,636 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 973 | 1,575 | 1,076 | 1,463 | 1,804 | |||||||||||||||
| Payable for capital shares redeemed | – | 14,258,774 | 4,047,312 | – | – | |||||||||||||||
| Advisory fees payable | 9,179 | 70,326 | 109,271 | 42,090 | 1,133,612 | |||||||||||||||
| Accrued interest payable | – | – | – | – | 3,224,439 | |||||||||||||||
| Due to Counterparty | 93,900 | 48,972,955 | 6,799,170 | 1,050,154 | – | |||||||||||||||
| Other accrued payables | 4,547 | 5,190 | 4,216 | 2,895 | 5,669 | |||||||||||||||
| Payable for Cash collateral | – | – | – | – | 770,710,000 | |||||||||||||||
| Total Liabilities | 22,584,826 | 63,331,180 | 110,474,642 | 1,125,388 | 4,217,989,729 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 12,358,227 | $ | 60,726,077 | $ | 107,260,452 | $ | 39,023,823 | $ | 1,661,372,409 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 10,566,451 | $ | 269,069,516 | $ | 31,000,472 | $ | 181,888,939 | $ | – | ||||||||||
| Total distributable earnings/(losses) | 1,791,776 | (208,343,439 | ) | 76,259,980 | (142,865,116 | ) | 1,661,372,409 | |||||||||||||
| NET ASSETS | $ | 12,358,227 | $ | 60,726,077 | $ | 107,260,452 | $ | 39,023,823 | $ | 1,661,372,409 | ||||||||||
| Shares outstanding | 740,001 | 11,667,577 | 4,400,001 | 5,568,982 | 20,080,000 | |||||||||||||||
| Net Asset Value per share | $ | 16.70 | $ | 5.20 | $ | 24.38 | $ | 7.01 | $ | 82.74 | ||||||||||
| See Notes to Financial Statements. | |
| 40 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares 2x Long AMZN Daily ETF | GraniteShares 2x Long MSFT Daily ETF | GraniteShares 2x Long COIN Daily ETF | GraniteShares 2x Long PLTR Daily ETF | GraniteShares 2x Long UBER Daily ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 46,403,706 | $ | – | $ | 83,726,257 | $ | 328,318,697 | $ | 598,758 | ||||||||||
| Investments at value | $ | 46,397,615 | $ | – | $ | 83,715,266 | $ | 328,275,598 | $ | 598,679 | ||||||||||
| Cash | 12,650,205 | 40,567,296 | 1,706,643 | 10,867,856 | 2,509,543 | |||||||||||||||
| Cash collateral held for open swap contracts | 15,433,333 | 102,101,212 | 5,110,000 | 48,314,980 | 15,190,069 | |||||||||||||||
| Due from counterparty | 1,060,034 | – | – | 25,188,825 | – | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 16,110,080 | – | 21,073,290 | 227,477,299 | 3,376,041 | |||||||||||||||
| Receivable for shares sold | – | 1,619,253 | – | 3,475,937 | 449,174 | |||||||||||||||
| Other assets | 2,461 | 11,908 | 598 | 5,918 | 1,526 | |||||||||||||||
| Total Assets | 91,653,728 | 144,299,669 | 111,605,797 | 643,606,413 | 22,125,032 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Unrealized depreciation on total return swap contracts | – | 11,418,476 | – | – | – | |||||||||||||||
| Administration payable | 3,109 | 3,053 | 2,554 | 7,987 | 2,587 | |||||||||||||||
| Payable for accounting and legal | 10,098 | 11,770 | 8,569 | 16,792 | 8,941 | |||||||||||||||
| Payable to custodian | 1,034 | 1,517 | 1,706 | 2,757 | 994 | |||||||||||||||
| Payable for investments purchased | 46,403,706 | – | 83,726,257 | 328,318,697 | 598,758 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 978 | 1,113 | 1,127 | 1,286 | 931 | |||||||||||||||
| Payable for capital shares redeemed | – | 5,740,987 | – | – | – | |||||||||||||||
| Advisory fees payable | 40,840 | 97,839 | 10,935 | 285,338 | 18,465 | |||||||||||||||
| Accrued interest payable | – | – | 35,564 | 146,773 | – | |||||||||||||||
| Due to Counterparty | – | 1,436,755 | 1,225,158 | – | 526,619 | |||||||||||||||
| Other accrued payables | 4,692 | 10,492 | 2,922 | 11,940 | 4,616 | |||||||||||||||
| Payable for Cash collateral | – | – | 10,630,000 | 18,040,000 | – | |||||||||||||||
| Total Liabilities | 46,464,668 | 18,722,213 | 95,645,003 | 346,831,781 | 1,162,122 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 45,189,060 | $ | 125,577,456 | $ | 15,960,794 | $ | 296,774,632 | $ | 20,962,910 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 31,065,612 | $ | 173,249,201 | $ | 8,968,142 | $ | 56,380,515 | $ | 21,651,818 | ||||||||||
| Total distributable earnings/(losses) | 14,123,448 | (47,671,745 | ) | 6,992,652 | 240,394,117 | (688,908 | ) | |||||||||||||
| NET ASSETS | $ | 45,189,060 | $ | 125,577,456 | $ | 15,960,794 | $ | 296,774,632 | $ | 20,962,910 | ||||||||||
| Shares outstanding | 1,470,000 | 8,530,000 | 251,000 | 31,590,015 | 1,400,001 | |||||||||||||||
| Net Asset Value per share | $ | 30.74 | $ | 14.72 | $ | 63.59 | $ | 9.39 | $ | 14.97 | ||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 41 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
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 | $ | 2,639,690,313 | $ | 223,336,548 | $ | 251,677,736 | $ | – | $ | – | ||||||||||
| Investments at value | $ | 2,639,354,839 | $ | 223,307,230 | $ | 251,644,698 | $ | – | $ | – | ||||||||||
| Cash | 104,756,237 | 2,610,979 | 6,168,520 | 1,950,243 | 1,388,342 | |||||||||||||||
| Cash collateral held for open swap contracts | 288,771,856 | 12,580,000 | – | 34,636,530 | 148,443,831 | |||||||||||||||
| Due from counterparty | – | – | – | 72,283 | – | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 1,425,217,839 | 53,214,144 | 55,133,720 | 8,720,421 | 7,730,235 | |||||||||||||||
| Receivable for shares sold | 7,377,324 | – | 32,507 | 1,469,288 | – | |||||||||||||||
| Other assets | 32,571 | 1,296 | 569 | 3,087 | 12,387 | |||||||||||||||
| Total Assets | 4,465,510,666 | 291,713,649 | 312,980,014 | 46,851,852 | 157,574,795 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Unrealized depreciation on total return swap contracts | – | – | – | 335,464 | 15,283,271 | |||||||||||||||
| Administration payable | 2,010 | 1,647 | 1,905 | 3,238 | 1,154 | |||||||||||||||
| Payable for accounting and legal | 40,003 | 9,635 | 9,954 | 9,474 | 12,067 | |||||||||||||||
| Payable to custodian | 1,983 | 1,006 | 1,290 | 2,059 | 880 | |||||||||||||||
| Payable for investments purchased | 2,554,698,675 | 223,336,548 | 251,677,737 | – | – | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 1,337 | 927 | 1,099 | 1,319 | 922 | |||||||||||||||
| Payable for capital shares redeemed | 24,884,610 | – | 2,561,517 | 2,693,695 | – | |||||||||||||||
| Advisory fees payable | 1,411,659 | 59,458 | 67,176 | 45,706 | 183,595 | |||||||||||||||
| Accrued interest payable | 702,533 | – | 83,582 | 37,145 | – | |||||||||||||||
| Due to Counterparty | 34,050,605 | 3,861,130 | 5,567,933 | – | 5,912,958 | |||||||||||||||
| Other accrued payables | 13,632 | 2,399 | 2,398 | 2,774 | 8,425 | |||||||||||||||
| Payable for Cash collateral | 314,079,993 | – | – | 4,500,000 | – | |||||||||||||||
| Total Liabilities | 2,929,887,251 | 227,272,961 | 259,974,802 | 7,631,085 | 21,403,483 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 1,535,623,415 | $ | 64,440,688 | $ | 53,005,212 | $ | 39,220,767 | $ | 136,171,312 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 286,021,449 | $ | 15,654,874 | $ | – | $ | 80,390,973 | $ | 185,275,874 | ||||||||||
| Total distributable earnings/(losses) | 1,249,601,966 | 48,785,814 | 53,005,212 | (41,170,206 | ) | (49,104,562 | ) | |||||||||||||
| NET ASSETS | $ | 1,535,623,415 | $ | 64,440,688 | $ | 53,005,212 | $ | 39,220,767 | $ | 136,171,312 | ||||||||||
| Shares outstanding | 41,630,025 | 700,001 | 830,001 | 3,203,000 | 6,870,001 | |||||||||||||||
| Net Asset Value per share | $ | 36.89 | $ | 92.06 | $ | 63.86 | $ | 12.25 | $ | 19.82 | ||||||||||
| See Notes to Financial Statements. | |
| 42 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
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 | $ | 552,653,174 | $ | 1,775,715,165 | $ | 199,785,420 | $ | 1,581,318,562 | $ | 323,129,465 | ||||||||||
| Investments at value | $ | 552,580,627 | $ | 1,775,482,064 | $ | 199,759,194 | $ | 1,581,110,980 | $ | 323,087,047 | ||||||||||
| Cash | 2,089,948 | 6,645,032 | 1,451,694 | 30,191,597 | 1,398,699 | |||||||||||||||
| Cash collateral held for open swap contracts | 27,221,983 | 222,091,994 | 48,435,066 | 482,784,047 | 69,630,000 | |||||||||||||||
| Due from counterparty | 92,130 | – | – | – | 10,781,445 | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 134,486,553 | 763,161,811 | 68,976,885 | 846,241,758 | 73,598,275 | |||||||||||||||
| Receivable for shares sold | – | – | – | – | 810,352 | |||||||||||||||
| Other assets | 2,430 | 19,212 | 4,270 | 42,388 | 5,964 | |||||||||||||||
| Total Assets | 716,473,671 | 2,767,400,113 | 318,627,109 | 2,940,370,770 | 479,311,782 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Unrealized depreciation on total return swap contracts | – | – | 5,853 | – | 117,976 | |||||||||||||||
| Administration payable | 1,260 | 2,378 | 2,193 | 1,857 | 1,698 | |||||||||||||||
| Payable for accounting and legal | 12,647 | 24,446 | 10,103 | 33,685 | 10,659 | |||||||||||||||
| Payable to custodian | 922 | 1,947 | 1,773 | 1,628 | 1,424 | |||||||||||||||
| Payable for investments purchased | 552,653,174 | 1,775,715,166 | 199,785,420 | 1,581,318,563 | 323,129,465 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 959 | 1,197 | 1,216 | 1,174 | 1,146 | |||||||||||||||
| Payable for capital shares redeemed | 2,996,860 | 26,371,526 | – | 67,328,138 | – | |||||||||||||||
| Advisory fees payable | 217,639 | 725,210 | 83,862 | 1,138,870 | 108,822 | |||||||||||||||
| Accrued interest payable | – | 219,596 | 24,836 | 524,647 | 201,919 | |||||||||||||||
| Due to Counterparty | – | 6,813,533 | 32,005,947 | 47,725,787 | – | |||||||||||||||
| Other accrued payables | 5,615 | 3,978 | 6,391 | 11,710 | 4,776 | |||||||||||||||
| Payable for Cash collateral | – | 148,605,699 | 14,450,000 | 208,600,000 | 68,750,000 | |||||||||||||||
| Total Liabilities | 555,889,287 | 1,958,484,887 | 246,377,805 | 1,906,686,270 | 392,328,096 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 160,584,384 | $ | 808,915,226 | $ | 72,249,304 | $ | 1,033,684,500 | $ | 86,983,686 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 51,354,148 | $ | 108,290,703 | $ | 135,616,946 | $ | 343,304,104 | $ | 84,545,204 | ||||||||||
| Total distributable earnings/(losses) | 109,230,236 | 700,624,523 | (63,367,642 | ) | 690,380,396 | 2,438,482 | ||||||||||||||
| NET ASSETS | $ | 160,584,384 | $ | 808,915,226 | $ | 72,249,304 | $ | 1,033,684,500 | $ | 86,983,686 | ||||||||||
| Shares outstanding | 6,430,008 | 15,950,008 | 1,022,000 | 18,000,003 | 3,220,001 | |||||||||||||||
| Net Asset Value per share | $ | 24.97 | $ | 50.72 | $ | 70.69 | $ | 57.43 | $ | 27.01 | ||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 43 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
GraniteShares 2x Long VRT Daily ETF | GraniteShares 2x Long RDDT Daily ETF | GraniteShares 2x̽Long LCID Daily ETF | GraniteShares 2x Long RIVN Daily ETF | GraniteShares 2x Long MSTR Daily ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 236,309,627 | $ | 106,179,664 | $ | 10,877,428 | $ | 18,561,483 | $ | – | ||||||||||
| Investments at value | $ | 236,278,607 | $ | 106,165,725 | $ | 10,876,000 | $ | 18,559,046 | $ | – | ||||||||||
| Cash | 16,779,785 | 11,144,075 | 679,226 | 2,682,109 | 1,067,137 | |||||||||||||||
| Cash collateral held for open swap contracts | 38,240,000 | 19,450,000 | 2,620,000 | 5,130,000 | 3,920,000 | |||||||||||||||
| Due from counterparty | – | – | – | 2,402,517 | – | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 59,217,559 | 30,476,470 | 3,347,298 | 6,438,412 | 140,354 | |||||||||||||||
| Receivable for shares sold | – | – | – | – | 112,328 | |||||||||||||||
| Other assets | 4,596 | 2,701 | 288 | 665 | 413 | |||||||||||||||
| Total Assets | 350,520,547 | 167,238,971 | 17,522,812 | 35,212,749 | 5,240,232 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Administration payable | 1,161 | 1,974 | 909 | 763 | 1,061 | |||||||||||||||
| Payable for accounting and legal | 10,090 | 9,650 | 8,339 | 8,541 | 8,384 | |||||||||||||||
| Payable to custodian | 1,269 | 1,261 | 1,114 | 955 | 1,220 | |||||||||||||||
| Payable for investments purchased | 236,309,627 | 106,179,664 | 10,877,428 | 18,561,483 | – | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 1,001 | 1,113 | 1,034 | 959 | 1,099 | |||||||||||||||
| Payable for capital shares redeemed | 4,167,352 | 1,047,714 | – | 332,462 | – | |||||||||||||||
| Advisory fees payable | 83,259 | 63,587 | 3,025 | 9,256 | 6,405 | |||||||||||||||
| Accrued interest payable | 65,358 | – | – | 2,932 | – | |||||||||||||||
| Due to Counterparty | 1,638,186 | 3,141,876 | 77,211 | – | 53,039 | |||||||||||||||
| Other accrued payables | 3,025 | 3,257 | 1,420 | 1,276 | 1,334 | |||||||||||||||
| Payable for Cash collateral | 20,200,000 | – | – | 1,000,000 | – | |||||||||||||||
| Total Liabilities | 262,480,539 | 110,450,307 | 10,970,691 | 19,918,838 | 72,753 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 88,040,008 | $ | 56,788,664 | $ | 6,552,121 | $ | 15,293,911 | $ | 5,167,479 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 33,940,158 | $ | 35,243,318 | $ | 21,911,737 | $ | 9,448,852 | $ | 20,105,443 | ||||||||||
| Total distributable earnings/(losses) | 54,099,850 | 21,545,346 | (15,359,616 | ) | 5,845,059 | (14,937,964 | ) | |||||||||||||
| NET ASSETS | $ | 88,040,008 | $ | 56,788,664 | $ | 6,552,121 | $ | 15,293,911 | $ | 5,167,479 | ||||||||||
| Shares outstanding | 1,690,003 | 2,710,001 | 7,230,001 | 460,001 | 460,000 | |||||||||||||||
| Net Asset Value per share | $ | 52.09 | $ | 20.96 | $ | 0.91 | $ | 33.25 | $ | 11.23 | ||||||||||
| See Notes to Financial Statements. | |
| 44 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
GraniteShares 2x Long NOW Daily ETF | GraniteShares 2x Long PDD Daily ETF | GraniteShares 2x Long AVGO Daily ETF | GraniteShares 2x Long ISRG Daily ETF | GraniteShares 2x Long NBIS Daily ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | – | $ | 4,790,060 | $ | – | $ | – | $ | 985,854,227 | ||||||||||
| Investments at value | $ | – | $ | 4,789,431 | $ | – | $ | – | $ | 985,724,812 | ||||||||||
| Cash | 40,644,486 | 817,930 | 3,435,309 | 581,499 | 6,171,319 | |||||||||||||||
| Cash collateral held for open swap contracts | 201,613,199 | 9,633,340 | 33,844,250 | 8,030,000 | 700,000 | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 45,837,350 | – | – | – | 203,811,313 | |||||||||||||||
| Receivable for shares sold | 527,158 | – | – | – | 570,259 | |||||||||||||||
| Other assets | 20,005 | 870 | 3,098 | 724 | 645 | |||||||||||||||
| Total Assets | 288,642,198 | 15,241,571 | 37,282,657 | 8,612,223 | 1,196,978,348 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Unrealized depreciation on total return swap contracts | – | 2,707,171 | 1,292,937 | 1,105,518 | – | |||||||||||||||
| Administration payable | 1,427 | 676 | 1,460 | 682 | 2,428 | |||||||||||||||
| Payable for accounting and legal | 13,985 | 8,434 | 8,964 | 8,442 | 12,517 | |||||||||||||||
| Payable to custodian | 1,550 | 1,002 | 1,194 | 756 | 1,815 | |||||||||||||||
| Payable for investments purchased | – | 4,790,060 | – | – | 985,854,227 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 1,207 | 917 | 969 | 875 | 1,319 | |||||||||||||||
| Payable for capital shares redeemed | 831,629 | – | – | – | 6,272,848 | |||||||||||||||
| Advisory fees payable | 257,663 | 7,489 | 41,845 | 6,901 | 190,260 | |||||||||||||||
| Accrued interest payable | – | – | – | – | 1,176 | |||||||||||||||
| Due to Counterparty | 1,863,159 | 165,216 | 283,882 | 343,563 | 9,040,598 | |||||||||||||||
| Other accrued payables | 8,806 | 1,449 | 1,145 | 948 | 1,511 | |||||||||||||||
| Total Liabilities | 2,979,637 | 7,682,625 | 1,632,607 | 1,467,896 | 1,001,378,910 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 285,662,561 | $ | 7,558,946 | $ | 35,650,050 | $ | 7,144,327 | $ | 195,599,438 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 313,598,217 | $ | 15,527,734 | $ | 48,078,472 | $ | 8,712,355 | $ | 3,794,276 | ||||||||||
| Total distributable earnings/(losses) | (27,935,656 | ) | (7,968,788 | ) | (12,428,422 | ) | (1,568,028 | ) | 191,805,162 | |||||||||||
| NET ASSETS | $ | 285,662,561 | $ | 7,558,946 | $ | 35,650,050 | $ | 7,144,327 | $ | 195,599,438 | ||||||||||
| Shares outstanding | 65,260,001 | 680,001 | 1,020,001 | 420,001 | 3,430,001 | |||||||||||||||
| Net Asset Value per share | $ | 4.38 | $ | 11.12 | $ | 34.95 | $ | 17.01 | $ | 57.03 | ||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 45 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
GraniteShares 2x Long GOOGL Daily ETF | GraniteShares 2x Long SpaceX Daily ETF | GraniteShares 2x Short SpaceX Daily ETF | ||||||||||
| ASSETS: | ||||||||||||
| Investments at cost | $ | – | $ | 25 | $ | 29,738,314 | ||||||
| Investments at value | $ | – | $ | 25 | $ | 29,734,410 | ||||||
| Cash | 4,420,700 | 16,027,939 | 6,601,148 | |||||||||
| Cash collateral held for open swap contracts | 6,160,000 | 25,070,000 | 8,080,000 | |||||||||
| Due from counterparty | – | – | 4,039,499 | |||||||||
| Unrealized appreciation on total return swap contracts | 1,951,034 | 4,266,553 | 9,925,564 | |||||||||
| Receivable for shares sold | – | 7,177,965 | 13,380,070 | |||||||||
| Other assets | 872 | – | 667 | |||||||||
| Total Assets | 12,532,606 | 52,542,482 | 71,761,358 | |||||||||
| LIABILITIES: | ||||||||||||
| Administration payable | 705 | 714 | 714 | |||||||||
| Payable for accounting and legal | 8,512 | 8,044 | 8,118 | |||||||||
| Payable to custodian | 802 | 603 | 603 | |||||||||
| Payable for investments purchased | – | – | 29,738,289 | |||||||||
| Payable for trustee fees | 211 | 206 | 206 | |||||||||
| Payable for transfer agency | 889 | 233 | 233 | |||||||||
| Payable for capital shares redeemed | – | 17,307,104 | 3,872,885 | |||||||||
| Advisory fees payable | 7,831 | 2,114 | 28,139 | |||||||||
| Due to Counterparty | 448,955 | 3,942,844 | – | |||||||||
| Other accrued payables | 980 | 3,126 | 3,124 | |||||||||
| Total Liabilities | 468,885 | 21,264,988 | 33,652,311 | |||||||||
| Commitments and contingencies (Note 5) | ||||||||||||
| NET ASSETS | $ | 12,063,721 | $ | 31,277,494 | $ | 38,109,047 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 12,233,590 | $ | 35,472,489 | $ | 24,161,024 | ||||||
| Total distributable earnings/(losses) | (169,869 | ) | (4,194,995 | ) | 13,948,023 | |||||||
| NET ASSETS | $ | 12,063,721 | $ | 31,277,494 | $ | 38,109,047 | ||||||
| Shares outstanding | 420,001 | 1,220,001 | 2,250,001 | |||||||||
| Net Asset Value per share | $ | 28.72 | $ | 25.64 | $ | 16.94 | ||||||
| See Notes to Financial Statements. | |
| 46 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Operations |
| For the Year Ended June 30, 2026 |
| 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 | $ | 2,089,053 | $ | 4,476,395 | $ | 17,306,551 | $ | 530,017 | $ | 9,728,300 | ||||||||||
| Total Investment Income | 2,089,053 | 4,476,395 | 17,306,551 | 530,017 | 9,728,300 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 1,438,323 | 2,436,340 | 42,805,524 | 260,435 | 6,583,932 | |||||||||||||||
| Administration fees | 12,929 | 24,924 | 142,414 | 4,936 | 45,369 | |||||||||||||||
| Transfer agency | 4,718 | 5,878 | 10,578 | 4,532 | 8,048 | |||||||||||||||
| Trustee fees | 1,105 | 1,105 | 1,105 | 1,105 | 1,105 | |||||||||||||||
| Custody fees | 5,302 | 9,075 | 20,579 | 2,228 | 17,040 | |||||||||||||||
| Accounting and legal | 60,297 | 92,563 | 1,211,932 | 23,797 | 201,422 | |||||||||||||||
| Recoupment of waived fees | 41,689 | – | – | 10,523 | – | |||||||||||||||
| Interest Expense | – | – | 25,783,317 | 7,104 | 115,571 | |||||||||||||||
| Other expenses | 12,278 | 21,722 | 13,233 | 15,850 | 18,690 | |||||||||||||||
| Total Expenses | 1,576,641 | 2,591,607 | 69,988,682 | 330,510 | 6,991,177 | |||||||||||||||
| Less waiver fees (Note 5) | – | – | – | (6,666 | ) | – | ||||||||||||||
| Fees Paid Indirectly (Note 5) | (41,900 | ) | (64,400 | ) | (236,650 | ) | (13,900 | ) | (132,650 | ) | ||||||||||
| Net Expenses | 1,534,741 | 2,527,207 | 69,752,032 | 309,944 | 6,858,527 | |||||||||||||||
| NET INVESTMENT INCOME/(LOSS) | 554,312 | 1,949,188 | (52,445,481 | ) | 220,073 | 2,869,773 | ||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (37,490 | ) | (8,499 | ) | 6,397,446 | (16,424 | ) | (180,816 | ) | |||||||||||
| Total return swaps | (31,307,384 | ) | (63,145,138 | ) | 560,546,493 | 3,886,533 | (197,287,642 | ) | ||||||||||||
| Total Net realized gain/(loss) | (31,344,874 | ) | (63,153,637 | ) | 566,943,939 | 3,870,109 | (197,468,458 | ) | ||||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | – | 28,336 | (298,260 | ) | (5,633 | ) | 294,254 | |||||||||||||
| Total return swaps | (23,320,961 | ) | (73,848,627 | ) | 579,889,607 | 9,545,686 | (1,059,508,356 | ) | ||||||||||||
| Total net change in unrealized appreciation/(depreciation) | (23,320,961 | ) | (73,820,291 | ) | 579,591,347 | 9,540,053 | (1,059,214,102 | ) | ||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (54,111,523 | ) | $ | (135,024,740 | ) | $ | 1,094,089,805 | $ | 13,630,235 | $ | (1,253,812,787 | ) | |||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 47 |
| GraniteShares ETF Trust | Statements of Operations |
| For the Year Ended June 30, 2026 |
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: | ||||||||||||||||||||
| Interest | $ | 492,579 | $ | 3,725,772 | $ | 2,311,451 | $ | 2,002,824 | $ | 5,794,544 | ||||||||||
| Total Investment Income | 492,579 | 3,725,772 | 2,311,451 | 2,002,824 | 5,794,544 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 207,112 | 1,541,646 | 2,090,296 | 607,898 | 7,337,981 | |||||||||||||||
| Administration fees | 6,478 | 16,376 | 13,261 | 9,370 | 46,214 | |||||||||||||||
| Transfer agency | 4,408 | 8,594 | 5,372 | 8,335 | 3,480 | |||||||||||||||
| Trustee fees | 1,105 | 1,105 | 1,105 | 1,105 | 1,105 | |||||||||||||||
| Custody fees | 2,483 | 16,602 | 5,915 | 15,706 | 20,086 | |||||||||||||||
| Accounting and legal | 22,284 | 53,059 | 81,857 | 36,092 | 228,876 | |||||||||||||||
| Recoupment of waived fees | 18,567 | – | 57,467 | 80,180 | – | |||||||||||||||
| Interest Expense | – | – | 320 | – | 6,190,415 | |||||||||||||||
| Other expenses | 14,456 | 10,977 | 777 | 4,833 | 8,242 | |||||||||||||||
| Total Expenses | 276,893 | 1,648,359 | 2,256,370 | 763,519 | 13,836,399 | |||||||||||||||
| Less waiver fees (Note 5) | (15,945 | ) | – | (90,028 | ) | (25,748 | ) | – | ||||||||||||
| Fees Paid Indirectly (Note 5) | (18,900 | ) | (148,900 | ) | (63,800 | ) | (129,350 | ) | (120,350 | ) | ||||||||||
| Net Expenses | 242,048 | 1,499,459 | 2,102,542 | 608,421 | 13,716,049 | |||||||||||||||
| NET INVESTMENT INCOME/(LOSS) | 250,531 | 2,226,313 | 208,909 | 1,394,403 | (7,921,505 | ) | ||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (7,060 | ) | – | (3,110,286 | ) | (93 | ) | (39,966,134 | ) | |||||||||||
| Total return swaps | (5,132,338 | ) | (108,480,281 | ) | 118,261,713 | (61,149,161 | ) | 443,069,620 | ||||||||||||
| Total Net realized gain/(loss) | (5,139,398 | ) | (108,480,281 | ) | 115,151,427 | (61,149,254 | ) | 403,103,486 | ||||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
Investments | (1,779 | ) | – | (13,060 | ) | – | (425,758 | ) | ||||||||||||
| Total return swaps | 2,823,312 | 34,002,143 | (5,410,042 | ) | 1,372,714 | 1,663,252,416 | ||||||||||||||
| Total net change in unrealized appreciation/(depreciation) | 2,821,533 | 34,002,143 | (5,423,102 | ) | 1,372,714 | 1,662,826,658 | ||||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,067,334 | ) | $ | (72,251,825 | ) | $ | 109,937,234 | $ | (58,382,137 | ) | $ | 2,058,008,639 | |||||||
| See Notes to Financial Statements. | |
| 48 | www.graniteshares.com |
GraniteShares ETF Trust | Statements of Operations |
For the Year Ended June 30, 2026 |
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: | ||||||||||||||||||||
| Interest | $ | 1,311,397 | $ | 1,752,402 | $ | 452,659 | $ | 3,933,845 | $ | 542,633 | ||||||||||
| Total Investment Income | 1,311,397 | 1,752,402 | 452,659 | 3,933,845 | 542,633 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 543,230 | 629,041 | 178,270 | 5,604,184 | 256,856 | |||||||||||||||
| Administration fees | 10,526 | 7,562 | 4,465 | 30,880 | 4,943 | |||||||||||||||
| Transfer agency | 267 | 227 | 6,431 | 7,122 | 3,904 | |||||||||||||||
| Trustee fees | 1,105 | 1,105 | 816 | 816 | 816 | |||||||||||||||
| Custody fees | 6,350 | 6,915 | 9,456 | 16,282 | 2,765 | |||||||||||||||
| Accounting and legal | 32,594 | 35,370 | 20,298 | 188,167 | 24,265 | |||||||||||||||
| Recoupment of waived fees | 23,944 | 34,406 | – | – | 5,644 | |||||||||||||||
| Interest Expense | – | – | 104,633 | 3,072,667 | – | |||||||||||||||
| Other expenses | 14,566 | 21,330 | 15,751 | 10,186 | 16,238 | |||||||||||||||
| Total Expenses | 632,582 | 735,956 | 340,120 | 8,930,304 | 315,431 | |||||||||||||||
| Less waiver fees (Note 5) | – | – | (1,691 | ) | – | (8,196 | ) | |||||||||||||
| Fees Paid Indirectly (Note 5) | (16,600 | ) | (15,000 | ) | (35,500 | ) | (115,600 | ) | (8,400 | ) | ||||||||||
| Net Expenses | 615,982 | 720,956 | 302,929 | 8,814,704 | 298,835 | |||||||||||||||
| NET INVESTMENT INCOME/(LOSS) | 695,415 | 1,031,446 | 149,730 | (4,880,859 | ) | 243,798 | ||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (6,183 | ) | (1,275 | ) | (6,371 | ) | (401,851 | ) | (8,864 | ) | ||||||||||
| Total return swaps | (2,496,800 | ) | (35,634,513 | ) | (8,957,102 | ) | 33,351,046 | (4,640,370 | ) | |||||||||||
| Total Net realized gain/(loss) | (2,502,983 | ) | (35,635,788 | ) | (8,963,473 | ) | 32,949,195 | (4,649,234 | ) | |||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | (6,091 | ) | 4,505 | (8,822 | ) | 65,507 | 8,930 | |||||||||||||
| Total return swaps | 6,805,020 | (19,842,635 | ) | 28,973,864 | (203,939,613 | ) | (11,764,930 | ) | ||||||||||||
| Total net change in unrealized appreciation/(depreciation) | 6,798,929 | (19,838,130 | ) | 28,965,042 | (203,874,106 | ) | (11,756,000 | ) | ||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,991,361 | $ | (54,442,472 | ) | $ | 20,151,299 | $ | (175,805,770 | ) | $ | (16,161,436 | ) | |||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 49 |
GraniteShares ETF Trust | Statements of Operations |
For the Year Ended June 30, 2026 |
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: | ||||||||||||||||||||
| Interest | $ | 2,401,454 | $ | 387,798 | $ | 788,492 | $ | 1,269,442 | $ | 852,190 | ||||||||||
| Total Investment Income | 2,401,454 | 387,798 | 788,492 | 1,269,442 | 852,190 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 3,251,891 | 405,947 | 474,047 | 665,846 | 431,110 | |||||||||||||||
| Administration fees | 5,154 | 5,149 | 7,048 | 11,784 | 2,961 | |||||||||||||||
| Transfer agency | 4,790 | 2,930 | 5,003 | 6,188 | 5,435 | |||||||||||||||
| Trustee fees | 816 | 816 | 816 | 816 | 1,066 | |||||||||||||||
| Custody fees | 9,272 | 4,655 | 4,698 | 11,595 | 2,922 | |||||||||||||||
| Accounting and legal | 91,793 | 25,937 | 27,517 | 30,306 | 25,742 | |||||||||||||||
| Recoupment of waived fees | 27,648 | 26,320 | 16,408 | – | 22,763 | |||||||||||||||
| Interest Expense | 702,533 | – | 83,582 | 58,353 | – | |||||||||||||||
| Other expenses | 25,097 | 13,125 | 12,668 | 9,729 | 19,792 | |||||||||||||||
| Total Expenses | 4,118,994 | 484,879 | 631,787 | 794,617 | 511,791 | |||||||||||||||
| Less waiver fees (Note 5) | – | (4,406 | ) | – | – | (275 | ) | |||||||||||||
| Fees Paid Indirectly (Note 5) | (29,050 | ) | (10,650 | ) | (21,700 | ) | (90,850 | ) | (8,000 | ) | ||||||||||
| Net Expenses | 4,089,944 | 469,823 | 610,087 | 703,767 | 503,516 | |||||||||||||||
| NET INVESTMENT INCOME/(LOSS) | (1,688,490 | ) | (82,025 | ) | 178,405 | 565,675 | 348,674 | |||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (72,652 | ) | (25,711 | ) | (11,843 | ) | 83,198 | (51 | ) | |||||||||||
| Total return swaps | (175,741,755 | ) | (3,444,598 | ) | 15,004,301 | (34,248,455 | ) | (41,892,002 | ) | |||||||||||
| Total Net realized gain/(loss) | (175,814,407 | ) | (3,470,309 | ) | 14,992,458 | (34,165,257 | ) | (41,892,053 | ) | |||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | (332,304 | ) | (25,647 | ) | (26,031 | ) | 5,839 | – | ||||||||||||
| Total return swaps | 1,420,368,902 | 46,727,417 | 40,477,389 | (27,604,323 | ) | (8,156,246 | ) | |||||||||||||
| Total net change in unrealized appreciation/(depreciation) | 1,420,036,598 | 46,701,770 | 40,451,358 | (27,598,484 | ) | (8,156,246 | ) | |||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,242,533,701 | $ | 43,149,436 | $ | 55,622,221 | $ | (61,198,066 | ) | $ | (49,699,625 | ) | ||||||||
| See Notes to Financial Statements. | |
| 50 | www.graniteshares.com |
GraniteShares ETF Trust | Statements of Operations |
For the Year Ended June 30, 2026 |
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: | ||||||||||||||||||||
| Interest | $ | 407,501 | $ | 2,417,037 | $ | 2,009,147 | $ | 2,526,189 | $ | 1,159,036 | ||||||||||
| Total Investment Income | 407,501 | 2,417,037 | 2,009,147 | 2,526,189 | 1,159,036 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 401,822 | 2,522,899 | 848,876 | 2,041,093 | 681,428 | |||||||||||||||
| Administration fees | 3,550 | 7,557 | 6,954 | 5,950 | 5,136 | |||||||||||||||
| Transfer agency | 5,473 | 6,740 | 6,469 | 5,894 | 5,902 | |||||||||||||||
| Trustee fees | 1,066 | 1,066 | 1,066 | 1,066 | 1,066 | |||||||||||||||
| Custody fees | 3,140 | 7,553 | 8,197 | 6,078 | 4,543 | |||||||||||||||
| Accounting and legal | 25,202 | 74,642 | 35,556 | 62,396 | 31,350 | |||||||||||||||
| Recoupment of waived fees | 21,470 | 14,231 | 18,231 | 21,123 | 20,704 | |||||||||||||||
| Interest Expense | – | 362,734 | 24,836 | 891,389 | 241,475 | |||||||||||||||
| Other expenses | 16,738 | 13,646 | 16,064 | 22,282 | 15,806 | |||||||||||||||
| Total Expenses | 478,461 | 3,011,068 | 966,249 | 3,057,271 | 1,007,410 | |||||||||||||||
| Less waiver fees (Note 5) | – | – | – | – | – | |||||||||||||||
| Fees Paid Indirectly (Note 5) | (9,650 | ) | (30,150 | ) | (35,700 | ) | (27,900 | ) | (20,400 | ) | ||||||||||
| Net Expenses | 468,811 | 2,980,918 | 930,549 | 3,029,371 | 987,010 | |||||||||||||||
| NET INVESTMENT INCOME/(LOSS) | (61,310 | ) | (563,881 | ) | 1,078,598 | (503,182 | ) | 172,026 | ||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (5,923 | ) | (72,007 | ) | (885 | ) | (15,442 | ) | (2,451 | ) | ||||||||||
| Total return swaps | (24,179,999 | ) | (57,697,541 | ) | (135,639,307 | ) | (157,511,015 | ) | (72,970,773 | ) | ||||||||||
| Total Net realized loss | (24,185,922 | ) | (57,769,548 | ) | (135,640,192 | ) | (157,526,457 | ) | (72,973,224 | ) | ||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
Investments | (69,878 | ) | (233,101 | ) | (26,226 | ) | (204,413 | ) | (41,083 | ) | ||||||||||
| Total return swaps | 130,554,408 | 758,930,937 | 63,716,764 | 839,165,525 | 70,016,850 | |||||||||||||||
| Total net change in unrealized appreciation | 130,484,530 | 758,697,836 | 63,690,538 | 838,961,112 | 69,975,767 | |||||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 106,237,298 | $ | 700,364,407 | $ | (70,871,056 | ) | $ | 680,931,473 | $ | (2,825,431 | ) | ||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 51 |
GraniteShares ETF Trust | Statements of Operations |
For the Year Ended June 30, 2026 |
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: | ||||||||||||||||||||
| Interest | $ | 547,792 | $ | 1,286,594 | $ | 177,372 | $ | 203,901 | $ | 131,113 | ||||||||||
| Total Investment Income | 547,792 | 1,286,594 | 177,372 | 203,901 | 131,113 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 451,306 | 705,671 | 57,005 | 77,799 | 58,636 | |||||||||||||||
| Administration fees | 3,678 | 7,660 | 2,164 | 1,850 | 2,625 | |||||||||||||||
| Transfer agency | 5,162 | 6,093 | 5,549 | 5,034 | 5,760 | |||||||||||||||
| Trustee fees | 1,066 | 1,066 | 1,066 | 1,066 | 364 | |||||||||||||||
| Custody fees | 2,969 | 4,563 | 3,896 | 2,650 | 3,656 | |||||||||||||||
| Accounting and legal | 25,970 | 31,943 | 17,431 | 17,910 | 16,932 | |||||||||||||||
| Recoupment of waived fees | 20,993 | 18,374 | 3,427 | 1,124 | 8,047 | |||||||||||||||
| Interest Expense | 270,184 | 284,148 | – | 2,932 | 6,471 | |||||||||||||||
| Other expenses | 14,031 | 13,250 | 12,523 | 12,431 | 11,700 | |||||||||||||||
| Total Expenses | 795,359 | 1,072,768 | 103,061 | 122,796 | 114,191 | |||||||||||||||
| Less waiver fees (Note 5) | – | – | (22,305 | ) | (20,814 | ) | (26,838 | ) | ||||||||||||
| Fees Paid Indirectly (Note 5) | (12,000 | ) | (23,100 | ) | (14,600 | ) | (8,300 | ) | (13,600 | ) | ||||||||||
| Net Expenses | 783,359 | 1,049,668 | 66,156 | 93,682 | 73,753 | |||||||||||||||
| NET INVESTMENT INCOME/(LOSS) | (235,567 | ) | 236,926 | 111,216 | 110,219 | 57,360 | ||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (17,827 | ) | (60,966 | ) | (419 | ) | (7,162 | ) | (304 | ) | ||||||||||
| Total return swaps | (6,127,520 | ) | (11,217,592 | ) | (18,976,840 | ) | (1,430,593 | ) | (15,282,674 | ) | ||||||||||
| Total Net realized loss | (6,145,347 | ) | (11,278,558 | ) | (18,977,259 | ) | (1,437,755 | ) | (15,282,978 | ) | ||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
Investments | (28,184 | ) | (5,764 | ) | (1,428 | ) | (2,437 | ) | – | |||||||||||
| Total return swaps | 54,615,218 | 18,124,512 | 3,643,851 | 6,420,012 | 66,902 | |||||||||||||||
| Total net change in unrealized appreciation | 54,587,034 | 18,118,748 | 3,642,423 | 6,417,575 | 66,902 | |||||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 48,206,120 | $ | 7,077,116 | $ | (15,223,620 | ) | $ | 5,090,039 | $ | (15,158,716 | ) | ||||||||
| See Notes to Financial Statements. | |
| 52 | www.graniteshares.com |
GraniteShares ETF Trust | Statements of Operations |
|
For the Period Ended June 30, 2026 |
GraniteShares 2x Long NOW Daily ETF* | GraniteShares 2x Long PDD Daily ETF* | GraniteShares 2x Long AVGO Daily ETF* | GraniteShares 2x Long ISRG Daily ETF† | GraniteShares 2x Long NBIS Daily ETF† | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest | $ | 1,285,796 | $ | 178,892 | $ | 400,926 | $ | 77,916 | $ | 977,078 | ||||||||||
| Total Investment Income | 1,285,796 | 178,892 | 400,926 | 77,916 | 977,078 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 579,531 | 69,655 | 187,256 | 39,129 | 672,652 | |||||||||||||||
| Administration fees | 2,973 | 1,256 | 2,921 | 1,194 | 4,913 | |||||||||||||||
| Transfer agency | 6,259 | 5,332 | 5,587 | 3,961 | 5,692 | |||||||||||||||
| Trustee fees | 1,090 | 1,090 | 1,090 | 733 | 733 | |||||||||||||||
| Custody fees | 4,411 | 2,582 | 3,300 | 1,150 | 5,271 | |||||||||||||||
| Accounting and legal | 29,826 | 17,919 | 20,672 | 14,741 | 29,546 | |||||||||||||||
| Interest Expense | – | – | – | – | 1,176 | |||||||||||||||
| Other expenses | 22,187 | 14,831 | 14,522 | 11,240 | 11,802 | |||||||||||||||
| Total Expenses | 646,277 | 112,665 | 235,348 | 72,148 | 731,785 | |||||||||||||||
| Less waiver fees (Note 5) | – | (27,331 | ) | (12,142 | ) | (24,601 | ) | – | ||||||||||||
| Fees Paid Indirectly (Note 5) | (12,800 | ) | (4,300 | ) | (7,100 | ) | (2,300 | ) | (20,700 | ) | ||||||||||
| Net Expenses | 633,477 | 81,034 | 216,106 | 45,247 | 711,085 | |||||||||||||||
| NET INVESTMENT INCOME | 652,319 | 97,858 | 184,820 | 32,669 | 265,993 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (5 | ) | (32 | ) | – | (1,178 | ) | (96 | ) | |||||||||||
| Total return swaps | (74,691,105 | ) | (5,331,019 | ) | (11,493,033 | ) | (564,801 | ) | (13,027,974 | ) | ||||||||||
| Total Net realized loss | (74,691,110 | ) | (5,331,051 | ) | (11,493,033 | ) | (565,979 | ) | (13,028,070 | ) | ||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | – | (629 | ) | – | – | (129,415 | ) | |||||||||||||
| Total return swaps | 45,837,350 | (2,707,171 | ) | (1,292,937 | ) | (1,105,518 | ) | 203,811,313 | ||||||||||||
| Total net change in unrealized appreciation/(depreciation) | 45,837,350 | (2,707,800 | ) | (1,292,937 | ) | (1,105,518 | ) | 203,681,898 | ||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (28,201,441 | ) | $ | (7,940,993 | ) | $ | (12,601,150 | ) | $ | (1,638,828 | ) | $ | 190,919,821 | ||||||
| * | Commenced operations on July 14, 2025. |
| † | Commenced operations on October 6, 2025. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 53 |
GraniteShares ETF Trust | Statements of Operations |
|
For the Period Ended June 30, 2026 |
GraniteShares 2x Long GOOGL Daily ETF* | GraniteShares 2x Long SpaceX Daily ETF† | GraniteShares 2x Short SpaceX Daily ETF† | ||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Interest | $ | 84,231 | $ | 34,425 | $ | 28,000 | ||||||
| Total Investment Income | 84,231 | 34,425 | 28,000 | |||||||||
| EXPENSES: | ||||||||||||
| Advisory fees | 31,987 | 14,937 | 28,139 | |||||||||
| Administration fees | 1,236 | 714 | 714 | |||||||||
| Transfer agency | 3,127 | 233 | 233 | |||||||||
| Trustee fees | 733 | 206 | 206 | |||||||||
| Custody fees | 995 | 77 | 77 | |||||||||
| Accounting and legal | 13,665 | 8,044 | 8,118 | |||||||||
| Other expenses | 9,538 | 3,651 | 3,650 | |||||||||
| Total Expenses | 61,281 | 27,862 | 41,137 | |||||||||
| Less waiver fees (Note 5) | (21,867 | ) | (12,823 | ) | – | |||||||
| Fees Paid Indirectly (Note 5) | (2,000 | ) | – | – | ||||||||
| Net Expenses | 37,414 | 15,039 | 41,137 | |||||||||
| NET INVESTMENT INCOME/(LOSS) | 46,817 | 19,386 | (13,137 | ) | ||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||
| Total return swaps | (2,176,275 | ) | (8,480,934 | ) | 4,039,500 | |||||||
| Total Net realized gain/(loss) | (2,176,275 | ) | (8,480,934 | ) | 4,039,500 | |||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||
| Investments | – | – | (3,904 | ) | ||||||||
| Total return swaps | 1,951,034 | 4,266,553 | 9,925,564 | |||||||||
| Total net change in unrealized appreciation | 1,951,034 | 4,266,553 | 9,921,660 | |||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (178,424 | ) | $ | (4,194,995 | ) | $ | 13,948,023 | ||||
| * | Commenced operations on December 1, 2025. |
| † | Commenced operations on June 12, 2026. |
| See Notes to Financial Statements. | |
| 54 | www.graniteshares.com |
GraniteShares 2x Long BABA Daily ETF |
Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 554,312 | $ | 806,176 | ||||
| Net realized loss | (31,344,874 | ) | (7,219,516 | ) | ||||
| Net change in unrealized appreciation/depreciation | (23,320,961 | ) | 30,734,731 | |||||
| Net increase/(decrease) in net assets resulting from operations | (54,111,523 | ) | 24,321,391 | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 374,100,694 | 454,729,363 | ||||||
| Cost of shares redeemed | (326,334,338 | ) | (417,096,613 | ) | ||||
| Net increase from capital share transactions | 47,766,356 | 37,632,750 | ||||||
| Net increase/(decrease) in net assets | (6,345,167 | ) | 61,954,141 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 80,863,433 | 18,909,292 | ||||||
| End of period | $ | 74,518,266 | $ | 80,863,433 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 3,250,001 | 1,450,001 | ||||||
| Shares sold | 11,110,000 | 17,480,000 | ||||||
| Shares redeemed | (8,980,000 | ) | (15,680,000 | ) | ||||
| Shares outstanding, end of period | 5,380,001 | 3,250,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 55 |
GraniteShares 2x Long META Daily ETF |
Statement of Changes in Net Assets |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 1,949,188 | $ | 2,199,427 | ||||
| Net realized gain/(loss) | (63,153,637 | ) | 38,676,165 | |||||
| Net change in unrealized appreciation/depreciation | (73,820,291 | ) | 50,865,558 | |||||
| Net increase/(decrease) in net assets resulting from operations | (135,024,740 | ) | 91,741,150 | |||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (8,035,991 | ) | – | |||||
| Total distributions | (8,035,991 | ) | – | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 937,520,434 | 1,430,804,380 | ||||||
| Cost of shares redeemed | (763,735,055 | ) | (1,465,155,566 | ) | ||||
| Net increase/(decrease) from capital share transactions | 173,785,379 | (34,351,186 | ) | |||||
| Net increase in net assets | 30,724,648 | 57,389,964 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 166,896,572 | 109,506,608 | ||||||
| End of period | $ | 197,621,220 | $ | 166,896,572 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 3,650,005 | 4,100,005 | ||||||
| Shares sold | 30,520,000 | 37,180,000 | ||||||
| Shares redeemed | (24,740,000 | ) | (37,630,000 | ) | ||||
| Shares outstanding, end of period | 9,430,005 | 3,650,005 | ||||||
| See Notes to Financial Statements. | |
| 56 | www.graniteshares.com |
GraniteShares 2x Long NVDA Daily ETF |
Statement of Changes in Net Assets |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (52,445,481 | ) | $ | 823,191 | |||
| Net realized gain/(loss) | 566,943,939 | (1,005,344,333 | ) | |||||
| Net change in unrealized appreciation | 579,591,347 | 1,635,532,636 | ||||||
| Net increase in net assets resulting from operations | 1,094,089,805 | 631,011,494 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 13,800,802,828 | 9,234,694,497 | ||||||
| Cost of shares redeemed | (14,966,549,722 | ) | (10,466,188,975 | ) | ||||
| Net decrease from capital share transactions | (1,165,746,894 | ) | (1,231,494,478 | ) | ||||
| Net decrease in net assets | (71,657,089 | ) | (600,482,984 | ) | ||||
| NET ASSETS: | ||||||||
| Beginning of period | 4,123,031,947 | 4,723,514,931 | ||||||
| End of period | $ | 4,051,374,858 | $ | 4,123,031,947 | ||||
| CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 175,440,018 | 203,610,018 | ||||||
| Shares sold | 449,510,000 | 523,650,000 | ||||||
| Shares redeemed | (489,490,000 | ) | (551,820,000 | ) | ||||
| Shares outstanding, end of period | 135,460,018 | 175,440,018 | ||||||
| (a) | The Fund had a 3 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 57 |
GraniteShares 2x Long AAPL Daily ETF |
Statement of Changes in Net Assets |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 220,073 | $ | 473,528 | ||||
| Net realized gain | 3,870,109 | 5,751,809 | ||||||
| Net change in unrealized appreciation/depreciation | 9,540,053 | (6,120,450 | ) | |||||
| Net increase in net assets resulting from operations | 13,630,235 | 104,887 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (1,197,804 | ) | – | |||||
| Total distributions | (1,197,804 | ) | – | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 153,036,732 | 158,360,031 | ||||||
| Cost of shares redeemed | (176,536,230 | ) | (164,277,279 | ) | ||||
| Net decrease from capital share transactions | (23,499,498 | ) | (5,917,248 | ) | ||||
| Net decrease in net assets | (11,067,067 | ) | (5,812,361 | ) | ||||
| NET ASSETS: | ||||||||
| Beginning of period | 29,407,986 | 35,220,347 | ||||||
| End of period | $ | 18,340,919 | $ | 29,407,986 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 1,460,001 | 1,390,001 | ||||||
| Shares sold | 4,860,000 | 7,820,000 | ||||||
| Shares redeemed | (5,780,000 | ) | (7,750,000 | ) | ||||
| Shares outstanding, end of period | 540,001 | 1,460,001 | ||||||
| See Notes to Financial Statements. | |
| 58 | www.graniteshares.com |
| GraniteShares 2x Long COIN Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 2,869,773 | $ | 6,353,772 | ||||
| Net realized loss | (197,468,458 | ) | (674,337,237 | ) | ||||
| Net change in unrealized appreciation/depreciation | (1,059,214,102 | ) | 860,284,163 | |||||
| Net increase/(decrease) in net assets resulting from operations | (1,253,812,787 | ) | 192,300,698 | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 2,307,938,103 | 2,283,551,625 | ||||||
| Cost of shares redeemed | (1,427,681,041 | ) | (2,040,332,574 | ) | ||||
| Net increase from capital share transactions | 880,257,062 | 243,219,051 | ||||||
| Net increase/(decrease) in net assets | (373,555,725 | ) | 435,519,749 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 923,024,020 | 487,504,271 | ||||||
| End of period | $ | 549,468,295 | $ | 923,024,020 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 20,000,001 | 10,730,001 | ||||||
| Shares sold | 175,610,000 | 68,910,000 | ||||||
| Shares redeemed | (66,620,000 | ) | (59,640,000 | ) | ||||
| Shares outstanding, end of period | 128,990,001 | 20,000,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 59 |
| GraniteShares 1.25x Long TSLA Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 250,531 | $ | 370,634 | ||||
| Net realized gain/(loss) | (5,139,398 | ) | 2,930,892 | |||||
| Net change in unrealized appreciation | 2,821,533 | 2,060,314 | ||||||
| Net increase/(decrease) in net assets resulting from operations | (2,067,334 | ) | 5,361,840 | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 137,399,438 | 190,452,643 | ||||||
| Cost of shares redeemed | (136,644,185 | ) | (190,126,729 | ) | ||||
| Net increase from capital share transactions | 755,253 | 325,914 | ||||||
| Net increase/(decrease) in net assets | (1,312,081 | ) | 5,687,754 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 13,670,308 | 7,982,554 | ||||||
| End of period | $ | 12,358,227 | $ | 13,670,308 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 1,090,001 | 1,020,001 | ||||||
| Shares sold | 8,440,000 | 15,620,000 | ||||||
| Shares redeemed | (8,790,000 | ) | (15,550,000 | ) | ||||
| Shares outstanding, end of period | 740,001 | 1,090,001 | ||||||
| See Notes to Financial Statements. | |
| 60 | www.graniteshares.com |
| GraniteShares 2x Short NVDA Daily ETF | Statement of Changes in Net Assets |
For the Year Ended | For the Year Ended | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 2,226,313 | $ | 2,484,380 | ||||
| Net realized loss | (108,480,281 | ) | (51,459,333 | ) | ||||
| Net change in unrealized appreciation/depreciation | 34,002,143 | (31,945,174 | ) | |||||
| Net decrease in net assets resulting from operations | (72,251,825 | ) | (80,920,127 | ) | ||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (11,523,207 | ) | (6,044,171 | ) | ||||
| Total distributions | (11,523,207 | ) | (6,044,171 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 1,500,347,012 | 987,706,472 | ||||||
| Cost of shares redeemed | (1,513,108,931 | ) | (821,860,215 | ) | ||||
| Net increase/(decrease) from capital share transactions | (12,761,919 | ) | 165,846,257 | |||||
| Net increase/(decrease) in net assets | (96,536,951 | ) | 78,881,959 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 157,263,028 | 78,381,069 | ||||||
| End of period | $ | 60,726,077 | $ | 157,263,028 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 12,447,577 | 1,419,200 | ||||||
| Shares sold | 220,860,000 | 37,173,200 | ||||||
| Shares redeemed | (221,640,000 | ) | (26,144,823 | ) | ||||
| Shares outstanding, end of period | 11,667,577 | 12,447,577 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 61 |
| GraniteShares 2x Long TSLA Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 208,909 | $ | 1,653,653 | ||||
| Net realized gain/(loss) | 115,151,427 | (80,349,363 | ) | |||||
| Net change in unrealized appreciation/depreciation | (5,423,102 | ) | 80,903,985 | |||||
| Net increase in net assets resulting from operations | 109,937,234 | 2,208,275 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 889,522,241 | 478,695,663 | ||||||
| Cost of shares redeemed | (1,148,449,040 | ) | (262,961,750 | ) | ||||
| Net increase/(decrease) from capital share transactions | (258,926,799 | ) | 215,733,913 | |||||
| Net increase/(decrease) in net assets | (148,989,565 | ) | 217,942,188 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 256,250,017 | 38,307,829 | ||||||
| End of period | $ | 107,260,452 | $ | 256,250,017 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 13,550,001 | 2,750,000 | ||||||
| Shares sold | 36,840,000 | 22,590,001 | ||||||
| Shares redeemed | (45,990,000 | ) | (11,790,000 | ) | ||||
| Shares outstanding, end of period | 4,400,001 | 13,550,001 | ||||||
| See Notes to Financial Statements. | |
| 62 | www.graniteshares.com |
| GraniteShares 2x Short TSLA Daily ETF | Statement of Changes in Net Assets |
For the Year Ended | For the Year Ended | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 1,394,403 | $ | 1,343,732 | ||||
| Net realized loss | (61,149,254 | ) | (80,118,067 | ) | ||||
| Net change in unrealized appreciation | 1,372,714 | 5,957,313 | ||||||
| Net decrease in net assets resulting from operations | (58,382,137 | ) | (72,817,022 | ) | ||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (6,099,207 | ) | – | |||||
| Total distributions | (6,099,207 | ) | – | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 780,118,695 | 582,725,357 | ||||||
| Cost of shares redeemed | (763,815,332 | ) | (429,694,747 | ) | ||||
| Net increase from capital share transactions | 16,303,363 | 153,030,610 | ||||||
| Net increase/(decrease) in net assets | (48,177,981 | ) | 80,213,588 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 87,201,804 | 6,988,216 | ||||||
| End of period | $ | 39,023,823 | $ | 87,201,804 | ||||
| CAPITAL SHARE TRANSACTIONS:* | ||||||||
| Beginning shares | 3,808,982 | 22,500 | ||||||
| Shares sold | 79,240,000 | 13,409,500 | ||||||
| Shares redeemed | (77,480,000 | ) | (9,623,018 | ) | ||||
| Shares outstanding, end of period | 5,568,982 | 3,808,982 | ||||||
| * | 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. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 63 |
| GraniteShares 2x Long AMD Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (7,921,505 | ) | $ | 6,199,312 | |||
| Net realized gain/(loss) | 403,103,486 | (312,457,091 | ) | |||||
| Net change in unrealized appreciation | 1,662,826,658 | 238,967,522 | ||||||
| Net increase/(decrease) in net assets resulting from operations | 2,058,008,639 | (67,290,257 | ) | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 3,657,821,755 | 708,730,693 | ||||||
| Cost of shares redeemed | (4,514,040,664 | ) | (236,938,816 | ) | ||||
| Net increase/(decrease) from capital share transactions | (856,218,909 | ) | 471,791,877 | |||||
| Net increase in net assets | 1,201,789,730 | 404,501,620 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 459,582,679 | 55,081,059 | ||||||
| End of period | $ | 1,661,372,409 | $ | 459,582,679 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 53,920,000 | 3,350,000 | ||||||
| Shares sold | 135,080,000 | 81,540,000 | ||||||
| Shares redeemed | (168,920,000 | ) | (30,970,000 | ) | ||||
| Shares outstanding, end of period | 20,080,000 | 53,920,000 | ||||||
| See Notes to Financial Statements. | |
| 64 | www.graniteshares.com |
| GraniteShares 2x Long AMZN Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 695,415 | $ | 920,025 | ||||
| Net realized loss | (2,502,983 | ) | (5,765,260 | ) | ||||
| Net change in unrealized appreciation | 6,798,929 | 7,464,290 | ||||||
| Net increase in net assets resulting from operations | 4,991,361 | 2,619,055 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 236,865,649 | 80,391,715 | ||||||
| Cost of shares redeemed | (246,156,780 | ) | (50,574,788 | ) | ||||
| Net increase/(decrease) from capital share transactions | (9,291,131 | ) | 29,816,927 | |||||
| Net increase/(decrease) in net assets | (4,299,770 | ) | 32,435,982 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 49,488,830 | 17,052,848 | ||||||
| End of period | $ | 45,189,060 | $ | 49,488,830 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 1,600,000 | 580,000 | ||||||
| Shares sold | 7,860,000 | 2,890,000 | ||||||
| Shares redeemed | (7,990,000 | ) | (1,870,000 | ) | ||||
| Shares outstanding, end of period | 1,470,000 | 1,600,000 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 65 |
| GraniteShares 2x Long MSFT Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 1,031,446 | $ | 588,845 | ||||
| Net realized loss | (35,635,788 | ) | (4,346,978 | ) | ||||
| Net change in unrealized appreciation/depreciation | (19,838,130 | ) | 7,625,352 | |||||
| Net increase/(decrease) in net assets resulting from operations | (54,442,472 | ) | 3,867,219 | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 269,709,545 | 59,033,256 | ||||||
| Cost of shares redeemed | (109,568,685 | ) | (53,292,266 | ) | ||||
| Net increase from capital share transactions | 160,140,860 | 5,740,990 | ||||||
| Net increase in net assets | 105,698,388 | 9,608,209 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 19,879,068 | 10,270,859 | ||||||
| End of period | $ | 125,577,456 | $ | 19,879,068 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 660,000 | 370,000 | ||||||
| Shares sold | 13,510,000 | 2,580,000 | ||||||
| Shares redeemed | (5,640,000 | ) | (2,290,000 | ) | ||||
| Shares outstanding, end of period | 8,530,000 | 660,000 | ||||||
| See Notes to Financial Statements. | |
| 66 | www.graniteshares.com |
| GraniteShares 2x Short COIN Daily ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| September 3, 2024 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026* | to June 30, 2025* | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 149,730 | $ | 113,758 | ||||
| Net realized loss | (8,963,473 | ) | (5,108,203 | ) | ||||
| Net change in unrealized appreciation/depreciation | 28,965,042 | (7,902,743 | ) | |||||
| Net increase/(decrease) in net assets resulting from operations | 20,151,299 | (12,897,188 | ) | |||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (197,547 | ) | (64,112 | ) | ||||
| Total distributions | (197,547 | ) | (64,112 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 155,358,621 | 99,677,509 | ||||||
| Cost of shares redeemed | (196,039,350 | ) | (50,028,438 | ) | ||||
| Net increase/(decrease) from capital share transactions | (40,680,729 | ) | 49,649,071 | |||||
| Net increase/(decrease) in net assets | (20,726,977 | ) | 36,687,771 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 36,687,771 | – | ||||||
| End of period | $ | 15,960,794 | $ | 36,687,771 | ||||
| CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 760,000 | – | ||||||
| Shares sold | 3,471,500 | 1,193,000 | ||||||
| Shares redeemed | (3,980,500 | ) | (433,000 | ) | ||||
| Shares outstanding, end of period | 251,000 | 760,000 | ||||||
| * | Effective May 5, 2025 the fund changed its name from 1x Short Coin Daily ETF to 2x Short Coin Daily ETF. |
| (a) | 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 |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 67 |
| GraniteShares 2x Long PLTR Daily ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| September 3, 2024 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (4,880,859 | ) | $ | 1,707,566 | |||
| Net realized gain | 32,949,195 | 44,353,702 | ||||||
| Net change in unrealized appreciation/depreciation | (203,874,106 | ) | 431,308,306 | |||||
| Net increase/(decrease) in net assets resulting from operations | (175,805,770 | ) | 477,369,574 | |||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (34,638,390 | ) | – | |||||
| Total distributions | (34,638,390 | ) | – | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 1,015,624,965 | 2,558,746,853 | ||||||
| Cost of shares redeemed | (995,228,844 | ) | (2,549,293,756 | ) | ||||
| Net increase from capital share transactions | 20,396,121 | 9,453,097 | ||||||
| Net increase/(decrease) in net assets | (190,048,039 | ) | 486,822,671 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 486,822,671 | – | ||||||
| End of period | $ | 296,774,632 | $ | 486,822,671 | ||||
| CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 25,050,015 | – | ||||||
| Shares sold | 52,530,000 | 180,750,015 | ||||||
| Shares redeemed | (45,990,000 | ) | (155,700,000 | ) | ||||
| Shares outstanding, end of period | 31,590,015 | 25,050,015 | ||||||
| (a) | 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. |
| See Notes to Financial Statements. | |
| 68 | www.graniteshares.com |
| GraniteShares 2x Long UBER Daily ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| September 3, 2024 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
OPERATIONS: | ||||||||
| Net investment income | $ | 243,798 | $ | 247,342 | ||||
| Net realized gain/(loss) | (4,649,234 | ) | 6,687,354 | |||||
| Net change in unrealized appreciation/depreciation | (11,756,000 | ) | 15,131,962 | |||||
| Net increase/(decrease) in net assets resulting from operations | (16,161,436 | ) | 22,066,658 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From distributable earnings | (2,592,921 | ) | – | |||||
| Total distributions | (2,592,921 | ) | – | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from sale of shares | 54,320,431 | 175,270,601 | ||||||
| Cost of shares redeemed | (43,924,050 | ) | (168,016,373 | ) | ||||
| Net increase from capital share transactions | 10,396,381 | 7,254,228 | ||||||
| Net increase/(decrease) in net assets | (8,357,976 | ) | 29,320,886 | |||||
NET ASSETS: | ||||||||
Beginning of period | 29,320,886 | – | ||||||
| End of period | $ | 20,962,910 | $ | 29,320,886 | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Beginning shares | 880,001 | – | ||||||
| Shares sold | 2,420,000 | 6,620,001 | ||||||
| Shares redeemed | (1,900,000 | ) | (5,740,000 | ) | ||||
| Shares outstanding, end of period | 1,400,001 | 880,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 69 |
| GraniteShares 2x Long MU Daily ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| November 11, 2024 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (1,688,490 | ) | $ | 37,188 | |||
| Net realized gain/(loss) | (175,814,407 | ) | 1,212,726 | |||||
| Net change in unrealized appreciation | 1,420,036,598 | 4,845,767 | ||||||
| Net increase in net assets resulting from operations | 1,242,533,701 | 6,095,681 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (322,543 | ) | – | |||||
| Total distributions | (322,543 | ) | – | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 1,351,920,067 | 57,169,999 | ||||||
| Cost of shares redeemed | (1,067,296,998 | ) | (54,476,492 | ) | ||||
| Net increase from capital share transactions | 284,623,069 | 2,693,507 | ||||||
| Net increase in net assets | 1,526,834,227 | 8,789,188 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 8,789,188 | – | ||||||
| End of period | $ | 1,535,623,415 | $ | 8,789,188 | ||||
CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 10,250,025 | – | ||||||
| Shares sold | 128,750,000 | 87,250,025 | ||||||
| Shares redeemed | (97,370,000 | ) | (77,000,000 | ) | ||||
| Shares outstanding, end of period | 41,630,025 | 10,250,025 | ||||||
| (a) | The Fund had a 25 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| 70 | www.graniteshares.com |
| GraniteShares 2x Long TSM Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For
the Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (82,025 | ) | $ | 65,445 | |||
| Net realized loss | (3,470,309 | ) | (2,882,165 | ) | ||||
| Net change in unrealized appreciation | 46,701,770 | 6,483,056 | ||||||
| Net increase in net assets resulting from operations | 43,149,436 | 3,666,336 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 55,295,186 | 19,218,114 | ||||||
| Cost of shares redeemed | (48,064,663 | ) | (8,823,721 | ) | ||||
| Net increase from capital share transactions | 7,230,523 | 10,394,393 | ||||||
| Net increase in net assets | 50,379,959 | 14,060,729 | ||||||
NET ASSETS: | ||||||||
| Beginning of period | 14,060,729 | – | ||||||
| End of period | $ | 64,440,688 | $ | 14,060,729 | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 510,001 | – | ||||||
| Shares sold | 1,090,000 | 920,001 | ||||||
| Shares redeemed | (900,000 | ) | (410,000 | ) | ||||
| Shares outstanding, end of period | 700,001 | 510,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 71 |
| GraniteShares 2x Long CRWD Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For
the Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 178,405 | $ | 139,500 | ||||
| Net realized gain/(loss) | 14,992,458 | (5,162,972 | ) | |||||
| Net change in unrealized appreciation | 40,451,358 | 14,649,324 | ||||||
| Net increase in net assets resulting from operations | 55,622,221 | 9,625,852 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 333,382,458 | 65,403,657 | ||||||
| Cost of shares redeemed | (371,126,695 | ) | (39,902,281 | ) | ||||
| Net increase/(decrease) from capital share transactions | (37,744,237 | ) | 25,501,376 | |||||
| Net increase in net assets | 17,877,984 | 35,127,228 | ||||||
NET ASSETS: | ||||||||
| Beginning of period | 35,127,228 | – | ||||||
| End of period | $ | 53,005,212 | $ | 35,127,228 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 830,001 | – | ||||||
| Shares sold | 7,900,000 | 2,150,001 | ||||||
| Shares redeemed | (7,900,000 | ) | (1,320,000 | ) | ||||
| Shares outstanding, end of period | 830,001 | 830,001 | ||||||
| See Notes to Financial Statements. | |
| 72 | www.graniteshares.com |
| GraniteShares 2x Long SMCI Daily ETF | Statement of Changes in Net Assets |
For
the |
For the
Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 565,675 | $ | 269,618 | ||||
| Net realized loss | (34,165,257 | ) | (32,918,455 | ) | ||||
| Net change in unrealized appreciation/depreciation | (27,598,484 | ) | 35,983,441 | |||||
| Net increase/(decrease) in net assets resulting from operations | (61,198,066 | ) | 3,334,604 | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 225,246,361 | 157,906,377 | ||||||
| Cost of shares redeemed | (197,972,329 | ) | (88,096,180 | ) | ||||
| Net increase from capital share transactions | 27,274,032 | 69,810,197 | ||||||
| Net increase/(decrease) in net assets | (33,924,034 | ) | 73,144,801 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 73,144,801 | – | ||||||
| End of period | $ | 39,220,767 | $ | 73,144,801 | ||||
CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 600,000 | – | ||||||
| Shares sold | 8,937,000 | 1,458,000 | ||||||
| Shares redeemed | (6,334,000 | ) | (858,000 | ) | ||||
| Shares outstanding, end of period | 3,203,000 | 600,000 | ||||||
| (a) | The Fund had a 1 for 20 reverse stock split after the close of business May 1, 2026 and 3 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 73 |
| GraniteShares 2x Long QCOM Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For
the Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 348,674 | $ | 8,537 | ||||
| Net realized loss | (41,892,053 | ) | (205,320 | ) | ||||
| Net change in unrealized appreciation/depreciation | (8,156,246 | ) | 603,210 | |||||
| Net increase/(decrease) in net assets resulting from operations | (49,699,625 | ) | 406,427 | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 337,351,487 | 5,312,026 | ||||||
| Cost of shares redeemed | (154,660,035 | ) | (2,538,968 | ) | ||||
| Net increase from capital share transactions | 182,691,452 | 2,773,058 | ||||||
| Net increase in net assets | 132,991,827 | 3,179,485 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 3,179,485 | – | ||||||
| End of period | $ | 136,171,312 | $ | 3,179,485 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 160,001 | – | ||||||
| Shares sold | 12,620,000 | 300,001 | ||||||
| Shares redeemed | (5,910,000 | ) | (140,000 | ) | ||||
| Shares outstanding, end of period | 6,870,001 | 160,001 | ||||||
| See Notes to Financial Statements. | |
| 74 | www.graniteshares.com |
| GraniteShares 2x Long DELL Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For
the Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (61,310 | ) | $ | 18,796 | |||
| Net realized loss | (24,185,922 | ) | (1,324,934 | ) | ||||
| Net change in unrealized appreciation | 130,484,530 | 3,929,476 | ||||||
| Net increase in net assets resulting from operations | 106,237,298 | 2,623,338 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 170,928,577 | 10,446,817 | ||||||
| Cost of shares redeemed | (123,686,599 | ) | (5,965,047 | ) | ||||
| Net increase from capital share transactions | 47,241,978 | 4,481,770 | ||||||
| Net increase in net assets | 153,479,276 | 7,105,108 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 7,105,108 | – | ||||||
| End of period | $ | 160,584,384 | $ | 7,105,108 | ||||
CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 2,320,008 | – | ||||||
| Shares sold | 15,410,000 | 5,360,008 | ||||||
| Shares redeemed | (11,300,000 | ) | (3,040,000 | ) | ||||
| Shares outstanding, end of period | 6,430,008 | 2,320,008 | ||||||
| (a) | The Fund had a 8 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 75 |
| GraniteShares 2x Long INTC Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For
the Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (563,881 | ) | $ | 146,441 | |||
| Net realized loss | (57,769,548 | ) | (8,399,243 | ) | ||||
| Net change in unrealized appreciation | 758,697,836 | 4,230,874 | ||||||
| Net increase/(decrease) in net assets resulting from operations | 700,364,407 | (4,021,928 | ) | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 1,199,126,211 | 57,748,821 | ||||||
| Cost of shares redeemed | (1,113,333,695 | ) | (30,968,590 | ) | ||||
| Net increase from capital share transactions | 85,792,516 | 26,780,231 | ||||||
| Net increase in net assets | 786,156,923 | 22,758,303 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 22,758,303 | – | ||||||
| End of period | $ | 808,915,226 | $ | 22,758,303 | ||||
CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 9,200,008 | – | ||||||
| Shares sold | 72,840,000 | 22,240,008 | ||||||
| Shares redeemed | (66,090,000 | ) | (13,040,000 | ) | ||||
| Shares outstanding, end of period | 15,950,008 | 9,200,008 | ||||||
| (a) | The Fund had a 8 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| 76 | www.graniteshares.com |
| GraniteShares 2x Long MARA Daily ETF | Statement of Changes in Net Assets |
For
the | For
the Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 1,078,598 | $ | 79,384 | ||||
| Net realized loss | (135,640,192 | ) | (4,211,360 | ) | ||||
| Net change in unrealized appreciation | 63,690,538 | 5,254,268 | ||||||
| Net increase/(decrease) in net assets resulting from operations | (70,871,056 | ) | 1,122,292 | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 173,914,016 | 45,842,252 | ||||||
| Cost of shares redeemed | (72,535,688 | ) | (5,222,512 | ) | ||||
| Net increase from capital share transactions | 101,378,328 | 40,619,740 | ||||||
| Net increase in net assets | 30,507,272 | 41,742,032 | ||||||
NET ASSETS: | ||||||||
| Beginning of period | 41,742,032 | – | ||||||
| End of period | $ | 72,249,304 | $ | 41,742,032 | ||||
CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 211,000 | – | ||||||
| Shares sold | 1,680,000 | 243,000 | ||||||
| Shares redeemed | (869,000 | ) | (32,000 | ) | ||||
| Shares outstanding, end of period | 1,022,000 | 211,000 | ||||||
| (a) | The Fund had a 1 for 10 reverse stock split after the close of business May 1, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 77 |
| GraniteShares 2x Long MRVL Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For
the Period | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (503,182 | ) | $ | 28,270 | |||
| Net realized loss | (157,526,457 | ) | (744,025 | ) | ||||
| Net change in unrealized appreciation | 838,961,112 | 7,073,064 | ||||||
| Net increase in net assets resulting from operations | 680,931,473 | 6,357,309 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from sale of shares | 1,529,890,338 | 20,746,317 | ||||||
| Cost of shares redeemed | (1,197,783,961 | ) | (6,456,976 | ) | ||||
| Net increase from capital share transactions | 332,106,377 | 14,289,341 | ||||||
| Net increase in net assets | 1,013,037,850 | 20,646,650 | ||||||
NET ASSETS: | ||||||||
| Beginning of period | 20,646,650 | – | ||||||
| End of period | $ | 1,033,684,500 | $ | 20,646,650 | ||||
CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
Beginning shares | 2,700,003 | – | ||||||
| Shares sold | 65,680,000 | 3,810,003 | ||||||
| Shares redeemed | (50,380,000 | ) | (1,110,000 | ) | ||||
| Shares outstanding, end of period | 18,000,003 | 2,700,003 | ||||||
| (a) | The Fund had a 3 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| 78 | www.graniteshares.com |
| GraniteShares 2x Long IONQ Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Period March 24, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 172,026 | $ | 22,947 | ||||
| Net realized loss | (72,973,224 | ) | (1,504,661 | ) | ||||
| Net change in unrealized appreciation | 69,975,767 | 3,462,114 | ||||||
| Net increase/(decrease) in net assets resulting from operations | (2,825,431 | ) | 1,980,400 | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 191,888,880 | 14,549,809 | ||||||
| Cost of shares redeemed | (115,824,047 | ) | (2,785,925 | ) | ||||
| Net increase from capital share transactions | 76,064,833 | 11,763,884 | ||||||
| Net increase in net assets | 73,239,402 | 13,744,284 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 13,744,284 | – | ||||||
| End of period | $ | 86,983,686 | $ | 13,744,284 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 280,001 | – | ||||||
| Shares sold | 5,860,000 | 370,001 | ||||||
| Shares redeemed | (2,920,000 | ) | (90,000 | ) | ||||
| Shares outstanding, end of period | 3,220,001 | 280,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 79 |
| GraniteShares 2x Long VRT Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Period March 24, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (235,567 | ) | $ | 7,624 | |||
| Net realized loss | (6,145,347 | ) | (645,872 | ) | ||||
| Net change in unrealized appreciation | 54,587,034 | 4,599,505 | ||||||
| Net increase in net assets resulting from operations | 48,206,120 | 3,961,257 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 97,719,185 | 6,774,710 | ||||||
| Cost of shares redeemed | (66,383,948 | ) | (2,237,316 | ) | ||||
| Net increase from capital share transactions | 31,335,237 | 4,537,394 | ||||||
| Net increase in net assets | 79,541,357 | 8,498,651 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 8,498,651 | – | ||||||
| End of period | $ | 88,040,008 | $ | 8,498,651 | ||||
| CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 660,003 | – | ||||||
| Shares sold | 3,390,000 | 990,003 | ||||||
| Shares redeemed | (2,360,000 | ) | (330,000 | ) | ||||
| Shares outstanding, end of period | 1,690,003 | 660,003 | ||||||
| (a) | The Fund had a 3 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| 80 | www.graniteshares.com |
| GraniteShares 2x Long RDDT Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Period March 24, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 236,926 | $ | 50,144 | ||||
| Net realized loss | (11,278,558 | ) | (2,732,974 | ) | ||||
| Net change in unrealized appreciation | 18,118,748 | 12,343,783 | ||||||
| Net increase in net assets resulting from operations | 7,077,116 | 9,660,953 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 158,139,980 | 32,479,638 | ||||||
| Cost of shares redeemed | (134,724,992 | ) | (15,844,031 | ) | ||||
| Net increase from capital share transactions | 23,414,988 | 16,635,607 | ||||||
| Net increase in net assets | 30,492,104 | 26,296,560 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 26,296,560 | – | ||||||
| End of period | $ | 56,788,664 | $ | 26,296,560 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 920,001 | – | ||||||
| Shares sold | 5,940,000 | 1,890,001 | ||||||
| Shares redeemed | (4,150,000 | ) | (970,000 | ) | ||||
| Shares outstanding, end of period | 2,710,001 | 920,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 81 |
| GraniteShares 2x Long LCID Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Period April 21, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 111,216 | $ | 13,781 | ||||
| Net realized loss | (18,977,259 | ) | (405,739 | ) | ||||
| Net change in unrealized appreciation/depreciation | 3,642,423 | (296,553 | ) | |||||
| Net decrease in net assets resulting from operations | (15,223,620 | ) | (688,511 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 34,235,122 | 5,749,617 | ||||||
| Cost of shares redeemed | (16,201,551 | ) | (1,318,936 | ) | ||||
| Net increase from capital share transactions | 18,033,571 | 4,430,681 | ||||||
| Net increase in net assets | 2,809,951 | 3,742,170 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 3,742,170 | – | ||||||
| End of period | $ | 6,552,121 | $ | 3,742,170 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 200,001 | – | ||||||
| Shares sold | 10,310,000 | 260,001 | ||||||
| Shares redeemed | (3,280,000 | ) | (60,000 | ) | ||||
| Shares outstanding, end of period | 7,230,001 | 200,001 | ||||||
| See Notes to Financial Statements. | |
| 82 | www.graniteshares.com |
| GraniteShares 2x Long RIVN Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Period April 21, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 110,219 | $ | 5,181 | ||||
| Net realized gain/(loss) | (1,437,755 | ) | 287,790 | |||||
| Net change in unrealized appreciation | 6,417,575 | 18,400 | ||||||
| Net increase in net assets resulting from operations | 5,090,039 | 311,371 | ||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 33,622,877 | 1,863,976 | ||||||
| Cost of shares redeemed | (24,843,648 | ) | (750,704 | ) | ||||
| Net increase from capital share transactions | 8,779,229 | 1,113,272 | ||||||
| Net increase in net assets | 13,869,268 | 1,424,643 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 1,424,643 | – | ||||||
| End of period | $ | 15,293,911 | $ | 1,424,643 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 40,001 | – | ||||||
| Shares sold | 1,120,000 | 60,001 | ||||||
| Shares redeemed | (700,000 | ) | (20,000 | ) | ||||
| Shares outstanding, end of period | 460,001 | 40,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 83 |
| GraniteShares 2x Long MSTR Daily ETF | Statement of Changes in Net Assets |
| For the Year Ended June 30, 2026 | For the Period June 9, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 57,360 | $ | 1,031 | ||||
| Net realized loss | (15,282,978 | ) | (30,632 | ) | ||||
| Net change in unrealized appreciation | 66,902 | 73,452 | ||||||
| Net increase/(decrease) in net assets resulting from operations | (15,158,716 | ) | 43,851 | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 39,402,448 | 967,018 | ||||||
| Cost of shares redeemed | (19,858,670 | ) | (228,452 | ) | ||||
| Net increase from capital share transactions | 19,543,778 | 738,566 | ||||||
| Net increase in net assets | 4,385,062 | 782,417 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 782,417 | – | ||||||
| End of period | $ | 5,167,479 | $ | 782,417 | ||||
| CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 1,500 | – | ||||||
| Shares sold | 820,500 | 2,000 | ||||||
| Shares redeemed | (362,000 | ) | (500 | ) | ||||
| Shares outstanding, end of period | 460,000 | 1,500 | ||||||
| (a) | The Fund had a 1 for 20 reverse stock split after the close of business May 1, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| 84 | www.graniteshares.com |
| GraniteShares 2x Long NOW Daily ETF | Statement of Changes in Net Assets |
| For the Period July 14, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 652,319 | ||
| Net realized loss | (74,691,110 | ) | ||
| Net change in unrealized appreciation | 45,837,350 | |||
| Net decrease in net assets resulting from operations | (28,201,441 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 405,370,688 | |||
| Cost of shares redeemed | (91,506,686 | ) | ||
| Net increase from capital share transactions | 313,864,002 | |||
| Net increase in net assets | 285,662,561 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 285,662,561 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 83,080,001 | |||
| Shares redeemed | (17,820,000 | ) | ||
| Shares outstanding, end of period | 65,260,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 85 |
| GraniteShares 2x Long PDD Daily ETF | Statement of Changes in Net Assets |
| For the Period July 14, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 97,858 | ||
| Net realized loss | (5,331,051 | ) | ||
| Net change in unrealized depreciation | (2,707,800 | ) | ||
| Net decrease in net assets resulting from operations | (7,940,993 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (20,678 | ) | ||
| Total distributions | (20,678 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 25,288,837 | |||
| Cost of shares redeemed | (9,768,220 | ) | ||
| Net increase from capital share transactions | 15,520,617 | |||
| Net increase in net assets | 7,558,946 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 7,558,946 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 1,190,001 | |||
| Shares redeemed | (510,000 | ) | ||
| Shares outstanding, end of period | 680,001 | |||
| See Notes to Financial Statements. | |
| 86 | www.graniteshares.com |
| GraniteShares 2x Long AVGO Daily ETF | Statement of Changes in Net Assets |
| For the Period July 14, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 184,820 | ||
| Net realized loss | (11,493,033 | ) | ||
| Net change in unrealized depreciation | (1,292,937 | ) | ||
| Net decrease in net assets resulting from operations | (12,601,150 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 81,389,906 | |||
| Cost of shares redeemed | (33,138,706 | ) | ||
| Net increase from capital share transactions | 48,251,200 | |||
| Net increase in net assets | 35,650,050 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 35,650,050 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 1,940,001 | |||
| Shares redeemed | (920,000 | ) | ||
| Shares outstanding, end of period | 1,020,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 87 |
| GraniteShares 2x Long ISRG Daily ETF | Statement of Changes in Net Assets |
| For the Period October 6, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 32,669 | ||
| Net realized loss | (565,979 | ) | ||
| Net change in unrealized depreciation | (1,105,518 | ) | ||
| Net decrease in net assets resulting from operations | (1,638,828 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 15,205,016 | |||
| Cost of shares redeemed | (6,421,861 | ) | ||
| Net increase from capital share transactions | 8,783,155 | |||
| Net increase in net assets | 7,144,327 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 7,144,327 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 630,001 | |||
| Shares redeemed | (210,000 | ) | ||
| Shares outstanding, end of period | 420,001 | |||
| See Notes to Financial Statements. | |
| 88 | www.graniteshares.com |
| GraniteShares 2x Long NBIS Daily ETF | Statement of Changes in Net Assets |
| For
the Period October 6, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 265,993 | ||
| Net realized loss | (13,028,070 | ) | ||
| Net change in unrealized appreciation | 203,681,898 | |||
| Net increase in net assets resulting from operations | 190,919,821 | |||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 226,391,732 | |||
| Cost of shares redeemed | (221,712,115 | ) | ||
| Net increase from capital share transactions | 4,679,617 | |||
| Net increase in net assets | 195,599,438 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 195,599,438 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 14,100,001 | |||
| Shares redeemed | (10,670,000 | ) | ||
| Shares outstanding, end of period | 3,430,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 89 |
| GraniteShares 2x Long GOOGL Daily ETF | Statement of Changes in Net Assets |
| For the Period December 1, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 46,817 | ||
| Net realized loss | (2,176,275 | ) | ||
| Net change in unrealized appreciation | 1,951,034 | |||
| Net decrease in net assets resulting from operations | (178,424 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 15,718,904 | |||
| Cost of shares redeemed | (3,476,759 | ) | ||
| Net increase from capital share transactions | 12,242,145 | |||
| Net increase in net assets | 12,063,721 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 12,063,721 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 550,001 | |||
| Shares redeemed | (130,000 | ) | ||
| Shares outstanding, end of period | 420,001 | |||
| See Notes to Financial Statements. | |
| 90 | www.graniteshares.com |
| GraniteShares 2x Long SpaceX Daily ETF | Statement of Changes in Net Assets |
| For the Period June 12, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 19,386 | ||
| Net realized loss | (8,480,934 | ) | ||
| Net change in unrealized appreciation | 4,266,553 | |||
| Net decrease in net assets resulting from operations | (4,194,995 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 104,709,487 | |||
| Cost of shares redeemed | (69,236,998 | ) | ||
| Net increase from capital share transactions | 35,472,489 | |||
| Net increase in net assets | 31,277,494 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 31,277,494 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 4,170,001 | |||
| Shares redeemed | (2,950,000 | ) | ||
| Shares outstanding, end of period | 1,220,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 91 |
| GraniteShares 2x Short SpaceX Daily ETF | Statement of Changes in Net Assets |
| For the Period June 12, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment loss | $ | (13,137 | ) | |
| Net realized gain | 4,039,500 | |||
| Net change in unrealized appreciation | 9,921,660 | |||
| Net increase in net assets resulting from operations | 13,948,023 | |||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 86,740,278 | |||
| Cost of shares redeemed | (62,579,254 | ) | ||
| Net increase from capital share transactions | 24,161,024 | |||
| Net increase in net assets | 38,109,047 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 38,109,047 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 5,540,001 | |||
| Shares redeemed | (3,290,000 | ) | ||
| Shares outstanding, end of period | 2,250,001 | |||
| See Notes to Financial Statements. | |
| 92 | www.graniteshares.com |
| GraniteShares 2x Long BABA Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | For the Year Ended June 30, 2024 | For the Period December 12, 2022 (Commencement of Operations) to June 30, 2023 | |||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 24.88 | $ | 13.04 | $ | 19.42 | $ | 25.00 | ||||||||
INCOME FROM OPERATIONS: | ||||||||||||||||
| Net investment income(a) | 0.13 | 0.34 | 0.08 | 0.00 | ||||||||||||
| Net realized and unrealized gain/(loss) | (11.16 | ) | 11.50 | (6.46 | ) | (5.58 | ) | |||||||||
| Total from investment operations | (11.03 | ) | 11.84 | (6.38 | ) | (5.58 | ) | |||||||||
NET INCREASE/(DECREASE) IN NET ASSET VALUE | (11.03 | ) | 11.84 | (6.38 | ) | (5.58 | ) | |||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 13.85 | $ | 24.88 | $ | 13.04 | $ | 19.42 | ||||||||
| TOTAL RETURN(b) | (44.33 | )% | 90.80 | % | (32.85 | )% | (22.29 | )% | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
| Net assets, end of period (in 000s) | $ | 74,518 | $ | 80,863 | $ | 18,909 | $ | 3,495 | ||||||||
RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.09 | % | 1.23 | % | 1.52 | % | 3.60 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.06 | % | 1.15 | % | 1.15 | % | 1.15 | %(c) | ||||||||
| Ratio of net investment income to average net assets | 0.38 | % | 1.38 | % | 0.54 | % | 0.03 | %(c) | ||||||||
| Portfolio turnover rate | 0 | % | 0 | % | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 93 |
| GraniteShares 2x Long META Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | For the Year Ended June 30, 2024* | For the Period December 12, 2022 (Commencement of Operations) to June 30, 2023* | |||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 45.73 | $ | 26.71 | $ | 18.20 | $ | 5.00 | ||||||||
INCOME FROM OPERATIONS: | ||||||||||||||||
| Net investment income(a) | 0.25 | 0.51 | 0.21 | 0.07 | ||||||||||||
| Net realized and unrealized gain/(loss) | (24.35 | ) | 18.51 | 16.31 | 13.13 | |||||||||||
| Total from investment operations | (24.10 | ) | 19.02 | 16.52 | 13.20 | |||||||||||
DISTRIBUTIONS: | ||||||||||||||||
From net investment income | – | – | (7.89 | ) | – | |||||||||||
| From realized gains | (0.67 | ) | – | (0.12 | ) | – | ||||||||||
| Total distributions | (0.67 | ) | – | (8.01 | ) | – | ||||||||||
NET INCREASE/(DECREASE) IN NET ASSET VALUE | (24.77 | ) | 19.02 | 8.51 | 13.20 | |||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 20.96 | $ | 45.73 | $ | 26.71 | $ | 18.20 | ||||||||
| TOTAL RETURN(b) | (53.21 | )% | 71.21 | % | 121.19 | % | 264.19 | % | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
| Net assets, end of period (in 000s) | $ | 197,621 | $ | 166,897 | $ | 109,507 | $ | 6,371 | ||||||||
RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.05 | % | 1.13 | % | 1.22 | % | 3.48 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.02 | % | 1.09 | % | 1.15 | % | 1.15 | %(c) | ||||||||
| Ratio of net investment income to average net assets | 0.79 | % | 1.55 | % | 0.86 | % | 1.07 | %(c) | ||||||||
| Portfolio turnover rate | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
| * | 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. |
| (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) | Annualized. |
| See Notes to Financial Statements. | |
| 94 | www.graniteshares.com |
| GraniteShares 2x Long NVDA Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026# | For the Year Ended June 30, 2025# | For the Year Ended June 30, 2024#* | For the Period December 12, 2022 (Commencement of Operations) to June 30, 2023#* | |||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 23.50 | $ | 23.20 | $ | 4.69 | $ | 1.39 | ||||||||
INCOME FROM OPERATIONS: | ||||||||||||||||
| Net investment income/(loss)(a) | (0.36 | ) | 0.00 | (0.06 | ) | 0.02 | ||||||||||
| Net realized and unrealized gain | 6.77 | 0.30 | 19.14 | 3.28 | ||||||||||||
| Total from investment operations | 6.41 | 0.30 | 19.08 | 3.30 | ||||||||||||
DISTRIBUTIONS: | ||||||||||||||||
From net investment income | – | – | (0.54 | ) | – | |||||||||||
| From realized gains | – | – | (0.03 | ) | – | |||||||||||
| Total distributions | – | – | (0.57 | ) | – | |||||||||||
NET INCREASE IN NET ASSET VALUE | 6.41 | 0.30 | 18.51 | 3.30 | ||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 29.91 | $ | 23.50 | $ | 23.20 | $ | 4.69 | ||||||||
| TOTAL RETURN(b) | 27.28 | % | 1.29 | % | 450.96 | % | 237.62 | % | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
| Net assets, end of period (in 000s) | $ | 4,051,375 | $ | 4,123,032 | $ | 4,723,515 | $ | 118,957 | ||||||||
RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.62 | % | 1.05 | % | 1.06 | % | 1.57 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.61 | % | 1.05 | % | 1.06 | % | 1.15 | %(c) | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.02 | % | 1.05 | % | 1.06 | % | 1.57 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.02 | % | 1.05 | % | 1.06 | % | 1.15 | %(c) | ||||||||
| Ratio of net investment income/(loss) to average net assets | (1.21 | )% | 0.02 | % | (0.49 | )% | 1.13 | %(c) | ||||||||
| Portfolio turnover rate | 0 | % | 10597 | % | 11811 | % | 0 | % | ||||||||
| # | The Fund had a 3 for 1 stock split after the close of business June 26, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| * | 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. |
| (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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 95 |
| GraniteShares 2x Long AAPL Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | For the Year Ended June 30, 2024 | For the Period August 8, 2022 (Commencement of Operations) to June 30, 2023 | |||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 20.14 | $ | 25.34 | $ | 29.38 | $ | 25.00 | ||||||||
INCOME FROM OPERATIONS: | ||||||||||||||||
| Net investment income(a) | 0.24 | 0.51 | 0.10 | 0.09 | ||||||||||||
| Net realized and unrealized gain/(loss) | 14.99 | (5.71 | ) | 0.17 | 4.29 | |||||||||||
| Total from investment operations | 15.23 | (5.20 | ) | 0.27 | 4.38 | |||||||||||
DISTRIBUTIONS: | ||||||||||||||||
From net investment income | – | – | (4.31 | ) | – | |||||||||||
| From realized gains | (1.41 | ) | – | – | – | |||||||||||
| Total distributions | (1.41 | ) | – | (4.31 | ) | – | ||||||||||
NET INCREASE/(DECREASE) IN NET ASSET VALUE | 13.82 | (5.20 | ) | (4.04 | ) | 4.38 | ||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 33.96 | $ | 20.14 | $ | 25.34 | $ | 29.38 | ||||||||
| TOTAL RETURN(b) | 75.94 | % | (20.52 | )% | 2.32 | % | 17.57 | % | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
| Net assets, end of period (in 000s) | $ | 18,341 | $ | 29,408 | $ | 35,220 | $ | 3,525 | ||||||||
RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.26 | % | 1.41 | % | 1.65 | % | 5.09 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.18 | % | 1.15 | % | 1.15 | % | 1.15 | %(c) | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.23 | % | 1.41 | % | 1.65 | % | 5.09 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | %(c) | ||||||||
| Ratio of net investment income to average net assets | 0.84 | % | 1.96 | % | 0.47 | % | 0.44 | %(c) | ||||||||
| Portfolio turnover rate | 0 | % | 0 | % | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 96 | www.graniteshares.com |
| GraniteShares 2x Long COIN Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | For the Year Ended June 30, 2024 | For the Period August 8, 2022 (Commencement of Operations) to June 30, 2023 | |||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 46.15 | $ | 45.43 | $ | 10.26 | $ | 25.00 | ||||||||
INCOME FROM OPERATIONS: | ||||||||||||||||
| Net investment income/(loss)(a) | 0.06 | 0.26 | (0.27 | ) | 0.01 | |||||||||||
| Net realized and unrealized gain/(loss) | (41.95 | ) | 0.46 | 35.55 | (14.75 | ) | ||||||||||
| Total from investment operations | (41.89 | ) | 0.72 | 35.28 | (14.74 | ) | ||||||||||
DISTRIBUTIONS: | ||||||||||||||||
From net investment income | – | – | (0.11 | ) | – | |||||||||||
| Total distributions | – | – | (0.11 | ) | – | |||||||||||
NET INCREASE/(DECREASE) IN NET ASSET VALUE | (41.89 | ) | 0.72 | 35.17 | (14.74 | ) | ||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 4.26 | $ | 46.15 | $ | 45.43 | $ | 10.26 | ||||||||
| TOTAL RETURN(b) | (90.77 | )% | 1.58 | % | 343.82 | % | (58.94 | )% | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
| Net assets, end of period (in 000s) | $ | 549,468 | $ | 923,024 | $ | 487,504 | $ | 7,594 | ||||||||
RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.05 | % | 1.06 | % | 1.12 | % | 2.46 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.03 | % | 1.04 | % | 1.10 | % | 1.15 | %(c) | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.03 | % | 1.06 | % | 1.12 | % | 2.46 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.01 | % | 1.04 | % | 1.10 | % | 1.15 | %(c) | ||||||||
| Ratio of net investment income/(loss) to average net assets | 0.43 | % | 0.83 | % | (0.57 | )% | 0.17 | %(c) | ||||||||
| Portfolio turnover rate | 0 | % | 0 | % | 44577 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 97 |
| GraniteShares 1.25x Long TSLA Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Year Ended June 30, 2025 | For the Year Ended June 30, 2024 | For the Period August 8, 2022 (Commencement of Operations) to June 30, 2023 | |||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 12.54 | $ | 7.83 | $ | 19.64 | $ | 25.00 | ||||||||
INCOME FROM OPERATIONS: | ||||||||||||||||
| Net investment income(a) | 0.19 | 0.30 | 0.12 | 0.11 | ||||||||||||
| Net realized and unrealized gain/(loss) | 3.97 | 4.41 | (5.27 | ) | (5.47 | ) | ||||||||||
| Total from investment operations | 4.16 | 4.71 | (5.15 | ) | (5.36 | ) | ||||||||||
DISTRIBUTIONS: | ||||||||||||||||
From net investment income | – | – | (6.59 | ) | – | |||||||||||
| From return of capital | – | – | (0.07 | ) | – | |||||||||||
| Total distributions | – | – | (6.66 | ) | – | |||||||||||
NET INCREASE/(DECREASE) IN NET ASSET VALUE | 4.16 | 4.71 | (11.81 | ) | (5.36 | ) | ||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 16.70 | $ | 12.54 | $ | 7.83 | $ | 19.64 | ||||||||
| TOTAL RETURN(b) | 33.17 | % | 60.15 | % | (37.53 | )% | (21.44 | )% | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
| Net assets, end of period (in 000s) | $ | 12,358 | $ | 13,670 | $ | 7,983 | $ | 7,265 | ||||||||
RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.32 | % | 1.55 | % | 1.98 | % | 2.67 | %(c) | ||||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | %(c) | ||||||||
| Ratio of net investment income to average net assets | 1.19 | % | 2.41 | % | 1.09 | % | 0.89 | %(c) | ||||||||
| Portfolio turnover rate | 0 | % | 0 | % | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 98 | www.graniteshares.com |
| GraniteShares 2x Short NVDA Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||||||
| August 21, 2023 | ||||||||||||
| For the | For the | (Commencement of | ||||||||||
| Year Ended | Year Ended | Operations) | ||||||||||
| June 30, 2026 | June 30, 2025* | to June 30, 2024* | ||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 12.63 | $ | 55.25 | $ | 625.00 | ||||||
| INCOME FROM OPERATIONS: | ||||||||||||
| Net investment income/(loss)(a) | 0.15 | 0.82 | (0.25 | ) | ||||||||
| Net realized and unrealized loss | (6.73 | ) | (40.83 | ) | (494.50 | ) | ||||||
| Total from investment operations | (6.58 | ) | (40.01 | ) | (494.75 | ) | ||||||
| DISTRIBUTIONS: | ||||||||||||
| From net investment income | (0.85 | ) | (2.61 | ) | (37.50 | ) | ||||||
| From realized gains | – | – | (37.50 | ) | ||||||||
| Total distributions | (0.85 | ) | (2.61 | ) | (75.00 | ) | ||||||
| NET (DECREASE) IN NET ASSET VALUE | (7.43 | ) | (42.62 | ) | (569.75 | ) | ||||||
| NET ASSET VALUE, END OF PERIOD | $ | 5.20 | $ | 12.63 | $ | 55.25 | ||||||
| TOTAL RETURN(b) | (53.87 | )% | (75.07 | )% | (89.77 | )% | ||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
| Net assets, end of period (in 000s) | $ | 60,726 | $ | 157,263 | $ | 78,381 | ||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.39 | % | 1.48 | % | 1.74 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.27 | % | 1.35 | % | 1.50 | %(c) | ||||||
| Ratio of net investment income/(loss) to average net assets | 1.88 | % | 2.95 | % | (0.41 | )%(c) | ||||||
| Portfolio turnover rate | 0 | % | 0 | % | 0 | % | ||||||
| * | 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. |
| (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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 99 |
| GraniteShares 2x Long TSLA Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||||||
| August 21, 2023 | ||||||||||||
| For the | For the | (Commencement of | ||||||||||
| Year Ended | Year Ended | Operations) | ||||||||||
| June 30, 2026 | June 30, 2025 | to June 30, 2024 | ||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 18.91 | $ | 13.93 | $ | 25.00 | ||||||
| INCOME FROM OPERATIONS: | ||||||||||||
Net investment income/(loss)(a) | 0.02 | 0.25 | (0.01 | ) | ||||||||
| Net realized and unrealized gain/(loss) | 5.45 | 4.73 | (11.06 | ) | ||||||||
| Total from investment operations | 5.47 | 4.98 | (11.07 | ) | ||||||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 5.47 | 4.98 | (11.07 | ) | ||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 24.38 | $ | 18.91 | $ | 13.93 | ||||||
| TOTAL RETURN(b) | 28.93 | % | 35.75 | % | (44.26 | )% | ||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
| Net assets, end of period (in 000s) | $ | 107,260 | $ | 256,250 | $ | 38,308 | ||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.02 | % | 1.08 | % | 1.99 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 0.95 | % | 0.95 | %(d) | 1.50 | %(c) | ||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.02 | % | 1.08 | % | 1.99 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 0.95 | % | 0.95 | %(d) | 1.50 | %(c) | ||||||
| Ratio of net investment income/(loss) to average net assets | 0.09 | % | 1.14 | % | (0.09 | )%(c) | ||||||
| Portfolio turnover rate | 0 | % | 0 | % | 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) | Annualized. |
| (d) | 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. |
| See Notes to Financial Statements. | |
| 100 | www.graniteshares.com |
| GraniteShares 2x Short TSLA Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||||||
| August 21, 2023 | ||||||||||||
| For the | For the | (Commencement of | ||||||||||
| Year Ended | Year Ended | Operations) | ||||||||||
| June 30, 2026 | June 30, 2025* | to June 30, 2024* | ||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 22.89 | $ | 310.60 | $ | 500.00 | ||||||
| INCOME FROM OPERATIONS: | ||||||||||||
Net investment income/(loss)(a) | 0.23 | 1.14 | (1.00 | ) | ||||||||
| Net realized and unrealized loss | (15.46 | ) | (288.85 | ) | (111.20 | ) | ||||||
| Total from investment operations | (15.23 | ) | (287.71 | ) | (112.20 | ) | ||||||
| DISTRIBUTIONS: | ||||||||||||
From net investment income | (0.65 | ) | – | (5.40 | ) | |||||||
| From realized gains | – | – | (71.80 | ) | ||||||||
| Total distributions | (0.65 | ) | – | (77.20 | ) | |||||||
| NET (DECREASE) IN NET ASSET VALUE | (15.88 | ) | (287.71 | ) | (189.40 | ) | ||||||
| NET ASSET VALUE, END OF PERIOD | $ | 7.01 | $ | 22.89 | $ | 310.60 | ||||||
| TOTAL RETURN(b) | (66.68 | )% | (92.63 | )% | (21.22 | )% | ||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
| Net assets, end of period (in 000s) | $ | 39,024 | $ | 87,202 | $ | 6,988 | ||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.19 | % | 1.24 | % | 2.95 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 0.95 | % | 0.95 | %(d) | 1.50 | %(c) | ||||||
| Ratio of net investment income/(loss) to average net assets | 2.18 | % | 3.03 | % | (0.29 | )%(c) | ||||||
| Portfolio turnover rate | 0 | % | 0 | % | 0 | % | ||||||
| * | 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. |
| (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) | Annualized. |
| (d) | 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. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 101 |
| GraniteShares 2x Long AMD Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||||||
| March 18, 2024 | ||||||||||||
| For the | For the | (Commencement of | ||||||||||
| Year Ended | Year Ended | Operations) | ||||||||||
| June 30, 2026 | June 30, 2025 | to June 30, 2024 | ||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 8.52 | $ | 16.44 | $ | 25.00 | ||||||
| INCOME FROM OPERATIONS: | ||||||||||||
| Net investment income/(loss)(a) | (0.20 | ) | 0.20 | 0.01 | ||||||||
| Net realized and unrealized gain/(loss) | 74.42 | (8.12 | ) | (8.57 | ) | |||||||
| Total from investment operations | 74.22 | (7.92 | ) | (8.56 | ) | |||||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 74.22 | (7.92 | ) | (8.56 | ) | |||||||
| NET ASSET VALUE, END OF PERIOD | $ | 82.74 | $ | 8.52 | $ | 16.44 | ||||||
| TOTAL RETURN(b) | 871.13 | % | (48.18 | )% | (34.24 | )% | ||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
| Net assets, end of period (in 000s) | $ | 1,661,372 | $ | 459,583 | $ | 55,081 | ||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.86 | % | 1.10 | % | 1.44 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.84 | % | 1.07 | % | 1.15 | %(c) | ||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.03 | % | 1.10 | % | 1.44 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.01 | % | 1.07 | % | 1.15 | %(c) | ||||||
| Ratio of net investment income/(loss) to average net assets | (1.07 | )% | 2.92 | % | 0.29 | %(c) | ||||||
| Portfolio turnover rate | 0 | % | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 102 | www.graniteshares.com |
| GraniteShares 2x Long AMZN Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||||||
| March 18, 2024 | ||||||||||||
| For the | For the | (Commencement of | ||||||||||
| Year Ended | Year Ended | Operations) | ||||||||||
| June 30, 2026 | June 30, 2025 | to June 30, 2024 | ||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 30.93 | $ | 29.40 | $ | 25.00 | ||||||
| INCOME FROM OPERATIONS: | ||||||||||||
| Net investment income(a) | 0.40 | 0.81 | 0.10 | |||||||||
| Net realized and unrealized gain/(loss) | (0.59 | ) | 0.72 | 4.30 | ||||||||
| Total from investment operations | (0.19 | ) | 1.53 | 4.40 | ||||||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (0.19 | ) | 1.53 | 4.40 | ||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 30.74 | $ | 30.93 | $ | 29.40 | ||||||
| TOTAL RETURN(b) | (0.61 | )% | 5.20 | % | 17.60 | % | ||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
| Net assets, end of period (in 000s) | $ | 45,189 | $ | 49,489 | $ | 17,053 | ||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.15 | % | 1.27 | % | 2.28 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.12 | % | 1.15 | % | 1.15 | %(c) | ||||||
| Ratio of net investment income to average net assets | 1.27 | % | 2.87 | % | 1.31 | %(c) | ||||||
| Portfolio turnover rate | 0 | % | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 103 |
| GraniteShares 2x Long MSFT Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||||||
| March 18, 2024 | ||||||||||||
| For the | For the | (Commencement of | ||||||||||
| Year Ended | Year Ended | Operations) | ||||||||||
| June 30, 2026 | June 30, 2025 | to June 30, 2024 | ||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 30.12 | $ | 27.76 | $ | 25.00 | ||||||
| INCOME FROM OPERATIONS: | ||||||||||||
| Net investment income(a) | 0.32 | 0.66 | 0.10 | |||||||||
| Net realized and unrealized gain/(loss) | (15.72 | ) | 1.70 | 2.66 | ||||||||
| Total from investment operations | (15.40 | ) | 2.36 | 2.76 | ||||||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (15.40 | ) | 2.36 | 2.76 | ||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 14.72 | $ | 30.12 | $ | 27.76 | ||||||
| TOTAL RETURN(b) | (51.13 | )% | 8.50 | % | 11.04 | % | ||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
| Net assets, end of period (in 000s) | $ | 125,577 | $ | 19,879 | $ | 10,271 | ||||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.15 | % | 1.40 | % | 3.55 | %(c) | ||||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.12 | % | 1.15 | % | 1.15 | %(c) | ||||||
| Ratio of net investment income to average net assets | 1.61 | % | 2.89 | % | 1.46 | %(c) | ||||||
| Portfolio turnover rate | 0 | % | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 104 | www.graniteshares.com |
| GraniteShares 2x Short COIN Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| September 3, 2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026* | to June 30, 2025#* | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 48.27 | $ | 500.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.41 | 2.44 | ||||||
| Net realized and unrealized gain/(loss) | 15.51 | (450.88 | ) | |||||
| Total from investment operations | 15.92 | (448.44 | ) | |||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | (0.60 | ) | (3.29 | ) | ||||
| Total distributions | (0.60 | ) | (3.29 | ) | ||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 15.32 | (451.73 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 63.59 | $ | 48.27 | ||||
| TOTAL RETURN(b) | 32.96 | % | (90.20 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 15,961 | $ | 36,688 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.88 | % | 2.36 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.68 | % | 1.33 | %(c)(d) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.30 | % | 2.36 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.10 | % | 1.33 | %(c)(d) | ||||
| Ratio of net investment income to average net assets | 0.83 | % | 2.68 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| * | Effective May 5, 2025 the fund changed its name from 1x Short Coin Daily ETF to 2x Short Coin Daily ETF. |
| # | 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 |
| (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) | Annualized. |
| (d) | 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. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 105 |
| GraniteShares 2x Long PLTR Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| September 3, 2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026 | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 19.43 | $ | 1.67 | ||||
| INCOME FROM OPERATIONS: | ||||||||
Net investment income/(loss)(a) | (0.19 | ) | 0.07 | |||||
| Net realized and unrealized gain/(loss) | (8.30 | ) | 17.69 | |||||
| Total from investment operations | (8.49 | ) | 17.76 | |||||
| DISTRIBUTIONS: | ||||||||
| From realized gains | (1.55 | ) | – | |||||
| Total distributions | (1.55 | ) | – | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (10.04 | ) | 17.76 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.39 | $ | 19.43 | ||||
| TOTAL RETURN(b) | (49.07 | )% | 1066.04 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 296,775 | $ | 486,823 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.57 | % | 1.05 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.55 | % | 1.04 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.03 | % | 1.05 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.01 | % | 1.04 | %(c) | ||||
| Ratio of net investment income/(loss) to average net | ||||||||
| assets | (0.86 | )% | 0.71 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 17002 | %(d) | ||||
| # | 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) | Annualized. |
| (d) | Not Annualized. |
| See Notes to Financial Statements. | |
| 106 | www.graniteshares.com |
| GraniteShares 2x Long UBER Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| September 3, 2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 33.32 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.22 | 0.31 | ||||||
| Net realized and unrealized gain/(loss) | (16.35 | ) | 8.01 | |||||
| Total from investment operations | (16.13 | ) | 8.32 | |||||
| DISTRIBUTIONS: | ||||||||
| From realized gains | (2.22 | ) | – | |||||
| Total distributions | (2.22 | ) | – | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (18.35 | ) | 8.32 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 14.97 | $ | 33.32 | ||||
| TOTAL RETURN(b) | (50.36 | )% | 33.28 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 20,963 | $ | 29,321 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.21 | % | 1.39 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 0.94 | % | 1.63 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 107 |
| GraniteShares 2x Long MU Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| November 11, 2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026# | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 0.86 | $ | 1.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income/(loss)(a) | (0.07 | ) | 0.01 | |||||
| Net realized and unrealized gain/(loss) | 36.11 | (0.15 | ) | |||||
| Total from investment operations | 36.04 | (0.14 | ) | |||||
| DISTRIBUTIONS: | ||||||||
| From realized gains | (0.01 | ) | – | |||||
| Total distributions | (0.01 | ) | – | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 36.03 | (0.14 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 36.89 | $ | 0.86 | ||||
| TOTAL RETURN(b) | 4217.12 | % | (14.24 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 1,535,623 | $ | 8,789 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.66 | % | 3.14 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.65 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.38 | % | 3.14 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.36 | % | 1.50 | %(c) | ||||
| Ratio of net investment income/(loss) to average net | ||||||||
| assets | (0.68 | )% | 1.34 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 25 for 1 stock split after the close of business June 26, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| 108 | www.graniteshares.com |
| GraniteShares 2x Long TSM Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| November 11, 2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 27.57 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income/(loss)(a) | (0.13 | ) | 0.20 | |||||
| Net realized and unrealized gain | 64.62 | 2.37 | ||||||
| Total from investment operations | 64.49 | 2.57 | ||||||
| NET INCREASE IN NET ASSET VALUE | 64.49 | 2.57 | ||||||
| NET ASSET VALUE, END OF PERIOD | $ | 92.06 | $ | 27.57 | ||||
| TOTAL RETURN(b) | 233.91 | % | 10.28 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 64,441 | $ | 14,061 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.55 | % | 2.54 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.50 | % | 1.50 | %(c) | ||||
| Ratio of net investment income/(loss) to average net assets | (0.26 | )% | 1.58 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 109 |
| GraniteShares 2x Long CRWD Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| November 11, 2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30,2026 | to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 42.32 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.15 | 0.31 | ||||||
| Net realized and unrealized gain | 21.39 | 17.01 | ||||||
| Total from investment operations | 21.54 | 17.32 | ||||||
| NET INCREASE IN NET ASSET VALUE | 21.54 | 17.32 | ||||||
| NET ASSET VALUE, END OF PERIOD | $ | 63.86 | $ | 42.32 | ||||
| TOTAL RETURN(b) | 50.90 | % | 69.28 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 53,005 | $ | 35,127 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.70 | % | 1.92 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.65 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.48 | % | 1.92 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.42 | % | 1.50 | %(c) | ||||
| Ratio of net investment income to average net assets | 0.48 | % | 1.61 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 110 | www.graniteshares.com |
| GraniteShares 2x Long SMCI Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| December 10, 2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026# | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 121.91 | $ | 166.66 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.42 | 0.73 | ||||||
| Net realized and unrealized loss | (110.08 | ) | (45.48 | ) | ||||
| Total from investment operations | (109.66 | ) | (44.75 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (109.66 | ) | (44.75 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 12.25 | $ | 121.91 | ||||
| TOTAL RETURN(b) | (89.95 | )% | (26.84 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 39,221 | $ | 73,145 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.55 | % | 1.56 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.37 | % | 1.49 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.43 | % | 1.56 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.25 | % | 1.49 | %(c) | ||||
| Ratio of net investment income to average net assets | 1.10 | % | 1.39 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 1 for 20 reverse stock split after the close of business May 1, 2026 and 3 for 1 stock split after the close of business June 26, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 111 |
| GraniteShares 2x Long QCOM Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| February 12, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 19.87 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.25 | 0.11 | ||||||
| Net realized and unrealized loss | (0.30 | ) | (5.24 | ) | ||||
| Total from investment operations | (0.05 | ) | (5.13 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (0.05 | ) | (5.13 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 19.82 | $ | 19.87 | ||||
| TOTAL RETURN(b) | (0.25 | )% | (20.52 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 136,171 | $ | 3,180 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.52 | % | 7.54 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to | ||||||||
| average net assets | 1.50 | % | 1.50 | %(c) | ||||
| Ratio of net investment income to average net assets | 1.04 | % | 1.71 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 112 | www.graniteshares.com |
| GraniteShares 2x Long DELL Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| February 12, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026# | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 3.07 | $ | 3.13 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income/(loss)(a) | (0.01 | ) | 0.01 | |||||
| Net realized and unrealized gain/(loss) | 21.91 | (0.07 | ) | |||||
| Total from investment operations | 21.90 | (0.06 | ) | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 21.90 | (0.06 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 24.97 | $ | 3.07 | ||||
| TOTAL RETURN(b) | 715.35 | % | (2.00 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 160,584 | $ | 7,105 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.52 | % | 3.60 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.49 | % | 1.50 | %(c) | ||||
| Ratio of net investment income/(loss) to average net assets | (0.20 | )% | 1.29 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 8 for 1 stock split after the close of business June 26, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 113 |
| GraniteShares 2x Long INTC Daily ETF | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
| For the Period | ||||||||
| February 12, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026# | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 2.47 | $ | 3.13 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income/(loss)(a) | (0.03 | ) | 0.02 | |||||
| Net realized and unrealized gain/(loss) | 48.28 | (0.68 | ) | |||||
| Total from investment operations | 48.25 | (0.66 | ) | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 48.25 | (0.66 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 50.72 | $ | 2.47 | ||||
| TOTAL RETURN(b) | 1950.33 | % | (20.84 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 808,915 | $ | 22,758 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.53 | % | 1.89 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.52 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.35 | % | 1.89 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.33 | % | 1.50 | %(c) | ||||
| Ratio of net investment income/(loss) to average net assets | (0.29 | )% | 2.24 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 8 for 1 stock split after the close of business June 26, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| 114 | www.graniteshares.com |
| GraniteShares 2x Long MARA Daily ETF | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
| For the Period | ||||||||
| March 6, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026# | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 197.83 | $ | 250.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 1.31 | 1.00 | ||||||
| Net realized and unrealized loss | (128.45 | ) | (53.17 | ) | ||||
| Total from investment operations | (127.14 | ) | (52.17 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (127.14 | ) | (52.17 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 70.69 | $ | 197.83 | ||||
| TOTAL RETURN(b) | (64.26 | )% | (20.88 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 72,249 | $ | 41,742 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.48 | % | 1.94 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.42 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.44 | % | 1.94 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.39 | % | 1.50 | %(c) | ||||
| Ratio of net investment income to average net assets | 1.65 | % | 1.71 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 1 for 10 reverse stock split after the close of business May 1, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 115 |
| GraniteShares 2x Long MRVL Daily ETF | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
| For the Period | ||||||||
| March 6, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026# | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 7.65 | $ | 8.33 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income/(loss)(a) | (0.06 | ) | 0.02 | |||||
| Net realized and unrealized gain/(loss) | 49.84 | (0.70 | ) | |||||
| Total from investment operations | 49.78 | (0.68 | ) | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | 49.78 | (0.68 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 57.43 | $ | 7.65 | ||||
| TOTAL RETURN(b) | 651.05 | % | (8.24 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 1,033,685 | $ | 20,647 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.96 | % | 2.53 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.94 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.39 | % | 2.53 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.37 | % | 1.50 | %(c) | ||||
| Ratio of net investment income/(loss) to average net assets | (0.32 | )% | 1.36 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 3 for 1 stock split after the close of business June 26, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| 116 | www.graniteshares.com |
| GraniteShares 2x Long IONQ Daily ETF | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
| For the Period | ||||||||
| March 24, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 49.09 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.10 | 0.18 | ||||||
| Net realized and unrealized gain/(loss) | (22.18 | ) | 23.91 | |||||
| Total from investment operations | (22.08 | ) | 24.09 | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (22.08 | ) | 24.09 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 27.01 | $ | 49.09 | ||||
| TOTAL RETURN(b) | (44.98 | )% | 96.36 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 86,984 | $ | 13,744 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.92 | % | 3.63 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.88 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.46 | % | 3.63 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.42 | % | 1.50 | %(c) | ||||
| Ratio of net investment income to average net assets | 0.33 | % | 1.68 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 117 |
| GraniteShares 2x Long VRT Daily ETF | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented
| For the Period | ||||||||
| March 24, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) | |||||||
| June 30, 2026# | to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 12.88 | $ | 8.33 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income/(loss)(a) | (0.19 | ) | 0.02 | |||||
| Net realized and unrealized gain | 39.40 | 4.53 | ||||||
| Total from investment operations | 39.21 | 4.55 | ||||||
| NET INCREASE IN NET ASSET VALUE | 39.21 | 4.55 | ||||||
| NET ASSET VALUE, END OF PERIOD | $ | 52.09 | $ | 12.88 | ||||
| TOTAL RETURN(b) | 304.53 | % | 54.52 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 88,040 | $ | 8,499 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 2.29 | % | 3.83 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 2.25 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.51 | % | 3.83 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.48 | % | 1.50 | %(c) | ||||
| Ratio of net investment income/(loss) to average net assets | (0.68 | )% | 0.73 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 3 for 1 stock split after the close of business June 26, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| 118 | www.graniteshares.com |
| GraniteShares 2x Long RDDT Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Period March 24, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 28.58 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.12 | 0.08 | ||||||
| Net realized and unrealized gain/(loss) | (7.74 | ) | 3.50 | |||||
| Total from investment operations | (7.62 | ) | 3.58 | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (7.62 | ) | 3.58 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 20.96 | $ | 28.58 | ||||
| TOTAL RETURN(b) | (26.66 | )% | 14.32 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 56,789 | $ | 26,297 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.96 | % | 2.44 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.92 | % | 1.50 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.44 | % | 2.44 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.40 | % | 1.50 | %(c) | ||||
| Ratio of net investment income to average net assets | 0.43 | % | 1.69 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 119 |
| GraniteShares 2x Long LCID Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Period April 21, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 18.71 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.05 | 0.12 | ||||||
| Net realized and unrealized loss | (17.85 | ) | (6.41 | ) | ||||
| Total from investment operations | (17.80 | ) | (6.29 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (17.80 | ) | (6.29 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 0.91 | $ | 18.71 | ||||
| TOTAL RETURN(b) | (95.14 | )% | (25.16 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 6,552 | $ | 3,742 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.79 | % | 4.67 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 1.93 | % | 2.78 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 120 | www.graniteshares.com |
| GraniteShares 2x Long RIVN Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026 | For the Period April 21, 2025 (Commencement of Operations) to June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 35.62 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.46 | 0.15 | ||||||
| Net realized and unrealized gain/(loss) | (2.83 | ) | 10.47 | |||||
| Total from investment operations | (2.37 | ) | 10.62 | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (2.37 | ) | 10.62 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 33.25 | $ | 35.62 | ||||
| TOTAL RETURN(b) | (6.65 | )% | 42.48 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 15,294 | $ | 1,425 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.56 | % | 7.89 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.19 | % | 1.15 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.52 | % | 7.89 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.15 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 1.40 | % | 1.98 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 121 |
| GraniteShares 2x Long MSTR Daily ETF | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented |
For the Year Ended June 30, 2026# | For the Period June 9, 2025 (Commencement of Operations) to June 30, 2025# | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 521.60 | $ | 500.00 | ||||
INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.54 | 0.60 | ||||||
| Net realized and unrealized gain/(loss) | (510.91 | ) | 21.00 | |||||
| Total from investment operations | (510.37 | ) | 21.60 | |||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (510.37 | ) | 21.60 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 11.23 | $ | 521.60 | ||||
| TOTAL RETURN(b) | (97.85 | )% | 4.32 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 5,167 | $ | 782 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 2.55 | % | 39.00 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.64 | % | 1.42 | %(c) | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 2.40 | % | 39.00 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.50 | % | 1.42 | %(c) | ||||
| Ratio of net investment income to average net assets | 1.28 | % | 2.53 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| # | The Fund had a 1 for 20 reverse stock split after the close of business May 1, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| 122 | www.graniteshares.com |
| GraniteShares 2x Long NOW Daily ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period July 14, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.07 | |||
| Net realized and unrealized loss | (20.69 | ) | ||
| Total from investment operations | (20.62 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (20.62 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 4.38 | ||
| TOTAL RETURN(b) | (82.48 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 285,663 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.41 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.38 | %(c) | ||
| Ratio of net investment income to average net assets | 1.43 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 123 |
| GraniteShares 2x Long PDD Daily ETF | Financial Highlights |
For a Share Outstanding Throughout the Periods Presented |
For the Period July 14, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.37 | |||
| Net realized and unrealized loss | (14.16 | ) | ||
| Total from investment operations | (13.79 | ) | ||
| DISTRIBUTIONS: | ||||
| From realized gains | (0.09 | ) | ||
| Total distributions | (0.09 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (13.88 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 11.12 | ||
| TOTAL RETURN(b) | (55.37 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 7,559 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 2.08 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.50 | %(c) | ||
| Ratio of net investment income to average net assets | 1.81 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 124 | www.graniteshares.com |
GraniteShares 2x Long AVGO Daily ETF |
Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period July 14, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.44 | |||
| Net realized and unrealized gain | 9.51 | |||
| Total from investment operations | 9.95 | |||
| NET INCREASE IN NET ASSET VALUE | 9.95 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 34.95 | ||
| TOTAL RETURN(b) | 39.80 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 35,650 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.63 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.50 | %(c) | ||
| Ratio of net investment income to average net assets | 1.28 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 125 |
GraniteShares 2x Long ISRG Daily ETF |
Financial Highlights |
For a Share Outstanding Throughout the Periods Presented |
For the Period October 6, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.20 | |||
| Net realized and unrealized loss | (8.19 | ) | ||
| Total from investment operations | (7.99 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (7.99 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 17.01 | ||
| TOTAL RETURN(b) | (31.96 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 7,144 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 2.39 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.50 | %(c) | ||
| Ratio of net investment income to average net assets | 1.08 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 126 | www.graniteshares.com |
GraniteShares 2x Long NBIS Daily ETF |
Financial Highlights |
For a Share Outstanding Throughout the Periods Presented |
For the Period October 6, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.07 | |||
| Net realized and unrealized gain | 31.96 | |||
| Total from investment operations | 32.03 | |||
| NET INCREASE IN NET ASSET VALUE | 32.03 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 57.03 | ||
| TOTAL RETURN(b) | 128.12 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 195,599 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets (including interest expense) | 1.42 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets (including interest expense) | 1.38 | %(c) | ||
| Ratio of expenses excluding waiver/reimbursement to average net assets (excluding interest expense) | 1.41 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets (excluding interest expense) | 1.37 | %(c) | ||
| Ratio of net investment income to average net assets | 0.51 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 127 |
GraniteShares 2x Long GOOGL Daily ETF |
Financial Highlights |
For a Share Outstanding Throughout the Periods Presented |
For the Period December 1, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.23 | |||
| Net realized and unrealized gain | 3.49 | |||
| Total from investment operations | 3.72 | |||
| NET INCREASE IN NET ASSET VALUE | 3.72 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 28.72 | ||
| TOTAL RETURN(b) | 14.88 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 12,064 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.88 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.44 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 128 | www.graniteshares.com |
GraniteShares 2x Long SpaceX Daily ETF |
Financial Highlights |
For a Share Outstanding Throughout the Periods Presented |
For the Period June 12, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.02 | |||
| Net realized and unrealized gain | 0.62 | |||
| Total from investment operations | 0.64 | |||
| NET INCREASE IN NET ASSET VALUE | 0.64 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 25.64 | ||
| TOTAL RETURN(b) | 2.56 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 31,277 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 2.78 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.50 | %(c) | ||
| Ratio of net investment income to average net assets | 1.93 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 129 |
GraniteShares 2x Short SpaceX Daily ETF |
Financial Highlights |
For a Share Outstanding Throughout the Periods Presented |
For the Period June 12, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment loss(a) | (0.01 | ) | ||
| Net realized and unrealized loss | (8.05 | ) | ||
| Total from investment operations | (8.06 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (8.06 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 16.94 | ||
| TOTAL RETURN(b) | (32.24 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | $ | 38,109 | ||
| Net assets, end of period (in 000s) | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 2.88 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 2.88 | %(c) | ||
| Ratio of net investment loss to average net assets | (0.92 | )%(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 130 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| 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 Long NOW Daily ETF (“NOWL”), GraniteShares 2x Long PDD Daily ETF (“PDDL”), GraniteShares 2x Long AVGO Daily ETF (“AVGU”), GraniteShares 2x Long ISRG Daily ETF (“ISUL”), GraniteShares 2x Long NBIS Daily ETF (“NBIL”), GraniteShares 2x Long GOOGL Daily ETF (“GOU”), GraniteShares 2x Long SpaceX Daily ETF (“SPAL”), and GraniteShares 2x Short SpaceX Daily ETF (“SNK”) (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 commenced operations on June 9, 2025. NOWL, PDDL and AVGU commenced operations on July 14, 2025. ISUL and NBIL commenced operations on October 6, 2025. GOU commenced operations on December 1, 2025. SPAL and SNK commenced operations on June 12, 2026. 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.
| Annual Report | June 30, 2026 | 131 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
The GraniteShares 2x Long MSTR Daily ETF executed a one-for-twenty reverse stock split, effective after the close of business on April 30, 2026. On May 1, 2026, shareholders will be deemed to hold one Fund share for every twenty Fund shares previously held as of the close of business on April 30, 2026. The reverse stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long MARA Daily ETF executed a one-for-ten reverse stock split, effective after the close of business on April 30, 2026. On May 1, 2026, shareholders will be deemed to hold one Fund share for every ten Fund shares previously held as of the close of business on April 30, 2026. The reverse stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long SMCI Daily ETF executed a one-for-twenty reverse stock split, effective after the close of business on April 30, 2026. On May 1, 2026, shareholders will be deemed to hold one Fund share for every twenty Fund shares previously held as of the close of business on April 30, 2026. The reverse stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long DELL Daily ETF executed an eight-for-one stock split, effective after the close of business on June 24, 2026. On June 26, 2026, shareholders will be deemed to hold eight Fund shares for every one Fund share previously held as of the close of business on June 24, 2026. The stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long INTC Daily ETF executed an eight-for-one stock split, effective after the close of business on June 24, 2026. On June 26, 2026, shareholders will be deemed to hold eight Fund shares for every one Fund share previously held as of the close of business on June 24, 2026. The stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long MU Daily ETF executed a twenty five-for-one stock split, effective after the close of business on June 24, 2026. On June 26, 2026, shareholders will be deemed to hold twenty five Fund shares for every one Fund share previously held as of the close of business on June 24, 2026. The stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long MRVL Daily ETF executed a three-for-one stock split, effective after the close of business on June 24, 2026. On June 26, 2026, shareholders will be deemed to hold three Fund shares for every one Fund share previously held as of the close of business on June 24, 2026. 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 three-for-one stock split, effective after the close of business on June 24, 2026. On June 26, 2026, shareholders will be deemed to hold three Fund shares for every one Fund share previously held as of the close of business on June 24, 2026. The stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long SMCI Daily ETF executed a three-for-one stock split, effective after the close of business on June 24, 2026. On June 26, 2026, shareholders will be deemed to hold three Fund shares for every one Fund share previously held as of the close of business on June 24, 2026. The stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares 2x Long VRTV Daily ETF executed a three-for-one stock split, effective after the close of business on June 24, 2026. On June 26, 2026, shareholders will be deemed to hold three Fund shares for every one Fund share previously held as of the close of business on June 24, 2026. The stock split did not change the total value of the shareholders’ investment in the Fund.
| 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. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Funds represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Operation Officer and Treasurer acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM monitors the operating results as a whole and the Funds’ long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statements note disclosures only and did not affect the Funds’ financial position or the results of its operations.
| 132 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
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, ISUL, NBIL, GOU, and SPAL 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 SNK 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.
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 expenses on the Statements of Operations.
| Annual Report | June 30, 2026 | 133 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
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.
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.
| 134 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| 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 June 30, 2026 were as follows:
GraniteShares 2x Long BABA Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
Total Return Swap Contracts | $ | – | $ | 9,314,765 | $ | – | $ | 9,314,765 | ||||||||
| Liabilities | ||||||||||||||||
Total Return Swap Contracts | $ | – | $ | (3,054,410 | ) | $ | – | $ | (3,054,410 | ) | ||||||
| Total | $ | – | $ | 6,260,355 | $ | – | $ | 6,260,355 | ||||||||
GraniteShares 2x Long META Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 19,998,006 | $ | – | $ | 19,998,006 | ||||||||
| Total | $ | – | $ | 19,998,006 | $ | – | $ | 19,998,006 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 11,726,556 | $ | – | $ | 11,726,556 | ||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (3,993,216 | ) | $ | – | $ | (3,993,216 | ) | ||||||
| Total | $ | – | $ | 7,733,340 | $ | – | $ | 7,733,340 | ||||||||
| GraniteShares 2x Long NVDA Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 13,124,012,082 | $ | – | $ | 13,124,012,082 | ||||||||
| Total | $ | – | $ | 13,124,012,082 | $ | – | $ | 13,124,012,082 | ||||||||
| Annual Report | June 30, 2026 | 135 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 4,237,156,176 | $ | – | $ | 4,237,156,176 | ||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (18,873,256 | ) | $ | – | $ | (18,873,256 | ) | ||||||
| Total | $ | – | $ | 4,218,282,920 | $ | – | $ | 4,218,282,920 | ||||||||
GraniteShares 2x Long AAPL Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 42,905,321 | $ | – | $ | 42,905,321 | ||||||||
| Total | $ | – | $ | 42,905,321 | $ | – | $ | 42,905,321 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 10,777,343 | $ | – | $ | 10,777,343 | ||||||||
| Total | $ | – | $ | 10,777,343 | $ | – | $ | 10,777,343 | ||||||||
GraniteShares 2x Long COIN Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 19,998,006 | $ | – | $ | 19,998,006 | ||||||||
| Total | $ | – | $ | 19,998,006 | $ | – | $ | 19,998,006 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
Total Return Swap Contracts | $ | – | $ | (90,747,090 | ) | $ | – | $ | (90,747,090 | ) | ||||||
| Total | $ | – | $ | (90,747,090 | ) | $ | – | $ | (90,747,090 | ) | ||||||
GraniteShares 1.25x Long TSLA Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 22,450,459 | $ | – | $ | 22,450,459 | ||||||||
| Total | $ | – | $ | 22,450,459 | $ | – | $ | 22,450,459 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 6,344,254 | $ | – | $ | 6,344,254 | ||||||||
| Total | $ | – | $ | 6,344,254 | $ | – | $ | 6,344,254 | ||||||||
GraniteShares 2x Short NVDA Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 7,725,965 | $ | – | $ | 7,725,965 | ||||||||
| Total | $ | – | $ | 7,725,965 | $ | – | $ | 7,725,965 | ||||||||
GraniteShares 2x Long TSLA Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 99,480,478 | $ | – | $ | 99,480,478 | ||||||||
| Total | $ | – | $ | 99,480,478 | $ | – | $ | 99,480,478 | ||||||||
| 136 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 82,725,989 | $ | – | $ | 82,725,989 | ||||||||
| Total | $ | – | $ | 82,725,989 | $ | – | $ | 82,725,989 | ||||||||
GraniteShares 2x Short TSLA Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 7,015,557 | $ | – | $ | 7,015,557 | ||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (9,636 | ) | $ | – | $ | (9,636 | ) | ||||||
| Total | $ | – | $ | 7,005,921 | $ | – | $ | 7,005,921 | ||||||||
GraniteShares 2x Long AMD Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 3,442,403,686 | $ | – | $ | 3,442,403,686 | ||||||||
| Total | $ | – | $ | 3,442,403,686 | $ | – | $ | 3,442,403,686 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 1,905,356,482 | $ | – | $ | 1,905,356,482 | ||||||||
| Total | $ | – | $ | 1,905,356,482 | $ | – | $ | 1,905,356,482 | ||||||||
GraniteShares 2x Long AMZN Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 46,397,615 | $ | – | $ | 46,397,615 | ||||||||
| Total | $ | – | $ | 46,397,615 | $ | – | $ | 46,397,615 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 16,110,080 | $ | – | $ | 16,110,080 | ||||||||
| Total | $ | – | $ | 16,110,080 | $ | – | $ | 16,110,080 | ||||||||
GraniteShares 2x Long MSFT Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (11,418,476 | ) | $ | – | $ | (11,418,476 | ) | ||||||
| Total | $ | – | $ | (11,418,476 | ) | $ | – | $ | (11,418,476 | ) | ||||||
GraniteShares 2x Short COIN Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 83,715,266 | $ | – | $ | 83,715,266 | ||||||||
| Total | $ | – | $ | 83,715,266 | $ | – | $ | 83,715,266 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 21,073,290 | $ | – | $ | 21,073,290 | ||||||||
| Total | $ | – | $ | 21,073,290 | $ | – | $ | 21,073,290 | ||||||||
| Annual Report | June 30, 2026 | 137 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
GraniteShares 2x Long PLTR Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 328,275,598 | $ | – | $ | 328,275,598 | ||||||||
| Total | $ | – | $ | 328,275,598 | $ | – | $ | 328,275,598 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 227,477,299 | $ | – | $ | 227,477,299 | ||||||||
| Total | $ | – | $ | 227,477,299 | $ | – | $ | 227,477,299 | ||||||||
GraniteShares 2x Long UBER Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 598,679 | $ | – | $ | 598,679 | ||||||||
| Total | $ | – | $ | 598,679 | $ | – | $ | 598,679 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 3,376,041 | $ | – | $ | 3,376,041 | ||||||||
| Total | $ | – | $ | 3,376,041 | $ | – | $ | 3,376,041 | ||||||||
GraniteShares 2x Long MU Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 2,639,354,839 | $ | – | $ | 2,639,354,839 | ||||||||
| Total | $ | – | $ | 2,639,354,839 | $ | – | $ | 2,639,354,839 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 1,425,217,839 | $ | – | $ | 1,425,217,839 | ||||||||
| Total | $ | – | $ | 1,425,217,839 | $ | – | $ | 1,425,217,839 | ||||||||
GraniteShares 2x Long TSM Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 223,307,230 | $ | – | $ | 223,307,230 | ||||||||
| Total | $ | – | $ | 223,307,230 | $ | – | $ | 223,307,230 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 53,214,144 | $ | – | $ | 53,214,144 | ||||||||
| Total | $ | – | $ | 53,214,144 | $ | – | $ | 53,214,144 | ||||||||
GraniteShares 2x Long CRWD Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 251,644,698 | $ | – | $ | 251,644,698 | ||||||||
| Total | $ | – | $ | 251,644,698 | $ | – | $ | 251,644,698 | ||||||||
| 138 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 55,133,720 | $ | – | $ | 55,133,720 | ||||||||
| Total | $ | – | $ | 55,133,720 | $ | – | $ | 55,133,720 | ||||||||
GraniteShares 2x Long SMCI Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 8,720,421 | $ | – | $ | 8,720,421 | ||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (335,464 | ) | $ | – | $ | (335,464 | ) | ||||||
| Total | $ | – | $ | 8,384,957 | $ | – | $ | 8,384,957 | ||||||||
GraniteShares 2x Long QCOM Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 7,730,235 | $ | – | $ | 7,730,235 | ||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (15,283,271 | ) | $ | – | $ | (15,283,271 | ) | ||||||
| Total | $ | – | $ | (7,553,036 | ) | $ | – | $ | (7,553,036 | ) | ||||||
GraniteShares 2x Long DELL Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 552,580,627 | $ | – | $ | 552,580,627 | ||||||||
| Total | $ | – | $ | 552,580,627 | $ | – | $ | 552,580,627 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 134,486,553 | $ | – | $ | 134,486,553 | ||||||||
| Total | $ | – | $ | 134,486,553 | $ | – | $ | 134,486,553 | ||||||||
GraniteShares 2x Long INTC Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 1,775,482,064 | $ | – | $ | 1,775,482,064 | ||||||||
| Total | $ | – | $ | 1,775,482,064 | $ | – | $ | 1,775,482,064 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 763,161,811 | $ | – | $ | 763,161,811 | ||||||||
| Total | $ | – | $ | 763,161,811 | $ | – | $ | 763,161,811 | ||||||||
GraniteShares 2x Long MARA Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 199,759,194 | $ | – | $ | 199,759,194 | ||||||||
| Total | $ | – | $ | 199,759,194 | $ | – | $ | 199,759,194 | ||||||||
| Annual Report | June 30, 2026 | 139 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 68,976,885 | $ | – | $ | 68,976,885 | ||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (5,853 | ) | $ | – | $ | (5,853 | ) | ||||||
| Total | $ | – | $ | 68,971,032 | $ | – | $ | 68,971,032 | ||||||||
GraniteShares 2x Long MRVL Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 1,581,110,980 | $ | – | $ | 1,581,110,980 | ||||||||
| Total | $ | – | $ | 1,581,110,980 | $ | – | $ | 1,581,110,980 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 846,241,758 | $ | – | $ | 846,241,758 | ||||||||
| Total | $ | – | $ | 846,241,758 | $ | – | $ | 846,241,758 | ||||||||
GraniteShares 2x Long IONQ Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 323,087,047 | $ | – | $ | 323,087,047 | ||||||||
| Total | $ | – | $ | 323,087,047 | $ | – | $ | 323,087,047 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 73,598,275 | $ | – | $ | 73,598,275 | ||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (117,976 | ) | $ | – | $ | (117,976 | ) | ||||||
| Total | $ | – | $ | 73,480,299 | $ | – | $ | 73,480,299 | ||||||||
GraniteShares 2x Long VRT Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 236,278,607 | $ | – | $ | 236,278,607 | ||||||||
| Total | $ | – | $ | 236,278,607 | $ | – | $ | 236,278,607 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 59,217,559 | $ | – | $ | 59,217,559 | ||||||||
| Total | $ | – | $ | 59,217,559 | $ | – | $ | 59,217,559 | ||||||||
GraniteShares 2x Long RDDT Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 106,165,725 | $ | – | $ | 106,165,725 | ||||||||
| Total | $ | – | $ | 106,165,725 | $ | – | $ | 106,165,725 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 30,476,470 | $ | – | $ | 30,476,470 | ||||||||
| Total | $ | – | $ | 30,476,470 | $ | – | $ | 30,476,470 | ||||||||
| 140 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
GraniteShares 2x Long LCID Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 10,876,000 | $ | – | $ | 10,876,000 | ||||||||
| Total | $ | – | $ | 10,876,000 | $ | – | $ | 10,876,000 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 3,347,298 | $ | – | $ | 3,347,298 | ||||||||
| Total | $ | – | $ | 3,347,298 | $ | – | $ | 3,347,298 | ||||||||
GraniteShares 2x Long RIVN Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 18,559,046 | $ | – | $ | 18,559,046 | ||||||||
| Total | $ | – | $ | 18,559,046 | $ | – | $ | 18,559,046 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 6,438,412 | $ | – | $ | 6,438,412 | ||||||||
| Total | $ | – | $ | 6,438,412 | $ | – | $ | 6,438,412 | ||||||||
GraniteShares 2x Long MSTR Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 140,354 | $ | – | $ | 140,354 | ||||||||
| Total | $ | – | $ | 140,354 | $ | – | $ | 140,354 | ||||||||
GraniteShares 2x Long NOW Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 45,837,350 | $ | – | $ | 45,837,350 | ||||||||
| Total | $ | – | $ | 45,837,350 | $ | – | $ | 45,837,350 | ||||||||
GraniteShares 2x Long PDD Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 4,789,431 | $ | – | $ | 4,789,431 | ||||||||
| Total | $ | – | $ | 4,789,431 | $ | – | $ | 4,789,431 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (2,707,171 | ) | $ | – | $ | (2,707,171 | ) | ||||||
| Total | $ | – | $ | (2,707,171 | ) | $ | – | $ | (2,707,171 | ) | ||||||
GraniteShares 2x Long AVGO Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (1,292,937 | ) | $ | – | $ | (1,292,937 | ) | ||||||
| Total | $ | – | $ | (1,292,937 | ) | $ | – | $ | (1,292,937 | ) | ||||||
| Annual Report | June 30, 2026 | 141 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
GraniteShares 2x Long ISRG Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | (1,105,518 | ) | $ | – | $ | (1,105,518 | ) | ||||||
| Total | $ | – | $ | (1,105,518 | ) | $ | – | $ | (1,105,518 | ) | ||||||
GraniteShares 2x Long NBIS Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | – | $ | 985,724,812 | $ | – | $ | 985,724,812 | ||||||||
| Total | $ | – | $ | 985,724,812 | $ | – | $ | 985,724,812 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 203,811,313 | $ | – | $ | 203,811,313 | ||||||||
| Total | $ | – | $ | 203,811,313 | $ | – | $ | 203,811,313 | ||||||||
GraniteShares 2x Long GOOGL Daily ETF Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 1,951,034 | $ | – | $ | 1,951,034 | ||||||||
| Total | $ | – | $ | 1,951,034 | $ | – | $ | 1,951,034 | ||||||||
GraniteShares 2x Long SpaceX Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Short-Term Investments | $ | 25 | $ | – | $ | – | $ | 25 | ||||||||
| Total | $ | 25 | $ | – | $ | – | $ | 25 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 4,266,553 | $ | – | $ | 4,266,553 | ||||||||
| Total | $ | – | $ | 4,266,553 | $ | – | $ | 4,266,553 | ||||||||
GraniteShares 2x Short SpaceX Daily ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Short-Term Investments | $ | 25 | $ | – | $ | – | $ | 25 | ||||||||
| United States Treasury Obligations | – | 29,734,385 | – | 29,734,385 | ||||||||||||
| Total | $ | 25 | $ | 29,734,385 | $ | – | $ | 29,734,410 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts | $ | – | $ | 9,925,564 | $ | – | $ | 9,925,564 | ||||||||
| Total | $ | – | $ | 9,925,564 | $ | – | $ | 9,925,564 | ||||||||
Swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
As of June 30, 2026, 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.
| 142 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
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%, 1.30% or 2.00% (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.
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 Effective Through | |||
| GraniteShares 2x Long BABA Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long META Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long NVDA Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long AAPL Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long COIN Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 1.25x Long TSLA Daily ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Short NVDA Daily ETF | 1.30% p.a. | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long TSLA Daily ETF | 0.95% p.a. | 0.95% p.a. | December 31, 2027 | |||
| GraniteShares 2x Short TSLA Daily ETF | 0.95% p.a. | 0.95% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long AMD Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long AMZN Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long MSFT Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Short COIN Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long PLTR Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long UBER Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long MU Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long TSM Daily ETF | 1.30% p.a | 1.50% p.a | December 31, 2027 | |||
| GraniteShares 2x Long CRWD Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long SMCI Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long QCOM Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long DELL Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long INTC Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long MARA Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long MRVL Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long IONQ Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long VRT Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long RDDT Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long LCID Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long RIVN Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long MSTR Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long NOW Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long PDD Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long AVGO Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long ISRG Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long NBIS Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long GOOGL Daily ETF | 0.99% p.a | 1.15% p.a. | December 31, 2027 | |||
| GraniteShares 2x Long SpaceX Daily ETF | 1.30% p.a | 1.50% p.a. | December 31, 2027 | |||
| GraniteShares 2x Short SpaceX Daily ETF | 2.00% p.a | 3.00% p.a. | December 31, 2027 |
| Annual Report | June 30, 2026 | 143 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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; and (vii) any fees and expenses related to the provision of securities lending services.
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 fiscal year ended June 30, 2026, 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 | 42,891 | 37,678 | 6,666 | 87,235 | ||||||||||||
| GraniteShares 2x Long COIN Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 1.25x Long TSLA Daily ETF | 43,250 | 36,769 | 15,945 | 95,964 | ||||||||||||
| GraniteShares 2x Short NVDA Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long TSLA Daily ETF | N/A | 69,630 | 90,028 | 159,658 | ||||||||||||
| GraniteShares 2x Short TSLA Daily ETF | N/A | N/A | 25,748 | 25,748 | ||||||||||||
| GraniteShares 2x Long AMD Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long AMZN Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long MSFT Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Short COIN Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long PLTR Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long UBER Daily ETF | N/A | 11,443 | 8,196 | 19,639 | ||||||||||||
| GraniteShares 2x Long MU Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long TSM Daily ETF | N/A | N/A | 4,406 | 4,406 | ||||||||||||
| GraniteShares 2x Long CRWD Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long SMCI Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long QCOM Daily ETF | N/A | N/A | 275 | 275 | ||||||||||||
| GraniteShares 2x Long DELL Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| 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 | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long VRT Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long RDDT Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long LCID Daily ETF | N/A | 14,026 | 22,305 | 36,331 | ||||||||||||
| GraniteShares 2x Long RIVN Daily ETF | N/A | 16,515 | 20,814 | 37,329 | ||||||||||||
| GraniteShares 2x Long MSTR Daily ETF | N/A | 7,267 | 26,838 | 34,105 | ||||||||||||
| GraniteShares 2x Long NOW Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long PDD Daily ETF | N/A | N/A | 27,331 | 27,331 | ||||||||||||
| GraniteShares 2x Long AVGO Daily ETF | N/A | N/A | 12,142 | 12,142 | ||||||||||||
| GraniteShares 2x Long ISRG Daily ETF | N/A | N/A | 24,601 | 24,601 | ||||||||||||
| GraniteShares 2x Long NBIS Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
| GraniteShares 2x Long GOOGL Daily ETF | N/A | N/A | 21,867 | 21,867 | ||||||||||||
| GraniteShares 2x Long SpaceX Daily ETF | N/A | N/A | 12,823 | 12,823 | ||||||||||||
| GraniteShares 2x Short SpaceX Daily ETF | N/A | N/A | N/A | N/A | ||||||||||||
Recoupment of previously waived fees for the fiscal year ended June 30, 2026, are disclosed on the Funds Statements of Operations.
The Adviser is the only related party involved with the operations of the Funds.
| 144 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 |
With the exception of GraniteShares 2x Long SpaceX Daily ETF and GraniteShares 2x Short SpaceX Daily ETF, shares of the Funds are listed and traded on Nasdaq. GraniteShares 2x Long SpaceX Daily ETF and GraniteShares 2x Short SpaceX Daily ETF are listed on the Chicago Board Options Exchange (“CBOE”). 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 |
During the fiscal year ended June 30, 2026, the cost of purchases and proceeds from sales of investment securities, excluding short-term securities and inkind transactions, were as follows:
| Fund | Purchases | Sales | ||||||
| GraniteShares 2x Long NVDA Daily ETF | $ | 3,755,103,801 | $ | 3,765,479,230 | ||||
| GraniteShares 2x Long TSLA Daily ETF | 181,200,697 | 178,167,495 | ||||||
| GraniteShares 2x Long AMD Daily ETF | 600,317,526 | 560,687,035 | ||||||
| 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.
| Annual Report | June 30, 2026 | 145 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 fiscal year ended June 30, 2026:
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares 2x Long BABA Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 9,314,765 | Unrealized depreciation on Total Return Swap contracts | $ | (3,054,410 | ) | |||||
| Total | $ | 9,314,765 | $ | (3,054,410 | ) | |||||||
| GraniteShares 2x Long META Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 11,726,556 | Unrealized depreciation on Total Return Swap contracts | $ | (3,993,216 | ) | |||||
| Total | $ | 11,726,556 | $ | (3,993,216 | ) | |||||||
| GraniteShares 2x Long NVDA Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 4,237,156,176 | Unrealized depreciation on Total Return Swap contracts | $ | (18,873,256 | ) | |||||
| Total | $ | 4,237,156,176 | $ | (18,873,256 | ) | |||||||
| GraniteShares 2x Long AAPL Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 10,777,343 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 10,777,343 | $ | – | ||||||||
| GraniteShares 2x Long COIN Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | – | Unrealized depreciation on Total Return Swap contracts | $ | (90,747,090 | ) | |||||
| Total | $ | – | $ | (90,747,090 | ) | |||||||
| GraniteShares 1.25x Long TSLA Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 6,344,254 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 6,344,254 | $ | – | ||||||||
| GraniteShares 2x Short NVDA Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 7,725,965 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 7,725,965 | $ | – | ||||||||
| 146 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares 2x Long TSLA Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 82,725,989 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 82,725,989 | $ | – | ||||||||
| GraniteShares 2x Short TSLA Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 7,015,557 | Unrealized depreciation on Total Return Swap contracts | $ | (9,636 | ) | |||||
| Total | $ | 7,015,557 | $ | (9,636 | ) | |||||||
| GraniteShares 2x Long AMD Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 1,905,356,482 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 1,905,356,482 | $ | – | ||||||||
| GraniteShares 2x Long AMZN Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 16,110,080 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 16,110,080 | $ | – | ||||||||
| GraniteShares 2x Long MSFT Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | – | Unrealized depreciation on Total Return Swap contracts | $ | (11,418,476 | ) | |||||
| Total | $ | – | $ | (11,418,476 | ) | |||||||
| GraniteShares 2x Short COIN Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 21,073,290 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 21,073,290 | $ | – | ||||||||
| GraniteShares 2x Long PLTR Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 227,477,299 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 227,477,299 | $ | – | ||||||||
| GraniteShares 2x Long UBER Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 3,376,041 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 3,376,041 | $ | – | ||||||||
| GraniteShares 2x Long MU Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 1,425,217,839 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 1,425,217,839 | $ | – | ||||||||
| Annual Report | June 30, 2026 | 147 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares 2x Long TSM Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 53,214,144 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 53,214,144 | $ | – | ||||||||
| GraniteShares 2x Long CRWD Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 55,133,720 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 55,133,720 | $ | – | ||||||||
| GraniteShares 2x Long SMCI Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 8,720,421 | Unrealized depreciation on Total Return Swap contracts | $ | (335,464 | ) | |||||
| Total | $ | 8,720,421 | $ | (335,464 | ) | |||||||
| GraniteShares 2x Long QCOM Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 7,730,235 | Unrealized depreciation on Total Return Swap contracts | $ | (15,283,271 | ) | |||||
| Total | $ | 7,730,235 | $ | (15,283,271 | ) | |||||||
| GraniteShares 2x Long DELL Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 134,486,553 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 134,486,553 | $ | – | ||||||||
| GraniteShares 2x Long INTC Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 763,161,811 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 763,161,811 | $ | – | ||||||||
| GraniteShares 2x Long MARA Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 68,976,885 | Unrealized depreciation on Total Return Swap contracts | $ | (5,853 | ) | |||||
| Total | $ | 68,976,885 | $ | (5,853 | ) | |||||||
| GraniteShares 2x Long MRVL Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 846,241,758 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 846,241,758 | $ | – | ||||||||
| GraniteShares 2x Long IONQ Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 73,598,275 | Unrealized depreciation on Total Return Swap contracts | $ | (117,976 | ) | |||||
| Total | $ | 73,598,275 | $ | (117,976 | ) | |||||||
| 148 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares 2x Long VRT Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 59,217,559 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 59,217,559 | $ | – | ||||||||
| GraniteShares 2x Long RDDT Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 30,476,470 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 30,476,470 | $ | – | ||||||||
| GraniteShares 2x Long LCID Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 3,347,298 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 3,347,298 | $ | – | ||||||||
| GraniteShares 2x Long RIVN Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 6,438,412 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 6,438,412 | $ | – | ||||||||
| GraniteShares 2x Long MSTR Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 140,354 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 140,354 | $ | – | ||||||||
| GraniteShares 2x Long NOW Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 45,837,350 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 45,837,350 | $ | – | ||||||||
| GraniteShares 2x Long PDD Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | – | Unrealized depreciation on Total Return Swap contracts | $ | (2,707,171 | ) | |||||
| Total | $ | – | $ | (2,707,171 | ) | |||||||
| GraniteShares 2x Long AVGO Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | – | Unrealized depreciation on Total Return Swap contracts | $ | (1,292,937 | ) | |||||
| Total | $ | – | $ | (1,292,937 | ) | |||||||
| Annual Report | June 30, 2026 | 149 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares 2x Long ISRG Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | – | Unrealized depreciation on Total Return Swap contracts | $ | (1,105,518 | ) | |||||
| Total | $ | – | $ | (1,105,518 | ) | |||||||
| GraniteShares 2x Long NBIS Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 203,811,313 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 203,811,313 | $ | – | ||||||||
| GraniteShares 2x Long GOOGL Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 1,951,034 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 1,951,034 | $ | – | ||||||||
| GraniteShares 2x Long SpaceX Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 4,266,553 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 4,266,553 | $ | – | ||||||||
| GraniteShares 2x Short SpaceX Daily ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 9,925,564 | Unrealized depreciation on Total Return Swap contracts | $ | – | ||||||
| Total | $ | 9,925,564 | $ | – | ||||||||
| 150 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 fiscal year ended June 30, 2026:
| Change in | ||||||||||
| Unrealized | ||||||||||
| Realized | Appreciation/ | |||||||||
| Gain/(Loss) | (Depreciation) | |||||||||
| on Derivatives | on Derivatives | |||||||||
| Recognized | Recognized | |||||||||
| Risk Exposure | Statement of Operations Location | in Income | in Income | |||||||
GraniteShares 2x Long BABA Daily ETF Equity Contracts | Total Return Swap contracts | $ | (31,307,384 | ) | $ | (23,320,961 | ) | |||
GraniteShares 2x Long META Daily ETF Equity Contracts | Total Return Swap contracts | $ | (63,145,138 | ) | $ | (73,848,627 | ) | |||
GraniteShares 2x Long NVDA Daily ETF Equity Contracts | Total Return Swap contracts | $ | 560,546,493 | $ | 579,889,607 | |||||
GraniteShares 2x Long AAPL Daily ETF Equity Contracts | Total Return Swap contracts | $ | 3,886,533 | $ | 9,545,686 | |||||
GraniteShares 2x Long COIN Daily ETF Equity Contracts | Total Return Swap contracts | $ | (197,287,642 | ) | $ | (1,059,508,356 | ) | |||
GraniteShares 1.25x Long TSLA Daily ETF Equity Contracts | Total Return Swap contracts | $ | (5,132,338 | ) | $ | 2,823,312 | ||||
GraniteShares 2x Short NVDA Daily ETF Equity Contracts | Total Return Swap contracts | $ | (108,480,281 | ) | $ | 34,002,143 | ||||
GraniteShares 2x Long TSLA Daily ETF Equity Contracts | Total Return Swap contracts | $ | 118,261,713 | $ | (5,410,042 | ) | ||||
GraniteShares 2x Short TSLA Daily ETF Equity Contracts | Total Return Swap contracts | $ | (61,149,161 | ) | $ | 1,372,714 | ||||
GraniteShares 2x Long AMD Daily ETF Equity Contracts | Total Return Swap contracts | $ | 443,069,620 | $ | 1,663,252,416 | |||||
GraniteShares 2x Long AMZN Daily ETF Equity Contracts | Total Return Swap contracts | $ | (2,496,800 | ) | $ | 6,805,020 | ||||
GraniteShares 2x Long MSFT Daily ETF Equity Contracts | Total Return Swap contracts | $ | (35,634,513 | ) | $ | (19,842,635 | ) | |||
GraniteShares 2x Short COIN Daily ETF Equity Contracts | Total Return Swap contracts | $ | (8,957,102 | ) | $ | 28,973,864 | ||||
GraniteShares 2x Long PLTR Daily ETF Equity Contracts | Total Return Swap contracts | $ | 33,351,046 | $ | (203,939,613 | ) | ||||
GraniteShares 2x Long UBER Daily ETF Equity Contracts | Total Return Swap contracts | $ | (4,640,370 | ) | $ | (11,764,930 | ) | |||
| Annual Report | June 30, 2026 | 151 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Change in | ||||||||||
| Unrealized | ||||||||||
| Realized | Appreciation/ | |||||||||
| Gain/(Loss) | (Depreciation) | |||||||||
| on Derivatives | on Derivatives | |||||||||
| Recognized | Recognized | |||||||||
| Risk Exposure | Statement of Operations Location | in Income | in Income | |||||||
GraniteShares 2x Long MU Daily ETF Equity Contracts | Total Return Swap contracts | $ | (175,741,755 | ) | $ | 1,420,368,902 | ||||
GraniteShares 2x Long TSM Daily ETF Equity Contracts | Total Return Swap contracts | $ | (3,444,598 | ) | $ | 46,727,417 | ||||
GraniteShares 2x Long CRWD Daily ETF Equity Contracts | Total Return Swap contracts | $ | 15,004,301 | $ | 40,477,389 | |||||
GraniteShares 2x Long SMCI Daily ETF Equity Contracts | Total Return Swap contracts | $ | (34,248,455 | ) | $ | (27,604,323 | ) | |||
GraniteShares 2x Long QCOM Daily ETF Equity Contracts | Total Return Swap contracts | $ | (41,892,002 | ) | $ | (8,156,246 | ) | |||
GraniteShares 2x Long DELL Daily ETF Equity Contracts | Total Return Swap contracts | $ | (24,179,999 | ) | $ | 130,554,408 | ||||
GraniteShares 2x Long INTC Daily ETF Equity Contracts | Total Return Swap contracts | $ | (57,697,541 | ) | $ | 758,930,937 | ||||
GraniteShares 2x Long MARA Daily ETF Equity Contracts | Total Return Swap contracts | $ | (135,639,307 | ) | $ | 63,716,764 | ||||
GraniteShares 2x Long MRVL Daily ETF Equity Contracts | Total Return Swap contracts | $ | (157,511,015 | ) | $ | 839,165,525 | ||||
GraniteShares 2x Long IONQ Daily ETF Equity Contracts | Total Return Swap contracts | $ | (72,970,773 | ) | $ | 70,016,850 | ||||
GraniteShares 2x Long VRT Daily ETF Equity Contracts | Total Return Swap contracts | $ | (6,127,520 | ) | $ | 54,615,218 | ||||
GraniteShares 2x Long RDDT Daily ETF Equity Contracts | Total Return Swap contracts | $ | (11,217,592 | ) | $ | 18,124,512 | ||||
GraniteShares 2x Long LCID Daily ETF Equity Contracts | Total Return Swap contracts | $ | (18,976,840 | ) | $ | 3,643,851 | ||||
GraniteShares 2x Long RIVN Daily ETF Equity Contracts | Total Return Swap contracts | $ | (1,430,593 | ) | $ | 6,420,012 | ||||
GraniteShares 2x Long MSTR Daily ETF Equity Contracts | Total Return Swap contracts | $ | (15,282,674 | ) | $ | 66,902 | ||||
| 152 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Change in | ||||||||||
| Unrealized | ||||||||||
| Realized | Appreciation/ | |||||||||
| Gain/(Loss) | (Depreciation) | |||||||||
| on Derivatives | on Derivatives | |||||||||
| Recognized | Recognized | |||||||||
| Risk Exposure | Statement of Operations Location | in Income | in Income | |||||||
GraniteShares 2x Long NOW Daily ETF Equity Contracts | Total Return Swap contracts | $ | (74,691,105 | ) | $ | 45,837,350 | ||||
GraniteShares 2x Long PDD Daily ETF Equity Contracts | Total Return Swap contracts | $ | (5,331,019 | ) | $ | (2,707,171 | ) | |||
GraniteShares 2x Long AVGO Daily ETF Equity Contracts | Total Return Swap contracts | $ | (11,493,033 | ) | $ | (1,292,937 | ) | |||
GraniteShares 2x Long ISRG Daily ETF Equity Contracts | Total Return Swap contracts | $ | (564,801 | ) | $ | (1,105,518 | ) | |||
GraniteShares 2x Long NBIS Daily ETF Equity Contracts | Total Return Swap contracts | $ | (13,027,974 | ) | $ | 203,811,313 | ||||
GraniteShares 2x Long GOOGL Daily ETF Equity Contracts | Total Return Swap contracts | $ | (2,176,275 | ) | $ | 1,951,034 | ||||
GraniteShares 2x Long SpaceX Daily ETF Equity Contracts | Total Return Swap contracts | $ | (8,480,934 | ) | $ | 4,266,553 | ||||
GraniteShares 2x Short SpaceX Daily ETF Equity Contracts | Total Return Swap contracts | $ | 4,039,500 | $ | 9,925,564 | |||||
The average monthly volume of derivative instruments held by the Funds during the period ended June 30, 2026 was $200,201,245 (BABX),$445,759,307 (FBL), $4,228,071,753 (NVDL), $41,322,763 (AAPB), $958,774,355 (CONL), $20,670,196 (TSL), $237,436,234 (NVD), $302,292,153 (TSLR), $133,181,211 (TSDD), $808,190,511 (AMDL), $96,651,328 (AMZZ), $132,866,879 (MSFL), $48,859,970 (CONI), $595,935,395 (PTIR),$41,988,249 (UBRL), $356,440,590 (MULL), $41,498,935 (TSMU), $57,328,450 (CRWL), $87,415,652 (SMCL), $70,708,005 (QCML), $56,021,572 (DLLL),$263,339,038 (INTW), $106,274,762 (MRAL), $242,524,497 (MVLL), $82,371,594 (IONL), $49,584,024 (VRTL), $81,390,629 (RDTL), $11,005,954 (LCDL), $13,444,383 (RVNL), $8,125,852 (MSTP), $119,408,831 (NOWL), $12,926,066 (PDDL), $28,138,100 (AVGU), $8,318,355 (ISUL), $108,289,838 (NBIL), $11,412,406 (GOU), $58,128,102 (SPAL) and $86,141,084 (SNK).
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.
| Annual Report | June 30, 2026 | 153 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 June 30, 2026:
| Offsetting of Derivatives Assets | ||||||||||||||||||
Gross Amounts Not Offset in the Statements of Assets and Liabilities | ||||||||||||||||||
| Counterparty | Gross
Amounts Recognized in the Statements of Assets and Liabilities | Financial Instruments(a) | Cash Collateral Received/(Pledged)(a) | Net Amount | ||||||||||||||
| GraniteShares 2x Long BABA Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | $ | 4,219,590 | $ | – | $ | – | $ | 4,219,590 | |||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 5,095,175 | – | – | 5,095,175 | |||||||||||||
| Unrealized depreciation on open swap contracts | Wells Fargo | (3,054,410 | ) | – | 3,054,410 | – | ||||||||||||
| Total | $ | 6,260,355 | $ | – | $ | 3,054,410 | $ | 9,314,765 | ||||||||||
| GraniteShares 2x Long META Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 10,260,794 | – | – | 10,260,794 | |||||||||||||
| Unrealized depreciation on open swap contracts | Goldman Sachs | (3,011,203 | ) | – | 3,011,203 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | Morgan Stanley | (982,013 | ) | – | 982,013 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 1,465,762 | – | – | 1,465,762 | |||||||||||||
| Total | $ | 7,733,340 | $ | – | $ | 3,993,216 | $ | 11,726,556 | ||||||||||
| GraniteShares 2x Long NVDA Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Bank of America | 28,749 | – | – | 28,749 | |||||||||||||
| Unrealized appreciation on open swap contracts | BMO Capital Markets | 71,858,153 | – | – | 71,858,153 | |||||||||||||
| Unrealized depreciation on open swap contracts | Cantor Fitzgerald | (1,891,069 | ) | – | 1,891,069 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 3,105,370,746 | – | – | 3,105,370,746 | |||||||||||||
| Unrealized depreciation on open swap contracts | Goldman Sachs | (7,786,111 | ) | – | 7,786,111 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | Natixis SA | 787,521,475 | – | – | 787,521,475 | |||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (9,196,076 | ) | – | 9,196,076 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 10,243 | – | – | 10,243 | |||||||||||||
| Unrealized appreciation on open swap contracts | Wells Fargo | 272,366,810 | – | – | 272,366,810 | |||||||||||||
| Total | $ | 4,218,282,920 | $ | – | $ | 18,873,256 | $ | 4,237,156,176 | ||||||||||
| GraniteShares 2x Long AAPL Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 10,777,343 | – | – | 10,777,343 | |||||||||||||
| Total | $ | 10,777,343 | $ | – | $ | – | $ | 10,777,343 | ||||||||||
| GraniteShares 2x Long COIN Daily ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | BMO Capital Markets | (20,123,178 | ) | – | 20,123,178 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (39,181,261 | ) | – | 39,181,261 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | Goldman Sachs | (7,014,195 | ) | – | 7,014,195 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | Natixis SA | (10,565,205 | ) | – | 10,565,205 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (6,167,608 | ) | – | 6,167,608 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | TD Cowen | (7,695,643 | ) | – | 7,695,643 | – | ||||||||||||
| Total | $ | (90,747,090 | ) | $ | – | $ | 90,747,090 | $ | – | |||||||||
| GraniteShares 1.25x Long TSLA Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 6,344,254 | – | – | 6,344,254 | |||||||||||||
| Total | $ | 6,344,254 | $ | – | $ | – | $ | 6,344,254 | ||||||||||
| GraniteShares 2x Short NVDA Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 3,945,031 | – | – | 3,945,031 | |||||||||||||
| Unrealized appreciation on open swap contracts | Goldman Sachs | 1,590,312 | – | – | 1,590,312 | |||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 2,190,622 | – | – | 2,190,622 | |||||||||||||
| Total | $ | 7,725,965 | $ | – | $ | – | $ | 7,725,965 | ||||||||||
| 154 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Offsetting of Derivatives Assets | ||||||||||||||||||
Gross Amounts Not Offset in the Statements of Assets and Liabilities | ||||||||||||||||||
| Counterparty | Gross Amounts Recognized in the Statements of Assets and Liabilities | Financial Instruments(a) | Cash Collateral Received/(Pledged)(a) | Net Amount | ||||||||||||||
| GraniteShares 2x Long TSLA Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Bank of America | $ | 6,237,812 | $ | – | $ | – | $ | 6,237,812 | |||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 44,506 | – | – | 44,506 | |||||||||||||
| Unrealized appreciation on open swap contracts | J.P. Morgan | 2,069,824 | – | – | 2,069,824 | |||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 37,524,127 | – | – | 37,524,127 | |||||||||||||
| Unrealized appreciation on open swap contracts | Wells Fargo | 36,849,720 | – | – | 36,849,720 | |||||||||||||
| Total | $ | 82,725,989 | $ | – | $ | – | $ | 82,725,989 | ||||||||||
| GraniteShares 2x Short TSLA Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Bank of America | 3,206,229 | – | – | 3,206,229 | |||||||||||||
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 3,799,177 | – | – | 3,799,177 | |||||||||||||
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (2,818 | ) | – | 2,818 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | Goldman Sachs | (6,818 | ) | – | 6,818 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 10,151 | – | – | 10,151 | |||||||||||||
| Total | $ | 7,005,921 | $ | – | $ | 9,636 | $ | 7,015,557 | ||||||||||
| GraniteShares 2x Long AMD Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | BMO Capital Markets | 221,575,880 | – | – | 221,575,880 | |||||||||||||
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 546,798,092 | – | – | 546,798,092 | |||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 240,405,846 | – | – | 240,405,846 | |||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 422,960,764 | – | – | 422,960,764 | |||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 353,838,580 | – | – | 353,838,580 | |||||||||||||
| Unrealized appreciation on open swap contracts | Wells Fargo | 119,777,320 | – | – | 119,777,320 | |||||||||||||
| Total | $ | 1,905,356,482 | $ | – | $ | – | $ | 1,905,356,482 | ||||||||||
| GraniteShares 2x Long AMZN Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 16,110,080 | – | – | 16,110,080 | |||||||||||||
| Total | $ | 16,110,080 | $ | – | $ | – | $ | 16,110,080 | ||||||||||
| GraniteShares 2x Long MSFT Daily ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Bank of America | (4,988,923 | ) | – | 4,988,923 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | TD Cowen | (6,429,553 | ) | – | 6,429,553 | – | ||||||||||||
| Total | $ | (11,418,476 | ) | $ | – | $ | 11,418,476 | $ | – | |||||||||
| GraniteShares 2x Short COIN Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 3,340,959 | – | – | 3,340,959 | |||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 17,732,331 | – | – | 17,732,331 | |||||||||||||
| Total | $ | 21,073,290 | $ | – | $ | – | $ | 21,073,290 | ||||||||||
| GraniteShares 2x Long PLTR Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | BMO Capital Markets | 59,951,982 | – | – | 59,951,982 | |||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 110,574,091 | – | – | 110,574,091 | |||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 1,245,800 | – | – | 1,245,800 | |||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 55,592,531 | – | – | 55,592,531 | |||||||||||||
| Unrealized appreciation on open swap contracts | Wells Fargo | 112,895 | – | – | 112,895 | |||||||||||||
| Total | $ | 227,477,299 | $ | – | $ | – | $ | 227,477,299 | ||||||||||
| GraniteShares 2x Long UBER Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 3,376,041 | – | – | 3,376,041 | |||||||||||||
| Total | $ | 3,376,041 | $ | – | $ | – | $ | 3,376,041 | ||||||||||
| GraniteShares 2x Long MU Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Goldman Sachs | 271,528,350 | – | – | 271,528,350 | |||||||||||||
| Unrealized appreciation on open swap contracts | HSBC | 82,412,638 | – | – | 82,412,638 | |||||||||||||
| Unrealized appreciation on open swap contracts | Morgan Stanley | 310,698,131 | – | – | 310,698,131 | |||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 741,963,127 | – | – | 741,963,127 | |||||||||||||
| Unrealized appreciation on open swap contracts | Wells Fargo | 18,615,593 | – | – | 18,615,593 | |||||||||||||
| Total | $ | 1,425,217,839 | $ | – | $ | – | $ | 1,425,217,839 | ||||||||||
| Annual Report | June 30, 2026 | 155 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Offsetting of Derivatives Assets | ||||||||||||||||||
Gross Amounts Not Offset in the Statements of Assets and Liabilities | ||||||||||||||||||
| Counterparty | Gross Amounts Recognized in the Statements of Assets and Liabilities | Financial Instruments(a) | Cash Collateral Received/(Pledged)(a) | Net Amount | ||||||||||||||
| GraniteShares 2x Long TSM Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | $ | 53,214,144 | $ | – | $ | – | $ | 53,214,144 | |||||||||
| Total | $ | 53,214,144 | $ | – | $ | – | $ | 53,214,144 | ||||||||||
| GraniteShares 2x Long CRWD Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 55,133,720 | – | – | 55,133,720 | |||||||||||||
| Total | $ | 55,133,720 | $ | – | $ | – | $ | 55,133,720 | ||||||||||
| GraniteShares 2x Long SMCI Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 710 | – | – | 710 | |||||||||||||
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (335,464 | ) | – | 335,464 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 5,621,455 | – | – | 5,621,455 | |||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 3,098,256 | – | – | 3,098,256 | |||||||||||||
| Total | $ | 8,384,957 | $ | – | $ | 335,464 | $ | 8,720,421 | ||||||||||
| GraniteShares 2x Long QCOM Daily ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (15,283,271 | ) | – | 15,283,271 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 7,730,235 | – | – | 7,730,235 | |||||||||||||
| Total | $ | (7,553,036 | ) | $ | – | $ | 15,283,271 | $ | 7,730,235 | |||||||||
| GraniteShares 2x Long DELL Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Bank of America | 2,285,743 | – | – | 2,285,743 | |||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 132,200,810 | – | – | 132,200,810 | |||||||||||||
| Total | $ | 134,486,553 | $ | – | $ | – | $ | 134,486,553 | ||||||||||
| GraniteShares 2x Long INTC Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 222,680,803 | – | – | 222,680,803 | |||||||||||||
| Unrealized appreciation on open swap contracts | TD Cowen | 465,071,046 | – | – | 465,071,046 | |||||||||||||
| Unrealized appreciation on open swap contracts | Wells Fargo | 75,409,962 | – | – | 75,409,962 | |||||||||||||
| Total | $ | 763,161,811 | $ | – | $ | – | $ | 763,161,811 | ||||||||||
| GraniteShares 2x Long MARA Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 375 | – | – | 375 | |||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 15,407,298 | – | – | 15,407,298 | |||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 53,569,212 | – | – | 53,569,212 | |||||||||||||
| Unrealized depreciation on open swap contracts | Natixis SA | (2,675 | ) | – | 2,675 | – | ||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (3,178 | ) | – | 3,178 | – | ||||||||||||
| Total | $ | 68,971,032 | $ | – | $ | 5,853 | $ | 68,976,885 | ||||||||||
| GraniteShares 2x Long MRVL Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 290,729,193 | – | – | 290,729,193 | |||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 9,713,709 | – | – | 9,713,709 | |||||||||||||
| Unrealized appreciation on open swap contracts | HSBC | 78,511,932 | – | – | 78,511,932 | |||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 466,573,034 | – | – | 466,573,034 | |||||||||||||
| Unrealized appreciation on open swap contracts | National Bank of Canada | 713,189 | – | – | 713,189 | |||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 701 | – | – | 701 | |||||||||||||
| Total | $ | 846,241,758 | $ | – | $ | – | $ | 846,241,758 | ||||||||||
| GraniteShares 2x Long IONQ Daily ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Bank of America | (117,976 | ) | – | 117,976 | – | ||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 73,598,275 | – | – | 73,598,275 | |||||||||||||
| Total | $ | 73,480,299 | $ | – | $ | 117,976 | $ | 73,598,275 | ||||||||||
| 156 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Offsetting of Derivatives Assets | ||||||||||||||||||
Gross Amounts Not Offset in the Statements of Assets and Liabilities | ||||||||||||||||||
| Counterparty | Gross Amounts Recognized in the Statements of Assets and Liabilities | Financial Instruments(a) | Cash Collateral Received/(Pledged)(a) | Net Amount | ||||||||||||||
| GraniteShares 2x Long VRT Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | $ | 59,217,559 | $ | – | $ | – | $ | 59,217,559 | |||||||||
| Total | $ | 59,217,559 | $ | – | $ | – | $ | 59,217,559 | ||||||||||
| GraniteShares 2x Long RDDT Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 30,476,470 | – | – | 30,476,470 | |||||||||||||
| Total | $ | 30,476,470 | $ | – | $ | – | $ | 30,476,470 | ||||||||||
| GraniteShares 2x Long LCID Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 3,347,298 | – | – | 3,347,298 | |||||||||||||
| Total | $ | 3,347,298 | $ | – | $ | – | $ | 3,347,298 | ||||||||||
| GraniteShares 2x Long RIVN Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 6,438,412 | – | – | 6,438,412 | |||||||||||||
| Total | $ | 6,438,412 | $ | – | $ | – | $ | 6,438,412 | ||||||||||
| GraniteShares 2x Long MSTR Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 140,354 | – | – | 140,354 | |||||||||||||
| Total | $ | 140,354 | $ | – | $ | – | $ | 140,354 | ||||||||||
| GraniteShares 2x Long NOW Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Cantor Fitzgerald | 17,121,847 | – | – | 17,121,847 | |||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 28,715,503 | – | – | 28,715,503 | |||||||||||||
| Total | $ | 45,837,350 | $ | – | $ | – | $ | 45,837,350 | ||||||||||
| GraniteShares 2x Long PDD Daily ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Cantor Fitzgerald | (2,707,171 | ) | – | 2,707,171 | – | ||||||||||||
| Total | $ | (2,707,171 | ) | $ | – | $ | 2,707,171 | $ | – | |||||||||
| GraniteShares 2x Long AVGO Daily ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Cantor Fitzgerald | (1,292,937 | ) | – | 1,292,937 | – | ||||||||||||
| Total | $ | (1,292,937 | ) | $ | – | $ | 1,292,937 | $ | – | |||||||||
| GraniteShares 2x Long ISRG Daily ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Clear Street, LLC | (1,105,518 | ) | – | 1,105,518 | – | ||||||||||||
| Total | $ | (1,105,518 | ) | $ | – | $ | 1,105,518 | $ | – | |||||||||
| GraniteShares 2x Long NBIS Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 203,811,313 | – | – | 203,811,313 | |||||||||||||
| Total | $ | 203,811,313 | $ | – | $ | – | $ | 203,811,313 | ||||||||||
| GraniteShares 2x Long GOOGL Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Marex Derivative Products, Inc. | 1,951,034 | – | – | 1,951,034 | |||||||||||||
| Total | $ | 1,951,034 | $ | – | $ | – | $ | 1,951,034 | ||||||||||
| GraniteShares 2x Long SpaceX Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | BMO Capital Markets | 4,224,136 | – | – | 4,224,136 | |||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 42,417 | – | – | 42,417 | |||||||||||||
| Total | $ | 4,266,553 | $ | – | $ | – | $ | 4,266,553 | ||||||||||
| GraniteShares 2x Short SpaceX Daily ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Clear Street, LLC | 9,925,564 | – | – | 9,925,564 | |||||||||||||
| Total | $ | 9,925,564 | $ | – | $ | – | $ | 9,925,564 | ||||||||||
| (a) | These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged. |
| Annual Report | June 30, 2026 | 157 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 June 30, 2026, 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.
| 158 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
At June 30, 2026, 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 Appreciation/ (Depreciation) | Cost of Investments for Income Tax Purposes | |||||||||||||||
| GraniteShares 2x Long BABA Daily ETF | $ | – | $ | – | $ | 6,260,355 | $ | 6,260,355 | $ | – | ||||||||||
| GraniteShares 2x Long META Daily ETF | – | (25 | ) | 7,733,340 | 7,733,315 | 19,998,031 | ||||||||||||||
| GraniteShares 2x Long NVDA Daily ETF | – | (1,616,217 | ) | 4,218,282,920 | 4,216,666,703 | 13,125,628,299 | ||||||||||||||
| GraniteShares 2x Long AAPL Daily ETF | – | (5,633 | ) | 10,777,343 | 10,771,710 | 42,910,954 | ||||||||||||||
| GraniteShares 2x Long COIN Daily ETF | – | (34 | ) | (90,747,090 | ) | (90,747,124 | ) | 19,998,040 | ||||||||||||
| GraniteShares 1.25x Long TSLA Daily ETF | – | (2,947 | ) | 6,344,254 | 6,341,307 | 22,453,406 | ||||||||||||||
| GraniteShares 2x Short NVDA Daily ETF | – | – | 7,725,965 | 7,725,965 | – | |||||||||||||||
| GraniteShares 2x Long TSLA Daily ETF | – | (13,060 | ) | 82,725,989 | 82,712,929 | 99,493,538 | ||||||||||||||
| GraniteShares 2x Short TSLA Daily ETF | – | – | 7,005,921 | 7,005,921 | – | |||||||||||||||
| GraniteShares 2x Long AMD Daily ETF | – | (451,950 | ) | 1,905,356,482 | 1,904,904,532 | 3,442,855,636 | ||||||||||||||
| GraniteShares 2x Long AMZN Daily ETF | – | (6,091 | ) | 16,110,080 | 16,103,989 | 46,403,706 | ||||||||||||||
| GraniteShares 2x Long MSFT Daily ETF | – | – | (11,418,476 | ) | (11,418,476 | ) | – | |||||||||||||
| GraniteShares 2x Short COIN Daily ETF | – | (10,991 | ) | 21,073,290 | 21,062,299 | 83,726,257 | ||||||||||||||
| GraniteShares 2x Long PLTR Daily ETF | – | (43,099 | ) | 227,477,299 | 227,434,200 | 328,318,697 | ||||||||||||||
| GraniteShares 2x Long UBER Daily ETF | – | (79 | ) | 3,376,041 | 3,375,962 | 598,758 | ||||||||||||||
| GraniteShares 2x Long MU Daily ETF | – | (335,474 | ) | 1,425,217,839 | 1,424,882,365 | 2,639,690,313 | ||||||||||||||
| GraniteShares 2x Long TSM Daily ETF | – | (29,318 | ) | 53,214,144 | 53,184,826 | 223,336,548 | ||||||||||||||
| GraniteShares 2x Long CRWD Daily ETF | – | (33,038 | ) | 55,133,720 | 55,100,682 | 251,677,736 | ||||||||||||||
| GraniteShares 2x Long SMCI Daily ETF | – | – | 8,384,957 | 8,384,957 | – | |||||||||||||||
| GraniteShares 2x Long QCOM Daily ETF | – | – | (7,553,036 | ) | (7,553,036 | ) | – | |||||||||||||
| GraniteShares 2x Long DELL Daily ETF | – | (72,547 | ) | 134,486,553 | 134,414,006 | 552,653,174 | ||||||||||||||
| GraniteShares 2x Long INTC Daily ETF | – | (233,101 | ) | 763,161,811 | 762,928,710 | 1,775,715,165 | ||||||||||||||
| GraniteShares 2x Long MARA Daily ETF | – | (26,226 | ) | 68,971,032 | 68,944,806 | 199,785,420 | ||||||||||||||
| GraniteShares 2x Long MRVL Daily ETF | – | (207,582 | ) | 846,241,758 | 846,034,176 | 1,581,318,562 | ||||||||||||||
| GraniteShares 2x Long IONQ Daily ETF | – | (42,418 | ) | 73,480,299 | 73,437,881 | 323,129,465 | ||||||||||||||
| GraniteShares 2x Long VRT Daily ETF | – | (31,020 | ) | 59,217,559 | 59,186,539 | 236,309,627 | ||||||||||||||
| GraniteShares 2x Long RDDT Daily ETF | – | (13,939 | ) | 30,476,470 | 30,462,531 | 106,179,664 | ||||||||||||||
| GraniteShares 2x Long LCID Daily ETF | – | (1,428 | ) | 3,347,298 | 3,345,870 | 10,877,428 | ||||||||||||||
| GraniteShares 2x Long RIVN Daily ETF | – | (2,437 | ) | 6,438,412 | 6,435,975 | 18,561,483 | ||||||||||||||
| GraniteShares 2x Long MSTR Daily ETF | – | – | 140,354 | 140,354 | – | |||||||||||||||
| GraniteShares 2x Long NOW Daily ETF | – | – | 45,837,350 | 45,837,350 | – | |||||||||||||||
| GraniteShares 2x Long PDD Daily ETF | – | (629 | ) | (2,707,171 | ) | (2,707,800 | ) | 4,790,060 | ||||||||||||
| GraniteShares 2x Long AVGO Daily ETF | – | – | (1,292,937 | ) | (1,292,937 | ) | – | |||||||||||||
| GraniteShares 2x Long ISRG Daily ETF | – | – | (1,105,518 | ) | (1,105,518 | ) | – | |||||||||||||
| GraniteShares 2x Long NBIS Daily ETF | – | (129,415 | ) | 203,811,313 | 203,681,898 | 985,854,227 | ||||||||||||||
| GraniteShares 2x Long GOOGL Daily ETF | – | – | 1,951,034 | 1,951,034 | – | |||||||||||||||
| GraniteShares 2x Long SpaceX Daily ETF | – | – | 4,266,553 | 4,266,553 | 25 | |||||||||||||||
| GraniteShares 2x Short SpaceX Daily ETF | – | (3,904 | ) | 9,925,564 | 9,921,660 | 29,738,314 | ||||||||||||||
| Annual Report | June 30, 2026 | 159 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
At June 30, 2026, the components of undistributed or accumulated earnings/loss on a tax-basis were as follows:
| Fund | Undistributed net investment income | Accumulated net realized gain/(loss) on investments | Other accumulated gains/(losses) | Net unrealized appreciation/ (depreciation) on investments and derivatives | Total | |||||||||||||||
| GraniteShares 2x Long BABA Daily ETF | – | $ | (26,826,551 | ) | $ | (5,128,999 | ) | $ | 6,260,355 | $ | (25,695,195 | ) | ||||||||
| GraniteShares 2x Long META Daily ETF | – | – | (61,690,918 | ) | 7,733,315 | (53,957,603 | ) | |||||||||||||
| GraniteShares 2x Long NVDA Daily ETF | – | 77,953,486 | (243,245,331 | ) | 4,216,666,703 | 4,051,374,858 | ||||||||||||||
| GraniteShares 2x Long AAPL Daily ETF | – | – | – | 10,771,710 | 10,771,710 | |||||||||||||||
| GraniteShares 2x Long COIN Daily ETF | – | (477,609,153 | ) | (336,140,359 | ) | (90,747,124 | ) | (904,496,636 | ) | |||||||||||
| GraniteShares 1.25x Long TSLA Daily ETF | – | (4,176,028 | ) | (373,503 | ) | 6,341,307 | 1,791,776 | |||||||||||||
| GraniteShares 2x Short NVDA Daily ETF | 2,876,135 | (156,831,217 | ) | (62,114,322 | ) | 7,725,965 | (208,343,439 | ) | ||||||||||||
| GraniteShares 2x Long TSLA Daily ETF | – | – | (6,452,949 | ) | 82,712,929 | 76,259,980 | ||||||||||||||
| GraniteShares 2x Short TSLA Daily ETF | 3,425,906 | (152,198,802 | ) | (1,098,141 | ) | 7,005,921 | (142,865,116 | ) | ||||||||||||
| GraniteShares 2x Long AMD Daily ETF | – | – | (243,532,123 | ) | 1,904,904,532 | 1,661,372,409 | ||||||||||||||
| GraniteShares 2x Long AMZN Daily ETF | – | (186,257 | ) | (1,794,284 | ) | 16,103,989 | 14,123,448 | |||||||||||||
| GraniteShares 2x Long MSFT Daily ETF | – | (33,012,065 | ) | (3,241,204 | ) | (11,418,476 | ) | (47,671,745 | ) | |||||||||||
| GraniteShares 2x Short COIN Daily ETF | – | (1,655,663 | ) | (12,413,984 | ) | 21,062,299 | 6,992,652 | |||||||||||||
| GraniteShares 2x Long PLTR Daily ETF | – | – | 12,959,917 | 227,434,200 | 240,394,117 | |||||||||||||||
| GraniteShares 2x Long UBER Daily ETF | – | – | (4,064,870 | ) | 3,375,962 | (688,908 | ) | |||||||||||||
| GraniteShares 2x Long MU Daily ETF | – | (136,809,029 | ) | (38,471,370 | ) | 1,424,882,365 | 1,249,601,966 | |||||||||||||
| GraniteShares 2x Long TSM Daily ETF | – | (1,724,149 | ) | (2,674,863 | ) | 53,184,826 | 48,785,814 | |||||||||||||
| GraniteShares 2x Long CRWD Daily ETF | 4,640,930 | – | (6,736,400 | ) | 55,100,682 | 53,005,212 | ||||||||||||||
| GraniteShares 2x Long SMCI Daily ETF | – | (22,957,413 | ) | (26,597,750 | ) | 8,384,957 | (41,170,206 | ) | ||||||||||||
| GraniteShares 2x Long QCOM Daily ETF | – | (40,375,653 | ) | (1,175,873 | ) | (7,553,036 | ) | (49,104,562 | ) | |||||||||||
| GraniteShares 2x Long DELL Daily ETF | – | (23,353,538 | ) | (1,830,232 | ) | 134,414,006 | 109,230,236 | |||||||||||||
| GraniteShares 2x Long INTC Daily ETF | – | (45,317,437 | ) | (16,986,750 | ) | 762,928,710 | 700,624,523 | |||||||||||||
| GraniteShares 2x Long MARA Daily ETF | – | (15,319,736 | ) | (116,992,712 | ) | 68,944,806 | (63,367,642 | ) | ||||||||||||
| GraniteShares 2x Long MRVL Daily ETF | – | (94,900,206 | ) | (60,753,574 | ) | 846,034,176 | 690,380,396 | |||||||||||||
| GraniteShares 2x Long IONQ Daily ETF | – | (4,408,283 | ) | (66,591,116 | ) | 73,437,881 | 2,438,482 | |||||||||||||
| GraniteShares 2x Long VRT Daily ETF | – | (17,848 | ) | (5,068,841 | ) | 59,186,539 | 54,099,850 | |||||||||||||
| GraniteShares 2x Long RDDT Daily ETF | – | (60,987 | ) | (8,856,198 | ) | 30,462,531 | 21,545,346 | |||||||||||||
| GraniteShares 2x Long LCID Daily ETF | – | (16,896,746 | ) | (1,808,740 | ) | 3,345,870 | (15,359,616 | ) | ||||||||||||
| GraniteShares 2x Long RIVN Daily ETF | – | (2,504,212 | ) | 1,913,296 | 6,435,975 | 5,845,059 | ||||||||||||||
| GraniteShares 2x Long MSTR Daily ETF | – | (304 | ) | (15,078,014 | ) | 140,354 | (14,937,964 | ) | ||||||||||||
| GraniteShares 2x Long NOW Daily ETF | – | (21,085,914 | ) | (52,687,092 | ) | 45,837,350 | (27,935,656 | ) | ||||||||||||
| GraniteShares 2x Long PDD Daily ETF | – | – | (5,260,988 | ) | (2,707,800 | ) | (7,968,788 | ) | ||||||||||||
| GraniteShares 2x Long AVGO Daily ETF | – | (10,120,073 | ) | (1,015,412 | ) | (1,292,937 | ) | (12,428,422 | ) | |||||||||||
| GraniteShares 2x Long ISRG Daily ETF | – | (1,178 | ) | (461,332 | ) | (1,105,518 | ) | (1,568,028 | ) | |||||||||||
| GraniteShares 2x Long NBIS Daily ETF | – | (97 | ) | (11,876,639 | ) | 203,681,898 | 191,805,162 | |||||||||||||
| GraniteShares 2x Long GOOGL Daily ETF | – | – | (2,120,903 | ) | 1,951,034 | (169,869 | ) | |||||||||||||
| GraniteShares 2x Long SpaceX Daily ETF | – | (3,998,642 | ) | (4,462,906 | ) | 4,266,553 | (4,194,995 | ) | ||||||||||||
| GraniteShares 2x Short SpaceX Daily ETF | – | – | 4,026,363 | 9,921,660 | 13,948,023 | |||||||||||||||
| 160 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next year without expiration. As of June 30, 2026, the following amounts are available as carry forwards to the next year:
| Fund | Short-Term | Long-Term | ||||||
| GraniteShares 2x Long BABA Daily ETF | $ | 26,789,746 | $ | 36,805 | ||||
| GraniteShares 2x Long META Daily ETF | – | – | ||||||
| GraniteShares 2x Long NVDA Daily ETF | – | – | ||||||
| GraniteShares 2x Long AAPL Daily ETF | – | – | ||||||
| GraniteShares 2x Long COIN Daily ETF | 473,862,668 | 3,746,485 | ||||||
| GraniteShares 1.25x Long TSLA Daily ETF | 4,176,028 | – | ||||||
| GraniteShares 2x Short NVDA Daily ETF | 156,831,217 | – | ||||||
| GraniteShares 2x Long TSLA Daily ETF | – | – | ||||||
| GraniteShares 2x Short TSLA Daily ETF | 152,198,802 | – | ||||||
| GraniteShares 2x Long AMD Daily ETF | – | – | ||||||
| GraniteShares 2x Long AMZN Daily ETF | 186,257 | – | ||||||
| GraniteShares 2x Long MSFT Daily ETF | 33,012,065 | – | ||||||
| GraniteShares 2x Short COIN Daily ETF | 1,655,663 | – | ||||||
| GraniteShares 2x Long PLTR Daily ETF | – | – | ||||||
| GraniteShares 2x Long UBER Daily ETF | – | – | ||||||
| GraniteShares 2x Long MU Daily ETF | 136,809,029 | – | ||||||
| GraniteShares 2x Long TSM Daily ETF | 1,724,149 | – | ||||||
| GraniteShares 2x Long CRWD Daily ETF | – | – | ||||||
| GraniteShares 2x Long SMCI Daily ETF | 22,726,963 | 230,450 | ||||||
| GraniteShares 2x Long QCOM Daily ETF | 40,375,653 | – | ||||||
| GraniteShares 2x Long DELL Daily ETF | 23,353,538 | – | ||||||
| GraniteShares 2x Long INTC Daily ETF | 45,317,437 | – | ||||||
| GraniteShares 2x Long MARA Daily ETF | 15,319,736 | – | ||||||
| GraniteShares 2x Long MRVL Daily ETF | 94,900,206 | – | ||||||
| GraniteShares 2x Long IONQ Daily ETF | 4,408,283 | – | ||||||
| GraniteShares 2x Long VRT Daily ETF | 17,848 | – | ||||||
| GraniteShares 2x Long RDDT Daily ETF | 60,987 | – | ||||||
| GraniteShares 2x Long LCID Daily ETF | 16,896,746 | – | ||||||
| GraniteShares 2x Long RIVN Daily ETF | 2,504,212 | – | ||||||
| GraniteShares 2x Long MSTR Daily ETF | 304 | – | ||||||
| GraniteShares 2x Long NOW Daily ETF | 21,085,914 | – | ||||||
| GraniteShares 2x Long PDD Daily ETF | – | – | ||||||
| GraniteShares 2x Long AVGO Daily ETF | 10,120,073 | – | ||||||
| GraniteShares 2x Long ISRG Daily ETF | 1,178 | – | ||||||
| GraniteShares 2x Long NBIS Daily ETF | 97 | – | ||||||
| GraniteShares 2x Long GOOGL Daily ETF | – | – | ||||||
| GraniteShares 2x Long SpaceX Daily ETF | 3,998,642 | – | ||||||
| GraniteShares 2x Short SpaceX Daily ETF | – | – | ||||||
| Annual Report | June 30, 2026 | 161 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
The GraniteShares 2x Long NVDA Daily ETF, GraniteShares 2x Long TSLA Daily ETF, GraniteShares 2x Long AMD Daily ETF, GraniteShares 2x Long AMZN Daily ETF, GraniteShares 2x Long TSM Daily ETF and GraniteShares 2x Long CRWD Daily ETF used capital loss carryovers during the year ended June 30, 2026 in the amount of $180,243,249, $69,172,176, $227,944,743, $2,202,412, $645,303 and $3,697,295, respectively.
Late Year Ordinary Losses and Capital Losses arising in the post-October period of the current fiscal year may be deferred to the next fiscal year if the fund elects to defer the recognition of these losses. When this election is made, any losses recognized during the period are treated as having occurred on the first day of the next fiscal year separate from and in addition to the application of normal late year ordinary and capital loss carry forwards as described above.
The Funds elect to defer to the year ending June 30, 2027 late year ordinary losses recognized during the period in the amounts of:
| Fund | Late Year Ordinary Losses Deferred | |||
| GraniteShares 2x Long BABA Daily ETF | $ | 3,323,939 | ||
| GraniteShares 2x Long META Daily ETF | 9,943,324 | |||
| GraniteShares 2x Long NVDA Daily ETF | 197,448,193 | |||
| GraniteShares 2x Long AAPL Daily ETF | – | |||
| GraniteShares 2x Long COIN Daily ETF | 59,965,458 | |||
| GraniteShares 1.25x Long TSLA Daily ETF | 373,503 | |||
| GraniteShares 2x Short NVDA Daily ETF | – | |||
| GraniteShares 2x Long TSLA Daily ETF | – | |||
| GraniteShares 2x Short TSLA Daily ETF | – | |||
| GraniteShares 2x Long AMD Daily ETF | 43,215,332 | |||
| GraniteShares 2x Long AMZN Daily ETF | 1,794,284 | |||
| GraniteShares 2x Long MSFT Daily ETF | 3,241,204 | |||
| GraniteShares 2x Short COIN Daily ETF | 888,290 | |||
| GraniteShares 2x Long PLTR Daily ETF | 7,885,806 | |||
| GraniteShares 2x Long UBER Daily ETF | 728,718 | |||
| GraniteShares 2x Long MU Daily ETF | 38,471,370 | |||
| GraniteShares 2x Long TSM Daily ETF | 2,674,863 | |||
| GraniteShares 2x Long CRWD Daily ETF | – | |||
| GraniteShares 2x Long SMCI Daily ETF | 5,178,067 | |||
| GraniteShares 2x Long QCOM Daily ETF | 1,175,873 | |||
| GraniteShares 2x Long DELL Daily ETF | 1,830,232 | |||
| GraniteShares 2x Long INTC Daily ETF | 16,986,750 | |||
| GraniteShares 2x Long MARA Daily ETF | 4,358,654 | |||
| GraniteShares 2x Long MRVL Daily ETF | 30,586,980 | |||
| GraniteShares 2x Long IONQ Daily ETF | 6,687,431 | |||
| GraniteShares 2x Long VRT Daily ETF | 3,847,363 | |||
| GraniteShares 2x Long RDDT Daily ETF | 3,871,644 | |||
| GraniteShares 2x Long LCID Daily ETF | 323,269 | |||
| GraniteShares 2x Long RIVN Daily ETF | 640,740 | |||
| GraniteShares 2x Long MSTR Daily ETF | 703,411 | |||
| GraniteShares 2x Long NOW Daily ETF | 6,710,021 | |||
| GraniteShares 2x Long PDD Daily ETF | 572,072 | |||
| GraniteShares 2x Long AVGO Daily ETF | 1,015,412 | |||
| GraniteShares 2x Long ISRG Daily ETF | 182,306 | |||
| GraniteShares 2x Long NBIS Daily ETF | 4,312,756 | |||
| GraniteShares 2x Long GOOGL Daily ETF | 322,827 | |||
| GraniteShares 2x Long SpaceX Daily ETF | 189,266 | |||
| GraniteShares 2x Short SpaceX Daily ETF | 37,663 | |||
| 162 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
The Funds elect to defer to the year ending June 30, 2027 capital losses recognized during the period November 1, 2025 – June 30, 2026 in the amounts of:
| Fund | Capital Losses Deferred | |||
| GraniteShares 2x Long BABA Daily ETF | $ | – | ||
| GraniteShares 2x Long META Daily ETF | 40,043,362 | |||
| 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 | – | |||
| 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 | – | |||
| GraniteShares 2x Long PLTR Daily ETF | 10,726,863 | |||
| GraniteShares 2x Long UBER Daily ETF | 3,336,152 | |||
| 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 Long NOW Daily ETF | – | |||
| GraniteShares 2x Long PDD Daily ETF | 4,688,916 | |||
| GraniteShares 2x Long AVGO Daily ETF | – | |||
| GraniteShares 2x Long ISRG Daily ETF | – | |||
| GraniteShares 2x Long NBIS Daily ETF | – | |||
| GraniteShares 2x Long GOOGL Daily ETF | – | |||
| GraniteShares 2x Long SpaceX Daily ETF | – | |||
| GraniteShares 2x Short SpaceX Daily ETF | – | |||
| Annual Report | June 30, 2026 | 163 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
For the year ended June 30, 2026, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from equalization and net operating losses:
| Fund | Paid-in Capital | Total Distributable Earnings | ||||||
| GraniteShares 2x Long BABA Daily ETF | $ | (7,611,077 | ) | $ | 7,611,077 | |||
| GraniteShares 2x Long META Daily ETF | (4,950,226 | ) | 4,950,226 | |||||
| GraniteShares 2x Long NVDA Daily ETF | (14,756,023 | ) | 14,756,023 | |||||
| GraniteShares 2x Long AAPL Daily ETF | 2,892,378 | (2,892,378 | ) | |||||
| GraniteShares 2x Long COIN Daily ETF | (134,869,018 | ) | 134,869,018 | |||||
| GraniteShares 1.25x Long TSLA Daily ETF | (339,336 | ) | 339,336 | |||||
| GraniteShares 2x Short NVDA Daily ETF | – | – | ||||||
| GraniteShares 2x Long TSLA Daily ETF | 40,902,767 | (40,902,767 | ) | |||||
| GraniteShares 2x Short TSLA Daily ETF | 100 | (100 | ) | |||||
| GraniteShares 2x Long AMD Daily ETF | (23,315,502 | ) | 23,315,502 | |||||
| GraniteShares 2x Long AMZN Daily ETF | (3,719,976 | ) | 3,719,976 | |||||
| GraniteShares 2x Long MSFT Daily ETF | (1,642,330 | ) | 1,642,330 | |||||
| GraniteShares 2x Short COIN Daily ETF | (200 | ) | 200 | |||||
| GraniteShares 2x Long PLTR Daily ETF | 12,042,615 | (12,042,615 | ) | |||||
| GraniteShares 2x Long UBER Daily ETF | (344,562 | ) | 344,562 | |||||
| GraniteShares 2x Long MU Daily ETF | (2,543,189 | ) | 2,543,189 | |||||
| GraniteShares 2x Long TSM Daily ETF | (1,954,471 | ) | 1,954,471 | |||||
| GraniteShares 2x Long CRWD Daily ETF | 5,594,493 | (5,594,493 | ) | |||||
| GraniteShares 2x Long SMCI Daily ETF | (16,643,176 | ) | 16,643,176 | |||||
| GraniteShares 2x Long QCOM Daily ETF | (188,636 | ) | 188,636 | |||||
| GraniteShares 2x Long DELL Daily ETF | (369,600 | ) | 369,600 | |||||
| GraniteShares 2x Long INTC Daily ETF | (4,282,044 | ) | 4,282,044 | |||||
| GraniteShares 2x Long MARA Daily ETF | (6,381,122 | ) | 6,381,122 | |||||
| GraniteShares 2x Long MRVL Daily ETF | (3,091,614 | ) | 3,091,614 | |||||
| GraniteShares 2x Long IONQ Daily ETF | (3,283,513 | ) | 3,283,513 | |||||
| GraniteShares 2x Long VRT Daily ETF | (1,932,473 | ) | 1,932,473 | |||||
| GraniteShares 2x Long RDDT Daily ETF | (4,807,277 | ) | 4,807,277 | |||||
| GraniteShares 2x Long LCID Daily ETF | (552,515 | ) | 552,515 | |||||
| GraniteShares 2x Long RIVN Daily ETF | (443,649 | ) | 443,649 | |||||
| GraniteShares 2x Long MSTR Daily ETF | (176,901 | ) | 176,901 | |||||
| GraniteShares 2x Long NOW Daily ETF | (265,785 | ) | 265,785 | |||||
| GraniteShares 2x Long PDD Daily ETF | 7,117 | (7,117 | ) | |||||
| GraniteShares 2x Long AVGO Daily ETF | (172,728 | ) | 172,728 | |||||
| GraniteShares 2x Long ISRG Daily ETF | (70,800 | ) | 70,800 | |||||
| GraniteShares 2x Long NBIS Daily ETF | (885,341 | ) | 885,341 | |||||
| GraniteShares 2x Long GOOGL Daily ETF | (8,555 | ) | 8,555 | |||||
| GraniteShares 2x Long SpaceX Daily ETF | – | – | ||||||
| GraniteShares 2x Short SpaceX Daily ETF | – | – | ||||||
| 164 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
The tax character of distributions paid by the Funds during the fiscal years ended June 30, 2026 and June 30, 2025 were as follows:
| Fund | Ordinary Income | Long-Term Capital Gain | Return of Capital | |||||||||
| June 30, 2026 | ||||||||||||
| GraniteShares 2x Long BABA Daily ETF | $ | – | $ | – | $ | – | ||||||
| GraniteShares 2x Long META Daily ETF | 4,528,649 | 3,507,342 | – | |||||||||
| GraniteShares 2x Long NVDA Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long AAPL Daily ETF | 1,197,804 | – | – | |||||||||
| GraniteShares 2x Long COIN Daily ETF | – | – | – | |||||||||
| GraniteShares 1.25x Long TSLA Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Short NVDA Daily ETF | 11,523,207 | – | – | |||||||||
| GraniteShares 2x Long TSLA Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Short TSLA Daily ETF | 6,099,207 | – | – | |||||||||
| GraniteShares 2x Long AMD Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long AMZN Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long MSFT Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Short COIN Daily ETF | 197,547 | – | – | |||||||||
| GraniteShares 2x Long PLTR Daily ETF | 34,638,390 | – | – | |||||||||
| GraniteShares 2x Long UBER Daily ETF | 2,592,921 | – | – | |||||||||
| GraniteShares 2x Long MU Daily ETF | 322,543 | – | – | |||||||||
| 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 Long NOW Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long PDD Daily ETF | 20,678 | – | – | |||||||||
| GraniteShares 2x Long AVGO Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long ISRG Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long NBIS Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long GOOGL Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Long SpaceX Daily ETF | – | – | – | |||||||||
| GraniteShares 2x Short SpaceX Daily ETF | – | – | – | |||||||||
| Annual Report | June 30, 2026 | 165 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| Fund | 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 | 6,044,171 | – | – | |||||||||
| 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 | 64,112 | – | – | |||||||||
| 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 | – | – | – | |||||||||
| 166 | www.graniteshares.com |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
| 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%.
| Annual Report | June 30, 2026 | 167 |
GraniteShares ETF Trust |
Notes to Financial Statements |
June 30, 2026 |
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.
| 168 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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. | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS |
The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.
| 13. | REGULATORY UPDATES |
In September 2023, the SEC adopted a final rule relating to “Names Rule” under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets’ treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective in December 2023. Following a recent extension by the SEC, fund groups with net assets of $1 billion or more must comply by June 11, 2026, while smaller fund groups (less than $1 billion in net assets) have until December 11, 2026. Management has determined that adoption of this rule will not have a material impact on the Funds’ financial statements.
| 14. | SUBSEQUENT EVENTS |
Following market movements in Lucid Group Inc. (LCID), on July 14, 2026, the GraniteShares 2x Long LCID Daily ETF (the “Fund”) closed out its entire LCID position at a loss which caused the Fund net asset value to become negative. As a result, the Fund was delisted from NASDAQ Stock Market LLC and subsequently liquidated.
| Annual Report | June 30, 2026 | 169 |
| GraniteShares ETF Trust | Report of Independent Registered Public Accounting Firm |
To the Shareholders and
The Board of Directors of GraniteShares ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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, 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, 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 Long NOW Daily ETF, GraniteShares 2x Long PDD Daily ETF, GraniteShares 2x Long AVGO Daily ETF, GraniteShares 2x Long ISRG Daily ETF, GraniteShares 2x Long NBIS Daily ETF, GraniteShares 2x Long GOOGL Daily ETF, GraniteShares 2x Long SpaceX Daily ETF and GraniteShares 2x Short SpaceX Daily ETF (the “Funds”), each a series of GraniteShares ETF Trust, including the schedules of investments, as of June 30, 2026, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2026, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Individual Funds constituting GraniteShares ETF Trust | Statements of operations |
Statements of changes in net assets |
Financial highlights | |||
| GraniteShares 1.25x Long TSLA Daily ETF, GraniteShares 2x Long AAPL Daily ETF and GraniteShares 2x Long COIN Daily ETF | For the year ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 | For each of the three years in the period ended June 30, 2026 and for the period August 8, 2022 (commencement of operations) through June 30, 2023 | |||
| GraniteShares 2x Long BABA Daily ETF, GraniteShares 2x Long META Daily ETF, and GraniteShares 2x Long NVDA Daily ETF | For the year ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 | For each of the three years in the period ended June 30, 2026 and for the period December 12, 2022 (commencement of operations) through June 30, 2023 | |||
| GraniteShares 2x Short NVDA Daily ETF, GraniteShares 2x Long TSLA Daily ETF and GraniteShares 2x Short TSLA Daily ETF | For the year ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 and for the period August 21, 2023 (commencement of operations) through June 30, 2024 | |||
| GraniteShares 2x Long AMD Daily ETF, GraniteShares 2x Long AMZN Daily ETF, and GraniteShares 2x Long MSFT Daily ETF | For the year ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 | For each of the two years in the period ended June 30, 2026 and for the period March 18, 2024 (commencement of operations) through June 30, 2024 | |||
| GraniteShares 2x Short COIN Daily ETF, GraniteShares 2x Long PLTR Daily ETF and GraniteShares 2x Long UBER Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period September 3, 2024 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period September 3, 2024 (commencement of operations) through June 30, 2025 | |||
| GraniteShares 2x Long MU Daily ETF, GraniteShares 2x Long TSM Daily ETF and GraniteShares 2x Long CRWD Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period November 11, 2024 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period November 11, 2024 (commencement of operations) through June 30, 2025 |
| 170 | www.graniteshares.com |
| GraniteShares ETF Trust | Report of Independent Registered Public Accounting Firm |
| Individual Funds constituting GraniteShares ETF Trust | Statements of operations | Statements of changes in net assets |
Financial highlights | |||
| GraniteShares 2x Long SMCI Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period December 10, 2024 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period December 10, 2024 (commencement of operations) through June 30, 2025 | |||
| GraniteShares 2x Long QCOM Daily ETF, GraniteShares 2x Long DELL Daily ETF and GraniteShares 2x Long INTC Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period February 12, 2025 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period February 12, 2025 (commencement of operations) through June 30, 2025 | |||
| GraniteShares 2x Long MARA Daily ETF and GraniteShares 2x Long MRVL Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period March 6, 2025 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period March 6, 2025 (commencement of operations) through June 30, 2025 | |||
| GraniteShares 2x Long IONQ Daily ETF, GraniteShares 2x Long VRT Daily ETF and GraniteShares 2x Long RDDT Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period March 24, 2025 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period March 24, 2025 (commencement of operations) through June 30, 2025 | |||
| GraniteShares 2x Long LCID Daily ETF and GraniteShares 2x Long RIVN Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period April 21, 2025 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period April 21, 2025 (commencement of operations) through June 30, 2025 | |||
| GraniteShares 2x Long MSTR Daily ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period June 9, 2025 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period June 9, 2025 (commencement of operations) through June 30, 2025 | |||
| GraniteShares 2x Long NOW Daily ETF, GraniteShares 2x Long PDD Daily ETF and GraniteShares 2x Long AVGO Daily ETF | For the period July 14, 2025 (commencement of operations) through June 30, 2026 | For the period July 14, 2025 (commencement of operations) through June 30, 2026 | For the period July 14, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares 2x Long ISRG Daily ETF and GraniteShares 2x Long NBIS Daily ETF | For the period October 6, 2025 (commencement of operations) through June 30, 2026 | For the period October 6, 2025 (commencement of operations) through June 30, 2026 | For the period October 6, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares 2x Long GOOGL Daily ETF | For the period December 1, 2025 (commencement of operations) through June 30, 2026 | For the period December 1, 2025 (commencement of operations) through June 30, 2026 | For the period December 1, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares 2x Long SpaceX Daily ETF and GraniteShares 2x Short SpaceX Daily ETF | For the period June 12, 2026 (commencement of operations) through June 30, 2026 | For the period June 12, 2026 (commencement of operations) through June 30, 2026 | For the period June 12, 2026 (commencement of operations) through June 30, 2026 |
| Annual Report | June 30, 2026 | 171 |
| GraniteShares ETF Trust | Report of Independent Registered Public Accounting Firm |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more GraniteShares LLC investment companies since 2019.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 28, 2026
| 172 | www.graniteshares.com |
| GraniteShares ETF Trust | Additional Information |
| June 30, 2026 (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, 2025:1
| Qualified Dividend Income | Dividends Received Deduction | 199A | ||||||||||
| GraniteShares 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 2x Short 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 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 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 distributions 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.
| Annual Report | June 30, 2026 | 173 |
| GraniteShares ETF Trust | Additional Information |
| June 30, 2026 (Unaudited) |
Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designated the following amounts as long-term capital gain dividends for the calendar year ended December 31, 2025.1
| Long Term Capital Gain | ||||
| GraniteShares 2x Long BABA Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long META Daily ETF | $ | 3,507,342.00 | ||
| GraniteShares 2x Long NVDA Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long AAPL Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long COIN Daily ETF | $ | 0.00 | ||
| GraniteShares 1.25x Long TSLA Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Short NVDA Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long TSLA Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Short TSLA Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long AMD Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long AMZN Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long MSFT Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Short COIN Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long PLTR Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long UBER Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long MU Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long TSM Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long CRWD Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long SMCI Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long QCOM Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long Dell Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long INTC Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long MARA Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long MRVL Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long IONQ Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long VRT Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long RDDT Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long LCID Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long RIVN Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long MSTR Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long NOW Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long PDD Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long AVGO Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long ISRG Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long NBIS Daily ETF | $ | 0.00 | ||
| GraniteShares 2x Long GOOGL Daily ETF | $ | 0.00 | ||
1 Granite Shares 2x Long SPACEX Daily ETF and Granite Shares 2x Short SPACEX Daily ETF had launch dates after December 31, 2025.
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.
| 174 | www.graniteshares.com |
| GraniteShares ETF Trust | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
| June 30, 2026 (Unaudited) |
Not applicable for this reporting period.
| Annual Report | June 30, 2026 | 175 |
| GraniteShares ETF Trust | Proxy Disclosures for Open-End Management Investment Companies |
| June 30, 2026 (Unaudited) |
Not applicable for this reporting period.
| 176 | www.graniteshares.com |
| GraniteShares ETF Trust | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies |
| June 30, 2026 (Unaudited) |
The following chart provides certain information about the Trustee fees paid by the Trust for the period ended June 30, 2026:
| Aggregate Regular Compensation From the Trust | Aggregate Special Compensation From the Trust | Total Compensation From the Trust | ||||||||||
| Steven James Smyser, Trustee | $ | 35,000 | $ | – | $ | 35,000 | ||||||
| Seddik Meziani, Trustee | $ | 35,000 | $ | – | $ | 35,000 | ||||||
| Total | $ | 70,000 | $ | – | $ | 70,000 | ||||||
Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.
| Annual Report | June 30, 2026 | 177 |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (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 a meeting held on May 8, 2026 (the “Meeting”), 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 in each relevant Agreement, with respect to each of the Delta 1 Funds (the “D1 Funds”), each of the Short and Leveraged Funds (the “S&L Funds”), each of the YieldBOOST Funds (the “YB Funds”), each of the Autocallable Funds (the “AC Funds”), and each of the Prediction Market Funds (the “PM Funds”). The 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.1
In advance of the 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 independent legal 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 the Meeting, the Board evaluated the information prepared for the 15(c) review process. The 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 the 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 1940Act in light of the outbreakofcoronavirus disease 2019 (COVID-19), including the in-person votingrequirements under Section 15(c)of the 1940 Act with respect toapprovingor renewing an investment advisoryagreement, subject to certain conditions. The reliefwas 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 issuedan order extending the durationof the conditionalrelief 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. |
| 178 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (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.
The D1 Funds
With respect to each of the D1 Funds, the Board assessed the Adviser’s management capabilities as demonstrated by each Fund’s performance and ability to meet its investment objective.
The Board noted that COMB is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. The Fund’s investment strategy is based in part on the Bloomberg Commodity Index (the “COMB Benchmark”), which is designed to be a highly liquid and broad benchmark for commodities futures investments. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the Fund’s returns on a market price basis and on a net asset value (“NAV”) basis, as well as the returns of the COMB Benchmark, and the related performance attribution commentary provided by the Adviser.
As to HIPS, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index (the “HIPS Index”). HIPS is a rules-based index that measures the performance of up to 40 high income U.S.-listed securities that typically have “pass-through” structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. As with COMB, the Board took into account the information it received regarding HIPS’s returns on a market price basis and on a NAV basis, and the returns of the HIPS Index over the same periods, as well as the Adviser’s performance attribution analysis.
With respect to DRUP, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the Nasdaq US Large Cap Select Disruptors Index (the “DRUP Index”), which tracks the performance of large-cap, U.S.-listed companies with high disruption scores. Companies are assigned a disruption score using a multifactor scoring model, which is based on multiple fundamental metrics such as patent value, revenue growth, research and development expenses, and gross margins. The index universe consists of all issuers from the Nasdaq US 500 Large Cap Index, and the top 50 securities are selected for inclusion in the DRUP Index. The DRUP Index is a modified free-float market capitalization-weighted index to reduce excessive concentration. The Index is reconstituted semi-annually and rebalanced quarterly. As with COMB and HIPS, the Board considered the information it received regarding DRUP’s returns on a market price basis and on a NAV basis, and the returns of the DRUP Index over the same periods, as well as the Adviser’s performance attribution analysis.
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.
| Annual Report | June 30, 2026 | 179 |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
The YB Funds
With respect to each of the single stock 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. With respect to each of the fund-of-funds YB Funds, the Board considered that the Funds will be actively managed, similar to the single stock YB funds, and their investment strategies will generate yield by investing in single stock YB Funds. The Board considered that the Adviser has managed the YB 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 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 was 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 the Adviser has refined its operational capabilities to manage the AC Funds. 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 PM Funds
With respect to each of the PM Funds, the Board considered that each Fund will be actively managed and will seek to gain exposure to certain events by gaining exposure to a prediction contract and roll forward to a new prediction contract prior to expiration of the prior contract to ensure that the ETF will maintain value after the prior event has taken place. The Board considered that the Adviser was the first issuer to bring prediction contracts under an ETF wrapper, and the Adviser’s history of launching new innovative products, managing those products within tight performance metrics, and refining their operational processes. 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.
All Funds
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.
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. The Board also considered that the Adviser will have an expense limitation agreement in place for each S&L Fund, YB Fund, AC Fund, and PM Fund until December 31, 2027.
The D1 Funds
With respect to each of the D1 Funds, the Board noted that the Adviser recommended maintaining the current advisory fee for each of COMB, HIPS and DRUP at 0.25%, 0.70% and 0.60% per annum, respectively. The Board considered that the advisory fee for each Fund is a unitary fee pursuant to which the Adviser assumes substantially all expenses of the Fund (excluding interest, Acquired Fund Fees and Expenses, 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 the Fund’s business and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act). Thus, the Board reviewed information provided in the Meeting materials comparing each Fund’s proposed unitary fee to certain other funds identified by the Adviser. The Board also took into account the information provided regarding the Adviser’s process for identifying such other funds.
| 180 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
With respect to COMB, the Adviser identified certain ETFs and mutual funds providing broad commodity exposures (with particular focus on the least expensive mutual fund share class) using third-party data sources. The Board observed that the Fund’s proposed unitary fee was significantly lower than the average total expense ratio of the commodity funds deemed relevant for comparative analysis.
With respect to HIPS and DRUP, the Adviser identified certain ETFs and mutual funds providing similar exposures using third-party data sources. The Board noted that each Fund’s fee was higher than the respective average peer fee, but lower than the maximum observed fee, and the strategy for each Fund was unique in the marketplace.
In assessing the proposed unitary fee for each Fund, the Board also considered the Adviser’s description of the resources involved in managing each Fund. In addition, the Board considered each Fund’s size and the likelihood that the Adviser would continue to absorb certain operational expenses incurred by each Fund through the renewal term of the Agreement.
The S&L Funds
With respect to the existing S&L Funds, the Board considered the proposed annual advisory fees at their current level. With respect to each of the New S&L Funds, the Board considered the proposed varied fee levels based on whether each fund had long or short exposure and the amount of leverage applied to each fund. The Board noted as assets held for short periods, investors focus on the tradability and investment objective of the fund, and that management fees and expense ratios have little impact over the short duration that each fund was expected to be held. The Board also considered that the Adviser had worked with its swap counterparties on strategies that would enable a fund to have long and short leverage factors greater than 2x while still complying with the derivative risk limits imposed by the SEC. The Board considered that the Adviser recommended for each of the S&L Funds a non-unitary fee structure and a total expense ratio capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the Adviser did not recommend lowering the Adviser’s fees for the S&L Funds because the daily tracking performance of the existing S&L Funds was small and stable, the Adviser expected commercial uncertainties with respect to the S&L Funds, the Funds were unique and operationally intensive to manage, and the costs of launching and managing the S&L Funds benefit from the advisory fee levels. After further consideration, the Board determined that the advisory fees and expected profitability for each S&L Fund were not unreasonable.
The YB Funds
With respect to each of the single stock YB Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and total expense ratio of 1.15%, and for the fund-of-funds YB Funds, the Board considered that the Adviser recommended a management fee of 0.29% with a non-unitary fee structure and a total expense ratio of 0.50%, all of which would be capped by a fee waiver in effect until at least December 31, 2027. The Board considered that with the YB Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching and managing funds with unique strategies in order to build a market for those funds. The Board also noted that the fund-of-funds YB Funds invest in the YieldBOOST series of the Trust, and the management fee and fee waiver did not include the fees and expenses of the underlying funds that each of the fund-of-fund YB Funds will invest in. The Board considered that the management fees for each of the single stock YB funds was greater than the average management fees for peer ETFs and mutual funds with option-based income strategies. After further consideration, the Board determined that the advisory fees for each YB Fund was not unreasonable.
The AC Funds
With respect to each of the AC Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the AC Funds consisted of autocallable instruments on single names under an ETF wrapper, which was an asset type that was typically accessed via a bank or broker through significant investment, relatively high fees, and limited diversification. The Board also observed that investors could access the autocallable asset class via limited ETFs of broad indices, and that the advisers to the peer funds had lower management fees than the Adviser’s recommended management fees for each of AC Funds. The Board observed that the AC Funds benefit from the Adviser’s operational capabilities and experience gained managing the S&L Funds and YB Funds of the Trust. The Board considered that with the AC Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. In addition, the Board considered the size of peer funds and the likelihood that the Adviser would absorb certain operational expenses incurred by each AC Fund through the end of December 31, 2027. After further consideration, the Board determined that the Adviser’s proposed advisory fees for each of the AC Funds was not unreasonable.
| Annual Report | June 30, 2026 | 181 |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
The PM Funds
With respect to each of the PM Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board observed that prediction markets are a recent innovation and there are no instances where prediction contracts have been wrapped in an ETF. The Board considered that structuring the PM Funds was highly complex, there were few brokers that would provide institutional access to relevant derivative contracts, and the Adviser was taking entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. After consideration, the Board determined that the Adviser’s proposed advisory fees for each of the PM Funds was not unreasonable.
Based on the information presented and the discussions at the 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 agreements were 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 was in the best interest of the Trust. At the Meeting, the Board, including the Independent Trustees, unanimously approved the Agreements as to each of the Funds.
| 182 | www.graniteshares.com |
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.
Table of Contents
| GraniteShares YieldBOOST TSLA ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (82.83%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 45,000,000 | $ | 44,900,918 | ||||
| 3.590%, 10/22/2026(a) | 20,500,000 | 20,259,341 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 65,171,499) | 65,160,259 | |||||||
Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.37%) | ||||||||||||||||||
| Put Option Contracts (0.37%) | ||||||||||||||||||
| Direxion Daily TSLA Bull 2X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 10.28 | 17,538 | 24,833,808 | 833 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 10.46 | 11,700 | 16,567,200 | 9,909 | |||||||||||||
| 41,401,008 | 10,742 | |||||||||||||||||
| Graniteshares 2x Long TSLA Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 21.05 | 21,200 | 51,600,800 | 285,528 | |||||||||||||
| 51,600,800 | 285,528 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $1,000,315) | 93,001,808 | 296,270 | ||||||||||||||||
| TOTAL INVESTMENTS (83.20%) | ||||||||||||||||||
| (Cost $66,171,814) | $ | 65,456,529 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (16.80%) | 13,215,114 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 78,671,643 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.93%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.93%) | ||||||||||||||||||||||
| Direxion Daily TSLA Bull 2X ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 10.85 | (17,538 | ) | $ | 479,253 | $ | (24,833,808 | ) | $ | (1,801 | ) | |||||||||
| StoneX Group Inc | 07/02/2026 | 11.04 | (11,700 | ) | 275,846 | (16,567,200 | ) | (16,108 | ) | |||||||||||||
| 755,099 | (41,401,008 | ) | (17,909 | ) | ||||||||||||||||||
| Graniteshares 2x Long TSLA Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc 07/06/2026 | 22.22 | (21,200 | ) | 1,185,630 | (51,600,800 | ) | (711,932 | ) | ||||||||||||||
| 1,185,630 | (51,600,800 | ) | (711,932 | ) | ||||||||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 1,940,729 | $ | (93,001,808 | ) | $ | (729,841 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 1 |
| GraniteShares YieldBOOST QQQ ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (43.54%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 2,000,000 | $ | 1,995,596 | ||||
| 3.590%, 10/22/2026(a) | 900,000 | 889,435 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 2,885,525) | 2,885,031 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.09%) | ||||||||||||||||||
| Put Option Contracts (0.09%) | ||||||||||||||||||
| ProShares UltraPro QQQ: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 64.65 | 230 | 1,863,000 | 1,840 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 65.97 | 604 | 4,892,400 | 604 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 69.47 | 119 | 963,900 | 3,213 | |||||||||||||
| 7,719,300 | 5,657 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $128,000) | 7,719,300 | 5,657 | ||||||||||||||||
TOTAL INVESTMENTS (43.63%) (Cost $3,013,525) | $ | 2,890,688 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (56.37%) | 3,734,462 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 6,625,150 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.16%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.16%) | ||||||||||||||||||||||
| ProShares UltraPro QQQ: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 68.24 | (230 | ) | $ | 41,256 | $ | (1,863,000 | ) | $ | (2,530 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 69.64 | (604 | ) | 148,809 | (4,892,400 | ) | (1,208 | ) | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 73.33 | (119 | ) | 18,132 | (963,900 | ) | (6,664 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 208,197 | $ | (7,719,300 | ) | $ | (10,402 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 2 | www.graniteshares.com |
| GraniteShares YieldBOOST SPY ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (51.84%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 4,000,000 | $ | 3,991,193 | ||||
| 3.590%, 10/22/2026(a) | 2,300,000 | 2,272,999 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 6,265,416) | 6,264,192 | |||||||
Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.03%) | ||||||||||||||||||
| Put Option Contracts (0.03%) | ||||||||||||||||||
| Direxion Daily S&P 500 Bull 3X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 226.49 | 410 | 11,097,470 | 4,094 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 231.41 | 90 | 2,436,030 | 97 | |||||||||||||
| 13,533,500 | 4,191 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $51,778) | 13,533,500 | 4,191 | ||||||||||||||||
| TOTAL INVESTMENTS (51.87%) | ||||||||||||||||||
| (Cost $6,317,194) | $ | 6,268,383 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (48.13%) | 5,815,705 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 12,084,088 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.07%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.07%) | ||||||||||||||||||||||
| Direxion Daily S&P 500 Bull 3X ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 239.07 | (410 | ) | $ | 95,273 | $ | (11,097,470 | ) | $ | (8,516 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 244.26 | (90 | ) | 30,363 | (2,436,030 | ) | (370 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 125,636 | $ | (13,533,500 | ) | $ | (8,886 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 3 |
| GraniteShares YieldBOOST NVDA ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (43.05%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.554%, 07/23/2026(a) | $ | 13,000,000 | $ | 12,971,376 | ||||
| 3.590%, 10/22/2026(a) | 4,000,000 | 3,953,042 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 16,926,689) | 16,924,418 | |||||||
Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.11%) | ||||||||||||||||||
| Put Option Contracts (0.11%) | ||||||||||||||||||
| GraniteShares 2x Long NVDA Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 24.82 | 3,671 | 10,943,251 | 3,671 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 25.58 | 4,620 | 13,772,220 | 27,720 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 26.66 | 6,044 | 18,017,164 | 12,088 | |||||||||||||
| 42,732,635 | 43,479 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $302,777) | 42,732,635 | 43,479 | ||||||||||||||||
| TOTAL INVESTMENTS (43.16%) | ||||||||||||||||||
| (Cost $17,229,466) | $ | 16,967,897 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (56.84%) | 22,349,663 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 39,317,560 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.37%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.37%) | ||||||||||||||||||||||
| GraniteShares 2x Long NVDA Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 26.20 | (3,671 | ) | $ | 144,367 | $ | (10,943,251 | ) | $ | (14,683 | ) | |||||||||
| StoneX Group Inc | 07/06/2026 | 27.00 | (4,620 | ) | 186,307 | (13,772,220 | ) | (83,161 | ) | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 28.14 | (6,044 | ) | 330,403 | (18,017,164 | ) | (48,352 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 661,077 | $ | (42,732,635 | ) | $ | (146,196 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 4 | www.graniteshares.com |
| GraniteShares YieldBOOST Bitcoin ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (80.53%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 3,500,000 | $ | 3,492,293 | ||||
| 3.590%, 10/22/2026(a) | 5,900,000 | 5,830,738 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 9,325,932) | 9,323,031 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.92%) | ||||||||||||||||||
| Put Option Contracts (0.92%) | ||||||||||||||||||
| 2x Bitcoin Strategy ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 9.65 | 1,790 | 1,847,280 | 14,858 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 9.70 | 7,210 | 7,440,720 | 25,211 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 9.84 | 2,360 | 2,435,520 | 65,725 | |||||||||||||
| 11,723,520 | 105,794 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $245,122) | 11,723,520 | 105,794 | ||||||||||||||||
TOTAL INVESTMENTS (81.45%) (Cost $9,571,054) | $ | 9,428,825 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (18.55%) | 2,147,940 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 11,576,765 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (2.30%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value(Note 4) | ||||||||||||||||
| Put Option Contracts - (2.30%) | ||||||||||||||||||||||
| 2x Bitcoin Strategy ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 10.18 | (1,790 | ) | $ | 52,494 | $ | (1,847,280 | ) | $ | (37,804 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 10.24 | (7,210 | ) | 254,703 | (7,440,720 | ) | (111,555 | ) | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 10.38 | (2,360 | ) | 55,641 | (2,435,520 | ) | (116,511 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 362,838 | $ | (11,723,520 | ) | $ | (265,870 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 5 |
| GraniteShares YieldBoost Coin ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (80.04%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 10,000,000 | $ | 9,977,982 | ||||
| 3.590%, 10/22/2026(a) | 7,000,000 | 6,917,824 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 16,899,455) | 16,895,806 | |||||||
Counterparty | Expiration Date | Strike |
Contracts | Notional |
Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (1.42%) | ||||||||||||||||||
| Put Option Contracts (1.42%) | ||||||||||||||||||
| GraniteShares 2x Long COIN Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 4.01 | 15,980 | 6,823,460 | 89,579 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 4.09 | 29,250 | 12,489,750 | 119,585 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 4.13 | 4,500 | 1,921,500 | 90,776 | |||||||||||||
| 21,234,710 | 299,940 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $580,155) | 21,234,710 | 299,940 | ||||||||||||||||
| TOTAL INVESTMENTS (81.47%) | ||||||||||||||||||
| (Cost $17,479,610) | $ | 17,195,746 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (18.53%) | 3,911,871 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 21,107,617 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (3.53%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (3.53%) | ||||||||||||||||||||||
| GraniteShares 2x Long COIN Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 4.24 | (15,980 | ) | $ | 248,917 | $ | (6,823,460 | ) | $ | (222,115 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 4.31 | (29,250 | ) | 572,618 | (12,489,750 | ) | (380,726 | ) | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 4.36 | (4,500 | ) | 74,595 | (1,921,500 | ) | (142,309 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 896,130 | $ | (21,234,710 | ) | $ | (745,150 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 6 | www.graniteshares.com |
| GraniteShares YieldBoost AMD ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (32.59%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 3,000,000 | $ | 2,993,395 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 2,993,501) | 2,993,395 | |||||||
| Counterparty | Expiration Date | Strike |
Contracts | Notional |
Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.14%) | ||||||||||||||||||
| Put Option Contracts (0.14%) | ||||||||||||||||||
| GraniteShares 2x Long AMD Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 60.06 | 720 | 5,958,000 | 5,223 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 60.07 | 630 | 5,213,250 | 284 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 64.62 | 80 | 662,000 | 7,773 | |||||||||||||
| 11,833,250 | 13,280 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $331,961) | 11,833,250 | 13,280 | ||||||||||||||||
| TOTAL INVESTMENTS (32.74%) | ||||||||||||||||||
| (Cost $3,325,462) | $ | 3,006,675 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (67.26%) | 6,178,175 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 9,184,850 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.26%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.26%) | ||||||||||||||||||||||
| GraniteShares 2x Long AMD Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 63.39 | (720 | ) | $ | 227,787 | $ | (5,958,000 | ) | $ | (10,877 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 63.40 | (630 | ) | 240,892 | (5,213,250 | ) | (984 | ) | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 68.21 | (80 | ) | 27,870 | (662,000 | ) | (12,312 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 496,549 | $ | (11,833,250 | ) | $ | (24,173 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 7 |
| GraniteShares YieldBoost AMZN ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (40.27%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 500,000 | $ | 498,899 | ||||
| 3.590%, 10/22/2026(a) | 800,000 | 790,609 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 1,289,902) | 1,289,508 | |||||||
Counterparty | Expiration Date | Strike |
Contracts | Notional Value |
Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.03%) | ||||||||||||||||||
| Put Option Contracts (0.03%) | ||||||||||||||||||
| GraniteShares 2x Long AMZN Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 26.33 | 382 | 1,176,480 | 382 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 26.84 | 745 | 2,294,443 | 745 | |||||||||||||
| 3,470,923 | 1,127 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $17,286) | 3,470,923 | 1,127 | ||||||||||||||||
| TOTAL INVESTMENTS (40.29%) | ||||||||||||||||||
| (Cost $1,307,188) | $ | 1,290,635 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (59.71%) | 1,912,354 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 3,202,989 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.14%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.14%) | ||||||||||||||||||||||
| GraniteShares 2x Long AMZN Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 27.79 | (382 | ) | $ | 14,641 | $ | (1,176,480 | ) | $ | (2,292 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 28.33 | (745 | ) | 32,278 | (2,294,443 | ) | (2,235 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 46,919 | $ | (3,470,923 | ) | $ | (4,527 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 8 | www.graniteshares.com |
| GraniteShares YieldBoost MSTR ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (78.60%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 500,000 | $ | 498,899 | ||||
| 3.590%, 10/22/2026(a) | 800,000 | 790,609 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 1,289,902) | 1,289,508 | |||||||
Counterparty | Expiration Date | Strike |
Contracts | Notional |
Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (6.45%) | ||||||||||||||||||
| Put Option Contracts (6.45%) | ||||||||||||||||||
| T-Rex 2X Long MSTR Daily Target ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 1.32 | 5,550 | 899,100 | 14,179 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 1.77 | 5,710 | 925,020 | 91,727 | |||||||||||||
| 1,824,120 | 105,906 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $87,200) | 1,824,120 | 105,906 | ||||||||||||||||
| TOTAL INVESTMENTS (85.05%) | ||||||||||||||||||
| (Cost $1,377,102) | $ | 1,395,414 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (14.95%) | 245,193 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 1,640,607 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (10.02%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (10.02%) | ||||||||||||||||||||||
| T-Rex 2X Long MSTR Daily Target ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 1.40 | (5,550 | ) | $ | 43,162 | $ | (899,100 | ) | $ | (20,817 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 1.87 | (5,710 | ) | 67,246 | (925,020 | ) | (143,648 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 110,408 | $ | (1,824,120 | ) | $ | (164,465 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 9 |
| GraniteShares YieldBoost PLTR ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (96.28%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 2,000,000 | $ | 1,995,596 | ||||
| 3.590%, 10/22/2026(a) | 1,000,000 | 988,261 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 2,984,398) | 2,983,857 | |||||||
Counterparty | Expiration Date | Strike | Contracts | Notional | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.02%) | ||||||||||||||||||
| Put Option Contracts (0.02%) | ||||||||||||||||||
| GraniteShares 2x Long PLTR Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 7.93 | 1,270 | 1,191,260 | 474 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 8.06 | 2,350 | 2,204,300 | 94 | |||||||||||||
| 3,395,560 | 568 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $46,407) | 3,395,560 | 568 | ||||||||||||||||
| TOTAL INVESTMENTS (96.30%) | ||||||||||||||||||
| (Cost $3,030,805) | $ | 2,984,425 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (3.70%) | 114,653 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 3,099,078 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.13%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.13%) | ||||||||||||||||||||||
| GraniteShares 2x Long PLTR Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 8.37 | (1,270 | ) | $ | 24,862 | $ | (1,191,260 | ) | $ | (2,542 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 8.51 | (2,350 | ) | 57,755 | (2,204,300 | ) | (1,525 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 82,617 | $ | (3,395,560 | ) | $ | (4,067 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 10 | www.graniteshares.com |
| GraniteShares YieldBoost SMCI ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (60.57%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 3,000,000 | $ | 2,993,395 | ||||
| 3.590%, 10/22/2026(a) | 2,300,000 | 2,272,999 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 5,267,582) | 5,266,394 | |||||||
Counterparty | Expiration Date | Strike | Contracts | Notional | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (8.68%) | ||||||||||||||||||
| Put Option Contracts (8.68%) | ||||||||||||||||||
| Defiance Daily Target 2X Long SMCI ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 10.00 | 5,230 | 4,665,160 | 582,190 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 7.43 | 1,630 | 1,453,960 | 35,221 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 8.87 | 3,290 | 2,934,680 | 136,486 | |||||||||||||
| 9,053,800 | 753,897 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $468,110) | 9,053,800 | 753,897 | ||||||||||||||||
| TOTAL INVESTMENTS (69.25%) | ||||||||||||||||||
| (Cost $5,735,692) | $ | 6,020,291 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (30.75%) | 2,673,630 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 8,693,921 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (13.12%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (13.12%) | ||||||||||||||||||||||
| Defiance Daily Target 2X Long SMCI ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 10.55 | (5,230 | ) | $ | 390,553 | $ | (4,665,160 | ) | $ | (855,529 | ) | |||||||||
| StoneX Group Inc | 07/06/2026 | 7.85 | (1,630 | ) | 80,972 | (1,453,960 | ) | (52,727 | ) | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 9.37 | (3,290 | ) | 166,724 | (2,934,680 | ) | (232,156 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 638,249 | $ | (9,053,800 | ) | $ | (1,140,412 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 11 |
| GraniteShares YieldBoost HOOD ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (86.80%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 5,000,000 | $ | 4,988,990 | ||||
| 3.590%, 10/22/2026(a) | 1,100,000 | 1,087,087 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 6,076,771) | 6,076,077 | |||||||
Counterparty | Expiration Date | Strike | Contracts | Notional | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.55%) | ||||||||||||||||||
| Put Option Contracts (0.55%) | ||||||||||||||||||
| T-Rex 2X Long HOOD Daily Target ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 25.78 | 1,873 | 5,648,968 | 7,492 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 26.39 | 426 | 1,284,816 | 8,946 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 28.01 | 246 | 741,936 | 21,402 | |||||||||||||
| 7,675,720 | 37,840 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $253,292) | 7,675,720 | 37,840 | ||||||||||||||||
| TOTAL INVESTMENTS (87.34%) | ||||||||||||||||||
| (Cost $6,330,063) | $ | 6,113,917 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (12.66%) | 885,845 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 6,999,762 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (1.10%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (1.10%) | ||||||||||||||||||||||
| T-Rex 2X Long HOOD Daily Target ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 27.21 | (1,873 | ) | $ | 289,142 | $ | (5,648,968 | ) | $ | (22,476 | ) | |||||||||
| StoneX Group Inc | 07/02/2026 | 27.85 | (426 | ) | 49,150 | (1,284,816 | ) | (18,744 | ) | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 29.56 | (246 | ) | 35,270 | (741,936 | ) | (35,670 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 373,562 | $ | (7,675,720 | ) | $ | (76,890 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 12 | www.graniteshares.com |
| GraniteShares YieldBoost META ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (55.84%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 100,000 | $ | 99,780 | ||||
| 3.590%, 10/22/2026(a) | 100,000 | 98,826 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 198,657) | 198,606 | |||||||
Counterparty | Expiration Date | Strike | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.11%) | ||||||||||||||||||
| Put Option Contracts (0.11%) | ||||||||||||||||||
| GraniteShares 2x Long META Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 17.96 | 130 | 271,960 | 3 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 18.81 | 50 | 104,600 | 378 | |||||||||||||
| 376,560 | 381 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $1,430) | 376,560 | 381 | ||||||||||||||||
| TOTAL INVESTMENTS (55.95%) | ||||||||||||||||||
| (Cost $200,087) | $ | 198,987 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (44.05%) | 156,692 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 355,679 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.38%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (0.38%) | ||||||||||||||||||||||
| GraniteShares 2x Long META Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 18.96 | (130 | ) | $ | 3,065 | $ | (271,960 | ) | $ | (73 | ) | |||||||||
| StoneX Group Inc | 07/06/2026 | 19.86 | (50 | ) | 1,129 | (104,600 | ) | (1,263 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 4,194 | $ | (376,560 | ) | $ | (1,336 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 13 |
| GraniteShares YieldBoost BABA ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (88.99%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 400,000 | $ | 399,118 | ||||
| 3.590%, 10/22/2026(a) | 200,000 | 197,652 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 596,879) | 596,770 | |||||||
Counterparty | Expiration Date | Strike | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.33%) | ||||||||||||||||||
| Put Option Contracts (0.33%) | ||||||||||||||||||
| GraniteShares 2x Long BABA Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 12.17 | 320 | 443,520 | 155 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 13.51 | 190 | 263,340 | 2,042 | |||||||||||||
| 706,860 | 2,197 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $6,233) | 706,860 | 2,197 | ||||||||||||||||
| TOTAL INVESTMENTS (89.32%) | ||||||||||||||||||
| (Cost $603,112) | $ | 598,967 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (10.68%) | 71,622 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 670,589 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (1.63%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (1.63%) | ||||||||||||||||||||||
| GraniteShares 2x Long BABA Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 12.84 | (320 | ) | $ | 8,744 | $ | (443,520 | ) | $ | (1,377 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 14.26 | (190 | ) | 5,382 | (263,340 | ) | (9,576 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 14,126 | $ | (706,860 | ) | $ | (10,953 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 14 | www.graniteshares.com |
| GraniteShares YieldBoost MARA ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (34.72%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 1,000,000 | $ | 997,798 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 997,833) | 997,798 | |||||||
Counterparty | Expiration Date | Strike |
Contracts | Notional | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.99%) | ||||||||||||||||||
| Put Option Contracts (0.99%) | ||||||||||||||||||
| GraniteShares 2x Long MARA Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 64.63 | 280 | 1,991,192 | 2,710 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 65.77 | 100 | 711,140 | 19,028 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 69.75 | 40 | 284,456 | 6,783 | |||||||||||||
| 2,986,788 | 28,521 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $158,381) | 2,986,788 | 28,521 | ||||||||||||||||
| TOTAL INVESTMENTS (35.71%) | ||||||||||||||||||
| (Cost $1,156,214) | $ | 1,026,319 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (64.29%) | 1,847,539 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 2,873,858 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (2.22%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (2.22%) | ||||||||||||||||||||||
| GraniteShares 2x Long MARA Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 68.22 | (280 | ) | $ | 151,302 | $ | (1,991,192 | ) | $ | (16,163 | ) | |||||||||
| StoneX Group Inc | 07/06/2026 | 69.43 | (100 | ) | 50,437 | (711,140 | ) | (32,528 | ) | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 73.62 | (40 | ) | 18,695 | (284,456 | ) | (15,132 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 220,434 | $ | (2,986,788 | ) | $ | (63,823 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 15 |
| GraniteShares YieldBoost IONQ ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (56.99%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 4,000,000 | $ | 3,991,194 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 3,991,335) | 3,991,194 | |||||||
Counterparty | Expiration Date | Strike | Contracts | Notional | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.99%) | ||||||||||||||||||
| Put Option Contracts (0.99%) | ||||||||||||||||||
| GraniteShares 2x Long IONQ Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 20.93 | 1,540 | 4,168,780 | 4,427 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 24.90 | 260 | 703,820 | 36,435 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 25.04 | 1,100 | 2,977,700 | 28,408 | |||||||||||||
| 7,850,300 | 69,270 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $375,146) | 7,850,300 | 69,270 | ||||||||||||||||
| TOTAL INVESTMENTS (57.98%) | ||||||||||||||||||
| (Cost $4,366,481) | $ | 4,060,464 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (42.02%) | 2,943,227 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 7,003,691 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (2.01%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (2.01%) | ||||||||||||||||||||||
| GraniteShares 2x Long IONQ Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 22.10 | (1,540 | ) | $ | 222,336 | $ | (4,168,780 | ) | $ | (12,429 | ) | |||||||||
| StoneX Group Inc | 07/06/2026 | 26.29 | (260 | ) | 48,197 | (703,820 | ) | (52,681 | ) | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 26.43 | (1,100 | ) | 243,510 | (2,977,700 | ) | (75,659 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 514,043 | $ | (7,850,300 | ) | $ | (140,769 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 16 | www.graniteshares.com |
| GraniteShares YieldBOOST Semiconductor ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (30.02%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.548%, 07/23/2026(a) | $ | 14,000,000 | $ | 13,969,175 | ||||
| 3.590%, 10/22/2026(a) | 14,500,000 | 14,329,778 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 28,306,251) | 28,298,953 | |||||||
Counterparty | Expiration Date | Strike |
Contracts | Notional |
Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.87%) | ||||||||||||||||||
| Put Option Contracts (0.87%) | ||||||||||||||||||
| Direxion Daily Semiconductor Bull 3X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 194.04 | 610 | 16,269,310 | 49,745 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 206.61 | 2,440 | 65,077,240 | 57,583 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 212.87 | 1,230 | 32,805,330 | 720,557 | |||||||||||||
| 114,151,880 | 827,885 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $5,989,586) | 114,151,880 | 827,885 | ||||||||||||||||
| TOTAL INVESTMENTS (30.90%) | ||||||||||||||||||
| (Cost $34,295,837) | $ | 29,126,838 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (69.10%) | 65,141,494 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 94,268,332 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (1.28%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (1.28%) | ||||||||||||||||||||||
| Direxion Daily Semiconductor Bull 3X ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 204.82 | (610 | ) | $ | 1,000,000 | $ | (16,269,310 | ) | $ | (73,852 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 218.09 | (2,440 | ) | 4,993,057 | (65,077,240 | ) | (124,827 | ) | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 224.69 | (1,230 | ) | 1,920,454 | (32,805,330 | ) | (1,011,378 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 7,913,511 | $ | (114,151,880 | ) | $ | (1,210,057 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 17 |
| GraniteShares YieldBOOST Gold Miners ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (94.68%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 6,700,000 | $ | 6,685,248 | ||||
| 3.590%, 10/22/2026(a) | 300,000 | 296,478 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 6,982,104) | 6,981,726 | |||||||
Counterparty | Expiration Date | Strike | Contracts | Notional | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.52%) | ||||||||||||||||||
| Put Option Contracts (0.52%) | ||||||||||||||||||
| Direxion Daily Gold Miners Index Bull 2X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 103.22 | 400 | 4,680,400 | 2,136 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 106.21 | 130 | 1,521,130 | 18,717 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 110.03 | 130 | 1,521,130 | 16,598 | |||||||||||||
| 7,722,660 | 37,451 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $124,111) | 7,722,660 | 37,451 | ||||||||||||||||
| TOTAL INVESTMENTS (95.19%) | ||||||||||||||||||
| (Cost $7,106,215) | $ | 7,019,177 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (4.81%) | 354,712 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 7,373,889 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (1.39%)
| Counterparty | Expiration Date | Strike Price | Contracts | Premiums Received | Notional Value | Value (Note 4) | ||||||||||||||||
| Put Option Contracts - (1.39%) | ||||||||||||||||||||||
| Direxion Daily Gold Miners Index Bull 2X ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 108.96 | (400 | ) | $ | 136,548 | $ | (4,680,400 | ) | $ | (16,311 | ) | |||||||||
| StoneX Group Inc | 07/06/2026 | 112.11 | (130 | ) | 38,399 | (1,521,130 | ) | (41,058 | ) | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 116.15 | (130 | ) | 41,648 | (1,521,130 | ) | (44,974 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 216,595 | $ | (7,722,660 | ) | $ | (102,343 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 18 | www.graniteshares.com |
| GraniteShares YieldBOOST RGTI ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (40.93%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 1,000,000 | $ | 997,798 | ||||
| 3.590%, 10/22/2026(a) | 200,000 | 197,652 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 1,195,580) | 1,195,450 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (1.23%) | ||||||||||||||||||
| Put Option Contracts (1.23%) | ||||||||||||||||||
| Defiance Daily Target 2X Long RGTI ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | 15.00 | 790 | 1,461,500 | 5,493 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 15.18 | 240 | 444,000 | 336 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 16.65 | 230 | 425,500 | 17,710 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 17.25 | 510 | 943,500 | 12,177 | |||||||||||||
| 3,274,500 | 35,716 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $164,314) | 3,274,500 | 35,716 | ||||||||||||||||
| TOTAL INVESTMENTS (42.16%) | ||||||||||||||||||
| (Cost $1,359,894) | $ | 1,231,166 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (57.84%) | 1,689,282 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 2,920,448 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (2.36%) | Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||||
| Put Option Contracts - (2.36%) | ||||||||||||||||||||||||
| Defiance Daily Target 2X Long RGTI ETF: | ||||||||||||||||||||||||
| StoneX Group Inc | 07/02/2026 | $ | 15.84 | (790 | ) | $ | 84,036 | $ | (1,461,500 | ) | $ | (12,480 | ) | |||||||||||
| StoneX Group Inc | 07/01/2026 | 16.03 | (240 | ) | 28,650 | (444,000 | ) | (1,284 | ) | |||||||||||||||
| StoneX Group Inc | 07/06/2026 | 17.58 | (230 | ) | 25,386 | (425,500 | ) | (25,760 | ) | |||||||||||||||
| StoneX Group Inc | 07/01/2026 | 18.21 | (510 | ) | 85,871 | (943,500 | ) | (29,269 | ) | |||||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 223,943 | $ | (3,274,500 | ) | $ | (68,793 | ) |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 19 |
| GraniteShares YieldBOOST QBTS ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (28.56%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.554%, 07/23/2026(a) | $ | 200,000 | $ | 199,560 | ||||
| 3.590%, 10/22/2026(a) | 600,000 | 592,956 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 792,804) | 792,516 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (1.10%) | ||||||||||||||||||
| Put Option Contracts (1.10%) | ||||||||||||||||||
| Tradr 2X Long QBTS Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 12.06 | 1,170 | 1,752,660 | 651 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 12.25 | 520 | 778,960 | 2,935 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 13.30 | 430 | 644,140 | 26,987 | |||||||||||||
| 3,175,760 | 30,573 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $172,155) | 3,175,760 | 30,573 | ||||||||||||||||
| TOTAL INVESTMENTS (29.66%) | ||||||||||||||||||
| (Cost $964,959) | $ | 823,089 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (70.34%) | 1,952,220 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 2,775,309 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
| WRITTEN OPTION CONTRACTS (1.73%) | Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||
| Put Option Contracts - (1.73%) | ||||||||||||||||||||||
| Tradr 2X Long QBTS Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 12.73 | (1,170 | ) | $ | 134,989 | $ | (1,752,660 | )$ | (2,749 | ) | ||||||||||
| StoneX Group Inc | 07/02/2026 | 12.93 | (520 | ) | 46,111 | (778,960 | ) | (6,682 | ) | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 14.04 | (430 | ) | 45,311 | (644,140 | ) | (38,609 | ) | |||||||||||||
TOTAL WRITTEN OPTION CONTRACTS | $ | 226,411 | $ | (3,175,760 | ) | $ | (48,040 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 20 | www.graniteshares.com |
| GraniteShares YieldBOOST RIOT ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (54.65%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 2,000,000 | $ | 1,995,596 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 1,995,667) | 1,995,596 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (2.01%) | ||||||||||||||||||
| Put Option Contracts (2.01%) | ||||||||||||||||||
| Defiance Daily Target 2X Long RIOT ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 53.08 | 90 | 530,820 | 20,250 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 54.00 | 400 | 2,359,200 | 18,541 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 57.49 | 150 | 884,700 | 34,667 | |||||||||||||
| 3,774,720 | 73,458 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $192,689) | 3,774,720 | 73,458 | ||||||||||||||||
| TOTAL INVESTMENTS (56.66%) | ||||||||||||||||||
| (Cost $2,188,356) | $ | 2,069,054 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (43.34%) | 1,582,663 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 3,651,717 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
| WRITTEN OPTION CONTRACTS (3.85%) | Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||
| Put Option Contracts - (3.85%) | ||||||||||||||||||||||
| Defiance Daily Target 2X Long RIOT ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 56.03 | (90 | ) | $ | 29,913 | $ | (530,820 | ) | $ | (30,060 | ) | |||||||||
| StoneX Group Inc | 07/01/2026 | 57.00 | (400 | ) | 180,947 | (2,359,200 | ) | (50,434 | ) | |||||||||||||
| Stonex Group Inc | 07/02/2026 | 60.69 | (150 | ) | 57,506 | (884,700 | ) | (60,028 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 268,366 | $ | (3,774,720 | ) | $ | (140,522 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 21 |
| GraniteShares YieldBOOST HIMS ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (64.10%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.545%, 07/23/2026(a) | $ | 300,000 | $ | 299,339 | ||||
| 3.590%, 10/22/2026(a) | 200,000 | 197,652 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 497,097) | 496,991 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||||
| PURCHASED OPTION CONTRACTS - (0.78%) | ||||||||||||||||||||
| Put Option Contracts (0.78%) | ||||||||||||||||||||
| Defiance Daily Target 2X Long HIMS ETF: | ||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 39.76 | 110 | 536,647 | 213 | |||||||||||||||
| StoneX Group Inc | 07/06/2026 | 41.17 | 30 | 146,358 | 4,067 | |||||||||||||||
| StoneX Group Inc | 07/02/2026 | 42.52 | 40 | 195,145 | 1,767 | |||||||||||||||
| 878,150 | 6,047 | |||||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||||
| (Cost $38,982) | 878,150 | 6,047 | ||||||||||||||||||
| TOTAL INVESTMENTS (64.87%) | ||||||||||||||||||||
| (Cost $536,079) | $ | 503,038 | ||||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (35.13%) | 272,361 | (b) | ||||||||||||||||||
| NET ASSETS (100.00%) | $ | 775,399 | ||||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
| WRITTEN OPTION CONTRACTS (1.40%) | Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||
| Put Option Contracts - (1.40%) | ||||||||||||||||||||||
| Defiance Daily Target 2X Long HIMS ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 41.97 | (110 | ) | $ | 33,151 | $ | (536,647 | ) | $ | (973 | ) | |||||||||
| StoneX Group Inc | 07/06/2026 | 43.45 | (30 | ) | 9,101 | (146,358 | ) | (6,096 | ) | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 44.88 | (40 | ) | 12,495 | (195,145 | ) | (3,784 | ) | |||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 54,747 | $ | (878,150 | ) | $ | (10,853 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 22 | www.graniteshares.com |
GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF |
Schedule of Investments |
| June 30, 2026 |
| Investments | Shares | Value | ||||||
| EXCHANGE TRADED FUNDS (99.26%) | ||||||||
| GraniteShares YieldBOOST AMD ETF(a) | 5,337 | $ | 84,485 | |||||
| GraniteShares YieldBOOST AMZN ETF(a) | 5,550 | 84,527 | ||||||
| GraniteShares YieldBOOST BABA ETF(a) | 8,823 | 84,171 | ||||||
| GraniteShares YieldBOOST COIN ETF(a) | 4,723 | 84,872 | ||||||
| GraniteShares YieldBOOST CRCL ETF(a) | 4,322 | 84,711 | ||||||
| GraniteShares YieldBOOST CRWV ETF(a) | 4,218 | 84,697 | ||||||
| GraniteShares YieldBOOST HIMS ETF(a) | 12,062 | 84,675 | ||||||
| GraniteShares YieldBOOST HOOD ETF(a) | 14,950 | 84,318 | ||||||
| GraniteShares YieldBOOST IONQ ETF(a) | 10,294 | 84,720 | ||||||
| GraniteShares YieldBOOST MARA ETF(a) | 12,811 | 84,937 | ||||||
| GraniteShares YieldBOOST META ETF(a) | 7,150 | 84,227 | ||||||
| GraniteShares YieldBOOST MSTR ETF(a) | 4,392 | 84,722 | ||||||
| GraniteShares YieldBOOST MU ETF(a) | 3,554 | 84,976 | ||||||
| GraniteShares YieldBOOST NVDA ETF(a) | 6,663 | 84,620 | ||||||
| GraniteShares YieldBOOST PLTR ETF(a) | 9,577 | 84,278 | ||||||
| GraniteShares YieldBOOST QBTS ETF(a) | 10,414 | 85,707 | ||||||
| GraniteShares YieldBOOST RGTI ETF(a) | 10,765 | 85,474 | ||||||
| GraniteShares YieldBOOST RIOT ETF(a) | 7,195 | 85,045 | ||||||
| GraniteShares YieldBOOST SMCI ETF(a) | 11,818 | 84,144 | ||||||
| GraniteShares YieldBOOST TSLA ETF(a) | 3,618 | 84,625 | ||||||
| GraniteShares YieldBOOST TSM ETF(a) | 3,386 | 85,158 | ||||||
| Total | 1,779,089 | |||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $2,284,578) | 1,779,089 | |||||||
| TOTAL INVESTMENTS (99.26%) (Cost $2,284,578) | $ | 1,779,089 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (0.74%) | 13,330 | |||||||
| NET ASSETS (100.00%) | $ | 1,792,419 | ||||||
| (a) | 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. | |
| Annual Report | June 30, 2026 | 23 |
| GraniteShares YieldBOOST TOPYIELDERS ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Shares | Value | ||||||
| EXCHANGE TRADED FUNDS (99.60%) | ||||||||
| GraniteShares YieldBOOST COIN ETF(a) | 17,426 | $ | 313,145 | |||||
| GraniteShares YieldBOOST HOOD ETF(a) | 55,156 | 311,080 | ||||||
| GraniteShares YieldBOOST IONQ ETF(a) | 37,978 | 312,559 | ||||||
| GraniteShares YieldBOOST MU ETF(a) | 13,111 | 313,484 | ||||||
| GraniteShares YieldBOOST QBTS ETF(a) | 38,422 | 316,213 | ||||||
| GraniteShares YieldBOOST RGTI ETF(a) | 39,718 | 315,361 | ||||||
| GraniteShares YieldBOOST RIOT ETF(a) | 26,546 | 313,774 | ||||||
| GraniteShares YieldBOOST SMCI ETF(a) | 43,601 | 310,439 | ||||||
| Total | 2,506,055 | |||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $2,748,712) | 2,506,055 | |||||||
| TOTAL INVESTMENTS (99.60%) (Cost $2,748,712) | $ | 2,506,055 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (0.40%) | 10,112 | |||||||
| NET ASSETS (100.00%) | $ | 2,516,167 | ||||||
| (a) | 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. | |
| 24 | www.graniteshares.com |
| GraniteShares YieldBOOST MU ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (30.35%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.575%, 07/23/2026(a) | $ | 400,000 | $ | 399,119 | ||||
| 3.683%, 10/22/2026(a) | 5,000,000 | 4,941,303 | ||||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 5,341,328) | 5,340,422 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (1.85%) | ||||||||||||||||||
| Put Option Contracts (1.85%) | ||||||||||||||||||
| GraniteShares 2x Long MU Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | 28.08 | 2,750 | 10,125,500 | 1,044 | |||||||||||||
| StoneX Group Inc | 07/02/2026 | 31.73 | 970 | 3,571,540 | 34,346 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 32.71 | 1,290 | 4,749,780 | 217,554 | |||||||||||||
| StoneX Group Inc | 07/06/2026 | 33.14 | 270 | 994,140 | 33,750 | |||||||||||||
| StoneX Group Inc | 07/01/2026 | 37.10 | 250 | 920,500 | 39,271 | |||||||||||||
| 20,361,460 | 325,965 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $1,234,521) | 20,361,460 | 325,965 | ||||||||||||||||
| TOTAL INVESTMENTS (32.21%) | ||||||||||||||||||
| (Cost $6,575,849) | $ | 5,666,387 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (67.79%) | 11,928,198 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 17,594,585 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
| WRITTEN OPTION CONTRACTS (2.87%) | Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||||
| Put Option Contracts - (2.87%) | ||||||||||||||||||||||||
| GraniteShares 2x Long MU Daily ETF: | ||||||||||||||||||||||||
| StoneX Group Inc | 07/01/2026 | $ | 29.64 | (2,750 | ) | $ | 1,003,771 | $ | (10,125,500 | ) | $ | (4,968 | ) | |||||||||||
| StoneX Group Inc | 07/02/2026 | 33.50 | (970 | ) | 196,302 | (3,571,540 | ) | (69,737 | ) | |||||||||||||||
| StoneX Group Inc | 07/06/2026 | 34.52 | (1,290 | ) | 286,860 | (4,749,780 | ) | (307,428 | ) | |||||||||||||||
| StoneX Group Inc | 07/06/2026 | 34.98 | (270 | ) | 49,781 | (994,140 | ) | (50,220 | ) | |||||||||||||||
| StoneX Group Inc | 07/01/2026 | 39.16 | (250 | ) | 73,362 | (920,500 | ) | (73,067 | ) | |||||||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 1,610,076 | $ | (20,361,460 | ) | $ | (505,420 | ) | ||||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 25 |
| GraniteShares YieldBOOST TSM ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (39.90%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.575%, 07/23/2026(a) | $ | 400,000 | $ | 399,119 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 399,126) | 399,119 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.64%) | ||||||||||||||||||
| Put Option Contracts (0.64%) | ||||||||||||||||||
| GraniteShares 2x Long TSM Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 75.48 | 120 | 1,106,492 | 6,364 | |||||||||||||
| 1,106,492 | 6,364 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $14,715) | 1,106,492 | 6,364 | ||||||||||||||||
| TOTAL INVESTMENTS (40.53%) | ||||||||||||||||||
| (Cost $413,841) | $ | 405,483 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (59.47%) | 594,884 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 1,000,367 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
| WRITTEN OPTION CONTRACTS (1.26%) | Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||
| Put Option Contracts - (1.26%) | ||||||||||||||||||||||
| GraniteShares 2x Long TSM Daily ETF: | ||||||||||||||||||||||
StoneX Group Inc | 07/06/2026 | $ | 79.68 | (120 | ) | $ | 27,525 | $ | (1,106,492 | )$ | (12,624 | ) | ||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 27,525 | $ | (1,106,492 | ) | $ | (12,624 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 26 | www.graniteshares.com |
| GraniteShares YieldBOOST CRWV ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (66.28%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.575%, 07/23/2026(a) | $ | 400,000 | $ | 399,118 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 399,126) | 399,118 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (2.68%) | ||||||||||||||||||
| Put Option Contracts (2.68%) | ||||||||||||||||||
| Tradr 2X Long CRWV Daily ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 21.92 | 260 | 683,280 | 16,123 | |||||||||||||
| 683,280 | 16,123 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $27,202) | 683,280 | 16,123 | ||||||||||||||||
| TOTAL INVESTMENTS (68.96%) | ||||||||||||||||||
| (Cost $426,328) | $ | 415,241 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (31.04%) | 186,932 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 602,173 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (4.07%)
| Expiration | Strike | Premiums | Notional | Value | ||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||
| Put Option Contracts - (4.07%) | ||||||||||||||||||||||
| Tradr 2X Long CRWV Daily ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 23.13 | (260 | ) | $ | 37,798 | $ | (683,280 | ) | $ | (24,519 | ) | |||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 37,798 | $ | (683,280 | ) | $ | (24,519 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 27 |
| GraniteShares YieldBOOST CRCL ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (40.44%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.590%, 10/22/2026(a) | $ | 400,000 | $ | 395,304 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 395,518) | 395,304 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (28.45%) | ||||||||||||||||||
| Put Option Contracts (28.45%) | ||||||||||||||||||
| ProShares Ultra CRCL ETF:: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 17.72 | 560 | 717,360 | 278,129 | |||||||||||||
| 717,360 | 278,129 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $43,861) | 717,360 | 278,129 | ||||||||||||||||
| TOTAL INVESTMENTS (68.89%) | ||||||||||||||||||
| (Cost $439,379) | $ | 673,433 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (31.11%) | 304,126 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 977,559 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (33.89%)
| Expiration | Strike | Premiums | Notional | Value | ||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | ||||||||||||||||
| Put Option Contracts - (33.89%) | ||||||||||||||||||||||
| ProShares Ultra CRCL ETF: | ||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 18.71 | (560 | ) | $ | 62,930 | $ | (717,360 | ) | $ | (331,271 | ) | |||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 62,930 | $ | (717,360 | ) | $ | (331,271 | ) | ||||||||||||||
| See Notes to Financial Statements. | |
| 28 | www.graniteshares.com |
| GraniteShares YieldBOOST Ether ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (66.63%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.590%, 10/22/2026(a) | $ | 400,000 | $ | 395,304 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 395,518) | 395,304 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (3.97%) | ||||||||||||||||||
| Put Option Contracts (3.97%) | ||||||||||||||||||
| Volatility Shares 2x Ether ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 10.87 | 520 | 593,320 | 23,579 | |||||||||||||
| 593,320 | 23,579 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $13,870) | 593,320 | 23,579 | ||||||||||||||||
| TOTAL INVESTMENTS (70.61%) | ||||||||||||||||||
| (Cost $409,388) | $ | 418,883 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (29.39%) | 174,351 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 593,234 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (6.46%)
| Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | |||||||||||||||||
| Put Option Contracts - (6.46%) | |||||||||||||||||||||||
| Volatility Shares 2x Ether ETF: | |||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 11.48 | (520 | ) | $ | 20,970 | $ | (593,320 | ) | $ | (38,338 | ) | ||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 20,970 | $ | (593,320 | ) | $ | (38,338 | ) | |||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 29 |
| GraniteShares YieldBOOST Biotech ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (57.03%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.595%, 10/22/2026(a) | $ | 400,000 | $ | 395,304 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 395,485) | 395,304 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (1.56%) | ||||||||||||||||||
| Put Option Contracts (1.56%) | ||||||||||||||||||
| Direxion Daily S&P Biotech Bull 3X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 262.51 | 30 | 876,300 | 10,785 | |||||||||||||
| 876,300 | 10,785 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $13,519) | 876,300 | 10,785 | ||||||||||||||||
| TOTAL INVESTMENTS (58.58%) | ||||||||||||||||||
| (Cost $409,004) | $ | 406,089 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (41.42%) | 287,143 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 693,232 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (3.20%)
| Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | |||||||||||||||||
| Put Option Contracts - (3.20%) | |||||||||||||||||||||||
| Direxion Daily S&P Biotech Bull 3X ETF: | |||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 277.10 | (30 | ) | $ | 26,201 | $ | (876,300 | ) | $ | (22,172 | ) | ||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 26,201 | $ | (876,300 | ) | $ | (22,172 | ) | |||||||||||||||
| See Notes to Financial Statements. | |
| 30 | www.graniteshares.com |
| GraniteShares YieldBOOST Financials ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (52.22%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.595%, 10/22/2026(a) | $ | 400,000 | $ | 395,304 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 395,486) | 395,304 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.22%) | ||||||||||||||||||
| Put Option Contracts (0.22%) | ||||||||||||||||||
| Direxion Daily Financial Bull 3X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 133.31 | 50 | 735,900 | 1,656 | |||||||||||||
| 735,900 | 1,656 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $1,384) | 735,900 | 1,656 | ||||||||||||||||
| TOTAL INVESTMENTS (52.44%) | ||||||||||||||||||
| (Cost $396,870) | $ | 396,960 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (47.56%) | 360,041 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 757,001 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.80%)
| Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | |||||||||||||||||
| Put Option Contracts - (0.80%) | |||||||||||||||||||||||
| Direxion Daily Financial Bull 3X ETF: | |||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 140.71 | (50 | ) | $ | 4,584 | $ | (735,900 | ) | $ | (6,008 | ) | ||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 4,584 | $ | (735,900 | ) | $ | (6,008 | ) | |||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 31 |
| GraniteShares YieldBOOST Technology ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (57.70%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.595%, 10/22/2026(a) | $ | 400,000 | $ | 395,304 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 395,485) | 395,304 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.82%) | ||||||||||||||||||
| Put Option Contracts (0.82%) | ||||||||||||||||||
| Direxion Daily Technology Bull 3X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 192.43 | 30 | 692,280 | 5,599 | |||||||||||||
| 692,280 | 5,599 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $12,949) | 692,280 | 5,599 | ||||||||||||||||
| TOTAL INVESTMENTS (58.52%) | ||||||||||||||||||
| (Cost $408,434) | $ | 400,903 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (41.48%) | 284,208 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 685,111 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (1.46%)
| Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | |||||||||||||||||
| Put Option Contracts - (1.46%) | |||||||||||||||||||||||
| Direxion Daily Technology Bull 3X ETF: | |||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 203.12 | (30 | ) | $ | 20,981$ | (692,280 | ) | $ | (9,955 | ) | |||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 20,981 | $ | (692,280 | ) | $ | (9,955 | ) | |||||||||||||||
| See Notes to Financial Statements. | |
| 32 | www.graniteshares.com |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATION (53.98%)(a) | ||||||||
| United States Treasury Bill | ||||||||
| 3.595%, 10/22/2026(a) | $ | 400,000 | $ | 395,304 | ||||
| TOTAL GOVERNMENT BOND | ||||||||
| (Cost 395,486) | 395,304 | |||||||
| Counterparty | Expiration Date | Strike Price | Contracts | Notional Value | Value | |||||||||||||
| PURCHASED OPTION CONTRACTS - (0.06%) | ||||||||||||||||||
| Put Option Contracts (0.06%) | ||||||||||||||||||
| Direxion Daily 20+ Year Treasury Bull 3X ETF: | ||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | 33.08 | 210 | 746,550 | 419 | |||||||||||||
| 746,550 | 419 | |||||||||||||||||
| TOTAL PURCHASED OPTION CONTRACTS | ||||||||||||||||||
| (Cost $257) | 746,550 | 419 | ||||||||||||||||
| TOTAL INVESTMENTS (54.04%) | ||||||||||||||||||
| (Cost $395,743) | $ | 395,723 | ||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (45.96%) | 336,578 | (b) | ||||||||||||||||
| NET ASSETS (100.00%) | $ | 732,301 | ||||||||||||||||
| (a) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
| (b) | Includes cash which is being held as collateral for written option contracts. |
WRITTEN OPTION CONTRACTS (0.62%)
| Expiration | Strike | Premiums | Notional | Value | |||||||||||||||||||
| Counterparty | Date | Price | Contracts | Received | Value | (Note 4) | |||||||||||||||||
| Put Option Contracts - (0.62%) | |||||||||||||||||||||||
| Direxion Daily 20+ Year Treasury Bull 3X ETF: | |||||||||||||||||||||||
| StoneX Group Inc | 07/06/2026 | $ | 34.91 | (210 | ) | $ | 793$ | (746,550 | ) | $ | (4,563 | ) | |||||||||||
| TOTAL WRITTEN OPTION CONTRACTS | $ | 793 | $ | (746,550 | ) | $ | (4,563 | ) | |||||||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 33 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares | GraniteShares | GraniteShares | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | ||||||||||||||||
| TSLA ETF | QQQ ETF | SPY ETF | NVDA ETF | Bitcoin ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 66,171,814 | $ | 3,013,525 | $ | 6,317,194 | $ | 17,229,466 | $ | 9,571,054 | ||||||||||
| Investments at value | $ | 65,456,529 | $ | 2,890,688 | $ | 6,268,383 | $ | 16,967,897 | $ | 9,428,825 | ||||||||||
| Cash | 13,186,176 | 4,028,920 | 4,198,249 | 18,870,241 | 2,923,021 | |||||||||||||||
| Cash collateral held for open Options contracts | 873,755 | 903,743 | 1,650,805 | 4,954,749 | – | |||||||||||||||
| Other assets | 1,523 | 411 | 391 | 1,888 | 400 | |||||||||||||||
| Total Assets | 79,517,983 | 7,823,762 | 12,117,828 | 40,794,775 | 12,352,246 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value (premiums received $1,940,729, $208,197, $125,636, $661,077 and $362,838) | 729,841 | 10,402 | 8,886 | 146,196 | 265,870 | |||||||||||||||
| Administration payable | 14,135 | 1,615 | 2,093 | 4,208 | 3,302 | |||||||||||||||
| Payable for accounting and legal | 10,412 | 8,523 | 8,651 | 9,431 | 8,641 | |||||||||||||||
| Payable to custodian | 1,455 | 991 | 964 | 1,004 | 987 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 973 | 903 | 861 | 875 | 889 | |||||||||||||||
| Payable for capital shares redeemed | – | 1,169,080 | – | 1,272,362 | – | |||||||||||||||
| Advisory fees payable | 70,788 | 4,414 | 9,205 | 37,806 | 7,298 | |||||||||||||||
| Due to Counterparty | – | – | – | – | 484,904 | |||||||||||||||
| Other accrued payables | 18,525 | 2,473 | 2,869 | 5,122 | 3,379 | |||||||||||||||
| Total Liabilities | 846,340 | 1,198,612 | 33,740 | 1,477,215 | 775,481 | |||||||||||||||
| Commitments and contingencies (Note 6) | ||||||||||||||||||||
| NET ASSETS | $ | 78,671,643 | $ | 6,625,150 | $ | 12,084,088 | $ | 39,317,560 | $ | 11,576,765 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 118,883,327 | $ | 6,684,937 | $ | 12,016,150 | $ | 39,081,211 | $ | 36,083,222 | ||||||||||
| Total distributable earnings/(losses) | (40,211,684 | ) | (59,787 | ) | 67,938 | 236,349 | (24,506,457 | ) | ||||||||||||
| NET ASSETS | $ | 78,671,643 | $ | 6,625,150 | $ | 12,084,088 | $ | 39,317,560 | $ | 11,576,765 | ||||||||||
| Shares outstanding | 3,363,721 | (a) | 510,001 | 810,001 | 3,090,001 | 2,090,001 | ||||||||||||||
| Net Asset Value per share | $ | 23.39 | (a) | $ | 12.99 | $ | 14.92 | $ | 12.72 | $ | 5.54 | |||||||||
(a) The Fund had a 1 for 8 reverse stock split after the close of business June 1, 2026. See Note 1 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | |
| 34 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares | GraniteShares | GraniteShares | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | ||||||||||||||||
| COIN ETF | AMD ETF | AMZN ETF | MSTR ETF | PLTR ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 17,479,610 | $ | 3,325,462 | $ | 1,307,188 | $ | 1,377,102 | $ | 3,030,805 | ||||||||||
| Investments at value | $ | 17,195,746 | $ | 3,006,675 | $ | 1,290,635 | $ | 1,395,414 | $ | 2,984,425 | ||||||||||
| Cash | 5,252,417 | 4,436,741 | 1,994,604 | 512,117 | 423,244 | |||||||||||||||
| Cash collateral held for open Options contracts | – | 1,781,599 | 87,562 | – | – | |||||||||||||||
| Due from advisor | – | – | – | 981 | – | |||||||||||||||
| Other assets | 555 | 385 | 166 | 46 | 45 | |||||||||||||||
| Total Assets | 22,448,718 | 9,225,400 | 3,372,967 | 1,908,558 | 3,407,714 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value (premiums received $896,130, $496,549, $46,919, $110,408 and $82,617) | 745,150 | 24,173 | 4,527 | 164,465 | 4,067 | |||||||||||||||
| Administration payable | 5,363 | 1,153 | 714 | 856 | 1,122 | |||||||||||||||
| Payable for accounting and legal | 8,478 | 8,535 | 8,406 | 8,160 | 8,409 | |||||||||||||||
| Payable to custodian | 941 | 862 | 890 | 920 | 882 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 833 | 833 | 861 | 861 | 833 | |||||||||||||||
| Payable for capital shares redeemed | – | – | 152,515 | – | – | |||||||||||||||
| Advisory fees payable | 19,722 | 3,592 | 1,069 | – | 138 | |||||||||||||||
| Due to Counterparty | 552,508 | – | – | 91,595 | 291,929 | |||||||||||||||
| Other accrued payables | 7,895 | 1,191 | 785 | 883 | 1,045 | |||||||||||||||
| Total Liabilities | 1,341,101 | 40,550 | 169,978 | 267,951 | 308,636 | |||||||||||||||
| Commitments and contingencies (Note 6) | ||||||||||||||||||||
| NET ASSETS | $ | 21,107,617 | $ | 9,184,850 | $ | 3,202,989 | $ | 1,640,607 | $ | 3,099,078 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 86,763,358 | $ | 9,031,260 | $ | 3,514,211 | $ | 4,215,045 | $ | 5,549,248 | ||||||||||
| Total distributable earnings/(losses) | (65,655,741 | ) | 153,590 | (311,222 | ) | (2,574,438 | ) | (2,450,170 | ) | |||||||||||
| NET ASSETS | $ | 21,107,617 | $ | 9,184,850 | $ | 3,202,989 | $ | 1,640,607 | $ | 3,099,078 | ||||||||||
| Shares outstanding | 1,169,979 | (a) | 580,001 | 210,001 | 84,982 | (a) | 350,001 | |||||||||||||
| Net Asset Value per share | $ | 18.04 | (a) | $ | 15.84 | $ | 15.25 | $ | 19.31 | (a) | $ | 8.85 | ||||||||
(a) The Fund had a 1 for 6 reverse stock split after the close of business June 1, 2026. See Note 1 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 35 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares | GraniteShares | GraniteShares | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | ||||||||||||||||
| SMCI ETF | HOOD ETF | META ETF | BABA ETF | MARA ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 5,735,692 | $ | 6,330,063 | $ | 200,087 | $ | 603,112 | $ | 1,156,214 | ||||||||||
| Investments at value | $ | 6,020,291 | $ | 6,113,917 | $ | 198,987 | $ | 598,967 | $ | 1,026,319 | ||||||||||
| Cash | 3,570,770 | 1,170,874 | 181,258 | 160,044 | 1,628,129 | |||||||||||||||
| Cash collateral held for open Options contracts | 261,976 | 208,185 | – | – | 293,943 | |||||||||||||||
| Due from advisor | – | – | 2,356 | 2,157 | 1,215 | |||||||||||||||
| Other assets | 311 | 127 | 15 | 14 | 137 | |||||||||||||||
| Total Assets | 9,853,348 | 7,493,103 | 382,616 | 761,182 | 2,949,743 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value (premiums received $638,249, $373,562, $4,194, $14,126 and $220,434) | 1,140,412 | 76,890 | 1,336 | 10,953 | 63,823 | |||||||||||||||
| Administration payable | 1,301 | 1,991 | 480 | 575 | 850 | |||||||||||||||
| Payable for accounting and legal | 8,542 | 8,516 | 8,328 | 8,336 | 8,384 | |||||||||||||||
| Payable to custodian | 985 | 904 | 831 | 874 | 890 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 875 | 861 | 833 | 833 | 833 | |||||||||||||||
| Payable for capital shares redeemed | – | 398,392 | – | – | – | |||||||||||||||
| Advisory fees payable | 4,889 | 2,776 | – | – | – | |||||||||||||||
| Due to Counterparty | – | – | 13,783 | 67,629 | – | |||||||||||||||
| Other accrued payables | 2,212 | 2,800 | 1,135 | 1,182 | 894 | |||||||||||||||
| Total Liabilities | 1,159,427 | 493,341 | 26,937 | 90,593 | 75,885 | |||||||||||||||
| Commitments and contingencies (Note 6) | ||||||||||||||||||||
| NET ASSETS | $ | 8,693,921 | $ | 6,999,762 | $ | 355,679 | $ | 670,589 | $ | 2,873,858 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 13,786,374 | $ | 19,584,518 | $ | 588,470 | $ | 1,080,950 | $ | 4,531,248 | ||||||||||
| Total distributable (losses) | (5,092,453 | ) | (12,584,756 | ) | (232,791 | ) | (410,361 | ) | (1,657,390 | ) | ||||||||||
| NET ASSETS | $ | 8,693,921 | $ | 6,999,762 | $ | 355,679 | $ | 670,589 | $ | 2,873,858 | ||||||||||
| Shares outstanding | 1,220,001 | 1,230,001 | 30,001 | 70,001 | 430,001 | |||||||||||||||
| Net Asset Value per share | $ | 7.13 | $ | 5.69 | $ | 11.86 | $ | 9.58 | $ | 6.68 | ||||||||||
| See Notes to Financial Statements. | |
| 36 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares | GraniteShares YieldBOOST | GraniteShares YieldBOOST | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | Semiconductor | Gold Miners | YieldBOOST | YieldBOOST | ||||||||||||||||
| IONQ ETF | ETF | ETF | RGTI ETF | QBTS ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 4,366,481 | $ | 34,295,837 | $ | 7,106,215 | $ | 1,359,894 | $ | 964,959 | ||||||||||
| Investments at value | $ | 4,060,464 | $ | 29,126,838 | $ | 7,019,177 | $ | 1,231,166 | $ | 823,089 | ||||||||||
| Cash | 2,521,116 | 44,420,846 | 753,572 | 1,342,114 | 1,922,468 | |||||||||||||||
| Cash collateral held for open Options contracts | 578,057 | 22,029,896 | – | 31,181 | 87,794 | |||||||||||||||
| Due from advisor | – | – | – | 1,497 | 1,306 | |||||||||||||||
| Receivable for shares sold | – | – | – | 394,639 | – | |||||||||||||||
| Other assets | 215 | 3,665 | 107 | 111 | 159 | |||||||||||||||
| Total Assets | 7,159,852 | 95,581,245 | 7,772,856 | 3,000,708 | 2,834,816 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value (premiums received $514,043, $7,913,511, $216,595, $223,943 and $226,411) | 140,769 | 1,210,057 | 102,343 | 68,793 | 48,040 | |||||||||||||||
| Administration payable | 1,080 | 1,602 | 935 | 604 | 587 | |||||||||||||||
| Payable for accounting and legal | 8,487 | 10,731 | 8,542 | 8,162 | 8,164 | |||||||||||||||
| Payable to custodian | 870 | 1,165 | 953 | 876 | 900 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 833 | 1,015 | 889 | 833 | 847 | |||||||||||||||
| Advisory fees payable | 2,714 | 82,090 | 5,283 | – | – | |||||||||||||||
| Due to Counterparty | – | – | 278,389 | – | – | |||||||||||||||
| Other accrued payables | 1,197 | 6,042 | 1,422 | 781 | 758 | |||||||||||||||
| Total Liabilities | 156,161 | 1,312,913 | 398,967 | 80,260 | 59,507 | |||||||||||||||
| Commitments and contingencies (Note 6) | ||||||||||||||||||||
| NET ASSETS | $ | 7,003,691 | $ | 94,268,332 | $ | 7,373,889 | $ | 2,920,448 | $ | 2,775,309 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 9,892,526 | $ | 92,733,878 | $ | 9,577,766 | $ | 3,892,447 | $ | 3,395,235 | ||||||||||
| Total distributable earnings/(losses) | (2,888,835 | ) | 1,534,454 | (2,203,877 | ) | (971,999 | ) | (619,926 | ) | |||||||||||
| NET ASSETS | $ | 7,003,691 | $ | 94,268,332 | $ | 7,373,889 | $ | 2,920,448 | $ | 2,775,309 | ||||||||||
| Shares outstanding | 850,001 | 5,940,001 | 540,001 | 370,001 | 340,001 | |||||||||||||||
| Net Asset Value per share | $ | 8.24 | $ | 15.87 | $ | 13.66 | $ | 7.89 | $ | 8.16 | ||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 37 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares | GraniteShares | GraniteShares YieldBOOST | GraniteShares YieldBOOST | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | Single Stock | TopYielders | YieldBOOST | ||||||||||||||||
| RIOT ETF | HIMS ETF | Universe ETF | ETF | MUETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 2,188,356 | $ | 536,079 | $ | – | $ | – | $ | 6,575,849 | ||||||||||
| Investments in affiliates, at cost | – | – | 2,284,578 | 2,748,712 | – | |||||||||||||||
| Investments at value | $ | 2,069,054 | $ | 503,038 | $ | – | $ | – | $ | 5,666,387 | ||||||||||
| Investments in affiliates, at value | – | – | 1,779,089 | 2,506,055 | – | |||||||||||||||
| Cash | 671,863 | 212,460 | 59,277 | 84,986 | 10,651,746 | |||||||||||||||
| Cash collateral held for open Options contracts | 591,429 | 79,017 | – | – | 847,427 | |||||||||||||||
| Due from advisor | 359 | 3,003 | 4,712 | 3,517 | – | |||||||||||||||
| Receivable for investments sold | – | – | 316,509 | 1,214,884 | – | |||||||||||||||
| Receivable for shares sold | 471,181 | – | – | – | 951,010 | |||||||||||||||
| Other assets | 55 | 18 | 1,046 | 1,462 | 879 | |||||||||||||||
| Total Assets | 3,803,941 | 797,536 | 2,160,633 | 3,810,904 | 18,117,449 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value (premiums received $268,366, $54,747, $–, $– and $1,610,076) | 140,522 | 10,853 | – | – | 505,420 | |||||||||||||||
| Distribution payable | – | – | 17,242 | 25,528 | – | |||||||||||||||
| Administration payable | 720 | 558 | 540 | 706 | 714 | |||||||||||||||
| Payable for accounting and legal | 8,194 | 8,127 | 8,220 | 8,182 | 8,108 | |||||||||||||||
| Payable to custodian | 855 | 863 | 825 | 795 | 1,170 | |||||||||||||||
| Payable for investments purchased | – | – | 339,620 | 1,257,500 | – | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 214 | 211 | |||||||||||||||
| Payable for transfer agency | 847 | 833 | 833 | 1,000 | 1,356 | |||||||||||||||
| Advisory fees payable | – | – | – | – | 5,053 | |||||||||||||||
| Other accrued payables | 875 | 692 | 723 | 812 | 832 | |||||||||||||||
| Total Liabilities | 152,224 | 22,137 | 368,214 | 1,294,737 | 522,864 | |||||||||||||||
| Commitments and contingencies (Note 6) | ||||||||||||||||||||
| NET ASSETS | $ | 3,651,717 | $ | 775,399 | $ | 1,792,419 | $ | 2,516,167 | $ | 17,594,585 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 3,792,420 | $ | 1,496,249 | $ | 2,542,205 | $ | 3,868,201 | $ | 17,399,391 | ||||||||||
| Total distributable earnings/(losses) | (140,703 | ) | (720,850 | ) | (749,786 | ) | (1,352,034 | ) | 195,194 | |||||||||||
| NET ASSETS | $ | 3,651,717 | $ | 775,399 | $ | 1,792,419 | $ | 2,516,167 | $ | 17,594,585 | ||||||||||
| Shares outstanding | 310,001 | 110,001 | 130,001 | 200,001 | 740,001 | |||||||||||||||
| Net Asset Value per share | $ | 11.78 | $ | 7.05 | $ | 13.79 | $ | 12.58 | $ | 23.78 | ||||||||||
| See Notes to Financial Statements. | |
| 38 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares | GraniteShares | GraniteShares | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | ||||||||||||||||
| TSM ETF | CRWV ETF | CRCL ETF | Ether ETF | Biotech ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | 413,841 | $ | 426,328 | $ | 439,379 | $ | 409,388 | $ | 409,004 | ||||||||||
| Investments at value | $ | 405,483 | $ | 415,241 | $ | 673,433 | $ | 418,883 | $ | 406,089 | ||||||||||
| Cash | 457,766 | 203,930 | 665,841 | 262,014 | 274,660 | |||||||||||||||
| Cash collateral held for open Options contracts | 156,178 | 13,569 | – | – | 38,774 | |||||||||||||||
| Due from advisor | 5,306 | 5,457 | 6,825 | 7,289 | 7,495 | |||||||||||||||
| Other assets | 38 | 17 | 55 | 22 | 23 | |||||||||||||||
| Total Assets | 1,024,771 | 638,214 | 1,346,154 | 688,208 | 727,041 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value (premiums received $27,525, $37,798, $62,930, $20,970 and $26,201) | 12,624 | 24,519 | 331,271 | 38,338 | 22,172 | |||||||||||||||
| Administration payable | 714 | 714 | 714 | 714 | 714 | |||||||||||||||
| Payable for accounting and legal | 7,797 | 7,957 | 7,951 | 7,943 | 7,941 | |||||||||||||||
| Payable to custodian | 1,170 | 703 | 801 | 801 | 767 | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 833 | 833 | 833 | 1,005 | 900 | |||||||||||||||
| Due to Counterparty | – | – | 25,708 | 44,856 | – | |||||||||||||||
| Other accrued payables | 1,055 | 1,104 | 1,106 | 1,106 | 1,104 | |||||||||||||||
| Total Liabilities | 24,404 | 36,041 | 368,595 | 94,974 | 33,809 | |||||||||||||||
| Commitments and contingencies (Note 6) | ||||||||||||||||||||
| NET ASSETS | $ | 1,000,367 | $ | 602,173 | $ | 977,559 | $ | 593,234 | $ | 693,232 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 993,825 | $ | 627,003 | $ | 1,056,618 | $ | 683,027 | $ | 692,119 | ||||||||||
| Total distributable earnings/(losses) | 6,542 | (24,830 | ) | (79,059 | ) | (89,793 | ) | 1,113 | ||||||||||||
| NET ASSETS | $ | 1,000,367 | $ | 602,173 | $ | 977,559 | $ | 593,234 | $ | 693,232 | ||||||||||
| Shares outstanding | 40,001 | 30,001 | 50,001 | 30,001 | 30,001 | |||||||||||||||
| Net Asset Value per share | $ | 25.01 | $ | 20.07 | $ | 19.55 | $ | 19.77 | $ | 23.11 | ||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 39 |
| GraniteShares ETF Trust | Statements of Assets and Liabilities |
| June 30, 2026 |
| GraniteShares | ||||||||||||
| GraniteShares | GraniteShares | YieldBOOST | ||||||||||
| YieldBOOST | YieldBOOST | 20Y+ Treasuries | ||||||||||
| Financials ETF | Technology ETF | ETF | ||||||||||
| ASSETS: | ||||||||||||
| Investments at cost | $ | 396,870 | $ | 408,434 | $ | 395,743 | ||||||
| Investments at value | $ | 396,960 | $ | 400,903 | $ | 395,723 | ||||||
| Cash | 330,986 | 304,391 | 333,134 | |||||||||
| Cash collateral held for open Options contracts | 39,237 | – | 12,160 | |||||||||
| Due from advisor | 7,442 | 7,485 | 7,390 | |||||||||
| Other assets | 27 | 25 | 27 | |||||||||
| Total Assets | 774,652 | 712,804 | 748,434 | |||||||||
| LIABILITIES: | ||||||||||||
| Written options, at value (premiums received $4,584, $20,981 and $793) | 6,008 | 9,955 | 4,563 | |||||||||
| Administration payable | 714 | 714 | 714 | |||||||||
| Payable for accounting and legal | 7,981 | 7,980 | 7,942 | |||||||||
| Payable to custodian | 767 | 767 | 767 | |||||||||
| Payable for trustee fees | 244 | 244 | 211 | |||||||||
| Payable for transfer agency | 833 | 833 | 833 | |||||||||
| Due to Counterparty | – | 6,097 | – | |||||||||
| Other accrued payables | 1,104 | 1,103 | 1,103 | |||||||||
| Total Liabilities | 17,651 | 27,693 | 16,133 | |||||||||
| Commitments and contingencies (Note 6) | ||||||||||||
| NET ASSETS | $ | 757,001 | $ | 685,111 | $ | 732,301 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 750,025 | $ | 695,744 | $ | 744,467 | ||||||
| Total distributable earnings/(losses) | 6,976 | (10,633 | ) | (12,166 | ) | |||||||
| NET ASSETS | $ | 757,001 | $ | 685,111 | $ | 732,301 | ||||||
| Shares outstanding | 30,001 | 30,001 | 30,001 | |||||||||
| Net Asset Value per share | $ | 25.23 | $ | 22.84 | $ | 24.41 | ||||||
| See Notes to Financial Statements. | |
| 40 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Operations |
| For the Period Ended June 30, 2026 |
| GraniteShares YieldBOOST TSLA ETF | GraniteShares YieldBOOST QQQ ETF | GraniteShares YieldBOOST SPY ETF | GraniteShares YieldBOOST NVDA ETF | GraniteShares YieldBOOST Bitcoin ETF | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest | $ | 7,355,906 | $ | 304,356 | $ | 552,952 | $ | 2,525,597 | $ | 1,260,891 | ||||||||||
| Total Investment Income | 7,355,906 | 304,356 | 552,952 | 2,525,597 | 1,260,891 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 2,080,320 | 90,211 | 167,771 | 720,848 | 327,457 | |||||||||||||||
| Administration fees | 53,461 | 5,330 | 6,904 | 16,208 | 13,608 | |||||||||||||||
| Transfer agency | 6,508 | 7,034 | 6,866 | 6,345 | 6,093 | |||||||||||||||
| Trustee fees | 840 | 1,090 | 1,090 | 1,090 | 1,090 | |||||||||||||||
| Custody fees | 6,892 | 2,721 | 2,613 | 4,360 | 3,617 | |||||||||||||||
| Accounting and legal | 77,879 | 17,842 | 20,252 | 37,284 | 25,151 | |||||||||||||||
| Recoupment of previously waived fees | 35,818 | – | 819 | 17,542 | 12,812 | |||||||||||||||
| Other expenses | 29,447 | 12,555 | 11,947 | 14,333 | 12,551 | |||||||||||||||
| Total Expenses | 2,291,165 | 136,783 | 218,262 | 818,010 | 402,379 | |||||||||||||||
| Less waiver fees (Note 6) | – | (28,360 | ) | (19,904 | ) | – | (16,306 | ) | ||||||||||||
| Fees Paid Indirectly (Note 6) | (37,850 | ) | (4,100 | ) | (4,100 | ) | (10,700 | ) | (7,100 | ) | ||||||||||
| Net Expenses | 2,253,315 | 104,323 | 194,258 | 807,310 | 378,973 | |||||||||||||||
| NET INVESTMENT INCOME | 5,102,591 | 200,033 | 358,694 | 1,718,287 | 881,918 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (126,482,093 | ) | (3,235,678 | ) | (4,682,768 | ) | (31,316,269 | ) | 5,287,548 | |||||||||||
| Written option Contracts | 85,936,620 | 3,100,933 | 6,122,395 | 35,495,384 | (29,748,744 | ) | ||||||||||||||
| Total Net realized gain/(loss) | (40,545,473 | ) | (134,745 | ) | 1,439,627 | 4,179,115 | (24,461,196 | ) | ||||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | (695,374 | ) | (116,656 | ) | (42,935 | ) | (233,332 | ) | (116,461 | ) | ||||||||||
| Written option Contracts | 1,578,965 | 161,521 | 86,186 | 440,825 | 43,568 | |||||||||||||||
| Total net change in unrealized appreciation/(depreciation) | 883,591 | 44,865 | 43,251 | 207,493 | (72,893 | ) | ||||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (34,559,291 | ) | $ | 110,153 | $ | 1,841,572 | $ | 6,104,895 | $ | (23,652,171 | ) | ||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 41 |
| GraniteShares ETF Trust | Statements of Operations |
| For the Period Ended June 30, 2026 |
| GraniteShares | GraniteShares | GraniteShares | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | ||||||||||||||||
| COIN ETF* | AMD ETF† | AMZN ETF† | MSTR ETF‡ | PLTR ETF‡ | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest | $ | 2,088,235 | $ | 245,086 | $ | 64,954 | $ | 60,861 | $ | 156,158 | ||||||||||
| Total Investment Income | 2,088,235 | 245,086 | 64,954 | 60,861 | 156,158 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 555,662 | 74,740 | 19,359 | 16,991 | 44,274 | |||||||||||||||
| Administration fees | 12,390 | 2,438 | 1,567 | 1,770 | 2,334 | |||||||||||||||
| Transfer agency | 5,608 | 4,356 | 4,223 | 4,155 | 4,064 | |||||||||||||||
| Trustee fees | 1,090 | 1,090 | 1,090 | 1,090 | 1,090 | |||||||||||||||
| Custody fees | 4,328 | 1,847 | 1,551 | 1,827 | 1,698 | |||||||||||||||
| Accounting and legal | 33,062 | 16,650 | 14,948 | 14,735 | 15,575 | |||||||||||||||
| Other expenses | 20,851 | 12,346 | 11,938 | 12,028 | 12,188 | |||||||||||||||
| Total Expenses | 632,991 | 113,467 | 54,676 | 52,596 | 81,223 | |||||||||||||||
| Less waiver fees (Note 6) | – | (23,911 | ) | (31,324 | ) | (30,194 | ) | (28,418 | ) | |||||||||||
| Fees Paid Indirectly (Note 6) | (12,900 | ) | (3,300 | ) | (900 | ) | (2,800 | ) | (1,900 | ) | ||||||||||
| Net Expenses | 620,091 | 86,256 | 22,452 | 19,602 | 50,905 | |||||||||||||||
| NET INVESTMENT INCOME | 1,468,144 | 158,830 | 42,502 | 41,259 | 105,253 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | 5,633,904 | (675,692 | ) | (298,609 | ) | 1,005,206 | 754,280 | |||||||||||||
| Written option Contracts | (71,156,761 | ) | 2,050,583 | (38,451 | ) | (3,543,899 | ) | (3,236,620 | ) | |||||||||||
| Total Net realized gain/(loss) | (65,522,857 | ) | 1,374,891 | (337,060 | ) | (2,538,693 | ) | (2,482,340 | ) | |||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | (283,864 | ) | (318,787 | ) | (16,553 | ) | 18,312 | (46,380 | ) | |||||||||||
| Written option Contracts | 150,980 | 472,377 | 42,391 | (54,057 | ) | 78,550 | ||||||||||||||
| Total net change in unrealized appreciation/(depreciation) | (132,884 | ) | 153,590 | 25,838 | (35,745 | ) | 32,170 | |||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (64,187,597 | ) | $ | 1,687,311 | $ | (268,720 | ) | $ | (2,533,179 | ) | $ | (2,344,917 | ) | ||||||
| * | Commenced operations on July 28, 2025. |
| † | Commenced operations on September 15, 2025. |
| ‡ | Commenced operations on September 22, 2025. |
| See Notes to Financial Statements. | |
| 42 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Operations |
| For the Period Ended June 30, 2026 |
| INVESTMENT INCOME: | GraniteShares YieldBOOST SMCI ETF* | GraniteShares YieldBOOST HOOD ETF* | GraniteShares YieldBOOST META ETF† | GraniteShares YieldBOOST BABA ETF† | GraniteShares YieldBOOST MARA ETF‡ | |||||||||||||||
| Interest | $ | 256,153 | $ | 410,546 | $ | 7,783 | $ | 16,663 | $ | 68,246 | ||||||||||
| Total Investment Income | 256,153 | 410,546 | 7,783 | 16,663 | 68,246 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 71,394 | 112,941 | 3,283 | 7,648 | 20,049 | |||||||||||||||
| Administration fees | 2,735 | 4,318 | 1,067 | 1,273 | 1,769 | |||||||||||||||
| Transfer agency | 4,141 | 4,344 | 3,509 | 3,537 | 3,411 | |||||||||||||||
| Trustee fees | 733 | 733 | 733 | 733 | 733 | |||||||||||||||
| Custody fees | 2,089 | 2,565 | 1,200 | 1,326 | 1,652 | |||||||||||||||
| Accounting and legal | 16,119 | 17,397 | 13,643 | 13,779 | 13,761 | |||||||||||||||
| Other expenses | 12,193 | 12,776 | 10,810 | 10,861 | 10,322 | |||||||||||||||
| Total Expenses | 109,404 | 155,074 | 34,245 | 39,157 | 51,697 | |||||||||||||||
| Less waiver fees (Note 6) | (23,096 | ) | (18,193 | ) | (30,270 | ) | (29,724 | ) | (27,190 | ) | ||||||||||
| Fees Paid Indirectly (Note 6) | (3,800 | ) | (6,800 | ) | (200 | ) | (600 | ) | (1,400 | ) | ||||||||||
| Net Expenses | 82,508 | 130,081 | 3,775 | 8,833 | 23,107 | |||||||||||||||
| NET INVESTMENT INCOME | 173,645 | 280,465 | 4,008 | 7,830 | 45,139 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | 7,047,363 | 1,984,571 | 101,562 | (51,233 | ) | (2,071,015 | ) | |||||||||||||
| Written option Contracts | (11,922,251 | ) | (14,649,853 | ) | (336,111 | ) | (358,156 | ) | 386,910 | |||||||||||
| Total Net realized loss | (4,874,888 | ) | (12,665,282 | ) | (234,549 | ) | (409,389 | ) | (1,684,105 | ) | ||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | 284,599 | (216,146 | ) | (1,100 | ) | (4,145 | ) | (129,895 | ) | |||||||||||
| Written option Contracts | (502,164 | ) | 296,672 | 2,858 | 3,173 | 156,610 | ||||||||||||||
| Total net change in unrealized appreciation/(depreciation) | (217,565 | ) | 80,526 | 1,758 | (972 | ) | 26,715 | |||||||||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,918,808 | ) | $ | (12,304,291 | ) | $ | (228,783 | ) | $ | (402,531 | ) | $ | (1,612,251 | ) | |||||
| * | Commenced operations on September 29, 2025. |
| † | Commenced operations on October 20, 2025. |
| ‡ | Commenced operations on November 3, 2025. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 43 |
| GraniteShares ETF Trust | Statements of Operations |
| For the Period Ended June 30, 2026 |
| GraniteShares | GraniteShares YieldBOOST | GraniteShares YieldBOOST | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | Semiconductor | Gold Miners | YieldBOOST | YieldBOOST | ||||||||||||||||
| IONQ ETF* | ETF† | ETF† | RGTI ETF‡ | QBTS ETF‡ | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest | $ | 150,020 | $ | 1,081,279 | $ | 249,340 | $ | 39,562 | $ | 30,940 | ||||||||||
| Total Investment Income | 150,020 | 1,081,279 | 249,340 | 39,562 | 30,940 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 43,620 | 358,441 | 73,654 | 11,436 | 9,047 | |||||||||||||||
| Administration fees | 2,247 | 3,250 | 1,927 | 1,234 | 1,191 | |||||||||||||||
| Transfer agency | 3,550 | 3,804 | 3,461 | 3,154 | 3,126 | |||||||||||||||
| Trustee fees | 733 | 733 | 733 | 733 | 733 | |||||||||||||||
| Custody fees | 1,748 | 2,653 | 1,759 | 1,311 | 1,208 | |||||||||||||||
| Accounting and legal | 14,483 | 23,860 | 15,165 | 13,094 | 12,840 | |||||||||||||||
| Other expenses | 10,627 | 15,452 | 10,830 | 10,178 | 10,157 | |||||||||||||||
| Total Expenses | 77,008 | 408,193 | 107,529 | 41,140 | 38,302 | |||||||||||||||
| Less waiver fees (Note 6) | (23,818 | ) | – | (18,990 | ) | (26,735 | ) | (27,281 | ) | |||||||||||
| Fees Paid Indirectly (Note 6) | (2,800 | ) | (7,100 | ) | (3,400 | ) | (1,200 | ) | (600 | ) | ||||||||||
| Net Expenses | 50,390 | 401,093 | 85,139 | 13,205 | 10,421 | |||||||||||||||
| NET INVESTMENT INCOME | 99,630 | 680,186 | 164,201 | 26,357 | 20,519 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (1,551,084 | ) | (33,744,205 | ) | 5,721,838 | (269,579 | ) | (187,379 | ) | |||||||||||
| Written option Contracts | (1,405,009 | ) | 53,423,413 | (7,952,928 | ) | (728,842 | ) | (469,048 | ) | |||||||||||
| Total Net realized gain/(loss) | (2,956,093 | ) | 19,679,208 | (2,231,090 | ) | (998,421 | ) | (656,427 | ) | |||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | (306,017 | ) | (5,168,999 | ) | (87,038 | ) | (128,728 | ) | (141,870 | ) | ||||||||||
| Written option Contracts | 373,275 | 6,703,453 | 114,251 | 155,150 | 178,371 | |||||||||||||||
| Total net change in unrealized appreciation | 67,258 | 1,534,454 | 27,213 | 26,422 | 36,501 | |||||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,789,205 | ) | $ | 21,893,848 | $ | (2,039,676 | ) | $ | (945,642 | ) | $ | (599,407 | ) | ||||||
| * | Commenced operations on November 3, 2025. |
| † | Commenced operations on November 17, 2025. |
| ‡ | Commenced operations on November 24, 2025. |
| See Notes to Financial Statements. | |
| 44 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Operations |
| For the Period Ended June 30, 2026 |
| GraniteShares | GraniteShares | |||||||||||||||||||
| GraniteShares | GraniteShares | YieldBOOST | YieldBOOST | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | Single Stock | TopYielders | YieldBOOST | ||||||||||||||||
| RIOT ETF* | HIMS ETF* | Universe ETF† | ETF† | MU ETF‡ | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest | $ | 74,414 | $ | 18,227 | $ | 469 | $ | 799 | $ | 33,974 | ||||||||||
| Dividends from affiliated securities | – | – | 131,888 | 166,305 | – | |||||||||||||||
| Total Investment Income | 74,414 | 18,227 | 132,357 | 167,104 | 33,974 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 22,259 | 5,209 | 3,468 | 5,210 | 14,225 | |||||||||||||||
| Administration fees | 1,479 | 1,133 | 981 | 1,327 | 714 | |||||||||||||||
| Transfer agency | 3,078 | 2,973 | 2,817 | 3,026 | 1,661 | |||||||||||||||
| Trustee fees | 733 | 733 | 733 | 737 | 211 | |||||||||||||||
| Custody fees | 1,312 | 1,196 | 2,948 | 1,541 | 719 | |||||||||||||||
| Accounting and legal | 12,999 | 12,469 | 12,804 | 12,801 | 9,576 | |||||||||||||||
| Other expenses | 9,436 | 9,251 | 9,251 | 9,331 | 5,359 | |||||||||||||||
| Total Expenses | 51,296 | 32,964 | 33,002 | 33,973 | 32,465 | |||||||||||||||
| Less waiver fees (Note 6) | (23,603 | ) | (26,252 | ) | (26,697 | ) | (24,102 | ) | (15,877 | ) | ||||||||||
| Fees Paid Indirectly (Note 6) | (2,000 | ) | (700 | ) | (300 | ) | (900 | ) | – | |||||||||||
| Net Expenses | 25,693 | 6,012 | 6,005 | 8,971 | 16,588 | |||||||||||||||
| NET INVESTMENT INCOME | 48,721 | 12,215 | 126,352 | 158,133 | 17,386 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (1,621,476 | ) | 281,994 | (7 | ) | 6 | (2,281,274 | ) | ||||||||||||
| Net realized gain/(loss) on investments - affiliated securities | – | – | (244,290 | ) | (1,109,383 | ) | – | |||||||||||||
| Written option Contracts | 1,472,231 | (1,013,697 | ) | – | – | 2,753,150 | ||||||||||||||
| Total Net realized gain/(loss) | (149,245 | ) | (731,703 | ) | (244,297 | ) | (1,109,377 | ) | 471,876 | |||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | (119,302 | ) | (33,041 | ) | – | – | (909,462 | ) | ||||||||||||
| Net change in unrealized depreciation on affiliate investments | – | – | (505,489 | ) | (242,657 | ) | – | |||||||||||||
| Written option Contracts | 127,844 | 43,894 | – | – | 1,104,656 | |||||||||||||||
| Total net change in unrealized appreciation/(depreciation) | 8,542 | 10,853 | (505,489 | ) | (242,657 | ) | 195,194 | |||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (91,982 | ) | $ | (708,635 | ) | $ | (623,434 | ) | $ | (1,193,901 | ) | $ | 684,456 | ||||||
| * | Commenced operations on December 1, 2025. |
| † | Commenced operations on December 15, 2025. |
| ‡ | Commenced operations on April 13, 2026. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 45 |
| GraniteShares ETF Trust | Statements of Operations |
| For the Period Ended June 30, 2026 |
| GraniteShares | GraniteShares | GraniteShares | GraniteShares | GraniteShares | ||||||||||||||||
| YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | YieldBOOST | ||||||||||||||||
| TSM ETF* | CRWV ETF* | CRCL ETF† | Ether ETF† | Biotech ETF‡ | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest | $ | 4,363 | $ | 3,598 | $ | 3,941 | $ | 3,219 | $ | 2,948 | ||||||||||
| Total Investment Income | 4,363 | 3,598 | 3,941 | 3,219 | 2,948 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 2,106 | 1,426 | 1,480 | 1,210 | 1,107 | |||||||||||||||
| Administration fees | 714 | 714 | 714 | 714 | 714 | |||||||||||||||
| Transfer agency | 1,139 | 1,139 | 986 | 1,158 | 942 | |||||||||||||||
| Trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Custody fees | 719 | 191 | 267 | 267 | 223 | |||||||||||||||
| Accounting and legal | 9,013 | 9,164 | 8,883 | 8,875 | 8,624 | |||||||||||||||
| Other expenses | 5,579 | 5,691 | 5,688 | 5,687 | 4,825 | |||||||||||||||
| Total Expenses | 19,481 | 18,536 | 18,229 | 18,122 | 16,646 | |||||||||||||||
| Less waiver fees (Note 6) | (17,045 | ) | (16,889 | ) | (16,522 | ) | (16,725 | ) | (15,366 | ) | ||||||||||
| Net Expenses | 2,436 | 1,647 | 1,707 | 1,397 | 1,280 | |||||||||||||||
| NET INVESTMENT INCOME | 1,927 | 1,951 | 2,234 | 1,822 | 1,668 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (186,550 | ) | (24,468 | ) | 164 | 120,777 | (25,601 | ) | ||||||||||||
| Written option Contracts | 329,922 | (2,554 | ) | (44,935 | ) | (202,696 | ) | 31,695 | ||||||||||||
| Total Net realized gain/(loss) | 143,372 | (27,022 | ) | (44,771 | ) | (81,919 | ) | 6,094 | ||||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | (8,358 | ) | (11,087 | ) | 234,054 | 9,495 | (2,915 | ) | ||||||||||||
| Written option Contracts | 14,900 | 13,279 | (268,342 | ) | (17,369 | ) | 4,028 | |||||||||||||
| Total net change in unrealized appreciation/(depreciation) | 6,542 | 2,192 | (34,288 | ) | (7,874 | ) | 1,113 | |||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 151,841 | $ | (22,879 | ) | $ | (76,825 | ) | $ | (87,971 | ) | $ | 8,875 | |||||||
| * | Commenced operations on April 13, 2026. |
| † | Commenced operations on April 27, 2026. |
| ‡ | Commenced operations on May 4, 2026. |
| See Notes to Financial Statements. | |
| 46 | www.graniteshares.com |
| GraniteShares ETF Trust | Statements of Operations |
| For the Period Ended June 30, 2026 |
| INVESTMENT INCOME: | GraniteShares YieldBOOST Financials ETF* | GraniteShares YieldBOOST Technology ETF* | GraniteShares YieldBOOST 20Y+ Treasuries ETF* | |||||||||
| Interest | $ | 3,050 | $ | 3,005 | $ | 3,039 | ||||||
| Total Investment Income | 3,050 | 3,005 | 3,039 | |||||||||
| EXPENSES: | ||||||||||||
| Advisory fees | 1,165 | 1,129 | 1,142 | |||||||||
| Administration fees | 714 | 714 | 714 | |||||||||
| Transfer agency | 875 | 875 | 875 | |||||||||
| Trustee fees | 244 | 244 | 211 | |||||||||
| Custody fees | 223 | 223 | 223 | |||||||||
| Accounting and legal | 8,665 | 8,664 | 8,625 | |||||||||
| Other expenses | 4,826 | 4,825 | 4,826 | |||||||||
| Total Expenses | 16,712 | 16,674 | 16,616 | |||||||||
| Less waiver fees (Note 6) | (15,359 | ) | (15,367 | ) | (15,290 | ) | ||||||
| Net Expenses | 1,353 | 1,307 | 1,326 | |||||||||
| NET INVESTMENT INCOME | 1,697 | 1,698 | 1,713 | |||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||
| Investments | (23,455 | ) | (20,760 | ) | (4,291 | ) | ||||||
| Written option Contracts | 59,493 | 6,632 | (4,085 | ) | ||||||||
| Total Net realized gain/(loss) | 36,038 | (14,128 | ) | (8,376 | ) | |||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||
| Investments | 90 | (7,531 | ) | (20 | ) | |||||||
| Written option Contracts | (1,424 | ) | 11,026 | (3,770 | ) | |||||||
| Total net change in unrealized appreciation/(depreciation) | (1,334 | ) | 3,495 | (3,790 | ) | |||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 36,401 | $ | (8,935 | ) | $ | (10,453 | ) | ||||
| * | Commenced operations on May 4, 2026. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 47 |
| GraniteShares YieldBOOST TSLA ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| December 17, | ||||||||
| 2024 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 5,102,591 | $ | 44,619 | ||||
| Net realized loss | (40,545,473 | ) | (161,814 | ) | ||||
| Net change in unrealized appreciation/depreciation | 883,591 | (387,988 | ) | |||||
| Net decrease in net assets resulting from operations | (34,559,291 | ) | (505,183 | ) | ||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (4,592,897 | ) | (554,313 | ) | ||||
| Tax return of capital to shareholders | (260,864,722 | ) | (2,020,765 | ) | ||||
| Total distributions | (265,457,619 | ) | (2,575,078 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 549,488,269 | 27,628,991 | ||||||
| Cost of shares redeemed | (195,348,446 | ) | – | |||||
| Net increase from capital share transactions | 354,139,823 | 27,628,991 | ||||||
| Net increase in net assets | 54,122,913 | 24,548,730 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 24,548,730 | – | ||||||
| End of period | $ | 78,671,643 | $ | 24,548,730 | ||||
| CAPITAL SHARE TRANSACTIONS:(a) | ||||||||
| Beginning shares | 306,250 | – | ||||||
| Shares sold | 8,672,500 | 306,250 | ||||||
| Shares redeemed | (5,615,029 | ) | – | |||||
| Shares outstanding, end of period | 3,363,721 | 306,250 | ||||||
| (a) | The Fund had a 1 for 8 reverse stock split after the close of business June 1, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| 48 | www.graniteshares.com |
| GraniteShares YieldBOOST QQQ ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| February 25, 2025 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 200,033 | $ | 9,992 | ||||
| Net realized gain/(loss) | (134,745 | ) | 9,533 | |||||
| Net change in unrealized appreciation | 44,865 | 30,093 | ||||||
| Net increase in net assets resulting from operations | 110,153 | 49,618 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (172,914 | ) | (46,644 | ) | ||||
| Tax return of capital to shareholders | (4,315,947 | ) | (148,547 | ) | ||||
| Total distributions | (4,488,861 | ) | (195,191 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 16,996,709 | 3,003,381 | ||||||
| Cost of shares redeemed | (8,850,659 | ) | – | |||||
| Net increase from capital share transactions | 8,146,050 | 3,003,381 | ||||||
| Net increase in net assets | 3,767,342 | 2,857,808 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 2,857,808 | – | ||||||
| End of period | $ | 6,625,150 | $ | 2,857,808 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 150,001 | – | ||||||
| Shares sold | 990,000 | 150,001 | ||||||
| Shares redeemed | (630,000 | ) | – | |||||
| Shares outstanding, end of period | 510,001 | 150,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 49 |
| GraniteShares YieldBOOST SPY ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| February 25, 2025 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 358,694 | $ | 13,618 | ||||
| Net realized gain | 1,439,627 | 104,491 | ||||||
| Net change in unrealized appreciation | 43,251 | 24,687 | ||||||
| Net increase in net assets resulting from operations | 1,841,572 | 142,796 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (1,767,644 | ) | (148,786 | ) | ||||
| Tax return of capital to shareholders | (6,168,832 | ) | (93,339 | ) | ||||
| Total distributions | (7,936,476 | ) | (242,125 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 25,649,284 | 3,325,325 | ||||||
| Cost of shares redeemed | (10,696,288 | ) | – | |||||
| Net increase from capital share transactions | 14,952,996 | 3,325,325 | ||||||
| Net increase in net assets | 8,858,092 | 3,225,996 | ||||||
| NET ASSETS: | ||||||||
Beginning of period | 3,225,996 | – | ||||||
| End of period | $ | 12,084,088 | $ | 3,225,996 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 160,001 | – | ||||||
| Shares sold | 1,320,000 | 160,001 | ||||||
| Shares redeemed | (670,000 | ) | – | |||||
| Shares outstanding, end of period | 810,001 | 160,001 | ||||||
| See Notes to Financial Statements. | |
| 50 | www.graniteshares.com |
| GraniteShares YieldBOOST NVDA ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| May 12, 2025 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 1,718,287 | $ | 4,355 | ||||
| Net realized gain | 4,179,115 | 190,630 | ||||||
| Net change in unrealized appreciation | 207,493 | 45,819 | ||||||
| Net increase in net assets resulting from operations | 6,104,895 | 240,804 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From distributable earnings | (5,899,169 | ) | (210,181 | ) | ||||
| Tax return of capital to shareholders | (61,599,068 | ) | – | |||||
| Total distributions | (67,498,237 | ) | (210,181 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 138,618,579 | 6,112,051 | ||||||
| Cost of shares redeemed | (44,050,351 | ) | – | |||||
| Net increase from capital share transactions | 94,568,228 | 6,112,051 | ||||||
| Net increase in net assets | 33,174,886 | 6,142,674 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 6,142,674 | – | ||||||
| End of period | $ | 39,317,560 | $ | 6,142,674 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 230,001 | – | ||||||
| Shares sold | 5,580,000 | 230,001 | ||||||
| Shares redeemed | (2,720,000 | ) | – | |||||
| Shares outstanding, end of period | 3,090,001 | 230,001 | ||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 51 |
| GraniteShares YieldBOOST Bitcoin ETF | Statement of Changes in Net Assets |
| For the Period | ||||||||
| May 12, 2025 | ||||||||
| For the | (Commencement | |||||||
| Year Ended | of Operations) | |||||||
| June 30, 2026 | to June 30, 2025 | |||||||
| OPERATIONS: | ||||||||
| Net investment income | $ | 881,918 | $ | 3,759 | ||||
| Net realized gain/(loss) | (24,461,196 | ) | 101,913 | |||||
| Net change in unrealized appreciation/depreciation | (72,893 | ) | 27,632 | |||||
| Net increase/(decrease) in net assets resulting from operations | (23,652,171 | ) | 133,304 | |||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | (817,831 | ) | (169,759 | ) | ||||
| Tax return of capital to shareholders | (31,032,914 | ) | – | |||||
| Total distributions | (31,850,745 | ) | (169,759 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 86,711,047 | 4,993,268 | ||||||
| Cost of shares redeemed | (24,588,179 | ) | – | |||||
| Net increase from capital share transactions | 62,122,868 | 4,993,268 | ||||||
| Net increase in net assets | 6,619,952 | 4,956,813 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 4,956,813 | – | ||||||
| End of period | $ | 11,576,765 | $ | 4,956,813 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 200,001 | – | ||||||
| Shares sold | 3,960,000 | 200,001 | ||||||
| Shares redeemed | (2,070,000 | ) | – | |||||
| Shares outstanding, end of period | 2,090,001 | 200,001 | ||||||
| See Notes to Financial Statements. | |
| 52 | www.graniteshares.com |
| GraniteShares YieldBOOST Coin ETF | Statement of Changes in Net Assets |
| For the Period July 28, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,468,144 | ||
| Net realized loss | (65,522,857 | ) | ||
| Net change in unrealized depreciation | (132,884 | ) | ||
| Net decrease in net assets resulting from operations | (64,187,597 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (1,468,144 | ) | ||
| Tax return of capital to shareholders | (76,670,619 | ) | ||
| Total distributions | (78,138,763 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 190,391,163 | |||
| Cost of shares redeemed | (26,957,186 | ) | ||
| Net increase from capital share transactions | 163,433,977 | |||
| Net increase in net assets | 21,107,617 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 21,107,617 | ||
| CAPITAL SHARE TRANSACTIONS: (a) | ||||
| Beginning shares | – | |||
| Shares sold | 1,895,000 | |||
| Shares redeemed | (725,021 | ) | ||
| Shares outstanding, end of period | 1,169,979 | |||
| (a) | The Fund had a 1 for 6 reverse stock split after the close of business June 1, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 53 |
| GraniteShares YieldBOOST AMD ETF | Statement of Changes in Net Assets |
For the Period September 15, | ||||
| 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 158,830 | ||
| Net realized gain | 1,374,891 | |||
| Net change in unrealized appreciation | 153,590 | |||
| Net increase in net assets resulting from operations | 1,687,311 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (1,533,721 | ) | ||
| Tax return of capital to shareholders | (5,501,631 | ) | ||
| Total distributions | (7,035,352 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 19,580,479 | |||
| Cost of shares redeemed | (5,047,588 | ) | ||
| Net increase from capital share transactions | 14,532,891 | |||
| Net increase in net assets | 9,184,850 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 9,184,850 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 840,001 | |||
| Shares redeemed | (260,000 | ) | ||
| Shares outstanding, end of period | 580,001 | |||
| See Notes to Financial Statements. | |
| 54 | www.graniteshares.com |
| GraniteShares YieldBOOST AMZN ETF | Statement of Changes in Net Assets |
For the Period September 15, | ||||
| 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 42,502 | ||
| Net realized loss | (337,060 | ) | ||
| Net change in unrealized appreciation | 25,838 | |||
| Net decrease in net assets resulting from operations | (268,720 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (42,502 | ) | ||
| Tax return of capital to shareholders | (881,200 | ) | ||
| Total distributions | (923,702 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 4,547,926 | |||
| Cost of shares redeemed | (152,515 | ) | ||
| Net increase from capital share transactions | 4,395,411 | |||
| Net increase in net assets | 3,202,989 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 3,202,989 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 220,001 | |||
| Shares redeemed | (10,000 | ) | ||
| Shares outstanding, end of period | 210,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 55 |
| GraniteShares YieldBOOST MSTR ETF | Statement of Changes in Net Assets |
For the Period September 22, | ||||
| 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 41,259 | ||
| Net realized loss | (2,538,693 | ) | ||
| Net change in unrealized depreciation | (35,745 | ) | ||
| Net decrease in net assets resulting from operations | (2,533,179 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (41,259 | ) | ||
| Tax return of capital to shareholders | (1,814,168 | ) | ||
| Total distributions | (1,855,427 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 8,570,534 | |||
| Cost of shares redeemed | (2,541,321 | ) | ||
| Net increase from capital share transactions | 6,029,213 | |||
| Net increase in net assets | 1,640,607 | |||
| NET ASSETS: | ||||
Beginning of period | – | |||
| End of period | $ | 1,640,607 | ||
| CAPITAL SHARE TRANSACTIONS:(a) | ||||
| Beginning shares | – | |||
| Shares sold | 140,000 | |||
| Shares redeemed | (55,018 | ) | ||
| Shares outstanding, end of period | 84,982 | |||
| (a) | The Fund had a 1 for 6 reverse stock split after the close of business June 1, 2026. See Note 1 in the accompanying Notes to Financial Statements. |
| See Notes to Financial Statements. | |
| 56 | www.graniteshares.com |
| GraniteShares YieldBOOST PLTR ETF | Statement of Changes in Net Assets |
For the Period September 22, | ||||
| 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 105,253 | ||
| Net realized loss | (2,482,340 | ) | ||
| Net change in unrealized appreciation | 32,170 | |||
| Net decrease in net assets resulting from operations | (2,344,917 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (105,253 | ) | ||
| Tax return of capital to shareholders | (3,974,267 | ) | ||
| Total distributions | (4,079,520 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 11,201,228 | |||
| Cost of shares redeemed | (1,677,713 | ) | ||
| Net increase from capital share transactions | 9,523,515 | |||
| Net increase in net assets | 3,099,078 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 3,099,078 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 490,001 | |||
| Shares redeemed | (140,000 | ) | ||
| Shares outstanding, end of period | 350,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 57 |
| GraniteShares YieldBOOST SMCI ETF | Statement of Changes in Net Assets |
| For the Period September 29, | ||||
| 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 173,645 | ||
| Net realized loss | (4,874,888 | ) | ||
| Net change in unrealized depreciation | (217,565 | ) | ||
| Net decrease in net assets resulting from operations | (4,918,808 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (173,645 | ) | ||
| Tax return of capital to shareholders | (8,809,010 | ) | ||
| Total distributions | (8,982,655 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 25,787,379 | |||
| Cost of shares redeemed | (3,191,995 | ) | ||
| Net increase from capital share transactions | 22,595,384 | |||
| Net increase in net assets | 8,693,921 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 8,693,921 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 1,440,001 | |||
| Shares redeemed | (220,000 | ) | ||
| Shares outstanding, end of period | 1,220,001 | |||
| See Notes to Financial Statements. | |
| 58 | www.graniteshares.com |
| GraniteShares YieldBOOST HOOD ETF | Statement of Changes in Net Assets |
For the Period September 29, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 280,465 | ||
| Net realized loss | (12,665,282 | ) | ||
| Net change in unrealized appreciation | 80,526 | |||
| Net decrease in net assets resulting from operations | (12,304,291 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (280,465 | ) | ||
| Tax return of capital to shareholders | (14,118,419 | ) | ||
| Total distributions | (14,398,884 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 42,154,986 | |||
| Cost of shares redeemed | (8,452,049 | ) | ||
| Net increase from capital share transactions | 33,702,937 | |||
| Net increase in net assets | 6,999,762 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 6,999,762 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 2,160,001 | |||
| Shares redeemed | (930,000 | ) | ||
| Shares outstanding, end of period | 1,230,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 59 |
| GraniteShares YieldBOOST META ETF | Statement of Changes in Net Assets |
For the Period October 20, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 4,008 | ||
| Net realized loss | (234,549 | ) | ||
| Net change in unrealized appreciation | 1,758 | |||
| Net decrease in net assets resulting from operations | (228,783 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (4,008 | ) | ||
| Tax return of capital to shareholders | (152,498 | ) | ||
| Total distributions | (156,506 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 947,949 | |||
| Cost of shares redeemed | (206,981 | ) | ||
| Net increase from capital share transactions | 740,968 | |||
| Net increase in net assets | 355,679 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 355,679 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 40,001 | |||
| Shares redeemed | (10,000 | ) | ||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| 60 | www.graniteshares.com |
| GraniteShares YieldBOOST BABA ETF | Statement of Changes in Net Assets |
| For the Period | ||||
October 20, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 7,830 | ||
| Net realized loss | (409,389 | ) | ||
| Net change in unrealized depreciation | (972 | ) | ||
| Net decrease in net assets resulting from operations | (402,531 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (7,830 | ) | ||
| Tax return of capital to shareholders | (670,664 | ) | ||
| Total distributions | (678,494 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 2,137,329 | |||
Cost of shares redeemed | (385,715 | ) | ||
| Net increase from capital share transactions | 1,751,614 | |||
| Net increase in net assets | 670,589 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 670,589 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 100,001 | |||
| Shares redeemed | (30,000 | ) | ||
| Shares outstanding, end of period | 70,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 61 |
| GraniteShares YieldBOOST MARA ETF | Statement of Changes in Net Assets |
| For the Period | ||||
November 3, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 45,139 | ||
| Net realized loss | (1,684,105 | ) | ||
| Net change in unrealized appreciation | 26,715 | |||
| Net decrease in net assets resulting from operations | (1,612,251 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (45,139 | ) | ||
| Tax return of capital to shareholders | (2,488,107 | ) | ||
| Total distributions | (2,533,246 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 7,613,729 | |||
| Cost of shares redeemed | (594,374 | ) | ||
| Net increase from capital share transactions | 7,019,355 | |||
| Net increase in net assets | 2,873,858 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 2,873,858 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 480,001 | |||
| Shares redeemed | (50,000 | ) | ||
| Shares outstanding, end of period | 430,001 | |||
| See Notes to Financial Statements. | |
| 62 | www.graniteshares.com |
| GraniteShares YieldBOOST IONQ ETF | Statement of Changes in Net Assets |
| For the Period | ||||
November 3, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 99,630 | ||
| Net realized loss | (2,956,093 | ) | ||
| Net change in unrealized appreciation | 67,258 | |||
| Net decrease in net assets resulting from operations | (2,789,205 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (99,630 | ) | ||
| Tax return of capital to shareholders | (5,430,840 | ) | ||
| Total distributions | (5,530,470 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 18,466,979 | |||
| Cost of shares redeemed | (3,143,613 | ) | ||
| Net increase from capital share transactions | 15,323,366 | |||
| Net increase in net assets | 7,003,691 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 7,003,691 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 1,110,001 | |||
| Shares redeemed | (260,000 | ) | ||
| Shares outstanding, end of period | 850,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 63 |
| GraniteShares YieldBOOST Semiconductor ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| November 17, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 680,186 | ||
| Net realized gain | 19,679,208 | |||
| Net change in unrealized appreciation | 1,534,454 | |||
| Net increase in net assets resulting from operations | 21,893,848 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (20,359,394 | ) | ||
| Tax return of capital to shareholders | (22,929,447 | ) | ||
| Total distributions | (43,288,841 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 128,788,601 | |||
| Cost of shares redeemed | (13,125,276 | ) | ||
| Net increase from capital share transactions | 115,663,325 | |||
| Net increase in net assets | 94,268,332 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 94,268,332 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 6,740,001 | |||
| Shares redeemed | (800,000 | ) | ||
| Shares outstanding, end of period | 5,940,001 | |||
| See Notes to Financial Statements. | |
| 64 | www.graniteshares.com |
| GraniteShares YieldBOOST Gold Miners ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| November 17, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 164,201 | ||
| Net realized loss | (2,231,090 | ) | ||
| Net change in unrealized appreciation | 27,213 | |||
| Net decrease in net assets resulting from operations | (2,039,676 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (164,201 | ) | ||
| Tax return of capital to shareholders | (6,813,627 | ) | ||
| Total distributions | (6,977,828 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 26,385,722 | |||
| Cost of shares redeemed | (9,994,329 | ) | ||
| Net increase from capital share transactions | 16,391,393 | |||
| Net increase in net assets | 7,373,889 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 7,373,889 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 1,150,001 | |||
| Shares redeemed | (610,000 | ) | ||
| Shares outstanding, end of period | 540,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 65 |
| GraniteShares YieldBOOST RGTI ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| November 24, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 26,357 | ||
| Net realized loss | (998,421 | ) | ||
| Net change in unrealized appreciation | 26,422 | |||
| Net decrease in net assets resulting from operations | (945,642 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (26,357 | ) | ||
| Tax return of capital to shareholders | (1,336,158 | ) | ||
| Total distributions | (1,362,515 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 5,606,393 | |||
| Cost of shares redeemed | (377,788 | ) | ||
| Net increase from capital share transactions | 5,228,605 | |||
| Net increase in net assets | 2,920,448 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 2,920,448 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 400,001 | |||
| Shares redeemed | (30,000 | ) | ||
| Shares outstanding, end of period | 370,001 | |||
| See Notes to Financial Statements. | |
| 66 | www.graniteshares.com |
| GraniteShares YieldBOOST QBTS ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| November 24, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 20,519 | ||
| Net realized loss | (656,427 | ) | ||
| Net change in unrealized appreciation | 36,501 | |||
| Net decrease in net assets resulting from operations | (599,407 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (20,519 | ) | ||
| Tax return of capital to shareholders | (1,024,041 | ) | ||
| Total distributions | (1,044,560 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 4,419,276 | |||
| Net increase from capital share transactions | 4,419,276 | |||
| Net increase in net assets | 2,775,309 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 2,775,309 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 340,001 | |||
| Shares outstanding, end of period | 340,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 67 |
| GraniteShares YieldBOOST RIOT ETF | Statement of Changes in Net Assets |
For the Period December 1, 2025 (Commencement of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 48,721 | ||
| Net realized loss | (149,245 | ) | ||
| Net change in unrealized appreciation | 8,542 | |||
| Net decrease in net assets resulting from operations | (91,982 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (48,721 | ) | ||
| Tax return of capital to shareholders | (2,641,067 | ) | ||
| Total distributions | (2,689,788 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 8,475,635 | |||
| Cost of shares redeemed | (2,042,148 | ) | ||
| Net increase from capital share transactions | 6,433,487 | |||
| Net increase in net assets | 3,651,717 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 3,651,717 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 460,001 | |||
| Shares redeemed | (150,000 | ) | ||
| Shares outstanding, end of period | 310,001 | |||
| See Notes to Financial Statements. | |
| 68 | www.graniteshares.com |
| GraniteShares YieldBOOST HIMS ETF | Statement of Changes in Net Assets |
For the Period December 1, 2025 (Commencement of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 12,215 | ||
| Net realized loss | (731,703 | ) | ||
| Net change in unrealized appreciation | 10,853 | |||
| Net decrease in net assets resulting from operations | (708,635 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (12,215 | ) | ||
| Tax return of capital to shareholders | (547,735 | ) | ||
| Total distributions | (559,950 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 2,230,495 | |||
| Cost of shares redeemed | (186,511 | ) | ||
| Net increase from capital share transactions | 2,043,984 | |||
| Net increase in net assets | 775,399 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 775,399 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 130,001 | |||
| Shares redeemed | (20,000 | ) | ||
| Shares outstanding, end of period | 110,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 69 |
| GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| December 15, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 126,352 | ||
| Net realized loss | (244,297 | ) | ||
| Net change in unrealized depreciation | (505,489 | ) | ||
| Net decrease in net assets resulting from operations | (623,434 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (126,352 | ) | ||
| Tax return of capital to shareholders | (690,546 | ) | ||
| Total distributions | (816,898 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 3,697,597 | |||
| Cost of shares redeemed | (464,846 | ) | ||
| Net increase from capital share transactions | 3,232,751 | |||
| Net increase in net assets | 1,792,419 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 1,792,419 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 150,001 | |||
| Shares redeemed | (20,000 | ) | ||
| Shares outstanding, end of period | 130,001 | |||
| See Notes to Financial Statements. | |
| 70 | www.graniteshares.com |
| GraniteShares YieldBOOST TOPYIELDERS ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| December 15, 2025 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 158,133 | ||
| Net realized loss | (1,109,377 | ) | ||
| Net change in unrealized depreciation | (242,657 | ) | ||
| Net decrease in net assets resulting from operations | (1,193,901 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (158,133 | ) | ||
| Tax return of capital to shareholders | (1,236,084 | ) | ||
| Total distributions | (1,394,217 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 6,995,106 | |||
| Cost of shares redeemed | (1,890,821 | ) | ||
| Net increase from capital share transactions | 5,104,285 | |||
| Net increase in net assets | 2,516,167 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 2,516,167 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 300,001 | |||
| Shares redeemed | (100,000 | ) | ||
| Shares outstanding, end of period | 200,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 71 |
| GraniteShares YieldBOOST MU ETF | Statement of Changes in Net Assets |
For the Period April 13, 2026 (Commencement of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 17,386 | ||
| Net realized gain | 471,876 | |||
| Net change in unrealized appreciation | 195,194 | |||
| Net increase in net assets resulting from operations | 684,456 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (489,262 | ) | ||
| Tax return of capital to shareholders | (954,745 | ) | ||
| Total distributions | (1,444,007 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 18,354,136 | |||
| Net increase from capital share transactions | 18,354,136 | |||
| Net increase in net assets | 17,594,585 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 17,594,585 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 740,001 | |||
| Shares outstanding, end of period | 740,001 | |||
| See Notes to Financial Statements. | |
| 72 | www.graniteshares.com |
| GraniteShares YieldBOOST TSM ETF | Statement of Changes in Net Assets |
For the Period April 13, 2026 (Commencement of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,927 | ||
| Net realized gain | 143,372 | |||
| Net change in unrealized appreciation | 6,542 | |||
| Net increase in net assets resulting from operations | 151,841 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (145,299 | ) | ||
| Tax return of capital to shareholders | (2,927 | ) | ||
| Total distributions | (148,226 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 1,246,766 | |||
| Cost of shares redeemed | (250,014 | ) | ||
| Net increase from capital share transactions | 996,752 | |||
| Net increase in net assets | 1,000,367 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 1,000,367 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 50,001 | |||
| Shares redeemed | (10,000 | ) | ||
| Shares outstanding, end of period | 40,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 73 |
| GraniteShares YieldBOOST CRWV ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| April 13, 2026 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,951 | ||
| Net realized loss | (27,022 | ) | ||
| Net change in unrealized appreciation | 2,192 | |||
| Net decrease in net assets resulting from operations | (22,879 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (1,951 | ) | ||
| Tax return of capital to shareholders | (123,022 | ) | ||
| Total distributions | (124,973 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 750,025 | |||
| Net increase from capital share transactions | 750,025 | |||
| Net increase in net assets | 602,173 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 602,173 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 30,001 | |||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| 74 | www.graniteshares.com |
| GraniteShares YieldBOOST CRCL ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| April 27, 2026 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 2,234 | ||
| Net realized loss | (44,771 | ) | ||
| Net change in unrealized depreciation | (34,288 | ) | ||
| Net decrease in net assets resulting from operations | (76,825 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (2,234 | ) | ||
| Tax return of capital to shareholders | (137,220 | ) | ||
| Total distributions | (139,454 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 1,193,838 | |||
| Net increase from capital share transactions | 1,193,838 | |||
| Net increase in net assets | 977,559 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 977,559 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 50,001 | |||
| Shares outstanding, end of period | 50,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 75 |
| GraniteShares YieldBOOST Ether ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| April 27, 2026 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,822 | ||
| Net realized loss | (81,919 | ) | ||
| Net change in unrealized depreciation | (7,874 | ) | ||
| Net decrease in net assets resulting from operations | (87,971 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (1,822 | ) | ||
| Tax return of capital to shareholders | (66,998 | ) | ||
| Total distributions | (68,820 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 750,025 | |||
| Net increase from capital share transactions | 750,025 | |||
| Net increase in net assets | 593,234 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 593,234 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 30,001 | |||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| 76 | www.graniteshares.com |
| GraniteShares YieldBOOST Biotech ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| May 4, 2026 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,668 | ||
| Net realized gain | 6,094 | |||
| Net change in unrealized appreciation | 1,113 | |||
| Net increase in net assets resulting from operations | 8,875 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (7,762 | ) | ||
| Tax return of capital to shareholders | (57,906 | ) | ||
| Total distributions | (65,668 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 750,025 | |||
| Net increase from capital share transactions | 750,025 | |||
| Net increase in net assets | 693,232 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 693,232 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 30,001 | |||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 77 |
| GraniteShares YieldBOOST Financial ETF | Statement of Changes in Net Assets |
| For the Period | ||||
| May 4, 2026 | ||||
| (Commencement | ||||
| of Operations) | ||||
| to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,697 | ||
| Net realized gain | 36,038 | |||
| Net change in unrealized depreciation | (1,334 | ) | ||
| Net increase in net assets resulting from operations | 36,401 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (29,425 | ) | ||
| Total distributions | (29,425 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 750,025 | |||
| Net increase from capital share transactions | 750,025 | |||
| Net increase in net assets | 757,001 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 757,001 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 30,001 | |||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| 78 | www.graniteshares.com |
| GraniteShares YieldBOOST Technology ETF | Statement of Changes in Net Assets |
For the Period May 4, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,698 | ||
| Net realized loss | (14,128 | ) | ||
| Net change in unrealized appreciation | 3,495 | |||
| Net decrease in net assets resulting from operations | (8,935 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (1,698 | ) | ||
| Tax return of capital to shareholders | (54,281 | ) | ||
| Total distributions | (55,979 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 750,025 | |||
| Net increase from capital share transactions | 750,025 | |||
| Net increase in net assets | 685,111 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 685,111 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 30,001 | |||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 79 |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | Statement of Changes in Net Assets |
For the Period May 4, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,713 | ||
| Net realized loss | (8,376 | ) | ||
| Net change in unrealized depreciation | (3,790 | ) | ||
| Net decrease in net assets resulting from operations | (10,453 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (1,713 | ) | ||
| Tax return of capital to shareholders | (5,558 | ) | ||
| Total distributions | (7,271 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 750,025 | |||
| Net increase from capital share transactions | 750,025 | |||
| Net increase in net assets | 732,301 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 732,301 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 30,001 | |||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| 80 | www.graniteshares.com |
| GraniteShares YieldBOOST TSLA ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| December 17,2024 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) to | |||||||
| June 30, 2026* | June 30, 2025* | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 80.16 | $ | 200.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 1.04 | 1.28 | ||||||
| Net realized and unrealized gain/(loss) | 1.01 | (50.24 | ) | |||||
| Total from investment operations | 2.05 | (48.96 | ) | |||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | (1.02 | ) | (15.28 | ) | ||||
| From return of capital | (57.80 | ) | (55.60 | ) | ||||
| Total distributions | (58.82 | ) | (70.88 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (56.77 | ) | (119.84 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 23.39 | $ | 80.16 | ||||
| TOTAL RETURN(b) | (5.44 | )% | (26.18 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 78,672 | $ | 24,549 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 1.10 | % | 3.03 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.08 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 2.45 | % | 2.38 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 0 | % | ||||
| * | The Fund had a 1 for 8 reverse stock split after the close of business June 1, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 81 |
| GraniteShares YieldBOOST QQQ ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| February 25, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) to | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 19.05 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.34 | 0.17 | ||||||
| Net realized and unrealized gain/(loss) | 1.49 | (2.88 | ) | |||||
| Total from investment operations | 1.83 | (2.71 | ) | |||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | (0.31 | ) | (0.77 | ) | ||||
| From return of capital | (7.58 | ) | (2.47 | ) | ||||
| Total distributions | (7.89 | ) | (3.24 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (6.06 | ) | (5.95 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 12.99 | $ | 19.05 | ||||
| TOTAL RETURN(b) | 11.29 | % | (9.61 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 6,625 | $ | 2,858 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses to average net assets | 1.51 | % | 7.17 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 2.21 | % | 2.59 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 82 | www.graniteshares.com |
| GraniteShares YieldBOOST SPY ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| February 25, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) to | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 20.16 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.37 | 0.19 | ||||||
| Net realized and unrealized gain/(loss) | 2.74 | (1.64 | ) | |||||
| Total from investment operations | 3.11 | (1.45 | ) | |||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | (1.86 | ) | (2.08 | ) | ||||
| From return of capital | (6.49 | ) | (1.31 | ) | ||||
| Total distributions | (8.35 | ) | (3.39 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (5.24 | ) | (4.84 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 14.92 | $ | 20.16 | ||||
| TOTAL RETURN(b) | 17.57 | % | (4.77 | )% | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 12,084 | $ | 3,226 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses to average net assets | 1.29 | % | 5.84 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 2.12 | % | 2.72 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 83 |
| GraniteShares YieldBOOST NVDA ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| May 12, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) to | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 26.71 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.45 | 0.07 | ||||||
| Net realized and unrealized gain | 3.75 | 4.06 | ||||||
| Total from investment operations | 4.20 | 4.13 | ||||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | (1.59 | ) | (2.42 | ) | ||||
| From return of capital | (16.60 | ) | – | |||||
| Total distributions | (18.19 | ) | (2.42 | ) | ||||
| NET INCREASE/(DECREASE) IN NET ASSET VALUE | (13.99 | ) | 1.71 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 12.72 | $ | 26.71 | ||||
| TOTAL RETURN(b) | 17.61 | % | 16.92 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 39,318 | $ | 6,143 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses to average net assets | 1.13 | % | 9.45 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.11 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 2.37 | % | 2.08 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| 84 | www.graniteshares.com |
| GraniteShares YieldBOOST Bitcoin ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For the Period | ||||||||
| May 12, 2025 | ||||||||
| For the | (Commencement of | |||||||
| Year Ended | Operations) to | |||||||
| June 30, 2026 | June 30, 2025 | |||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 24.78 | $ | 25.00 | ||||
| INCOME FROM OPERATIONS: | ||||||||
| Net investment income(a) | 0.35 | 0.07 | ||||||
| Net realized and unrealized gain/(loss) | (6.90 | ) | 1.91 | |||||
| Total from investment operations | (6.55 | ) | 1.98 | |||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | (0.32 | ) | (2.20 | ) | ||||
| From return of capital | (12.37 | ) | – | |||||
| Total distributions | (12.69 | ) | (2.20 | ) | ||||
| NET (DECREASE) IN NET ASSET VALUE | (19.24 | ) | (0.22 | ) | ||||
| NET ASSET VALUE, END OF PERIOD | $ | 5.54 | $ | 24.78 | ||||
| TOTAL RETURN(b) | (43.74 | )% | 8.24 | % | ||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||
| Net assets, end of period (in 000s) | $ | 11,577 | $ | 4,957 | ||||
| RATIOS TO AVERAGE NET ASSETS | ||||||||
| Ratio of expenses to average net assets | 1.22 | % | 10.77 | %(c) | ||||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | % | 1.15 | %(c) | ||||
| Ratio of net investment income to average net assets | 2.68 | % | 2.08 | %(c) | ||||
| Portfolio turnover rate | 0 | % | 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 85 |
| GraniteShares YieldBOOST Coin ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period July 28, 2025 (Commencement of Operations) to June 30, 2026* | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 150.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 1.16 | |||
| Net realized and unrealized loss | (54.28 | ) | ||
| Total from investment operations | (53.12 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (1.48 | ) | ||
| From return of capital | (77.36 | ) | ||
| Total distributions | (78.84 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (131.96 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 18.04 | ||
| TOTAL RETURN(b) | (59.39 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 21,108 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.14 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.11 | %(c) | ||
| Ratio of net investment income to average net assets | 2.63 | %(c) | ||
| Portfolio turnover rate | 0 | % | ||
| * | The Fund had a 1 for 6 reverse stock split after the close of business June 1, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| 86 | www.graniteshares.com |
| GraniteShares YieldBOOST AMD ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period September 15, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.32 | |||
| Net realized and unrealized gain | 5.05 | |||
| Total from investment operations | 5.37 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (3.17 | ) | ||
| From return of capital | (11.36 | ) | ||
| Total distributions | (14.53 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (9.16 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 15.84 | ||
| TOTAL RETURN(b) | 30.99 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 9,185 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.51 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.12 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 87 |
| GraniteShares YieldBOOST AMZN ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period September 15, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.31 | |||
| Net realized and unrealized loss | (2.77 | ) | ||
| Total from investment operations | (2.46 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.34 | ) | ||
| From return of capital | (6.95 | ) | ||
| Total distributions | (7.29 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (9.75 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 15.25 | ||
| TOTAL RETURN(b) | (10.89 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 3,203 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 2.80 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.17 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 88 | www.graniteshares.com |
| GraniteShares YieldBOOST MSTR ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For
the Period September 22, 2025 (Commencement of Operations) to June 30, 2026* | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 150.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.68 | |||
| Net realized and unrealized loss | (88.08 | ) | ||
| Total from investment operations | (87.40 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.96 | ) | ||
| From return of capital | (42.33 | ) | ||
| Total distributions | (43.29 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (130.69 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 19.31 | ||
| TOTAL RETURN(b) | (70.66 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 1,641 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 3.08 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.42 | %(c) | ||
| Portfolio turnover rate | 0 | % | ||
| * | The Fund had a 1 for 6 reverse stock split after the close of business June 1, 2026. 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 89 |
| GraniteShares YieldBOOST PLTR ETF | Statement of Changes in Net Assets |
| For a Share Outstanding Throughout the Periods Presented |
For the Period September 22, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.28 | |||
| Net realized and unrealized loss | (5.09 | ) | ||
| Total from investment operations | (4.81 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.29 | ) | ||
| From return of capital | (11.05 | ) | ||
| Total distributions | (11.34 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (16.15 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 8.85 | ||
| TOTAL RETURN(b) | (30.35 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 3,099 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.83 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.37 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 90 | www.graniteshares.com |
| GraniteShares YieldBOOST SMCI ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period September 29, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.21 | |||
| Net realized and unrealized loss | (5.24 | ) | ||
| Total from investment operations | (5.03 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.24 | ) | ||
| From return of capital | (12.60 | ) | ||
| Total distributions | (12.84 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (17.87 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 7.13 | ||
| TOTAL RETURN(b) | (27.63 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 8,694 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.52 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.42 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 91 |
| GraniteShares YieldBOOST HOOD ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period September 29, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.20 | |||
| Net realized and unrealized loss | (8.00 | ) | ||
| Total from investment operations | (7.80 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.22 | ) | ||
| From return of capital | (11.29 | ) | ||
| Total distributions | (11.51 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (19.31 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 5.69 | ||
| TOTAL RETURN(b) | (44.47 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 7,000 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.37 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.48 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 92 | www.graniteshares.com |
| GraniteShares YieldBOOST META ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period October 20, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.14 | |||
| Net realized and unrealized loss | (7.68 | ) | ||
| Total from investment operations | (7.54 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.14 | ) | ||
| From return of capital | (5.46 | ) | ||
| Total distributions | (5.60 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (13.14 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 11.86 | ||
| TOTAL RETURN(b) | (34.16 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 356 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 10.37 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.14 | %(c) | ||
| Ratio of net investment income to average net assets | 1.21 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 93 |
| GraniteShares YieldBOOST BABA ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period October 20, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.11 | |||
| Net realized and unrealized loss | (5.44 | ) | ||
| Total from investment operations | (5.33 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.11 | ) | ||
| From return of capital | (9.98 | ) | ||
| Total distributions | (10.09 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (15.42 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 9.58 | ||
| TOTAL RETURN(b) | (30.87 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 671 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 5.09 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.02 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 94 | www.graniteshares.com |
| GraniteShares YieldBOOST MARA ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For
the Period November 3, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.14 | |||
| Net realized and unrealized loss | (8.65 | ) | ||
| Total from investment operations | (8.51 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.17 | ) | ||
| From return of capital | (9.64 | ) | ||
| Total distributions | (9.81 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (18.32 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 6.68 | ||
| TOTAL RETURN(b) | (40.09 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 2,874 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 2.57 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.24 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 95 |
| GraniteShares YieldBOOST IONQ ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For
the Period November 3, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.18 | |||
| Net realized and unrealized loss | (5.22 | ) | ||
| Total from investment operations | (5.04 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.21 | ) | ||
| From return of capital | (11.51 | ) | ||
| Total distributions | (11.72 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (16.76 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 8.24 | ||
| TOTAL RETURN(b) | (25.64 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 7,004 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.76 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.27 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 96 | www.graniteshares.com |
| GraniteShares YieldBOOST Semiconductor ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For
the Period November 17, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.20 | |||
| Net realized and unrealized gain | 5.67 | |||
| Total from investment operations | 5.87 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (7.06 | ) | ||
| From return of capital | (7.94 | ) | ||
| Total distributions | (15.00 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (9.13 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 15.87 | ||
| TOTAL RETURN(b) | 38.61 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 94,268 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.13 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.11 | %(c) | ||
| Ratio of net investment income to average net assets | 1.89 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 97 |
| GraniteShares YieldBOOST Gold Miners ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
| For
the Period November 17, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.26 | |||
| Net realized and unrealized loss | (0.14 | ) | ||
| Total from investment operations | 0.12 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.27 | ) | ||
| From return of capital | (11.19 | ) | ||
| Total distributions | (11.46 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (11.34 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 13.66 | ||
| TOTAL RETURN(b) | (3.67 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 7,374 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.45 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.22 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 98 | www.graniteshares.com |
| GraniteShares YieldBOOST RGTI ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period November 24, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.15 | |||
| Net realized and unrealized loss | (7.25 | ) | ||
| Total from investment operations | (7.10 | ) | ||
| DISTRIBUTIONS: | ||||
From net investment income | (0.19 | ) | ||
| From return of capital | (9.82 | ) | ||
| Total distributions | (10.01 | ) | ||
NET (DECREASE) IN NET ASSET VALUE | (17.11 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 7.89 | ||
| TOTAL RETURN(b) | (35.98 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 2,920 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 3.58 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.29 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 99 |
| GraniteShares YieldBOOST QBTS ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period November 24, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.15 | |||
| Net realized and unrealized loss | (7.35 | ) | ||
| Total from investment operations | (7.20 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.19 | ) | ||
| From return of capital | (9.45 | ) | ||
| Total distributions | (9.64 | ) | ||
NET (DECREASE) IN NET ASSET VALUE | (16.84 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 8.16 | ||
| TOTAL RETURN(b) | (34.33 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 2,775 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 4.22 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.26 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 100 | www.graniteshares.com |
| GraniteShares YieldBOOST RIOT ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period December 1, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.18 | |||
| Net realized and unrealized loss | (2.23 | ) | ||
| Total from investment operations | (2.05 | ) | ||
| DISTRIBUTIONS: | ||||
From net investment income | (0.20 | ) | ||
| From return of capital | (10.97 | ) | ||
| Total distributions | (11.17 | ) | ||
NET (DECREASE) IN NET ASSET VALUE | (13.22 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 11.78 | ||
| TOTAL RETURN(b) | (6.11 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 3,652 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 2.29 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.18 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 101 |
| GraniteShares YieldBOOST HIMS ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period December 1, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
Net investment income(a) | 0.13 | |||
| Net realized and unrealized loss | (10.47 | ) | ||
| Total from investment operations | (10.34 | ) | ||
| DISTRIBUTIONS: | ||||
From net investment income | (0.16 | ) | ||
| From return of capital | (7.45 | ) | ||
| Total distributions | (7.61 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (17.95 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 7.05 | ||
| TOTAL RETURN(b) | (48.59 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 775 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 6.28 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 2.33 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 102 | www.graniteshares.com |
| GraniteShares YieldBOOST SINGLE STOCK UNIVERSE ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period December 15, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 1.00 | |||
| Net realized and unrealized loss | (5.69 | ) | ||
| Total from investment operations | (4.69 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (1.01 | ) | ||
| From return of capital | (5.51 | ) | ||
| Total distributions | (6.52 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (11.21 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 13.79 | ||
| TOTAL RETURN(b) | (21.22 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 1,792 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 2.74 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 0.50 | %(c) | ||
| Ratio of net investment income to average net assets | 10.50 | %(c) | ||
| Portfolio turnover rate | 43 | %(d) | ||
| (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) | Annualized. |
| (d) | Not Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 103 |
| GraniteShares YieldBOOST TopYielders ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period December 15, 2025 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.78 | |||
| Net realized and unrealized loss | (6.08 | ) | ||
| Total from investment operations | (5.30 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.80 | ) | ||
| From return of capital | (6.32 | ) | ||
| Total distributions | (7.12 | ) | ||
NET (DECREASE) IN NET ASSET VALUE | (12.42 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 12.58 | ||
| TOTAL RETURN(b) | (24.32 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 2,516 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 1.89 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 0.50 | %(c) | ||
| Ratio of net investment income to average net assets | 8.80 | %(c) | ||
| Portfolio turnover rate | 98 | %(d) | ||
| (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) | Annualized. |
| (d) | Not Annualized. |
| See Notes to Financial Statements. | |
| 104 | www.graniteshares.com |
| GraniteShares YieldBOOST MU ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period April 13, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.06 | |||
| Net realized and unrealized gain | 3.98 | |||
| Total from investment operations | 4.04 | |||
| DISTRIBUTIONS: | ||||
From net investment income | (1.78 | ) | ||
| From return of capital | (3.48 | ) | ||
| Total distributions | (5.26 | ) | ||
NET (DECREASE) IN NET ASSET VALUE | (1.22 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 23.78 | ||
| TOTAL RETURN(b) | 17.32 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 17,595 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 2.25 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
Ratio of net investment income to average net assets | 1.20 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 105 |
| GraniteShares YieldBOOST TSM ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period April 13, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.05 | |||
| Net realized and unrealized gain | 3.85 | |||
| Total from investment operations | 3.90 | |||
| DISTRIBUTIONS: | ||||
From net investment income | (3.81 | ) | ||
| From return of capital | (0.08 | ) | ||
| Total distributions | (3.89 | ) | ||
| NET INCREASE IN NET ASSET VALUE | 0.01 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 25.01 | ||
| TOTAL RETURN(b) | 17.03 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 1,000 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 9.20 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 0.91 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 106 | www.graniteshares.com |
| GraniteShares YieldBOOST CRWV ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period April 13, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.07 | |||
| Net realized and unrealized loss | (0.83 | ) | ||
| Total from investment operations | (0.76 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.07 | ) | ||
| From return of capital | (4.10 | ) | ||
| Total distributions | (4.17 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (4.93 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 20.07 | ||
| TOTAL RETURN(b) | (3.34 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 602 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 12.95 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.36 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 107 |
| GraniteShares YieldBOOST CRCL ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period April 27, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.06 | |||
| Net realized and unrealized loss | (1.64 | ) | ||
| Total from investment operations | (1.58 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.07 | ) | ||
| From return of capital | (3.80 | ) | ||
| Total distributions | (3.87 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (5.45 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 19.55 | ||
| TOTAL RETURN(b) | (7.69 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 978 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 12.27 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.50 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 108 | www.graniteshares.com |
| GraniteShares YieldBOOST Ether ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period April 27, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.06 | |||
| Net realized and unrealized loss | (3.00 | ) | ||
| Total from investment operations | (2.94 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.06 | ) | ||
| From return of capital | (2.23 | ) | ||
| Total distributions | (2.29 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (5.23 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 19.77 | ||
| TOTAL RETURN(b) | (12.72 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 593 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 14.90 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.50 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 109 |
| GraniteShares YieldBOOST Biotech ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period May 4, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
Net investment income(a) | 0.06 | |||
| Net realized and unrealized gain | 0.24 | |||
| Total from investment operations | 0.30 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.26 | ) | ||
| From return of capital | (1.93 | ) | ||
| Total distributions | (2.19 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (1.89 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 23.11 | ||
| TOTAL RETURN(b) | 1.35 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 693 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 14.95 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.50 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 110 | www.graniteshares.com |
| GraniteShares YieldBOOST Financials ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period May 4, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.06 | |||
| Net realized and unrealized gain | 1.15 | |||
| Total from investment operations | 1.21 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.98 | ) | ||
| Total distributions | (0.98 | ) | ||
| NET INCREASE IN NET ASSET VALUE | 0.23 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 25.23 | ||
| TOTAL RETURN(b) | 4.94 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 757 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 14.21 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.44 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 111 |
| GraniteShares YieldBOOST Technology ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period May 4, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.06 | |||
| Net realized and unrealized loss | (0.35 | ) | ||
| Total from investment operations | (0.29 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.06 | ) | ||
| From return of capital | (1.81 | ) | ||
| Total distributions | (1.87 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (2.16 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 22.84 | ||
| TOTAL RETURN(b) | (1.33 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 685 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 14.67 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.49 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| 112 | www.graniteshares.com |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented |
For the Period May 4, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.06 | |||
| Net realized and unrealized loss | (0.41 | ) | ||
| Total from investment operations | (0.35 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.05 | ) | ||
| From return of capital | (0.19 | ) | ||
| Total distributions | (0.24 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (0.59 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 24.41 | ||
| TOTAL RETURN(b) | (1.39 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 732 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses to average net assets | 14.42 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.49 | %(c) | ||
| 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) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 113 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 eighty-two 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”), GraniteShares YieldBOOST Top Yielders ETF (“YBTY”), GraniteShares YieldBOOST MU ETF (“MUYY”), GraniteShares YieldBOOST TSM ETF (“TMYY”), GraniteShares YieldBOOST CRWV ETF (“CWY”), GraniteShares YieldBOOST CRCL ETF (“CRY”), GraniteShares YieldBOOST Ether ETF (“XEY”), GraniteShares YieldBOOST Biotech ETF (“BIOY”), GraniteShares YieldBOOST Financials ETF (“FINY”), GraniteShares YieldBOOST Technology ETF (“TECY”) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (“FIYY”), (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 November 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. MUYY, TMYY and CWY commenced operations on April 13, 2026. CRY and XEY commenced operations on April 27, 2026. BIOY, FINY, TECY and FIYY commenced operations on May 4, 2026. 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.
TSYY invests in options that reference the GraniteShares 2x Long TSLA Daily ETF, NVYY invests in options that reference the GraniteShares 2x Long NVDA Daily ETF, COYY invests in options that reference the GraniteShares 2x Long COIN Daily ETF, AMYY invests in options that reference the GraniteShares 2x Long AMD Daily ETF, AZYY invests in options that reference the GraniteShares 2x Long AMZN Daily ETF, PLYY invests in options that reference the GraniteShares 2x Long PLTR Daily ETF, FBYY invests in options that reference the GraniteShares 2x Long META Daily ETF, BBYY invests in options that reference the GraniteShares 2x Long BABA Daily ETF, MAAY invests in options that reference the GraniteShares 2x Long MARA Daily ETF, IOYY invests in options that reference the GraniteShares 2x Long IONQ Daily ETF, MUYY invests in options that reference the GraniteShares 2x Long MU Daily ETF and TMYY invests in options that reference the GraniteShares 2x Long TSM Daily ETF, each of which are affiliated exchange-traded unit investment trusts.
The GraniteShares YieldBOOST TSLA ETF executed a one-for-eight reverse stock split, effective after the close of business on June 1, 2026. On June 2, 2026, shareholders will be deemed to hold one Fund share for every eight Fund shares previously held as of the close of business on June 1, 2026. The reverse stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares YieldBOOST COIN ETF executed a one-for-six reverse stock split, effective after the close of business on June 1, 2026. On June 2, 2026, shareholders will be deemed to hold one Fund share for every six Fund shares previously held as of the close of business on June 1, 2026. The reverse stock split did not change the total value of the shareholders’ investment in the Fund.
The GraniteShares YieldBOOST MSTR ETF executed a one-for-six reverse stock split, effective after the close of business on June 1, 2026. On June 2, 2026, shareholders will be deemed to hold one Fund share for every six Fund shares previously held as of the close of business on June 1, 2026. The reverse stock split did not change the total value of the shareholders’ investment in the Fund.
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. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Funds represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Operation Officer and Treasurer acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM monitors the operating results as a whole and the Funds’ long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statements note disclosures only and did not affect the Funds’ financial position or the results of its operations.
| 114 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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.
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.
| Annual Report | June 30, 2026 | 115 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 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.
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 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.
| 116 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
The hierarchy classification of inputs used to value each Fund’s investments at June 30, 2026 were as follows:
GraniteShares YieldBOOST TSLA ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 296,270 | $ | – | $ | 296,270 | ||||||||
| United States Treasury Obligations | – | 65,160,259 | – | 65,160,259 | ||||||||||||
| Total | $ | – | $ | 65,456,529 | $ | – | $ | 65,456,529 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (729,841 | ) | – | (729,841 | ) | ||||||||||
| Total | $ | – | $ | (729,841 | ) | $ | – | $ | (729,841 | ) | ||||||
GraniteShares YieldBOOST QQQ ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 5,657 | $ | – | $ | 5,657 | ||||||||
| United States Treasury Obligations | – | 2,885,031 | – | 2,885,031 | ||||||||||||
| Total | $ | – | $ | 2,890,688 | $ | – | $ | 2,890,688 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (10,402 | ) | – | (10,402 | ) | ||||||||||
| Total | $ | – | $ | (10,402 | ) | $ | – | $ | (10,402 | ) | ||||||
GraniteShares YieldBOOST SPY ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 4,191 | $ | – | $ | 4,191 | ||||||||
| United States Treasury Obligations | – | 6,264,192 | – | 6,264,192 | ||||||||||||
| Total | $ | – | $ | 6,268,383 | $ | – | $ | 6,268,383 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (8,886 | ) | – | (8,886 | ) | ||||||||||
| Total | $ | – | $ | (8,886 | ) | $ | – | $ | (8,886 | ) | ||||||
GraniteShares YieldBOOST NVDA ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 43,479 | $ | – | $ | 43,479 | ||||||||
| United States Treasury Obligations | – | 16,924,418 | – | 16,924,418 | ||||||||||||
| Total | $ | – | $ | 16,967,897 | $ | – | $ | 16,967,897 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (146,196 | ) | – | (146,196 | ) | ||||||||||
| Total | $ | – | $ | (146,196 | ) | $ | – | $ | (146,196 | ) | ||||||
| Annual Report | June 30, 2026 | 117 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
GraniteShares YieldBOOST Bitcoin ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 105,794 | $ | – | $ | 105,794 | ||||||||
| United States Treasury Obligations | – | 9,323,031 | – | 9,323,031 | ||||||||||||
| Total | $ | – | $ | 9,428,825 | $ | – | $ | 9,428,825 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (265,870 | ) | – | (265,870 | ) | ||||||||||
| Total | $ | – | $ | (265,870 | ) | $ | – | $ | (265,870 | ) | ||||||
GraniteShares YieldBOOST COIN ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 299,940 | $ | – | $ | 299,940 | ||||||||
| United States Treasury Obligations | – | 16,895,806 | – | 16,895,806 | ||||||||||||
| Total | $ | – | $ | 17,195,746 | $ | – | $ | 17,195,746 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (745,150 | ) | – | (745,150 | ) | ||||||||||
| Total | $ | – | $ | (745,150 | ) | $ | – | $ | (745,150 | ) | ||||||
GraniteShares YieldBOOST AMD ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 13,280 | $ | – | $ | 13,280 | ||||||||
| United States Treasury Obligations | – | 2,993,395 | – | 2,993,395 | ||||||||||||
| Total | $ | – | $ | 3,006,675 | $ | – | $ | 3,006,675 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (24,173 | ) | – | (24,173 | ) | ||||||||||
| Total | $ | – | $ | (24,173 | ) | $ | – | $ | (24,173 | ) | ||||||
GraniteShares YieldBOOST AMZN ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 1,127 | $ | – | $ | 1,127 | ||||||||
| United States Treasury Obligations | – | 1,289,508 | – | 1,289,508 | ||||||||||||
| Total | $ | – | $ | 1,290,635 | $ | – | $ | 1,290,635 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (4,527 | ) | – | (4,527 | ) | ||||||||||
| Total | $ | – | $ | (4,527 | ) | $ | – | $ | (4,527 | ) | ||||||
GraniteShares YieldBOOST MSTR ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 105,906 | $ | – | $ | 105,906 | ||||||||
| United States Treasury Obligations | – | 1,289,508 | – | 1,289,508 | ||||||||||||
| Total | $ | – | $ | 1,395,414 | $ | – | $ | 1,395,414 | ||||||||
| 118 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (164,465 | ) | – | (164,465 | ) | ||||||||||
| Total | $ | – | $ | (164,465 | ) | $ | – | $ | (164,465 | ) | ||||||
GraniteShares YieldBOOST PLTR ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 568 | $ | – | $ | 568 | ||||||||
| United States Treasury Obligations | – | 2,983,857 | – | 2,983,857 | ||||||||||||
| Total | $ | – | $ | 2,984,425 | $ | – | $ | 2,984,425 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (4,067 | ) | – | (4,067 | ) | ||||||||||
| Total | $ | – | $ | (4,067 | ) | $ | – | $ | (4,067 | ) | ||||||
GraniteShares YieldBOOST SMCI ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 753,897 | $ | – | $ | 753,897 | ||||||||
| United States Treasury Obligations | – | 5,266,394 | – | 5,266,394 | ||||||||||||
| Total | $ | – | $ | 6,020,291 | $ | – | $ | 6,020,291 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (1,140,412 | ) | – | (1,140,412 | ) | ||||||||||
| Total | $ | – | $ | (1,140,412 | ) | $ | – | $ | (1,140,412 | ) | ||||||
GraniteShares YieldBOOST HOOD ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 37,840 | $ | – | $ | 37,840 | ||||||||
| United States Treasury Obligations | – | 6,076,077 | – | 6,076,077 | ||||||||||||
| Total | $ | – | $ | 6,113,917 | $ | – | $ | 6,113,917 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (76,890 | ) | – | (76,890 | ) | ||||||||||
| Total | $ | – | $ | (76,890 | ) | $ | – | $ | (76,890 | ) | ||||||
GraniteShares YieldBOOST META ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 381 | $ | – | $ | 381 | ||||||||
| United States Treasury Obligations | – | 198,606 | – | 198,606 | ||||||||||||
| Total | $ | – | $ | 198,987 | $ | – | $ | 198,987 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (1,336 | ) | – | (1,336 | ) | ||||||||||
| Total | $ | – | $ | (1,336 | ) | $ | – | $ | (1,336 | ) | ||||||
| Annual Report | June 30, 2026 | 119 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
GraniteShares YieldBOOST BABA ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 2,197 | $ | – | $ | 2,197 | ||||||||
| United States Treasury Obligations | – | 596,770 | – | 596,770 | ||||||||||||
| Total | $ | – | $ | 598,967 | $ | – | $ | 598,967 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (10,953 | ) | – | (10,953 | ) | ||||||||||
| Total | $ | – | $ | (10,953 | ) | $ | – | $ | (10,953 | ) | ||||||
GraniteShares YieldBOOST MARA ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 28,521 | $ | – | $ | 28,521 | ||||||||
| United States Treasury Obligations | – | 997,798 | – | 997,798 | ||||||||||||
| Total | $ | – | $ | 1,026,319 | $ | – | $ | 1,026,319 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (63,823 | ) | (63,823 | ) | |||||||||||
| Total | $ | – | $ | (63,823 | ) | $ | – | $ | (63,823 | ) | ||||||
GraniteShares YieldBOOST IONQ ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 69,270 | $ | – | $ | 69,270 | ||||||||
| United States Treasury Obligations | – | 3,991,194 | 3,991,194 | |||||||||||||
| Total | $ | – | $ | 4,060,464 | $ | – | $ | 4,060,464 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (140,769 | ) | (140,769 | ) | |||||||||||
| Total | $ | – | $ | (140,769 | ) | $ | – | $ | (140,769 | ) | ||||||
GraniteShares YieldBOOST Semiconductor ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 827,885 | $ | – | $ | 827,885 | ||||||||
| United States Treasury Obligations | – | 28,298,953 | – | 28,298,953 | ||||||||||||
| Total | $ | – | $ | 29,126,838 | $ | – | $ | 29,126,838 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (1,210,057 | ) | – | (1,210,057 | ) | ||||||||||
| Total | $ | – | $ | (1,210,057 | ) | $ | – | $ | (1,210,057 | ) | ||||||
GraniteShares YieldBOOST Gold Miners ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 37,451 | $ | – | $ | 37,451 | ||||||||
| United States Treasury Obligations | – | 6,981,726 | – | 6,981,726 | ||||||||||||
| Total | $ | – | $ | 7,019,177 | $ | – | $ | 7,019,177 | ||||||||
| 120 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (102,343 | ) | – | (102,343 | ) | ||||||||||
| Total | $ | – | $ | (102,343 | ) | $ | – | $ | (102,343 | ) | ||||||
GraniteShares YieldBOOST RGTI ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 35,716 | $ | – | $ | 35,716 | ||||||||
| United States Treasury Obligations | – | 1,195,450 | – | 1,195,450 | ||||||||||||
| Total | $ | – | $ | 1,231,166 | $ | – | $ | 1,231,166 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (68,793 | ) | – | (68,793 | ) | ||||||||||
| Total | $ | – | $ | (68,793 | ) | $ | – | $ | (68,793 | ) | ||||||
GraniteShares YieldBOOST QBTS ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 30,573 | – | $ | 30,573 | |||||||||
| United States Treasury Obligations | – | 792,516 | – | 792,516 | ||||||||||||
| Total | $ | – | $ | 823,089 | $ | – | $ | 823,089 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (48,040 | ) | – | (48,040 | ) | ||||||||||
| Total | $ | – | $ | (48,040 | ) | $ | – | $ | (48,040 | ) | ||||||
GraniteShares YieldBOOST RIOT ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 73,458 | $ | – | $ | 73,458 | ||||||||
| United States Treasury Obligations | – | 1,995,596 | – | 1,995,596 | ||||||||||||
| Total | $ | – | $ | 2,069,054 | $ | – | $ | 2,069,054 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (140,522 | ) | – | (140,522 | ) | ||||||||||
| Total | $ | – | $ | (140,522 | ) | $ | – | $ | (140,522 | ) | ||||||
GraniteShares YieldBOOST HIMS ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 6,047 | $ | – | $ | 6,047 | ||||||||
| United States Treasury Obligations | – | 496,991 | – | 496,991 | ||||||||||||
| Total | $ | – | $ | 503,038 | $ | – | $ | 503,038 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (10,853 | ) | – | (10,853 | ) | ||||||||||
| Total | $ | – | $ | (10,853 | ) | $ | – | $ | (10,853 | ) | ||||||
| Annual Report | June 30, 2026 | 121 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
GraniteShares YieldBOOST Single Stock Universe ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 1,779,089 | $ | – | $ | – | $ | 1,779,089 | ||||||||
| Total | $ | 1,779,089 | $ | – | $ | – | $ | 1,779,089 | ||||||||
GraniteShares YieldBOOST TopYielders ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 2,506,055 | $ | – | $ | – | $ | 2,506,055 | ||||||||
| Total | $ | 2,506,055 | $ | – | $ | – | $ | 2,506,055 | ||||||||
| GraniteShares YieldBOOST MU ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 325,965 | $ | – | $ | 325,965 | ||||||||
| United States Treasury Obligations | – | 5,340,422 | – | 5,340,422 | ||||||||||||
| Total | $ | – | $ | 5,666,387 | $ | – | $ | 5,666,387 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (505,420 | ) | – | (505,420 | ) | ||||||||||
| Total | $ | – | $ | (505,420 | ) | $ | – | $ | (505,420 | ) | ||||||
GraniteShares YieldBOOST TSM ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 6,364 | $ | – | $ | 6,364 | ||||||||
| United States Treasury Obligations | – | 399,119 | – | 399,119 | ||||||||||||
| Total | $ | – | $ | 405,483 | $ | – | $ | 405,483 | ||||||||
Other Financial Instruments Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | – | (12,624 | ) | – | (12,624 | ) | ||||||||||
| Total | $ | – | $ | (12,624 | ) | $ | – | $ | (12,624 | ) | ||||||
GraniteShares YieldBOOST CRWV ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 16,123 | $ | – | $ | 16,123 | ||||||||
| United States Treasury Obligations | – | 399,118 | – | 399,118 | ||||||||||||
| Total | $ | – | $ | 415,241 | $ | – | $ | 415,241 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (24,519 | ) | – | (24,519 | ) | ||||||||||
| Total | $ | – | $ | (24,519 | ) | $ | – | $ | (24,519 | ) | ||||||
| 122 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
GraniteShares YieldBOOST CRCL ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 278,129 | $ | – | $ | 278,129 | ||||||||
| United States Treasury Obligations | – | 395,304 | – | 395,304 | ||||||||||||
| Total | $ | – | $ | 673,433 | $ | – | $ | 673,433 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (331,271 | ) | – | (331,271 | ) | ||||||||||
| Total | $ | – | $ | (331,271 | ) | $ | – | $ | (331,271 | ) | ||||||
GraniteShares YieldBOOST Ether ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 23,579 | $ | – | $ | 23,579 | ||||||||
| United States Treasury Obligations | – | 395,304 | – | 395,304 | ||||||||||||
| Total | $ | – | $ | 418,883 | $ | – | $ | 418,883 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (38,338 | ) | – | (38,338 | ) | ||||||||||
| Total | $ | – | $ | (38,338 | ) | $ | – | $ | (38,338 | ) | ||||||
GraniteShares YieldBOOST Biotech ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 10,785 | $ | – | $ | 10,785 | ||||||||
| United States Treasury Obligations | – | 395,304 | – | 395,304 | ||||||||||||
| Total | $ | – | $ | 406,089 | $ | – | $ | 406,089 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (22,172 | ) | – | (22,172 | ) | ||||||||||
| Total | $ | – | $ | (22,172 | ) | $ | – | $ | (22,172 | ) | ||||||
GraniteShares YieldBOOST Financials ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 1,656 | $ | – | $ | 1,656 | ||||||||
| United States Treasury Obligations | – | 395,304 | – | 395,304 | ||||||||||||
| Total | $ | – | $ | 396,960 | $ | – | $ | 396,960 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (6,008 | ) | – | (6,008 | ) | ||||||||||
| Total | $ | – | $ | (6,008 | ) | $ | – | $ | (6,008 | ) | ||||||
GraniteShares YieldBOOST Technology ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 5,599 | $ | – | $ | 5,599 | ||||||||
| United States Treasury Obligations | – | 395,304 | – | 395,304 | ||||||||||||
| Total | $ | – | $ | 400,903 | $ | – | $ | 400,903 | ||||||||
| Annual Report | June 30, 2026 | 123 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (9,955 | ) | – | (9,955 | ) | ||||||||||
| Total | $ | – | $ | (9,955 | ) | $ | – | $ | (9,955 | ) | ||||||
GraniteShares YieldBOOST 20Y+ Treasuries ETF Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | – | $ | 419 | $ | – | $ | 419 | ||||||||
| United States Treasury Obligations | – | 395,304 | – | 395,304 | ||||||||||||
| Total | $ | – | $ | 395,723 | $ | – | $ | 395,723 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Written Options | – | (4,563 | ) | – | (4,563 | ) | ||||||||||
| Total | $ | – | $ | (4,563 | ) | $ | – | $ | (4,563 | ) | ||||||
Written Options are presented at value on the instrument.
As of June 30, 2026, 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.
| 124 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 year ended June 30, 2026 were as follows:
| Security Name | Fair Value as of June 30, 2025 | Purchases | Sales | Fair Value as of June 30, 2026 | Share Balance as of June 30, 2026 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | ||||||||||||||||||||||||
| GraniteShares YieldBOOST AMD ETF | $ | — | $ | 223,399 | $ | (84,032 | ) | $ | 84,485 | 5,337 | $ | 17,883 | $ | (3,864 | ) | $ | (3,791 | ) | ||||||||||||||
| GraniteShares YieldBOOST AMZN ETF | — | 224,902 | (95,809 | ) | 84,527 | 5,550 | 3,937 | (8,696 | ) | (5,501 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST BABA ETF | — | 240,532 | (63,355 | ) | 84,171 | 8,823 | 5,206 | (34,242 | ) | (5,654 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST COIN ETF | — | 271,068 | (42,972 | ) | 84,872 | 4,723 | 7,931 | (45,117 | ) | (28,366 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST CRCL ETF | — | 84,733 | — | 84,711 | 4,322 | — | (22 | ) | — | |||||||||||||||||||||||
| GraniteShares YieldBOOST CRWV ETF | — | 84,719 | — | 84,697 | 4,218 | — | (22 | ) | — | |||||||||||||||||||||||
| GraniteShares YieldBOOST HIMS ETF | — | 289,482 | (58,240 | ) | 84,675 | 12,062 | 7,206 | (35,370 | ) | (51,855 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST HOOD ETF | — | 268,620 | (49,110 | ) | 84,318 | 14,950 | 8,029 | (47,180 | ) | (19,925 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST IONQ ETF | — | 249,324 | (48,426 | ) | 84,720 | 10,294 | 8,379 | (30,747 | ) | (10,231 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST MARA ETF | — | 251,029 | (46,831 | ) | 84,937 | 12,811 | 7,816 | (31,750 | ) | (15,947 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST META ETF | — | 227,692 | (69,378 | ) | 84,227 | 7,150 | 3,181 | (33,135 | ) | (10,770 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST MSTR ETF | — | 252,934 | (34,154 | ) | 84,722 | 4,392 | 7,352 | (53,247 | ) | (12,861 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST MU ETF | — | 84,994 | — | 84,976 | 3,554 | — | (18 | ) | — | |||||||||||||||||||||||
| GraniteShares YieldBOOST NVDA ETF | — | 219,992 | (77,235 | ) | 84,620 | 6,663 | 9,571 | (4,563 | ) | (1,767 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST PLTR ETF | — | 254,689 | (52,767 | ) | 84,278 | 9,577 | 6,112 | (47,771 | ) | (18,148 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST QBTS ETF | — | 255,836 | (45,471 | ) | 85,707 | 10,414 | 7,803 | (37,552 | ) | (14,801 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST RGTI ETF | — | 262,447 | (46,134 | ) | 85,474 | 10,765 | 7,952 | (43,874 | ) | (13,692 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST RIOT ETF | — | 234,314 | (62,632 | ) | 85,045 | 7,195 | 8,309 | (5,506 | ) | (5,338 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST SMCI ETF | — | 225,762 | (45,146 | ) | 84,144 | 11,818 | 7,562 | (13,941 | ) | (7,363 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST TSLA ETF | — | 242,601 | (48,556 | ) | 84,625 | 3,618 | 7,659 | (28,859 | ) | (18,296 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST TSM ETF | — | 85,175 | — | 85,158 | 3,386 | — | (16 | ) | — | |||||||||||||||||||||||
| $ | — | $ | 4,534,244 | $ | (970,248 | ) | $ | 1,779,089 | $ | 131,888 | $ | (505,492 | ) | $ | (244,306 | ) | ||||||||||||||||
| Annual Report | June 30, 2026 | 125 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 year ended June 30, 2026 were as follows:
| Security Name | Fair Value as of June 30, 2025 | Purchases | Sales | Fair Value as of June 30, 2026 | Share Balance as of June 30, 2026 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain (Loss) | ||||||||||||||||||||||||
| GraniteShares YieldBOOST COIN ETF | $ | — | $ | 1,630,017 | $ | (564,958 | ) | $ | 313,145 | 17,426 | $ | 33,331 | $ | (42,163 | ) | $ | (346,443 | ) | ||||||||||||||
| GraniteShares YieldBOOST HOOD ETF | — | 1,622,154 | (575,008 | ) | 311,080 | 55,156 | 33,758 | (92,526 | ) | (290,024 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST IONQ ETF | — | 1,525,229 | (556,694 | ) | 312,559 | 37,978 | 35,186 | (78,026 | ) | (187,916 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST MU ETF | — | 313,550 | — | 313,484 | 13,111 | — | (66 | ) | — | |||||||||||||||||||||||
| GraniteShares YieldBOOST QBTS ETF | — | 314,484 | — | 316,213 | 38,422 | — | 1,729 | — | ||||||||||||||||||||||||
| GraniteShares YieldBOOST RGTI ETF | — | 315,560 | — | 315,361 | 39,718 | — | (199 | ) | — | |||||||||||||||||||||||
GraniteShares | — | 313,906 | — | 313,774 | 26,546 | — | (132 | ) | — | |||||||||||||||||||||||
| GraniteShares YieldBOOST SMCI ETF | — | 1,381,749 | (586,944 | ) | 310,439 | 43,601 | 32,057 | (31,272 | ) | (60,087 | ) | |||||||||||||||||||||
| GraniteShares YieldBOOST TSLA ETF | — | 1,457,825 | (907,318 | ) | 31,973 | (1 | ) | (224,932 | ) | |||||||||||||||||||||||
| $ | — | $ | 8,874,474 | $ | (3,190,922 | ) | $ | 2,506,055 | $ | 166,305 | $ | (242,656 | ) | $ | (1,109,402 | ) | ||||||||||||||||
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.
| 126 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 year ended June 30, 2026, 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 | 23,216 | 28,360 | $ | 51,576 | ||||||||
| GraniteShares YieldBOOST SPY ETF | 22,628 | 19,904 | 42,532 | |||||||||
| GraniteShares YieldBOOST NVDA ETF | N/A | N/A | N/A | |||||||||
| GraniteShares YieldBOOST Bitcoin ETF | 4,738 | 16,306 | 21,044 | |||||||||
| GraniteShares YieldBOOST COIN ETF | N/A | N/A | N/A | |||||||||
| GraniteShares YieldBOOST AMD ETF | N/A | 23,911 | 23,911 | |||||||||
| GraniteShares YieldBOOST AMZN ETF | N/A | 31,324 | 31,324 | |||||||||
| GraniteShares YieldBOOST MSTR ETF | N/A | 30,194 | 30,194 | |||||||||
| GraniteShares YieldBOOST PLTR ETF | N/A | 28,418 | 28,418 | |||||||||
| GraniteShares YieldBOOST SMCI ETF | N/A | 23,096 | 23,096 | |||||||||
| GraniteShares YieldBOOST HOOD ETF | N/A | 18,193 | 18,193 | |||||||||
| GraniteShares YieldBOOST META ETF | N/A | 30,270 | 30,270 | |||||||||
| GraniteShares YieldBOOST BABA ETF | N/A | 29,724 | 29,724 | |||||||||
| GraniteShares YieldBOOST MARA ETF | N/A | 27,190 | 27,190 | |||||||||
| GraniteShares YieldBOOST IONQ ETF | N/A | 23,818 | 23,818 | |||||||||
| GraniteShares YieldBOOST Semiconductor ETF | N/A | N/A | N/A | |||||||||
| GraniteShares YieldBOOST Gold Miners ETF | N/A | 18,990 | 18,990 | |||||||||
| GraniteShares YieldBOOST RGTI ETF | N/A | 26,735 | 26,735 | |||||||||
| GraniteShares YieldBOOST QBTS ETF | N/A | 27,281 | 27,281 | |||||||||
| GraniteShares YieldBOOST RIOT ETF | N/A | 23,603 | 23,603 | |||||||||
| GraniteShares YieldBOOST HIMS ETF | N/A | 26,252 | 26,252 | |||||||||
| GraniteShares YieldBOOST Single Stock Universe ETF | N/A | 26,697 | 26,697 | |||||||||
| GraniteShares YieldBOOST TopYielders ETF | N/A | 24,102 | 24,102 | |||||||||
| GraniteShares YieldBOOST MU ETF | N/A | 15,877 | 15,877 | |||||||||
| GraniteShares YieldBOOST TSM ETF | N/A | 17,045 | 17,045 | |||||||||
| GraniteShares YieldBOOST CRWV ETF | N/A | 16,889 | 16,889 | |||||||||
| GraniteShares YieldBOOST CRCL ETF | N/A | 16,522 | 16,522 | |||||||||
| GraniteShares YieldBOOST Ether ETF | N/A | 16,725 | 16,725 | |||||||||
| GraniteShares YieldBOOST Biotech ETF | N/A | 15,366 | 15,366 | |||||||||
| GraniteShares YieldBOOST Financials ETF | N/A | 15,359 | 15,359 | |||||||||
| GraniteShares YieldBOOST Technology ETF | N/A | 15,367 | 15,367 | |||||||||
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | N/A | 15,290 | 15,290 | |||||||||
Recoupment of previously waived fees for the year ended June 30, 2026, 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.
| Annual Report | June 30, 2026 | 127 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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.
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 period ended June 30, 2026, 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 | $ | 4,534,242 | $ | 970,248 | ||||
| GraniteShares YieldBOOST TopYielders ETF | 8,874,474 | 3,190,923 | ||||||
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.
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 June 30, 2026:
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares YieldBOOST TSLA ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 296,270 | Purchased Options, at value | $ | – | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | – | Written Options, at value | $ | (729,841 | ) | |||||
| Total | $ | 296,270 | $ | (729,841 | ) | |||||||
| GraniteShares YieldBOOST QQQ ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 5,657 | Purchased Options, at value | $ | – | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | – | Written Options, at value | $ | (10,402 | ) | |||||
| Total | $ | 5,657 | $ | (10,402 | ) | |||||||
| 128 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares YieldBOOST SPY ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 4,191 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (8,886 | ) | |||||
| Total | $ | 4,191 | $ | (8,886 | ) | |||||||
| GraniteShares YieldBOOST NVDA ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 43,479 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (146,196 | ) | |||||
| Total | $ | 43,479 | $ | (146,196 | ) | |||||||
| GraniteShares YieldBOOST Bitcoin ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 105,794 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (265,870 | ) | |||||
| Total | $ | 105,794 | $ | (265,870 | ) | |||||||
| GraniteShares YieldBOOST COIN ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 299,940 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (745,150 | ) | |||||
| Total | $ | 299,940 | $ | (745,150 | ) | |||||||
| GraniteShares YieldBOOST AMD ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 13,280 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (24,173 | ) | |||||
| Total | $ | 13,280 | $ | (24,173 | ) | |||||||
| GraniteShares YieldBOOST AMZN ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 1,127 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (4,527 | ) | |||||
| Total | $ | 1,127 | $ | (4,527 | ) | |||||||
| GraniteShares YieldBOOST MSTR ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 105,906 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (164,465 | ) | |||||
| Total | $ | 105,906 | $ | (164,465 | ) | |||||||
| Annual Report | June 30, 2026 | 129 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares YieldBOOST PLTR ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 568 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (4,067 | ) | |||||
| Total | $ | 568 | $ | (4,067 | ) | |||||||
| GraniteShares YieldBOOST SMCI ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 753,897 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (1,140,412 | ) | |||||
| Total | $ | 753,897 | $ | (1,140,412 | ) | |||||||
| GraniteShares YieldBOOST HOOD ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 37,840 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (76,890 | ) | |||||
| Total | $ | 37,840 | $ | (76,890 | ) | |||||||
| GraniteShares YieldBOOST META ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 381 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (1,336 | ) | |||||
| Total | $ | 381 | $ | (1,336 | ) | |||||||
| GraniteShares YieldBOOST BABA ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 2,197 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (10,953 | ) | |||||
| Total | $ | 2,197 | $ | (10,953 | ) | |||||||
| GraniteShares YieldBOOST MARA ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 28,521 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (63,823 | ) | |||||
| Total | $ | 28,521 | $ | (63,823 | ) | |||||||
| GraniteShares YieldBOOST IONQ ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 69,270 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (140,769 | ) | |||||
| Total | $ | 69,270 | $ | (140,769 | ) | |||||||
| GraniteShares YieldBOOST Semiconductor ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 827,885 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (1,210,057 | ) | |||||
| Total | $ | 827,885 | $ | (1,210,057 | ) | |||||||
| 130 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares YieldBOOST Gold Miners ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 37,451 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (102,343 | ) | |||||
| Total | $ | 37,451 | $ | (102,343 | ) | |||||||
| GraniteShares YieldBOOST RGTI ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 35,716 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (68,793 | ) | |||||
| Total | $ | 35,716 | $ | (68,793 | ) | |||||||
| GraniteShares YieldBOOST QBTS ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 30,573 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (48,040 | ) | |||||
| Total | $ | 30,573 | $ | (48,040 | ) | |||||||
| GraniteShares YieldBOOST RIOT ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 73,458 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (140,522 | ) | |||||
| Total | $ | 73,458 | $ | (140,522 | ) | |||||||
| GraniteShares YieldBOOST HIMS ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 6,047 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (10,853 | ) | |||||
| Total | $ | 6,047 | $ | (10,853 | ) | |||||||
| GraniteShares YieldBOOST MU ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 325,965 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (505,420 | ) | |||||
| Total | $ | 325,965 | $ | (505,420 | ) | |||||||
| GraniteShares YieldBOOST TSM ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 6,364 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (12,624 | ) | |||||
| Total | $ | 6,364 | $ | (12,624 | ) | |||||||
| GraniteShares YieldBOOST CRWV ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 16,123 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (24,519 | ) | |||||
| Total | $ | 16,123 | $ | (24,519 | ) | |||||||
| Annual Report | June 30, 2026 | 131 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares YieldBOOST CRCL ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 278,129 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (331,271 | ) | |||||
| Total | $ | 278,129 | $ | (331,271 | ) | |||||||
| GraniteShares YieldBOOST Ether ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 23,579 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (38,338 | ) | |||||
| Total | $ | 23,579 | $ | (38,338 | ) | |||||||
| GraniteShares YieldBOOST Biotech ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 10,785 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (22,172 | ) | |||||
| Total | $ | 10,785 | $ | (22,172 | ) | |||||||
| GraniteShares YieldBOOST Financials ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 1,656 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (6,008 | ) | |||||
| Total | $ | 1,656 | $ | (6,008 | ) | |||||||
| GraniteShares YieldBOOST Technology ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 5,599 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (9,955 | ) | |||||
| Total | $ | 5,599 | $ | (9,955 | ) | |||||||
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | ||||||||||||
| Equity Contracts (Purchased Options Contracts) | Investments, at value | $ | 419 | Purchased Options, at value | $ | - | ||||||
| Equity Contracts (Written Options Contracts) | Written Options, at value | $ | - | Written Options, at value | $ | (4,563 | ) | |||||
| Total | $ | 419 | $ | (4,563 | ) | |||||||
| 132 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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 year ended June 30, 2026:
| 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 YieldBOOST TSLA ETF | ||||||||||
Equity Contracts (Purchased Options) | Investments | (126,481,438 | ) | (684,124 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 85,936,620 | 1,578,965 | |||||||
| Total | $ | (40,544,818 | ) | $ | 894,841 | |||||
| GraniteShares YieldBOOST QQQ ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (3,235,687 | ) | (116,145 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 3,100,933 | 161,521 | |||||||
| Total | $ | (134,754 | ) | $ | 45,376 | |||||
| GraniteShares YieldBOOST SPY ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (4,682,763 | ) | (41,675 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 6,122,395 | 86,186 | |||||||
| Total | $ | 1,439,632 | $ | 44,511 | ||||||
| GraniteShares YieldBOOST NVDA ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (31,316,326 | ) | (231,044 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 35,495,384 | 440,825 | |||||||
| Total | $ | 4,179,058 | $ | 209,781 | ||||||
| GraniteShares YieldBOOST Bitcoin ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 5,287,209 | (113,543 | ) | ||||||
| Equity Contracts (Written Options) | Options contracts | (29,748,744 | ) | 43,568 | ||||||
| Total | $ | (24,461,535 | ) | $ | (69,975 | ) | ||||
| GraniteShares YieldBOOST COIN ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 5,636,968 | (280,215 | ) | ||||||
| Equity Contracts (Written Options) | Options contracts | (71,156,761 | ) | 150,980 | ||||||
| Total | $ | (65,519,793 | ) | $ | (129,235 | ) | ||||
| GraniteShares YieldBOOST AMD ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (675,707 | ) | (318,681 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 2,050,583 | 472,377 | |||||||
| Total | $ | 1,374,876 | $ | 153,696 | ||||||
| Annual Report | June 30, 2026 | 133 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Statement of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation/ (Depreciation) on Derivatives in Income | |||||||
| GraniteShares YieldBOOST AMZN ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (298,612 | ) | (16,159 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | (38,451 | ) | 42,391 | ||||||
| Total | $ | (337,063 | ) | $ | 26,232 | |||||
| GraniteShares YieldBOOST MSTR ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 1,005,505 | 18,706 | |||||||
| Equity Contracts (Written Options) | Options contracts | (3,543,899 | ) | (54,057 | ) | |||||
| Total | $ | (2,538,394 | ) | $ | (35,351 | ) | ||||
| GraniteShares YieldBOOST PLTR ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 754,287 | (45,839 | ) | ||||||
| Equity Contracts (Written Options) | Options contracts | (3,236,620 | ) | 78,550 | ||||||
Total | $ | (2,482,333 | ) | $ | 32,711 | |||||
| GraniteShares YieldBOOST SMCI ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 7,047,182 | 285,788 | |||||||
| Equity Contracts (Written Options) | Options contracts | (11,922,251 | ) | (502,164 | ) | |||||
| Total | $ | (4,875,069 | ) | $ | (216,376 | ) | ||||
| GraniteShares YieldBOOST HOOD ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 1,986,223 | (215,452 | ) | ||||||
| Equity Contracts (Written Options) | Options contracts | (14,649,853 | ) | 296,672 | ||||||
| Total | $ | (12,663,630 | ) | $ | 81,220 | |||||
| GraniteShares YieldBOOST META ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 101,577 | (1,049 | ) | ||||||
| Equity Contracts (Written Options) | Options contracts | (336,111 | ) | 2,858 | ||||||
| Total | $ | (234,534 | ) | $ | 1,809 | |||||
| GraniteShares YieldBOOST BABA ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (51,236 | ) | (4,037 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | (358,156 | ) | 3,173 | ||||||
| Total | $ | (409,392 | ) | $ | (864 | ) | ||||
| 134 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Statement of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income | Change in (Depreciation) on Derivatives in Income | |||||||
| GraniteShares YieldBOOST MARA ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (2,071,000 | ) | (129,860 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 386,910 | 156,610 | |||||||
| Total | $ | (1,684,090 | ) | $ | 26,750 | |||||
| GraniteShares YieldBOOST IONQ ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (1,551,089 | ) | (305,876 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | (1,405,009 | ) | 373,275 | ||||||
| Total | $ | (2,956,098 | ) | $ | 67,399 | |||||
| GraniteShares YieldBOOST Semiconductor ETF | ||||||||||
Equity Contracts (Purchased Options) | Investments | (33,744,196 | ) | (5,161,700 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 53,423,413 | 6,703,453 | |||||||
| Total | $ | 19,679,217 | $ | 1,541,753 | ||||||
| GraniteShares YieldBOOST Gold Miners ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | 5,721,826 | (86,660 | ) | ||||||
| Equity Contracts (Written Options) | Options contracts | (7,952,928 | ) | 114,251 | ||||||
| Total | $ | (2,231,102 | ) | $ | 27,591 | |||||
| GraniteShares YieldBOOST RGTI ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (269,583 | ) | (128,599 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | (728,842 | ) | 155,150 | ||||||
| Total | $ | (998,425 | ) | $ | 26,551 | |||||
| GraniteShares YieldBOOST QBTS ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (187,388 | ) | (141,582 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | (469,048 | ) | 178,371 | ||||||
| Total | $ | (656,436 | ) | $ | 36,789 | |||||
| GraniteShares YieldBOOST RIOT ETF | ||||||||||
| Equity Contracts (Purchased Options) | Investments | (1,621,460 | ) | (119,231 | ) | |||||
| Equity Contracts (Written Options) | Options contracts | 1,472,231 | 127,844 | |||||||
| Total | $ | (149,229 | ) | $ | 8,613 | |||||
| Annual Report | June 30, 2026 | 135 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Statement of Operations Location | Realized Gain/(Loss) on Derivatives Recognized in Income | Change in (Depreciation) on Derivatives
in Income | |||||||
| GraniteShares YieldBOOST HIMS ETF | ||||||||||
| Equity
Contracts (Purchased Options) | Investments | 282,017 | (32,936 | ) | ||||||
| Equity
Contracts (Written Options) | Options contracts | (1,013,697 | ) | 43,894 | ||||||
| Total | $ | (731,680 | ) | $ | 10,958 | |||||
| GraniteShares YieldBOOST MU ETF | ||||||||||
| Equity
Contracts (Purchased Options) | Investments | (2,281,285 | ) | (908,556 | ) | |||||
| Equity
Contracts (Written Options) | Options contracts | 2,753,150 | 1,104,656 | |||||||
| Total | $ | 471,865 | $ | 196,100 | ||||||
| GraniteShares YieldBOOST TSM ETF | ||||||||||
| Equity
Contracts (Purchased Options) | Investments | (186,553 | ) | (8,351 | ) | |||||
| Equity
Contracts (Written Options) | Options contracts | 329,922 | 14,900 | |||||||
| Total | $ | 143,369 | $ | 6,549 | ||||||
| GraniteShares YieldBOOST CRWV ETF | ||||||||||
| Equity
Contracts (Purchased Options) | Investments | (24,472 | ) | (11,080 | ) | |||||
| Equity
Contracts (Written Options) | Options contracts | (2,554 | ) | 13,279 | ||||||
| Total | $ | (27,026 | ) | $ | 2,199 | |||||
| GraniteShares YieldBOOST CRCL ETF | ||||||||||
| Equity
Contracts (Purchased Options) | Investments | 158 | 234,268 | |||||||
| Equity
Contracts (Written Options) | Options contracts | (44,935 | ) | (268,342 | ) | |||||
| Total | $ | (44,777 | ) | $ | (34,074 | ) | ||||
| GraniteShares YieldBOOST Ether ETF | ||||||||||
| Equity
Contracts (Purchased Options) | Investments | 120,772 | 9,709 | |||||||
| Equity
Contracts (Written Options) | Options contracts | (202,696 | ) | (17,369 | ) | |||||
| Total | $ | (81,924 | ) | $ | (7,660 | ) | ||||
| GraniteShares YieldBOOST Biotech ETF | ||||||||||
| Equity
Contracts (Purchased Options) | Investments | (25,602 | ) | (2,733 | ) | |||||
| Equity
Contracts (Written Options) | Options contracts | 31,695 | 4,028 | |||||||
| Total | $ | 6,093 | $ | 1,295 | ||||||
| 136 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
| 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 YieldBOOST Financials ETF | ||||||||||
Equity Contracts (Purchased Options) | Investments | (23,456 | ) | 272 | ||||||
Equity Contracts( Written Options) | Options contracts | 59,493 | (1,424 | ) | ||||||
| Total | $ | 36,037 | $ | (1,152 | ) | |||||
| GraniteShares YieldBOOST Technology ETF | ||||||||||
Equity Contracts (Purchased Options) | Investments | (20,762 | ) | (7,349 | ) | |||||
Equity Contracts (Written Options) | Options contracts | 6,632 | 11,026 | |||||||
| Total | $ | (14,130 | ) | $ | 3,677 | |||||
GraniteShares YieldBOOST 20Y+ Treasuries ETF | ||||||||||
Equity Contracts (Purchased Options) | Investments | (4,291 | ) | 162 | ||||||
Equity Contracts ( Written Options) | Options contracts | (4,085 | ) | (3,770 | ) | |||||
| Total | $ | (8,376 | ) | $ | (3,608 | ) | ||||
The average monthly volume of derivative instruments Purchased Options held by the Funds during the year ended June 30, 2026 was $214,029,283 (TSYY), $9,414,166 (TQQY), $17,533,261 (YSPY), $74,548,719 (NVYY), $33,021,400 (XBTY), $58,902,811 (COYY), $9,925,082 (AMYY), $2,615,623 (AZYY), $3,504,625 (MTYY), $5,630,244 (PLYY), $9,639,692 (SMYY), $14,483,797 (HOYY), $492,690 (FBYY), $1,131,928 (BBYY), $7,334,386 (MAAY), $7,807,815 (IOYY), $66,168,061 (SEMY), $12,539,347 (NUGY), $2,134,400 (RGYY), $1,730,025 (QBY), $4,183,391 (RTYY), $985,209 (HMYY), $10,310,363 (MUYY), $1,058,096 (TMYY), $705,067 (CWY), $731,227 (CRY), $679,320 (XEY), $828,750 (BIOY), $763,590 (FINY), $836,920 (TECY) and $775,085 (FIYY).
The average monthly volume of derivative instruments Written Options held by the Funds during the year ended June 30, 2026 was ($214,029,283) (TSYY), ($9,414,166) (TQQY), ($17,533,261) (YSPY), ($74,548,719) (NVYY), ($33,021,400) (XBTY), ($58,902,811) (COYY), ($9,925,082) (AMYY), ($2,615,623) (AZYY), ($3,504,625) (MTYY), ($5,630,244) (PLYY), ($9,639,692) (SMYY), ($14,483,797) (HOYY), ($492,690) (FBYY), ($1,131,928) (BBYY), ($7,334,386) (MAAY), ($7,807,815) (IOYY), ($66,168,061) (SEMY), ($12,539,347) (NUGY), ($2,134,400) (RGYY), ($1,730,025) (QBY), ($4,183,391) (RTYY), ($985,209) (HMYY), ($10,310,363) (MUYY), ($1,058,096) (TMYY), ($705,067) (CWY), ($731,227) (CRY), ($679,320) (XEY), ($828,750) (BIOY), ($763,590) (FINY), ($836,920) (TECY) and ($775,085) (FIYY).
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 June 30, 2026, 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.
| Annual Report | June 30, 2026 | 137 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
At June 30, 2026, the cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes were as follows:
| Gross Appreciation (excess of value | Gross Depreciation (excess of tax cost | Net Appreciation/ (Depreciation) of | Net Unrealized Appreciation/ | Cost of Investments for Income Tax | ||||||||||||||||
| Fund | over tax cost) | over value) | Derivatives | (Depreciation) | Purposes | |||||||||||||||
| GraniteShares YieldBOOST TSLA ETF | $ | – | $ | (715,285 | ) | $ | 1,210,888 | $ | 495,603 | $ | 66,171,814 | |||||||||
| GraniteShares YieldBOOST QQQ ETF | – | (122,837 | ) | 197,795 | 74,958 | 3,013,525 | ||||||||||||||
| GraniteShares YieldBOOST SPY ETF | – | (48,810 | ) | 116,748 | 67,938 | 6,317,194 | ||||||||||||||
| GraniteShares YieldBOOST NVDA ETF | 8,320 | (286,853 | ) | 514,882 | 236,349 | 17,246,429 | ||||||||||||||
| GraniteShares YieldBOOST Bitcoin ETF | 36,879 | (179,108 | ) | 96,968 | (45,261 | ) | 9,571,054 | |||||||||||||
| GraniteShares YieldBOOST COIN ETF | 44,773 | (985,271 | ) | 150,980 | (789,518 | ) | 18,136,244 | |||||||||||||
| GraniteShares YieldBOOST AMD ETF | – | (318,786 | ) | 472,376 | 153,590 | 3,325,462 | ||||||||||||||
| GraniteShares YieldBOOST AMZN ETF | – | (16,554 | ) | 42,392 | 25,838 | 1,307,188 | ||||||||||||||
| GraniteShares YieldBOOST MSTR ETF | 18,312 | – | (54,057 | ) | (35,745 | ) | 1,377,102 | |||||||||||||
| GraniteShares YieldBOOST PLTR ETF | – | (46,380 | ) | 78,550 | 32,170 | 3,030,805 | ||||||||||||||
| GraniteShares YieldBOOST SMCI ETF | 284,599 | – | (502,164 | ) | (217,565 | ) | 5,735,692 | |||||||||||||
| GraniteShares YieldBOOST HOOD ETF | – | (216,146 | ) | 296,672 | 80,526 | 6,330,063 | ||||||||||||||
| GraniteShares YieldBOOST META ETF | 17 | (1,116 | ) | 2,857 | 1,758 | 200,087 | ||||||||||||||
| GraniteShares YieldBOOST BABA ETF | – | (4,145 | ) | 3,173 | (972 | ) | 603,112 | |||||||||||||
| GraniteShares YieldBOOST MARA ETF | 1 | (129,896 | ) | 156,610 | 26,715 | 1,156,214 | ||||||||||||||
| GraniteShares YieldBOOST IONQ ETF | 1,953 | (307,969 | ) | 373,274 | 67,258 | 4,366,481 | ||||||||||||||
| GraniteShares YieldBOOST Semiconductor ETF | – | (5,168,999 | ) | 6,703,453 | 1,534,454 | 34,295,837 | ||||||||||||||
| GraniteShares YieldBOOST Gold Miners ETF | – | (87,038 | ) | 114,251 | 27,213 | 7,106,215 | ||||||||||||||
| GraniteShares YieldBOOST RGTI ETF | – | (128,728 | ) | 155,150 | 26,422 | 1,359,894 | ||||||||||||||
| GraniteShares YieldBOOST QBTS ETF | – | (141,870 | ) | 178,371 | 36,501 | 964,959 | ||||||||||||||
| GraniteShares YieldBOOST RIOT ETF | – | (119,301 | ) | 127,843 | 8,542 | 2,188,356 | ||||||||||||||
| GraniteShares YieldBOOST HIMS ETF | – | (33,041 | ) | 43,894 | 10,853 | 536,079 | ||||||||||||||
| GraniteShares YieldBOOST Single Stock Universe ETF | 738,879 | (1,294,475 | ) | – | (555,596 | ) | 2,334,686 | |||||||||||||
| GraniteShares YieldBOOST TopYielders ETF | 477,200 | (929,732 | ) | – | (452,532 | ) | 2,958,587 | |||||||||||||
| GraniteShares YieldBOOST MU ETF | – | (909,462 | ) | 1,104,656 | 195,194 | 6,575,849 | ||||||||||||||
| GraniteShares YieldBOOST TSM ETF | – | (8,358 | ) | 14,900 | 6,542 | 413,841 | ||||||||||||||
| GraniteShares YieldBOOST CRWV ETF | – | (11,087 | ) | 13,279 | 2,192 | 426,328 | ||||||||||||||
| GraniteShares YieldBOOST CRCL ETF | 234,054 | – | (268,342 | ) | (34,288 | ) | 439,379 | |||||||||||||
| GraniteShares YieldBOOST Ether ETF | 9,495 | – | (17,369 | ) | (7,874 | ) | 409,388 | |||||||||||||
| GraniteShares YieldBOOST Biotech ETF | – | (2,915 | ) | 4,028 | 1,113 | 409,004 | ||||||||||||||
| GraniteShares YieldBOOST Financials ETF | 90 | – | (1,424 | ) | (1,334 | ) | 396,870 | |||||||||||||
| GraniteShares YieldBOOST Technology ETF | – | (7,531 | ) | 11,026 | 3,495 | 408,434 | ||||||||||||||
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | – | (20 | ) | (3,770 | ) | (3,790 | ) | 395,743 | ||||||||||||
| 138 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
At June 30, 2026, the components of undistributed or accumulated earnings/loss on a tax-basis were as follows:
| Undistributed net | Accumulated net realized gain/(loss) | Other accumulated | Net unrealized appreciation/(depreciation) on investments and | |||||||||||||||||
| Fund | investment income | on investments | gains/(losses) | derivatives | Total | |||||||||||||||
| GraniteShares YieldBOOST TSLA ETF | – | $ | (40,707,287 | ) | $ | – | $ | 495,603 | $ | (40,211,684 | ) | |||||||||
| GraniteShares YieldBOOST QQQ ETF | – | (134,745 | ) | – | 74,958 | (59,787 | ) | |||||||||||||
| GraniteShares YieldBOOST SPY ETF | – | – | – | 67,938 | 67,938 | |||||||||||||||
| GraniteShares YieldBOOST NVDA ETF | – | – | – | 236,349 | 236,349 | |||||||||||||||
| GraniteShares YieldBOOST Bitcoin ETF | – | (24,461,196 | ) | – | (45,261 | ) | (24,506,457 | ) | ||||||||||||
| GraniteShares YieldBOOST COIN ETF | – | (64,866,223 | ) | – | (789,518 | ) | (65,655,741 | ) | ||||||||||||
| GraniteShares YieldBOOST AMD ETF | – | – | – | 153,590 | 153,590 | |||||||||||||||
| GraniteShares YieldBOOST AMZN ETF | – | – | (337,060 | ) | 25,838 | (311,222 | ) | |||||||||||||
| GraniteShares YieldBOOST MSTR ETF | – | (2,538,693 | ) | – | (35,745 | ) | (2,574,438 | ) | ||||||||||||
| GraniteShares YieldBOOST PLTR ETF | – | (2,482,340 | ) | – | 32,170 | (2,450,170 | ) | |||||||||||||
| GraniteShares YieldBOOST SMCI ETF | – | (4,874,888 | ) | – | (217,565 | ) | (5,092,453 | ) | ||||||||||||
| GraniteShares YieldBOOST HOOD ETF | – | (12,665,282 | ) | – | 80,526 | (12,584,756 | ) | |||||||||||||
| GraniteShares YieldBOOST META ETF | – | (234,549 | ) | – | 1,758 | (232,791 | ) | |||||||||||||
| GraniteShares YieldBOOST BABA ETF | – | (409,389 | ) | – | (972 | ) | (410,361 | ) | ||||||||||||
| GraniteShares YieldBOOST MARA ETF | – | (1,684,105 | ) | – | 26,715 | (1,657,390 | ) | |||||||||||||
| GraniteShares YieldBOOST IONQ ETF | – | (2,956,093 | ) | – | 67,258 | (2,888,835 | ) | |||||||||||||
| GraniteShares YieldBOOST Semiconductor ETF | – | – | – | 1,534,454 | 1,534,454 | |||||||||||||||
| GraniteShares YieldBOOST Gold Miners ETF | – | (2,231,090 | ) | – | 27,213 | (2,203,877 | ) | |||||||||||||
| GraniteShares YieldBOOST RGTI ETF | – | (998,421 | ) | – | 26,422 | (971,999 | ) | |||||||||||||
| GraniteShares YieldBOOST QBTS ETF | – | (656,427 | ) | – | 36,501 | (619,926 | ) | |||||||||||||
| GraniteShares YieldBOOST RIOT ETF | – | (149,245 | ) | – | 8,542 | (140,703 | ) | |||||||||||||
| GraniteShares YieldBOOST HIMS ETF | – | (731,703 | ) | – | 10,853 | (720,850 | ) | |||||||||||||
| GraniteShares YieldBOOST Single Stock Universe ETF | – | (194,189 | ) | – | (555,596 | ) | (749,785 | ) | ||||||||||||
| GraniteShares YieldBOOST TopYielders ETF | – | (899,502 | ) | – | (452,532 | ) | (1,352,034 | ) | ||||||||||||
| GraniteShares YieldBOOST MU ETF | – | – | – | 195,194 | 195,194 | |||||||||||||||
| GraniteShares YieldBOOST TSM ETF | – | – | – | 6,542 | 6,542 | |||||||||||||||
| GraniteShares YieldBOOST CRWV ETF | – | (27,022 | ) | – | 2,192 | (24,830 | ) | |||||||||||||
| GraniteShares YieldBOOST CRCL ETF | – | – | (44,771 | ) | (34,288 | ) | (79,059 | ) | ||||||||||||
| GraniteShares YieldBOOST Ether ETF | – | (81,919 | ) | – | (7,874 | ) | (89,793 | ) | ||||||||||||
| GraniteShares YieldBOOST Biotech ETF | – | – | – | 1,113 | 1,113 | |||||||||||||||
| GraniteShares YieldBOOST Financials ETF | 8,310 | – | – | (1,334 | ) | 6,976 | ||||||||||||||
| GraniteShares YieldBOOST Technology ETF | – | (14,128 | ) | – | 3,495 | (10,633 | ) | |||||||||||||
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | – | (8,376 | ) | – | (3,790 | ) | (12,166 | ) | ||||||||||||
| Annual Report | June 30, 2026 | 139 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next year without expiration. As of June 30, 2026, the following amounts are available as carry forwards to the next year:
| Fund | Short-Term | Long-Term | ||||||
| GraniteShares YieldBOOST TSLA ETF | $ | 40,707,287 | $ | – | ||||
| GraniteShares YieldBOOST QQQ ETF | 134,745 | – | ||||||
| GraniteShares YieldBOOST SPY ETF | – | – | ||||||
| GraniteShares YieldBOOST NVDA ETF | – | – | ||||||
| GraniteShares YieldBOOST Bitcoin ETF | 24,461,196 | – | ||||||
| GraniteShares YieldBOOST COIN ETF | 64,866,223 | – | ||||||
| GraniteShares YieldBOOST AMD ETF | – | – | ||||||
| GraniteShares YieldBOOST AMZN ETF | – | – | ||||||
| GraniteShares YieldBOOST MSTR ETF | 2,538,693 | – | ||||||
| GraniteShares YieldBOOST PLTR ETF | 2,482,340 | – | ||||||
| GraniteShares YieldBOOST SMCI ETF | 4,874,888 | – | ||||||
| GraniteShares YieldBOOST HOOD ETF | 12,665,282 | – | ||||||
| GraniteShares YieldBOOST META ETF | 234,549 | – | ||||||
| GraniteShares YieldBOOST BABA ETF | 409,389 | – | ||||||
| GraniteShares YieldBOOST MARA ETF | 1,684,105 | – | ||||||
| GraniteShares YieldBOOST IONQ ETF | 2,956,093 | – | ||||||
| GraniteShares YieldBOOST Semiconductor ETF | – | – | ||||||
| GraniteShares YieldBOOST Gold Miners ETF | 2,231,090 | – | ||||||
| GraniteShares YieldBOOST RGTI ETF | 998,421 | – | ||||||
| GraniteShares YieldBOOST QBTS ETF | 656,427 | – | ||||||
| GraniteShares YieldBOOST RIOT ETF | 149,245 | – | ||||||
| GraniteShares YieldBOOST HIMS ETF | 731,703 | – | ||||||
| GraniteShares YieldBOOST Single Stock Universe ETF | 194,189 | – | ||||||
| GraniteShares YieldBOOST TopYielders ETF | 899,502 | – | ||||||
| GraniteShares YieldBOOST MU ETF | – | – | ||||||
| GraniteShares YieldBOOST TSM ETF | – | – | ||||||
| GraniteShares YieldBOOST CRWV ETF | 27,022 | – | ||||||
| GraniteShares YieldBOOST CRCL ETF | – | – | ||||||
| GraniteShares YieldBOOST Ether ETF | 81,919 | – | ||||||
| GraniteShares YieldBOOST Biotech ETF | – | – | ||||||
| GraniteShares YieldBOOST Financials ETF | – | – | ||||||
| GraniteShares YieldBOOST Technology ETF | 14,128 | – | ||||||
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | 8,376 | – | ||||||
The Funds did not use any capital loss carryovers during the year ended June 30, 2026.
Late Year Ordinary Losses and Capital Losses arising in the post-October period of the current fiscal year may be deferred to the next fiscal year if the fund elects to defer recognition of these losses. When this election is made, any losses recognized during the period are treated as having occurred on the first day of the next fiscal year separate from and in addition to the application of normal late year ordinary and capital loss carry forwards as described above.
The Funds did not elect to defer any late year ordinary losses to the year ending June 30, 2027.
GraniteShares YieldBOOST AMZN ETF and GraniteShares YieldBOOST CRCL ETF elected to defer to the year ending June 30, 2027 capital losses recognized during the period November 1, 2025 - June 30, 2026 in the amounts of $337,060 and $44,771 respectively.
The timing and character of income and capital gain ditributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
| 140 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
The tax character of distributions paid by the Funds during the year ended June 30, 2026 and 2025 were as follows:
| Fund | Ordinary Income | Long-Term Capital Gain | Return of Capital | |||||||||
| June 30, 2026 | ||||||||||||
| GraniteShares YieldBOOST TSLA ETF | $ | 4,592,897 | $ | – | $ | 260,864,722 | ||||||
| GraniteShares YieldBOOST QQQ ETF | 172,914 | – | 4,315,947 | |||||||||
| GraniteShares YieldBOOST SPY ETF | 1,767,644 | – | 6,168,832 | |||||||||
| GraniteShares YieldBOOST NVDA ETF | 5,899,169 | – | 61,599,068 | |||||||||
| GraniteShares YieldBOOST Bitcoin ETF | 817,831 | – | 31,032,914 | |||||||||
| GraniteShares YieldBOOST COIN ETF | 1,468,144 | – | 76,670,619 | |||||||||
| GraniteShares YieldBOOST AMD ETF | 1,533,721 | – | 5,501,631 | |||||||||
| GraniteShares YieldBOOST AMZN ETF | 42,502 | – | 881,200 | |||||||||
| GraniteShares YieldBOOST MSTR ETF | 41,259 | – | 1,814,168 | |||||||||
| GraniteShares YieldBOOST PLTR ETF | 105,253 | – | 3,974,267 | |||||||||
| GraniteShares YieldBOOST SMCI ETF | 173,645 | – | 8,809,010 | |||||||||
| GraniteShares YieldBOOST HOOD ETF | 280,465 | – | 14,118,419 | |||||||||
| GraniteShares YieldBOOST META ETF | 4,008 | – | 152,498 | |||||||||
| GraniteShares YieldBOOST BABA ETF | 7,830 | – | 670,664 | |||||||||
| GraniteShares YieldBOOST MARA ETF | 45,139 | – | 2,488,107 | |||||||||
| GraniteShares YieldBOOST IONQ ETF | 99,630 | – | 5,430,840 | |||||||||
| GraniteShares YieldBOOST Semiconductor ETF | 20,359,394 | – | 22,929,447 | |||||||||
| GraniteShares YieldBOOST Gold Miners ETF | 164,201 | – | 6,813,627 | |||||||||
| GraniteShares YieldBOOST RGTI ETF | 26,357 | – | 1,336,158 | |||||||||
| GraniteShares YieldBOOST QBTS ETF | 20,519 | – | 1,024,041 | |||||||||
| GraniteShares YieldBOOST RIOT ETF | 48,721 | – | 2,641,067 | |||||||||
| GraniteShares YieldBOOST HIMS ETF | 12,215 | – | 547,735 | |||||||||
| GraniteShares YieldBOOST Single Stock Universe ETF | 126,352 | – | 690,546 | |||||||||
| GraniteShares YieldBOOST TopYielders ETF | 158,133 | – | 1,236,084 | |||||||||
| GraniteShares YieldBOOST MU ETF | 489,262 | – | 954,745 | |||||||||
| GraniteShares YieldBOOST TSM ETF | 145,299 | – | 2,927 | |||||||||
| GraniteShares YieldBOOST CRWV ETF | 1,951 | – | 123,022 | |||||||||
| GraniteShares YieldBOOST CRCL ETF | 2,234 | – | 137,220 | |||||||||
| GraniteShares YieldBOOST Ether ETF | 1,822 | – | 66,998 | |||||||||
| GraniteShares YieldBOOST Biotech ETF | 7,762 | – | 57,906 | |||||||||
| GraniteShares YieldBOOST Financials ETF | 29,425 | – | – | |||||||||
| GraniteShares YieldBOOST Technology ETF | 1,698 | – | 54,281 | |||||||||
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | 1,713 | – | 5,558 | |||||||||
| Fund | Ordinary Income | Long-Term Capital Gain | Return of Capital | |||||||||
| June 30, 2025 | ||||||||||||
| GraniteShares YieldBOOST TSLA ETF | $ | 554,313 | $ | – | $ | 2,020,765 | ||||||
| GraniteShares YieldBOOST QQQ ETF | 46,644 | – | 148,547 | |||||||||
| GraniteShares YieldBOOST SPY ETF | 148,786 | – | 93,339 | |||||||||
| GraniteShares YieldBOOST NVDA ETF | 210,181 | – | – | |||||||||
| GraniteShares YieldBOOST Bitcoin ETF | 169,759 | – | – | |||||||||
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.
| Annual Report | June 30, 2026 | 141 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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.
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.
| 142 | www.graniteshares.com |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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.
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, amont other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, whare 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.
| Annual Report | June 30, 2026 | 143 |
| GraniteShares ETF Trust | Notes to Financial Statements |
| June 30, 2026 |
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.
13. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENT
The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.
14. REGULATORY UPDATES
In September 2023, the SEC adopted a final rule relating to “Names Rule” under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets’ treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective in December 2023. Following a recent extension by the SEC, fund groups with net assets of $1 billion or more must comply by June 11, 2026, while smaller fund groups (less than $1 billion in net assets) have until December 11, 2026. Management has determined that adoption of this rule will not have a material impact on the Funds’ financial statements.
15. 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.
| 144 | www.graniteshares.com |
| Report of Independent | |
| GraniteShares ETF Trust | Registered Public Accounting Firm |
| June 30, 2026 |
To the Shareholders and
The Board of Directors of GraniteShares ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of GraniteShares YieldBOOST TSLA ETF, GraniteShares YieldBOOST QQQ ETF, GraniteShares YieldBOOST SPY ETF, GraniteShares YieldBOOST NVDA ETF, GraniteShares YieldBOOST Bitcoin ETF, GraniteShares YieldBOOST Coin ETF, GraniteShares YieldBOOST AMD ETF, GraniteShares YieldBOOST AMZN ETF, GraniteShares YieldBOOST MSTR ETF, GraniteShares YieldBOOST PLTR ETF, GraniteShares YieldBOOST SMCI ETF, GraniteShares YieldBOOST HOOD ETF, GraniteShares YieldBOOST META ETF, GraniteShares YieldBOOST BABA ETF, GraniteShares YieldBOOST MARA ETF, GraniteShares YieldBOOST IONQ ETF, GraniteShares YieldBOOST Semiconductor ETF, GraniteShares YieldBOOST Gold Miners ETF, GraniteShares YieldBOOST RGTI ETF, GraniteShares YieldBOOST QBTS ETF, GraniteShares YieldBOOST RIOT ETF, GraniteShares YieldBOOST HIMS ETF, GraniteShares YieldBOOST Single Stock Universe ETF, GraniteShares YieldBOOST TopYielders ETF, GraniteShares YieldBOOST MU ETF, GraniteShares YieldBOOST TSM ETF, GraniteShares YieldBOOST CRWV ETF, GraniteShares YieldBOOST CRCL ETF, GraniteShares YieldBOOST Ether ETF, GraniteShares YieldBOOST Biotech ETF, GraniteShares YieldBOOST Financials ETF, GraniteShares YieldBOOST Technology ETF, GraniteShares YieldBOOST 20Y+ Treasuries ETF (the “Funds”), each a series of GraniteShares ETF Trust, including the schedules of investments, as of June 30, 2026, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2026, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Funds constituting GraniteShares ETF Trust |
Statements of operations |
Statements of changes in net assets |
Financial highlights | |||
| GraniteShares YieldBOOST TSLA ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period December 17, 2024 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period December 17, 2024 (commencement of operations) through June 30, 2025 | |||
| GraniteShares YieldBOOST QQQ ETF and GraniteShares YieldBOOST SPY ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period February 25, 2025 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period February 25, 2025 (commencement of operations) through June 30, 2025 | |||
| GraniteShares YieldBOOST NVDA ETF and GraniteShares YieldBOOST Bitcoin ETF | For the year ended June 30, 2026 | For the year ended June 30, 2026 and for the period May 12, 2025 (commencement of operations) through June 30, 2025 | For the year ended June 30, 2026 and for the period May 12, 2025 (commencement of operations) through June 30, 2025 | |||
| GraniteShares YieldBOOST Coin ETF | For the period July 28, 2025 (commencement of operations) through June 30, 2026 | For the period July 28, 2025 (commencement of operations) through June 30, 2026 | For the period July 28, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST AMD ETF and GraniteShares YieldBOOST AMZN ETF | For the period September 15, 2025 (commencement of operations) through June 30, 2026 | For the period September 15, 2025 (commencement of operations) through June 30, 2026 | For the period September 15, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST MSTR ETF and GraniteShares YieldBOOST PLTR ETF | For the period September 22, 2025 (commencement of operations) through June 30, 2026 | For the period September 22, 2025 (commencement of operations) through June 30, 2026 | For the period September 22, 2025 (commencement of operations) through June 30, 2026 |
| Annual Report | June 30, 2026 | 145 |
| Report of Independent | |
| GraniteShares ETF Trust | Registered Public Accounting Firm |
| June 30, 2026 |
Individual Funds constituting GraniteShares ETF Trust |
Statements of operations |
Statements of changes in net assets |
Financial highlights | |||
| GraniteShares YieldBOOST SMCI ETF and GraniteShares YieldBOOST HOOD ETF | For the period September 29, 2025 (commencement of operations) through June 30, 2026 | For the period September 29, 2025 (commencement of operations) through June 30, 2026 | For the period September 29, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST META ETF and GraniteShares YieldBOOST BABA ETF | For the period October 20, 2025 (commencement of operations) through June 30, 2026 | For the period October 20, 2025 (commencement of operations) through June 30, 2026 | For the period October 20, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST MARA ETF and GraniteShares YieldBOOST IONQ ETF | For the period November 3, 2025 (commencement of operations) through June 30, 2026 | For the period November 3, 2025 (commencement of operations) through June 30, 2026 | For the period November 3, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST Semiconductor ETF and GraniteShares YieldBOOST Gold Miners ETF | For the period November 17, 2025 (commencement of operations) through June 30, 2026 | For the period November 17, 2025 (commencement of operations) through June 30, 2026 | For the period November 17, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST RGTI ETF and GraniteShares YieldBOOST QBTS ETF | For the period November 24, 2025 (commencement of operations) through June 30, 2026 | For the period November 24, 2025 (commencement of operations) through June 30, 2026 | For the period November 24, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST RIOT ETF and GraniteShares YieldBOOST HIMS ETF | For the period December 1, 2025 (commencement of operations) through June 30, 2026 | For the period December 1, 2025 (commencement of operations) through June 30, 2026 | For the period December 1, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST Single Stock Universe ETF and GraniteShares YieldBOOST TopYielders ETF | For the period December 15, 2025 (commencement of operations) through June 30, 2026 | For the period December 15, 2025 (commencement of operations) through June 30, 2026 | For the period December 15, 2025 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST MU ETF, GraniteShares YieldBOOST TSM ETF and GraniteShares YieldBOOST CRWV ETF | For the period April 13, 2026 (commencement of operations) through June 30, 2026 | For the period April 13, 2026 (commencement of operations) through June 30, 2026 | For the period April 13, 2026 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST CRCL ETF and GraniteShares YieldBOOST Ether ETF | For the period April 27, 2026 (commencement of operations) through June 30, 2026 | For the period April 27, 2026 (commencement of operations) through June 30, 2026 | For the period April 27, 2026 (commencement of operations) through June 30, 2026 | |||
| GraniteShares YieldBOOST Biotech ETF, GraniteShares YieldBOOST Financials ETF, GraniteShares YieldBOOST Technology ETF and GraniteShares YieldBOOST 20Y+ Treasuries ETF | For the period May 4, 2026 (commencement of operations) through June 30, 2026 | For the period May 4, 2026 (commencement of operations) through June 30, 2026 | For the period May 4, 2026 (commencement of operations) through June 30, 2026 |
| 146 | www.graniteshares.com |
| Report of Independent | |
| GraniteShares ETF Trust | Registered Public Accounting Firm |
| June 30, 2026 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more GraniteShares LLC investment companies since 2019.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian and brokers, when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 28, 2026
| Annual Report | June 30, 2026 | 147 |
| GraniteShares ETF Trust | Additional Information |
| June 30, 2026 (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, 2025:1
| Qualified Dividend Income | Dividend 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.
| 148 | www.graniteshares.com |
| GraniteShares ETF Trust | Additional Information |
June 30, 2026 (Unaudited)
Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designated the following amounts as long-term capital gain dividends for the calendar year ended December 31, 2025.1
| Long Term Capital Gain | ||||
| GraniteShares YieldBOOST TSLA ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST QQQ ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST SPY ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST NVDA ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST Bitcoin ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST COIN ETF | $ | 0.00 | ||
| GraniteShares YieldBoost AMD ETF | $ | 0.00 | ||
| GraniteShares YieldBoost AMZN ETF | $ | 0.00 | ||
| GraniteShares YieldBoost MSTR ETF | $ | 0.00 | ||
| GraniteShares YieldBoost PLTR ETF | $ | 0.00 | ||
| GraniteShares YieldBoost SMCI ETF | $ | 0.00 | ||
| GraniteShares YieldBoost HOOD ETF | $ | 0.00 | ||
| GraniteShares YieldBoost META ETF | $ | 0.00 | ||
| GraniteShares YieldBoost BABA ETF | $ | 0.00 | ||
| GraniteShares YieldBoost MARA ETF | $ | 0.00 | ||
| GraniteShares YieldBoost IONQ ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST Semiconductor ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST Gold Miners ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST RGTI ETF | $ | 0.00 | ||
| GraniteShares YieldBOOST QBTS ETF | $ | 0.00 | ||
| GraniteShares YieldBoost RIOT ETF | $ | 0.00 | ||
| GraniteShares YieldBoost HIMS ETF | $ | 0.00 | ||
| GraniteShares YieldBoost Single Stock Universe ETF | $ | 0.00 | ||
| 1 | GraniteShares YieldBoost MU ETF, GraniteShares YieldBoost TSM ETF, GraniteShares YieldBoost CRWV ETF, GraniteShares YieldBoost CRCL ETF, GraniteShares YieldBoost Ether ETF, GraniteShares YieldBoost BioTech ETF, GraniteShares YieldBoost Financials ETF, GraniteShares YieldBoost Technology ETF, and GraniteShares YieldBoost 20Y+ Treasuries ETF had launch dates after December 31, 2025. |
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.
| Annual Report | June 30, 2026 | 149 |
| GraniteShares ETF Trust | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
June 30, 2026 (Unaudited)
Not applicable for this reporting period.
| 150 | www.graniteshares.com |
| Proxy Disclosures for Open-End | |
| GraniteShares ETF Trust | Management Investment Companies |
June 30, 2026 (Unaudited)
Not applicable for this reporting period.
| Annual Report | June 30, 2026 | 151 |
| GraniteShares ETF Trust | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies |
June 30, 2026 (Unaudited)
The following chart provides certain information about the Trustee fees paid by the Trust for the year ended June 30, 2026:
Aggregate Regular Compensation From the Trust | Aggregate Special Compensation From the Trust | Total Compensation From the Trust | ||||||||||
| Steven James Smyser, Trustee | $ | 35,000 | $ | – | $ | 35,000 | ||||||
| Seddik Meziani, Trustee | $ | 35,000 | $ | – | $ | 35,000 | ||||||
| Total | $ | 70,000 | $ | – | $ | 70,000 | ||||||
Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.
| 152 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (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 a meeting held on May 8, 2026 (the “Meeting”), 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 in each relevant Agreement, with respect to each of the Delta 1 Funds (the “D1 Funds”), each of the Short and Leveraged Funds (the “S&L Funds”), each of the YieldBOOST Funds (the “YB Funds”), each of the Autocallable Funds (the “AC Funds”), and each of the Prediction Market Funds (the “PM Funds”). The 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.1
In advance of the 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 independent legal 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 the Meeting, the Board evaluated the information prepared for the 15(c) review process. The 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 the 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 provisionsof the 1940Act in light of the outbreakof coronavirusdisease 2019 (COVID-19), including the in-person votingrequirementsunder Section 15(c) of the 1940 Act with respect to approvingorrenewing an investment advisoryagreement, subject to certain conditions. The reliefwas 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 issuedan orderextending the durationof the conditionalrelief further, throughat least December 31,2020. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at the Meeting. |
| Annual Report | June 30, 2026 | 153 |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (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.
The D1 Funds
With respect to each of the D1 Funds, the Board assessed the Adviser’s management capabilities as demonstrated by each Fund’s performance and ability to meet its investment objective.
The Board noted that COMB is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. The Fund’s investment strategy is based in part on the Bloomberg Commodity Index (the “COMB Benchmark”), which is designed to be a highly liquid and broad benchmark for commodities futures investments. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the Fund’s returns on a market price basis and on a net asset value (“NAV”) basis, as well as the returns of the COMB Benchmark, and the related performance attribution commentary provided by the Adviser.
As to HIPS, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index (the “HIPS Index”). HIPS is a rules-based index that measures the performance of up to 40 high income U.S.-listed securities that typically have “pass-through” structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. As with COMB, the Board took into account the information it received regarding HIPS’s returns on a market price basis and on a NAV basis, and the returns of the HIPS Index over the same periods, as well as the Adviser’s performance attribution analysis.
With respect to DRUP, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the Nasdaq US Large Cap Select Disruptors Index (the “DRUP Index”), which tracks the performance of large-cap, U.S.-listed companies with high disruption scores. Companies are assigned a disruption score using a multifactor scoring model, which is based on multiple fundamental metrics such as patent value, revenue growth, research and development expenses, and gross margins. The index universe consists of all issuers from the Nasdaq US 500 Large Cap Index, and the top 50 securities are selected for inclusion in the DRUP Index. The DRUP Index is a modified free-float market capitalization-weighted index to reduce excessive concentration. The Index is reconstituted semi-annually and rebalanced quarterly. As with COMB and HIPS, the Board considered the information it received regarding DRUP’s returns on a market price basis and on a NAV basis, and the returns of the DRUP Index over the same periods, as well as the Adviser’s performance attribution analysis.
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.
| 154 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
The YB Funds
With respect to each of the single stock 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. With respect to each of the fund-of-funds YB Funds, the Board considered that the Funds will be actively managed, similar to the single stock YB funds, and their investment strategies will generate yield by investing in single stock YB Funds. The Board considered that the Adviser has managed the YB 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 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 was 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 the Adviser has refined its operational capabilities to manage the AC Funds. 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 PM Funds
With respect to each of the PM Funds, the Board considered that each Fund will be actively managed and will seek to gain exposure to certain events by gaining exposure to a prediction contract and roll forward to a new prediction contract prior to expiration of the prior contract to ensure that the ETF will maintain value after the prior event has taken place. The Board considered that the Adviser was the first issuer to bring prediction contracts under an ETF wrapper, and the Adviser’s history of launching new innovative products, managing those products within tight performance metrics, and refining their operational processes. 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.
All Funds
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.
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. The Board also considered that the Adviser will have an expense limitation agreement in place for each S&L Fund, YB Fund, AC Fund, and PM Fund until December 31, 2027.
The D1 Funds
With respect to each of the D1 Funds, the Board noted that the Adviser recommended maintaining the current advisory fee for each of COMB, HIPS and DRUP at 0.25%, 0.70% and 0.60% per annum, respectively. The Board considered that the advisory fee for each Fund is a unitary fee pursuant to which the Adviser assumes substantially all expenses of the Fund (excluding interest, Acquired Fund Fees and Expenses, 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 the Fund’s business and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act). Thus, the Board reviewed information provided in the Meeting materials comparing each Fund’s proposed unitary fee to certain other funds identified by the Adviser. The Board also took into account the information provided regarding the Adviser’s process for identifying such other funds.
With respect to COMB, the Adviser identified certain ETFs and mutual funds providing broad commodity exposures (with particular focus on the least expensive mutual fund share class) using third-party data sources. The Board observed that the Fund’s proposed unitary fee was significantly lower than the average total expense ratio of the commodity funds deemed relevant for comparative analysis.
With respect to HIPS and DRUP, the Adviser identified certain ETFs and mutual funds providing similar exposures using third-party data sources. The Board noted that each Fund’s fee was higher than the respective average peer fee, but lower than the maximum observed fee, and the strategy for each Fund was unique in the marketplace.
In assessing the proposed unitary fee for each Fund, the Board also considered the Adviser’s description of the resources involved in managing each Fund. In addition, the Board considered each Fund’s size and the likelihood that the Adviser would continue to absorb certain operational expenses incurred by each Fund through the renewal term of the Agreement.
| Annual Report | June 30, 2026 | 155 |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
The S&L Funds
With respect to the existing S&L Funds, the Board considered the proposed annual advisory fees at their current level. With respect to each of the New S&L Funds, the Board considered the proposed varied fee levels based on whether each fund had long or short exposure and the amount of leverage applied to each fund. The Board noted as assets held for short periods, investors focus on the tradability and investment objective of the fund, and that management fees and expense ratios have little impact over the short duration that each fund was expected to be held. The Board also considered that the Adviser had worked with its swap counterparties on strategies that would enable a fund to have long and short leverage factors greater than 2x while still complying with the derivative risk limits imposed by the SEC. The Board considered that the Adviser recommended for each of the S&L Funds a non-unitary fee structure and a total expense ratio capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the Adviser did not recommend lowering the Adviser’s fees for the S&L Funds because the daily tracking performance of the existing S&L Funds was small and stable, the Adviser expected commercial uncertainties with respect to the S&L Funds, the Funds were unique and operationally intensive to manage, and the costs of launching and managing the S&L Funds benefit from the advisory fee levels. After further consideration, the Board determined that the advisory fees and expected profitability for each S&L Fund were not unreasonable.
The YB Funds
With respect to each of the single stock YB Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and total expense ratio of 1.15%, and for the fund-of-funds YB Funds, the Board considered that the Adviser recommended a management fee of 0.29% with a non-unitary fee structure and a total expense ratio of 0.50%, all of which would be capped by a fee waiver in effect until at least December 31, 2027. The Board considered that with the YB Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching and managing funds with unique strategies in order to build a market for those funds. The Board also noted that the fund-of-funds YB Funds invest in the YieldBOOST series of the Trust, and the management fee and fee waiver did not include the fees and expenses of the underlying funds that each of the fund-of-fund YB Funds will invest in. The Board considered that the management fees for each of the single stock YB funds was greater than the average management fees for peer ETFs and mutual funds with option-based income strategies. After further consideration, the Board determined that the advisory fees for each YB Fund was not unreasonable.
The AC Funds
With respect to each of the AC Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the AC Funds consisted of autocallable instruments on single names under an ETF wrapper, which was an asset type that was typically accessed via a bank or broker through significant investment, relatively high fees, and limited diversification. The Board also observed that investors could access the autocallable asset class via limited ETFs of broad indices, and that the advisers to the peer funds had lower management fees than the Adviser’s recommended management fees for each of AC Funds. The Board observed that the AC Funds benefit from the Adviser’s operational capabilities and experience gained managing the S&L Funds and YB Funds of the Trust. The Board considered that with the AC Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. In addition, the Board considered the size of peer funds and the likelihood that the Adviser would absorb certain operational expenses incurred by each AC Fund through the end of December 31, 2027. After further consideration, the Board determined that the Adviser’s proposed advisory fees for each of the AC Funds was not unreasonable.
The PM Funds
With respect to each of the PM Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board observed that prediction markets are a recent innovation and there are no instances where prediction contracts have been wrapped in an ETF. The Board considered that structuring the PM Funds was highly complex, there were few brokers that would provide institutional access to relevant derivative contracts, and the Adviser was taking entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. After consideration, the Board determined that the Adviser’s proposed advisory fees for each of the PM Funds was not unreasonable.
Based on the information presented and the discussions at the 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 agreements were adequate for each of the Funds, and economies of scale would be revisited as each Fund’s asset levels increase.
| 156 | www.graniteshares.com |
| GraniteShares ETF Trust | Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2026 (Unaudited) |
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 was in the best interest of the Trust. At the Meeting, the Board, including the Independent Trustees, unanimously approved the Agreements as to each of the Funds.
| Annual Report | June 30, 2026 | 157 |
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.
Table of Contents
| GraniteShares Autocallable TSLA ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 2,248,565 | (a) | |
| NET ASSETS (100.00%) | $ | 2,248,565 |
(a) Includes cash which is being held as collateral for total return swap contracts.
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Underlying
Reference Instrument | Fixed Rate (Fund Receives) | Floating
Rate (Fund Pays) | Termination
Date | Periodic Payment Freqency | Notional
Amount | Upfront
Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable TSLA TRS 50% EKI | 15.30 | % | 1 Day SOFR | 1/31/2028 | Monthly | 447,000 | $ | (2,190 | ) | $ | 448,005 | $ | 4,490 | ||||||||||||||
| Nomura Securities | Autocallable TSLA TRS 55% EKI | 17.40 | % | 1 Day SOFR | 1/31/2028 | Monthly | 447,000 | $ | (2,368 | ) | $ | 448,665 | $ | 5,328 | ||||||||||||||
| Nomura Securities | Autocallable TSLA TRS 60% EKI | 20.20 | % | 1 Day SOFR | 1/31/2028 | Monthly | 447,000 | $ | (2,333 | ) | $ | 449,000 | $ | 5,628 | ||||||||||||||
| Nomura Securities | Autocallable TSLA TRS 65% EKI | 22.75 | % | 1 Day SOFR | 1/31/2028 | Monthly | 447,000 | $ | (2,485 | ) | $ | 449,570 | $ | 6,350 | ||||||||||||||
| Nomura Securities | Autocallable TSLA TRS 70% EKI | 25.50 | % | 1 Day SOFR | 1/31/2028 | Monthly | 447,000 | $ | (2,501 | ) | $ | 450,293 | $ | 7,088 | ||||||||||||||
| $ | (11,877 | ) | $ | 2,245,533 | $ | 28,884 | ||||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI
- European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level
is reached before expiration.
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 1 |
| GraniteShares Autocallable NVDA ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 2,513,459 | (a) | |
| NET ASSETS (100.00%) | $ | 2,513,459 |
(a) Includes cash which is being held as collateral for total return swap contracts.
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Underlying
Reference Instrument | Fixed Rate (Fund Receives) | Floating
Rate (Fund Pays) | Termination
Date | Periodic Payment Freqency | Notional
Amount | Upfront
Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable NVDA TRS 50% EKI | 13.20 | % | 1 Day SOFR | 4/28/2028 | Monthly | 498,500 | $ | 2,311 | $ | 502,300 | $ | 2,965 | |||||||||||||||
| Nomura Securities | Autocallable NVDA TRS 55% EKI | 15.05 | % | 1 Day SOFR | 4/28/2028 | Monthly | 498,500 | $ | 2,682 | $ | 502,899 | $ | 3,192 | |||||||||||||||
| Nomura Securities | Autocallable NVDA TRS 60% EKI | 17.35 | % | 1 Day SOFR | 4/28/2028 | Monthly | 498,500 | $ | 2,704 | $ | 503,246 | $ | 3,518 | |||||||||||||||
| Nomura Securities | Autocallable NVDA TRS 65% EKI | 19.50 | % | 1 Day SOFR | 4/28/2028 | Monthly | 498,500 | $ | 2,979 | $ | 503,660 | $ | 3,656 | |||||||||||||||
| Nomura Securities | Autocallable NVDA TRS | 21.85 | % | 1 Day SOFR | 4/28/2028 | Monthly | 498,500 | $ | 3,114 | $ | 504,769 | $ | 4,630 | |||||||||||||||
| $ | 13,790 | $ | 2,516,874 | $ | 17,961 | |||||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.
| See Notes to Financial Statements. | |
| 2 | www.graniteshares.com |
| GraniteShares Autocallable MSTR ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 532.22%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 2,000,000 | $ | 1,995,596 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $1,995,858) | 1,995,596 | |||||||
| TOTAL INVESTMENTS - 532.22% | ||||||||
| (Cost $1,995,858) | $ | 1,995,596 | ||||||
| Liabilities In Excess Of Other Assets - (432.22%) | (1,620,641 | ) (b) | ||||||
| NET ASSETS (100.00%) | $ | 374,955 | ||||||
(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 | Underlying
Reference Instrument | Fixed Rate (Fund Receives) | Floating
Rate (Fund Pays) | Termination
Date | Periodic
Payment Freqency | Notional
Amount | Upfront
Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable MSTR TRS 50% EKI | 30.60 | % | 1 Day SOFR | 4/28/2028 | Monthly | 150,000 | $ | — | $ | 82,271 | $ | (67,276 | ) | ||||||||||||||
| Nomura Securities | Autocallable MSTR TRS 55% EKI | 33.25 | % | 1 Day SOFR | 4/28/2028 | Monthly | 150,000 | $ | — | $ | 77,930 | $ | (71,617 | ) | ||||||||||||||
| Nomura Securities | Autocallable MSTR TRS 60% EKI | 36.80 | % | 1 Day SOFR | 4/28/2028 | Monthly | 150,000 | $ | — | $ | 73,981 | $ | (75,566 | ) | ||||||||||||||
| Nomura Securities | Autocallable MSTR TRS 65% EKI | 40.40 | % | 1 Day SOFR | 4/28/2028 | Monthly | 150,000 | $ | — | $ | 71,123 | $ | (78,424 | ) | ||||||||||||||
| Nomura Securities | Autocallable MSTR TRS 70% EKI | 45.00 | % | 1 Day SOFR | 4/28/2028 | Monthly | 150,000 | $ | — | $ | 68,374 | $ | (81,173 | ) | ||||||||||||||
| $ | — | $ | 373,679 | $ | (374,056 | ) | ||||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 3 |
| GraniteShares Autocallable COIN ETF | Schedule of Investments |
| June 30, 2026 |
| Investments | Principal Amount | Value | ||||||
| UNITED STATES TREASURY OBLIGATIONS - 122.17%(a) | ||||||||
| United States Treasury Bill, 3.389% , 07/23/2026 | $ | 1,000,000 | $ | 997,798 | ||||
| TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
| (Cost $1,997,929) | 997,798 | |||||||
| TOTAL INVESTMENTS - 122.17% | ||||||||
| (Cost $1,997,929) | $ | 997,798 | ||||||
| Liabilities In Excess Of Other Assets - (22.17%) | (181,079 | ) (b) | ||||||
| NET ASSETS (100.00%) | $ | 816,719 | ||||||
(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 | Underlying Reference Instrument | Fixed Rate (Fund Receives) | Floating Rate (Fund Pays) | Termination Date | Periodic Payment Freqency | Notional Amount | Upfront Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable COIN TRS 50% EKI | 30.75 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (6,827 | ) | $ | 172,069 | $ | (20,535 | ) | |||||||||||||
| Nomura Securities | Autocallable COIN TRS 55% EKi | 33.75 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (7,712 | ) | $ | 168,332 | $ | (23,388 | ) | |||||||||||||
| Nomura Securities | Autocallable COIN TRS 60% EKI | 37.60 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (8,664 | ) | $ | 164,762 | $ | (26,005 | ) | |||||||||||||
| Nomura Securities | Autocallable COIN TRS 65% EKI | 41.50 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (9,715 | ) | $ | 160,798 | $ | (28,918 | ) | |||||||||||||
| Nomura Securities | Autocallable COIN TRS 70% EKI | 46.00 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (10,994 | ) | $ | 149,392 | $ | (39,045 | ) | |||||||||||||
| $ | (43,912 | ) | $ | 815,353 | $ | (137,891 | ) | |||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.
| See Notes to Financial Statements. | |
| 4 | www.graniteshares.com |
| GraniteShares Autocallable PLTR ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 2,128,865 | (a) | |
| NET ASSETS (100.00%) | $ | 2,128,865 |
(a) Includes cash which is being held as collateral for total return swap contracts.
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Underlying
Reference Instrument | Fixed Rate (Fund Receives) | Floating
Rate (Fund Pays) | Termination
Date | Periodic Payment Freqency | Notional
Amount | Upfront
Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable PLTR TRS 50% EKI | 17.50 | % | 1 Day SOFR | 4/28/2028 | Monthly | 450,000 | $ | 634 | $ | 430,876 | $ | (18,399 | ) | ||||||||||||||
| Nomura Securities | Autocallable PLTR TRS 55% EKI | 19.50 | % | 1 Day SOFR | 4/28/2028 | Monthly | 450,000 | $ | 704 | $ | 428,251 | $ | (21,094 | ) | ||||||||||||||
| Nomura Securities | Autocallable PLTR TRS 60% EKI | 22.00 | % | 1 Day SOFR | 4/28/2028 | Monthly | 450,000 | $ | 258 | $ | 423,640 | $ | (25,259 | ) | ||||||||||||||
| Nomura Securities | Autocallable PLTR TRS 65% EKI | 24.60 | % | 1 Day SOFR | 4/28/2028 | Monthly | 450,000 | $ | 371 | $ | 420,917 | $ | (28,095 | ) | ||||||||||||||
| Nomura Securities | Autocallable PLTR TRS 70% EKI | 27.75 | % | 1 Day SOFR | 4/28/2028 | Monthly | 450,000 | $ | 477 | $ | 416,705 | $ | (32,413 | ) | ||||||||||||||
| $ | 2,444 | $ | 2,120,389 | $ | (125,260 | ) | ||||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.
See
Notes to Financial Statements.
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 5 |
| GraniteShares Autocallable HOOD ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 1,031,469 | (a) | |
| NET ASSETS (100.00%) | $ | 1,031,469 |
(a) Includes cash which is being held as collateral for total return swap contracts.
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Underlying
Reference Instrument | Fixed Rate (Fund Receives) | Floating
Rate (Fund Pays) | Termination
Date | Periodic Payment Freqency | Notional
Amount | Upfront
Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable HOOD TRS 50% EKI | 23.60 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 37 | $ | 204,526 | $ | 5,093 | |||||||||||||||
| Nomura Securities | Autocallable HOOD TRS 55% EKI | 26.40 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 69 | $ | 205,334 | $ | 5,870 | |||||||||||||||
| Nomura Securities | Autocallable HOOD TRS 60% EKI | 29.50 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 3 | $ | 205,732 | $ | 6,334 | |||||||||||||||
| Nomura Securities | Autocallable HOOD TRS 65% EKI | 32.70 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 6 | $ | 206,655 | $ | 7,254 | |||||||||||||||
| Nomura Securities | Autocallable HOOD TRS 70% EKI | 36.20 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (33 | ) | $ | 206,791 | $ | 7,428 | ||||||||||||||
| $ | 82 | $ | 1,029,038 | $ | 31,979 | |||||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI
- European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level
is reached before expiration.
| See Notes to Financial Statements. | |
| 6 | www.graniteshares.com |
| GraniteShares Autocallable SMCI ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 864,965 | (a) | |
| NET ASSETS (100.00%) | $ | 864,965 |
(a) Includes cash which is being held as collateral for total return swap contracts.
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Underlying
Reference Instrument | Fixed Rate (Fund Receives) | Floating
Rate (Fund Pays) | Termination
Date | Periodic Payment Freqency | Notional
Amount | Upfront
Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable SMCI TRS 50% EKI | 33.50 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 3,950 | $ | 177,289 | $ | (25,951 | ) | ||||||||||||||
| Nomura Securities | Autocallable SMCI TRS 55% EKI | 36.30 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 4,376 | $ | 175,221 | $ | (28,445 | ) | ||||||||||||||
| Nomura Securities | Autocallable SMCI TRS 60% EKI | 39.75 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 4,418 | $ | 171,726 | $ | (31,982 | ) | ||||||||||||||
| Nomura Securities | Autocallable SMCI TRS 65% EKI | 43.40 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 4,933 | $ | 169,815 | $ | (34,408 | ) | ||||||||||||||
| Nomura Securities | Autocallable SMCI TRS 70% EKI | 47.75 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | 5,349 | $ | 166,553 | $ | (38,086 | ) | ||||||||||||||
| $ | 23,026 | $ | 860,604 | $ | (158,872 | ) | ||||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 7 |
| GraniteShares Autocallable MARA ETF | Schedule of Investments |
| June 30, 2026 |
| Other Assets In Excess Of Liabilities - (100.00%) | $ | 964,326 | (a) | |
| NET ASSETS (100.00%) | $ | 964,326 |
(a) Includes cash which is being held as collateral for total return swap contracts.
TOTAL RETURN SWAP CONTRACTS
| Counterparty | Underlying
Reference Instrument | Fixed Rate (Fund Receives) | Floating
Rate (Fund Pays) | Termination
Date | Periodic
Payment Freqency | Notional
Amount | Upfront
Payments paid/(received) | Market Value | Unrealized appreciation (depreciation) | |||||||||||||||||||
| Nomura Securities | Autocallable MARA TRS 50% EKI | 36.00 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (3,439 | ) | $ | 193,621 | $ | (1,832 | ) | |||||||||||||
| Nomura Securities | Autocallable MARA TRS 55% EKI | 38.90 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (3,623 | ) | $ | 193,327 | $ | (1,942 | ) | |||||||||||||
| Nomura Securities | Autocallable MARA TRS 60% EKI | 42.10 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (4,378 | ) | $ | 191,429 | $ | (3,086 | ) | |||||||||||||
| Nomura Securities | Autocallable MARA TRS 65% EKI | 45.90 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (4,567 | ) | $ | 191,278 | $ | (3,048 | ) | |||||||||||||
| Nomura Securities | Autocallable
MARA TRS 70% EKI | 50.00 | % | 1 Day SOFR | 4/28/2028 | Monthly | 200,000 | $ | (5,128 | ) | $ | 189,951 | $ | (3,814 | ) | |||||||||||||
| $ | (21,135 | ) | $ | 959,606 | $ | (13,722 | ) | |||||||||||||||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.
| See Notes to Financial Statements. | |
| 8 | www.graniteshares.com |
| GraniteShares Autocallable ETFs | Statements of Assets and Liabilities |
| June 30, 2026 |
GraniteShares Autocallable TSLA ETF | GraniteShares Autocallable NVDA ETF | GraniteShares Autocallable MSTR ETF | GraniteShares Autocallable COIN ETF | GraniteShares Autocallable PLTR ETF | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments at cost | $ | - | $ | - | $ | 1,995,858 | $ | 997,929 | $ | - | ||||||||||
| Investments at value | $ | - | $ | - | $ | 1,995,596 | $ | 997,798 | $ | - | ||||||||||
| Cash | 1,588,038 | 1,749,549 | 44,385 | 344,600 | 1,561,392 | |||||||||||||||
| Cash collateral held for open swap contracts | 660,000 | 750,000 | 710,000 | 660,000 | 700,000 | |||||||||||||||
| Due from advisor | 2,010 | 1,638 | 8,580 | 8,310 | 8,494 | |||||||||||||||
| Due from counterparty | - | 6,412 | - | - | - | |||||||||||||||
| Unrealized appreciation on total return swap contracts | 28,884 | 17,961 | - | - | - | |||||||||||||||
| Other assets | 185 | 207 | 62 | 83 | 186 | |||||||||||||||
| Total Assets | 2,279,117 | 2,525,767 | 2,758,623 | 2,010,791 | 2,270,072 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Unrealized depreciation on total return swap contracts | - | - | 374,056 | 137,891 | 125,260 | |||||||||||||||
| Administration payable | 955 | 954 | 714 | 714 | 714 | |||||||||||||||
| Payable for accounting and legal | 8,371 | 8,379 | 7,992 | 7,999 | 8,032 | |||||||||||||||
| Payable to custodian | 675 | 759 | 818 | 818 | 818 | |||||||||||||||
| Payable for investments purchased | - | - | 1,995,858 | 997,929 | - | |||||||||||||||
| Payable for trustee fees | 211 | 211 | 211 | 211 | 211 | |||||||||||||||
| Payable for transfer agency | 833 | 847 | 908 | 908 | 908 | |||||||||||||||
| Due to Counterparty | 18,352 | - | 2,265 | 46,757 | 4,353 | |||||||||||||||
| Other accrued payables | 1,155 | 1,158 | 846 | 845 | 911 | |||||||||||||||
| Total Liabilities | 30,552 | 12,308 | 2,383,668 | 1,194,072 | 141,207 | |||||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||||||||
| NET ASSETS | $ | 2,248,565 | $ | 2,513,459 | $ | 374,955 | $ | 816,719 | $ | 2,128,865 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 2,231,507 | $ | 2,508,692 | $ | 375,217 | $ | 816,851 | $ | 2,128,865 | ||||||||||
| Total distributable earnings/(losses) | 17,058 | 4,767 | (262 | ) | (132 | ) | - | |||||||||||||
| NET ASSETS | $ | 2,248,565 | $ | 2,513,459 | $ | 374,955 | $ | 816,719 | $ | 2,128,865 | ||||||||||
| Shares outstanding | 90,001 | 100,001 | 30,001 | 40,001 | 90,001 | |||||||||||||||
| Net Asset Value per share | $ | 24.98 | $ | 25.13 | $ | 12.50 | $ | 20.42 | $ | 23.65 | ||||||||||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 9 |
| GraniteShares Autocallable ETFs | Statements of Assets and Liabilities |
| June 30, 2026 |
GraniteShares Autocallable HOOD ETF | GraniteShares Autocallable SMCI ETF | GraniteShares Autocallable MARA ETF | ||||||||||
| ASSETS: | ||||||||||||
| Cash | 764,344 | 294,062 | 540,857 | |||||||||
| Cash collateral held for open swap contracts | 240,000 | 710,000 | 460,000 | |||||||||
| Due from advisor | 9,517 | 11,566 | 11,735 | |||||||||
| Due from counterparty | - | 19,477 | - | |||||||||
| Unrealized appreciation on total return swap contracts | 31,979 | - | - | |||||||||
| Receivable for shares sold | - | - | 240,673 | |||||||||
| Other assets | 83 | 83 | 83 | |||||||||
| Total Assets | 1,045,923 | 1,035,188 | 1,253,348 | |||||||||
| LIABILITIES: | ||||||||||||
| Unrealized depreciation on total return swap contracts | - | 158,872 | 13,722 | |||||||||
| Administration payable | 714 | 714 | 714 | |||||||||
| Payable for accounting and legal | 8,004 | 8,006 | 8,001 | |||||||||
| Payable to custodian | 818 | 668 | 668 | |||||||||
| Payable for trustee fees | 211 | 211 | 211 | |||||||||
| Payable for transfer agency | 908 | 883 | 883 | |||||||||
| Payable for capital shares redeemed | - | - | 240,074 | |||||||||
| Due to Counterparty | 2,939 | - | 23,903 | |||||||||
| Other accrued payables | 860 | 869 | 846 | |||||||||
| Total Liabilities | 14,454 | 170,223 | 289,022 | |||||||||
| Commitments and contingencies (Note 5) | ||||||||||||
| NET ASSETS | $ | 1,031,469 | $ | 864,965 | $ | 964,326 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 1,000,535 | $ | 895,609 | $ | 975,539 | ||||||
| Total distributable earnings/(losses) | 30,934 | (30,644 | ) | (11,213 | ) | |||||||
| NET ASSETS | $ | 1,031,469 | $ | 864,965 | $ | 964,326 | ||||||
| Shares outstanding | 40,001 | 40,001 | 40,001 | |||||||||
| Net Asset Value per share | $ | 25.79 | $ | 21.62 | $ | 24.11 | ||||||
| See Notes to Financial Statements. | |
| 10 | www.graniteshares.com |
| GraniteShares Autocallable ETFs | Statements of Operations |
| For the Period Ended June 30, 2026 |
GraniteShares Autocallable TSLA ETF* | GraniteShares Autocallable NVDA ETF* | GraniteShares Autocallable MSTR ETF† | GraniteShares Autocallable COIN ETF† | GraniteShares Autocallable PLTR ETF† | ||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest | $ | 17,020 | $ | 17,738 | $ | 2,196 | $ | 2,679 | $ | 6,341 | ||||||||||
| Total Investment Income | 17,020 | 17,738 | 2,196 | 2,679 | 6,341 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Advisory fees | 5,451 | 5,810 | 804 | 1,049 | 2,186 | |||||||||||||||
| Administration fees | 955 | 954 | 714 | 714 | 714 | |||||||||||||||
| Transfer agency | 2,152 | 2,173 | 908 | 908 | 908 | |||||||||||||||
| Trustee fees | 468 | 468 | 211 | 211 | 211 | |||||||||||||||
| Custody fees | 468 | 541 | 303 | 303 | 303 | |||||||||||||||
| Accounting and legal | 11,210 | 11,221 | 8,502 | 8,509 | 8,407 | |||||||||||||||
| Other expenses | 7,468 | 7,469 | 4,531 | 4,531 | 4,598 | |||||||||||||||
| Total Expenses | 28,172 | 28,636 | 15,973 | 16,225 | 17,327 | |||||||||||||||
| Less waiver fees (Note 5) | (21,626 | ) | (21,589 | ) | (15,044 | ) | (15,008 | ) | (14,761 | ) | ||||||||||
| Fees Paid Indirectly (Note 5) | (200 | ) | (300 | ) | - | - | - | |||||||||||||
| Net Expenses | 6,346 | 6,747 | 929 | 1,217 | 2,566 | |||||||||||||||
| NET INVESTMENT INCOME | 10,674 | 10,991 | 1,267 | 1,462 | 3,775 | |||||||||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||||||||||
| Investments | (7 | ) | (8 | ) | 1 | - | - | |||||||||||||
| Total return swaps | 69,024 | 55,472 | 19,506 | 19,371 | 32,074 | |||||||||||||||
| Total Net realized gain | 69,017 | 55,464 | 19,507 | 19,371 | 32,074 | |||||||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||||||||||
| Investments | - | - | (262 | ) | (131 | ) | - | |||||||||||||
| Total return swaps | 28,884 | 17,961 | (374,056 | ) | (137,891 | ) | (125,260 | ) | ||||||||||||
| Total net change in unrealized | ||||||||||||||||||||
| appreciation/(depreciation) | 28,884 | 17,961 | (374,318 | ) | (138,022 | ) | (125,260 | ) | ||||||||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 108,575 | $ | 84,416 | $ | (353,544 | )$ | (117,189 | ) | $ | (89,411 | ) | ||||||||
| * | Commenced operations on February 2, 2026. |
| † | Commenced operations on May 11, 2026. |
| ‡ | Commenced operations on May 18, 2026. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 11 |
| GraniteShares Autocallable ETFs | Statements of Operations |
| For the Period Ended June 30, 2026 |
GraniteShares Autocallable HOOD ETF* | GraniteShares Autocallable SMCI ETF† | GraniteShares Autocallable MARA ETF† | ||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Interest | $ | 2,969 | $ | 2,830 | $ | 2,277 | ||||||
| Total Investment Income | 2,969 | 2,830 | 2,277 | |||||||||
| EXPENSES: | ||||||||||||
| Advisory fees | 1,110 | 986 | 804 | |||||||||
| Administration fees | 714 | 714 | 714 | |||||||||
| Transfer agency | 908 | 883 | 883 | |||||||||
| Trustee fees | 211 | 211 | 211 | |||||||||
| Custody fees | 303 | 153 | 153 | |||||||||
| Accounting and legal | 8,375 | 8,216 | 8,211 | |||||||||
| Other expenses | 4,543 | 4,554 | 4,531 | |||||||||
| Total Expenses | 16,164 | 15,717 | 15,507 | |||||||||
| Less waiver fees (Note 5) | (14,873 | ) | (14,568 | ) | (14,558 | ) | ||||||
| Fees Paid Indirectly (Note 5) | - | - | - | |||||||||
| Net Expenses | 1,291 | 1,149 | 949 | |||||||||
| NET INVESTMENT INCOME | 1,678 | 1,681 | 1,328 | |||||||||
| REALIZED GAIN/(LOSS) ON: | ||||||||||||
| Investments | 1 | 1 | - | |||||||||
| Total return swaps | 20,430 | 6,991 | 12,254 | |||||||||
| Total Net realized gain | 20,431 | 6,992 | 12,254 | |||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON: | ||||||||||||
| Total return swaps | 31,979 | (158,872 | ) | (13,722 | ) | |||||||
| Total net change in unrealized appreciation/(depreciation) | 31,979 | (158,872 | ) | (13,722 | ) | |||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 54,088 | $ | (150,199 | ) | $ | (140 | ) | ||||
| * | Commenced operations on May 18, 2026. |
| † | Commenced operations on May 26, 2026. |
| See Notes to Financial Statements. | |
| 12 | www.graniteshares.com |
| GraniteShares Autocallable TSLA ETFs | Statement of Changes in Net Assets |
For the Period February 2, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 10,674 | ||
| Net realized gain | 69,017 | |||
| Net change in unrealized appreciation | 28,884 | |||
| Net increase in net assets resulting from operations | 108,575 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (91,517 | ) | ||
| Total distributions | (91,517 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 2,231,507 | |||
| Net increase from capital share transactions | 2,231,507 | |||
| Net increase in net assets | 2,248,565 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 2,248,565 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 90,001 | |||
| Shares outstanding, end of period | 90,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 13 |
| GraniteShares Autocallable NVDA ETFs | Statement of Changes in Net Assets |
For the Period February 2, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 10,991 | ||
| Net realized gain | 55,464 | |||
| Net change in unrealized appreciation | 17,961 | |||
| Net increase in net assets resulting from operations | 84,416 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (79,649 | ) | ||
| Total distributions | (79,649 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 2,508,692 | |||
| Net increase from capital share transactions | 2,508,692 | |||
| Net increase in net assets | 2,513,459 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 2,513,459 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 100,001 | |||
| Shares outstanding, end of period | 100,001 | |||
| See Notes to Financial Statements. | |
| 14 | www.graniteshares.com |
| GraniteShares Autocallable MSTR ETFs | Statement of Changes in Net Assets |
For the Period May 11, 2026 (Commencement of Operations) to June 30, 2026 |
||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,267 | ||
| Net realized gain | 19,507 | |||
| Net change in unrealized depreciation | (374,318 | ) | ||
| Net decrease in net assets resulting from operations | (353,544 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| Tax return of capital to shareholders | (21,526 | ) | ||
| Total distributions | (21,526 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 750,025 | |||
| Net increase from capital share transactions | 750,025 | |||
| Net increase in net assets | 374,955 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 374,955 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 30,001 | |||
| Shares outstanding, end of period | 30,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 15 |
| GraniteShares Autocallable COIN ETFs | Statement of Changes in Net Assets |
| For
the Period May 11, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,462 | ||
| Net realized gain | 19,371 | |||
| Net change in unrealized depreciation | (138,022 | ) | ||
| Net decrease in net assets resulting from operations | (117,189 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| Tax return of capital to shareholders | (21,978 | ) | ||
| Total distributions | (21,978 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 955,886 | |||
| Net increase from capital share transactions | 955,886 | |||
| Net increase in net assets | 816,719 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 816,719 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 40,001 | |||
| Shares outstanding, end of period | 40,001 | |||
| See Notes to Financial Statements. | |
| 16 | www.graniteshares.com |
| GraniteShares Autocallable PLTR ETFs | Statement of Changes in Net Assets |
For the Period May 18, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 3,775 | ||
| Net realized gain | 32,074 | |||
| Net change in unrealized depreciation | (125,260 | ) | ||
| Net decrease in net assets resulting from operations | (89,411 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| Tax return of capital to shareholders | (37,878 | ) | ||
| Total distributions | (37,878 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 2,256,154 | |||
| Net increase from capital share transactions | 2,256,154 | |||
| Net increase in net assets | 2,128,865 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 2,128,865 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 90,001 | |||
| Shares outstanding, end of period | 90,001 | |||
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 17 |
| GraniteShares Autocallable HOOD ETFs | Statement of Changes in Net Assets |
For the Period May 18, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,678 | ||
| Net realized gain | 20,431 | |||
| Net change in unrealized appreciation | 31,979 | |||
| Net increase in net assets resulting from operations | 54,088 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (23,154 | ) | ||
| Total distributions | (23,154 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 1,000,535 | |||
| Net increase from capital share transactions | 1,000,535 | |||
| Net increase in net assets | 1,031,469 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 1,031,469 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 40,001 | |||
| Shares outstanding, end of period | 40,001 | |||
| See Notes to Financial Statements. | |
| 18 | www.graniteshares.com |
| GraniteShares Autocallable SMCI ETFs | Statement of Changes in Net Assets |
For the Period May 26, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,681 | ||
| Net realized gain | 6,992 | |||
| Net change in unrealized depreciation | (158,872 | ) | ||
| Net decrease in net assets resulting from operations | (150,199 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| Tax return of capital to shareholders | (40,185 | ) | ||
| Total distributions | (40,185 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 1,277,121 | |||
| Cost of shares redeemed | (221,772 | ) | ||
| Net increase from capital share transactions | 1,055,349 | |||
| Net increase in net assets | 864,965 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 864,965 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 50,001 | |||
| Shares redeemed | (10,000 | ) | ||
| Shares outstanding, end of period | 40,001 |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 19 |
| GraniteShares Autocallable MARA ETFs | Statement of Changes in Net Assets |
For the Period May 26, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| OPERATIONS: | ||||
| Net investment income | $ | 1,328 | ||
| Net realized gain | 12,254 | |||
| Net change in unrealized depreciation | (13,722 | ) | ||
| Net decrease in net assets resulting from operations | (140 | ) | ||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From distributable earnings | (11,073 | ) | ||
| Tax return of capital to shareholders | (14,563 | ) | ||
| Total distributions | (25,636 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 1,230,176 | |||
| Cost of shares redeemed | (240,074 | ) | ||
| Net increase from capital share transactions | 990,102 | |||
| Net increase in net assets | 964,326 | |||
| NET ASSETS: | ||||
| Beginning of period | - | |||
| End of period | $ | 964,326 | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | - | |||
| Shares sold | 50,001 | |||
| Shares redeemed | (10,000 | ) | ||
| Shares outstanding, end of period | 40,001 | |||
| See Notes to Financial Statements. | |
| 20 | www.graniteshares.com |
| GraniteShares Autocallable TSLA ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
| For
the Period February 2, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.19 | |||
| Net realized and unrealized gain | 1.38 | |||
| Total from investment operations | 1.57 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (1.59 | ) | ||
| Total distributions | (1.59 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (0.02 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 24.98 | ||
| TOTAL RETURN(b) | 6.60 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 2,249 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 5.11 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.93 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 21 |
| GraniteShares Autocallable NVDA ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
For the Period February 2, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.19 | |||
| Net realized and unrealized gain | 1.33 | |||
| Total from investment operations | 1.52 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (1.39 | ) | ||
| Total distributions | (1.39 | ) | ||
| NET INCREASE IN NET ASSET VALUE | 0.13 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 25.13 | ||
| TOTAL RETURN(b) | 6.30 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 2,513 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement toaverage net assets | 4.88 | %(c) | ||
| Ratio of expenses including waiver/reimbursement toaverage net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.87 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| 22 | www.graniteshares.com |
| GraniteShares Autocallable MSTR ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
For the Period May 11, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.04 | |||
| Net realized and unrealized loss | (11.82 | ) | ||
| Total from investment operations | (11.78 | ) | ||
| DISTRIBUTIONS: | ||||
| From return of capital | (0.72 | ) | ||
| Total distributions | (0.72 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (12.50 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 12.50 | ||
| TOTAL RETURN(b) | (48.06 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 375 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement toaverage net assets | 19.77 | %(c) | ||
| Ratio of expenses including waiver/reimbursement toaverage net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.57 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 23 |
| GraniteShares Autocallable COIN ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
| For
the Period May 11, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.04 | |||
| Net realized and unrealized loss | (3.89 | ) | ||
| Total from investment operations | (3.85 | ) | ||
| DISTRIBUTIONS: | ||||
| From return of capital | (0.73 | ) | ||
| Total distributions | (0.73 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (4.58 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 20.42 | ||
| TOTAL RETURN(b) | (15.55 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 817 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement toaverage net assets | 15.34 | %(c) | ||
| Ratio of expenses including waiver/reimbursement toaverage net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.38 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| 24 | www.graniteshares.com |
| GraniteShares Autocallable PLTR ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
| For
the Period May 18, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.05 | |||
| Net realized and unrealized loss | (0.98 | ) | ||
| Total from investment operations | (0.93 | ) | ||
| DISTRIBUTIONS: | ||||
| From return of capital | (0.42 | ) | ||
| Total distributions | (0.42 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (1.35 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 23.65 | ||
| TOTAL RETURN(b) | (3.80 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 2,129 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement toaverage net assets | 7.77 | %(c) | ||
| Ratio of expenses including waiver/reimbursement toaverage net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.69 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 25 |
| GraniteShares Autocallable HOOD ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
| For the Period May 18, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.04 | |||
| Net realized and unrealized gain | 1.33 | |||
| Total from investment operations | 1.37 | |||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.58 | ) | ||
| Total distributions | (0.58 | ) | ||
| NET INCREASE IN NET ASSET VALUE | 0.79 | |||
| NET ASSET VALUE, END OF PERIOD | $ | 25.79 | ||
| TOTAL RETURN[b] | 5.58 | % | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 1,031 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement toaverage net assets | 14.41 | %(c) | ||
| Ratio of expenses including waiver/reimbursement toaverage net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.50 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| 26 | www.graniteshares.com |
| GraniteShares Autocallable SMCI ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
| For
the Period May 26, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.04 | |||
| Net realized and unrealized loss | (2.62 | ) | ||
| Total from investment operations | (2.58 | ) | ||
| DISTRIBUTIONS: | ||||
| From return of capital | (0.80 | ) | ||
| Total distributions | (0.80 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (3.38 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 21.62 | ||
| TOTAL RETURN(b) | (10.81 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period (in 000s) | $ | 865 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement toaverage net assets | 15.74 | %(c) | ||
| Ratio of expenses including waiver/reimbursement toaverage net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.68 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| Annual Report | June 30, 2026 | 27 |
| GraniteShares Autocallable MARA ETFs | Financial Highlights |
| For a Share Outstanding Throughout the Period Presented |
| For
the Period May 26, 2026 (Commencement of Operations) to June 30, 2026 | ||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.00 | ||
| INCOME FROM OPERATIONS: | ||||
| Net investment income(a) | 0.04 | |||
| Net realized and unrealized loss | (0.08 | ) | ||
| Total from investment operations | (0.04 | ) | ||
| DISTRIBUTIONS: | ||||
| From net investment income | (0.36 | ) | ||
| From return of capital | (0.49 | ) | ||
| Total distributions | (0.85 | ) | ||
| NET (DECREASE) IN NET ASSET VALUE | (0.89 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 24.11 | ||
| TOTAL RETURN(b) | (0.09 | )% | ||
| RATIOS/SUPPLEMENTAL DATA: | ||||
| Net assets, end of period
(in 000s) | $ | 964 | ||
| RATIOS TO AVERAGE NET ASSETS | ||||
| Ratio of expenses excluding waiver/reimbursement to average net assets | 18.79 | %(c) | ||
| Ratio of expenses including waiver/reimbursement to average net assets | 1.15 | %(c) | ||
| Ratio of net investment income to average net assets | 1.61 | %(c) | ||
| 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 exdate). |
| (c) | Annualized. |
| See Notes to Financial Statements. | |
| 28 | www.graniteshares.com |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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 eighty-two investment series. This report pertains to the GraniteShares Autocallable TSLA ETF (“TLA”), GraniteShares Autocallable NVDA ETF (“ANV”), GraniteShares Autocallable MSTR ETF (“MSR”), GraniteShares Autocallable COIN ETF (“ATC”), GraniteShares Autocallable PLTR ETF (“PLA”), GraniteShares Autocallable HOOD ETF (“AHD”), GraniteShares Autocallable SMCI ETF (“SCA”), and GraniteShares Autocallable MARA ETF (“MRA”) (each, a “Fund”, and collectively, the “Funds”). TLA and ANV commenced operations on February 2, 2026. MSR and ATC commenced operations on May 11, 2026. PLA and AHD commenced operations on May 18, 2026. SCA and MRA commenced operations on May 26, 2026. 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.
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. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity’s segments impact overall performance. The Funds represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Operation Officer and Treasurer acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM monitors the operating results as a whole and the Funds’ long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statements note disclosures only and did not affect the Funds’ financial position or the results of its operations.
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 TLA, ANV, MSR, ATC, PLA, AHD, SCA and MRA may enter into autocallable-linked “long” total return swap contracts. The Funds do not invest directly in the underlying stock, and investors will not receive dividends or other distributions from that stock. Autocallables are structured products that may pay periodic income, referred to as a coupon, if certain conditions are met. These payments are not guaranteed and depend on the performance of the underlying stock. The Weighted Average Coupon refers to the average expected coupon across each Funds autocallable positions based on their relative size, but is not a guaranteed yield and may change over time. The Coupon Barrier is the predefined level of the underlying stock that must be met for a coupon to be paid on an observation date; if the underlying stock falls below this level, no coupon will be paid for that period. The Autocallable Barrier is the level at which the instrument may be automatically redeemed prior to maturity if the underlying stock reaches or exceeds that level on an observation date, resulting in the return of principal and termination of future coupon payments. The Maturity Barrier is the level observed at maturity that determines downside protection; if the underlying stock is below this level, investors may be exposed to the full negative performance of the underlying stock and could lose a significant portion or all of their investment.
| Annual Report | June 30, 2026 | 29 |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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 Funds returns are linked to the performance of autocallable derivatives and are therefore subject to Autocallable Structure Risk, which refers to the possibility that coupon payments may not be made, that instruments may be redeemed early, or that investors may be exposed to full downside losses depending on market conditions and the path of the underlying stock’s performance. 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”.
Each of the Funds 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.
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.
| 30 | www.graniteshares.com |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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.
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. |
| Annual Report | June 30, 2026 | 31 |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
| 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 June 30, 2026 were as follows:
GRANITESHARES AUTOCALLABLE TSLA ETF
| Derivative Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | 28,884 | $ | - | $ | 28,884 | ||||||||
| Total | $ | - | $ | 28,884 | $ | - | $ | 28,884 | ||||||||
GRANITESHARES AUTOCALLABLE NVDA ETF
| Derivative Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | 17,961 | $ | - | $ | 17,961 | ||||||||
| Total | $ | - | $ | 17,961 | $ | - | $ | 17,961 | ||||||||
GRANITESHARES AUTOCALLABLE MSTR ETF
| Investments in Securities at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | - | $ | 1,995,596 | $ | - | $ | 1,995,596 | ||||||||
| Total | $ | - | $ | 1,995,596 | $ | - | $ | 1,995,596 | ||||||||
| Derivative Instruments | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | (374,056 | ) | $ | - | $ | (374,056 | ) | ||||||
| Total | $ | - | $ | (374,056 | ) | $ | - | $ | (374,056 | ) | ||||||
GRANITESHARES AUTOCALLABLE COIN ETF
| Investments in Securities at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| United States Treasury Obligations | $ | - | $ | 997,798 | $ | - | $ | 997,798 | ||||||||
| Total | $ | - | $ | 997,798 | $ | - | $ | 997,798 | ||||||||
| Derivative Instruments | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | (137,891 | ) | $ | - | $ | (137,891 | ) | ||||||
| Total | $ | - | $ | (137,891 | ) | $ | - | $ | (137,891 | ) | ||||||
GRANITESHARES AUTOCALLABLE PLTR ETF
| Derivative Instruments | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | (125,260 | ) | $ | - | $ | (125,260 | ) | ||||||
| Total | $ | - | $ | (125,260 | ) | $ | - | $ | (125,260 | ) | ||||||
GRANITESHARES AUTOCALLABLE HOOD ETF
| Derivative Instruments | ||||||||||||||||
| Assets: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | 31,979 | $ | - | $ | 31,979 | ||||||||
| Total | $ | - | $ | 31,979 | $ | - | $ | 31,979 | ||||||||
| 32 | www.graniteshares.com |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
GRANITESHARES AUTOCALLABLE SMCI ETF
| Derivative Instruments | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | (158,872 | ) | $ | - | $ | (158,872 | ) | ||||||
| Total | $ | - | $ | (158,872 | ) | $ | - | $ | (158,872 | ) |
GRANITESHARES AUTOCALLABLE MARA ETF
| Derivative Instruments | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Total Return Swap Contracts | $ | - | $ | (13,722 | ) | $ | - | $ | (13,722 | ) | ||||||
| Total | $ | - | $ | (13,722 | ) | $ | - | $ | (13,722 | ) |
Swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
As of June 30, 2026, 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 0.99% 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.
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 Effective Through | |||
| GraniteShares Autocallable TSLA ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 | |||
| GraniteShares Autocallable NVDA ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 | |||
| GraniteShares Autocallable MSTR ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 | |||
| GraniteShares Autocallable COIN ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 | |||
| GraniteShares Autocallable PLTR ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 | |||
| GraniteShares Autocallable HOOD ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 | |||
| GraniteShares Autocallable SMCI ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 | |||
| GraniteShares Autocallable MARA ETF | 0.99% p.a. | 1.15% p.a. | December 31, 2026 |
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; and (vii) any fees and expenses related to the provision of securities lending services.
This contractual arrangement may only be changed or eliminated by or with the consent of the Funds’ Board of Trustees.
| Annual Report | June 30, 2026 | 33 |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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 June 30, 2026, the Advisor may seek reimbursement of previously waived and reimbursed fees as follows:
| Fund | Expires 6/30/2029 | Total | ||||||
| GraniteShares Autocallable TSLA ETF | $ | 21,626 | $ | 21,626 | ||||
| GraniteShares Autocallable NVDA ETF | 21,589 | 21,589 | ||||||
| GraniteShares Autocallable MSTR ETF | 15,044 | 15,044 | ||||||
| GraniteShares Autocallable COIN ETF | 15,008 | 15,008 | ||||||
| GraniteShares Autocallable PLTR ETF | 14,761 | 14,761 | ||||||
| GraniteShares Autocallable HOOD ETF | 14,873 | 14,873 | ||||||
| GraniteShares Autocallable SMCI ETF | 14,568 | 14,568 | ||||||
| GraniteShares Autocallable MARA ETF | 14,558 | 14,558 | ||||||
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 June 30, 2026.
| 34 | www.graniteshares.com |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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.
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 period ended June 30, 2026:
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares Autocallable TSLA ETF | ||||||||||||
| Unrealized appreciation on | Unrealized depreciation on | |||||||||||
| Equity Contracts (Total Return Swap Contracts) | Total Return Swap contracts | $ | 28,884 | Total Return Swap contracts | $ | - | ||||||
| Total | $ | 28,884 | $ | - | ||||||||
| GraniteShares Autocallable NVDA ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 17,961 | Unrealized depreciation on Total Return Swap contracts | $ | - | ||||||
| Total | $ | 17,961 | $ | - | ||||||||
| GraniteShares Autocallable MSTR ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | - | Unrealized depreciation on Total Return Swap contracts | $ | (374,056 | ) | |||||
| Total | $ | - | $ | (374,056 | ) | |||||||
| GraniteShares Autocallable COIN ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | - | Unrealized depreciation on Total Return Swap contracts | $ | (137,891 | ) | |||||
| Total | $ | - | $ | (137,891 | ) | |||||||
| GraniteShares Autocallable PLTR ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | - | Unrealized depreciation on Total Return Swap contracts | $ | (125,260 | ) | |||||
| Total | $ | - | $ | (125,260 | ) | |||||||
| GraniteShares Autocallable HOOD ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | 31,979 | Unrealized depreciation on Total Return Swap contracts | $ | - | ||||||
| Total | $ | 31,979 | $ | - | ||||||||
| Annual Report | June 30, 2026 | 35 |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
| Risk Exposure | Asset Location | Fair Value | Liability Location | Fair Value | ||||||||
| GraniteShares Autocallable SMCI ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | - | Unrealized depreciation on Total Return Swap contracts | $ | (158,872 | ) | |||||
| Total | $ | - | $ | (158,872 | ) | |||||||
| GraniteShares Autocallable MARA ETF | ||||||||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized appreciation on Total Return Swap contracts | $ | - | Unrealized depreciation on Total Return Swap contracts | $ | (13,722 | ) | |||||
| Total | $ | - | $ | (13,722 | ) | |||||||
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 June 30, 2026:
| 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 Autocallable TSLA ETF Equity Contracts | Total Return Swap contracts | $ | 69,024 | $ | 28,884 | |||||
GraniteShares Autocallable NVDA ETF Equity Contracts | Total Return Swap contracts | $ | 55,472 | $ | 17,961 | |||||
GraniteShares Autocallable MSTR ETF Equity Contracts | Total Return Swap contracts | $ | 19,506 | $ | (374,056 | ) | ||||
GraniteShares Autocallable COIN ETF Equity Contracts | Total Return Swap contracts | $ | 19,371 | $ | (137,891 | ) | ||||
GraniteShares Autocallable PLTR ETF Equity Contracts | Total Return Swap contracts | $ | 32,074 | $ | (125,260 | ) | ||||
GraniteShares Autocallable HOOD ETF Equity Contracts | Total Return Swap contracts | $ | 20,430 | $ | 31,979 | |||||
GraniteShares Autocallable SMCI ETF Equity Contracts | Total Return Swap contracts | $ | 6,991 | $ | (158,872 | ) | ||||
GraniteShares Autocallable MARA ETF Equity Contracts | Total Return Swap contracts | $ | 12,254 | $ | (13,722 | ) | ||||
The average monthly volume of derivative instruments held by the Funds during the period ended June 30, 2026 was $1,537,000 (TLA), $1,643,000 (ANV), $750,000 (MSR), $875,000 (ATC), $2,250,000 (PLA), $1,000,000 (AHD), $875,000 (SCA) and $875,000 (MRA).
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.
| 36 | www.graniteshares.com |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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 June 30, 2026:
| Offsetting of Derivatives Assets | ||||||||||||||||||
| Gross
Amounts Not Offset in the Statements of Assets and Liabilities | ||||||||||||||||||
| Counterparty | Gross Amounts Recognized in the Statements of Assets and Liabilities | Financial Instruments(a) | Cash Collateral Received/(Pledged)(a) | Net Amount | ||||||||||||||
GraniteShares Autocallable TSLA ETF Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | $ | 28,884 | $ | – | $ | – | $ | 28,884 | |||||||||
| Total | $ | 28,884 | $ | – | $ | – | $ | 28,884 | ||||||||||
| GraniteShares Autocallable NVDA ETF | ||||||||||||||||||
| Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 17,961 | – | – | 17,961 | |||||||||||||
| Total | $ | 17,961 | $ | – | $ | – | $ | 17,961 | ||||||||||
GraniteShares Autocallable MSTR ETF Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (374,056 | ) | – | 374,056 | – | ||||||||||||
| Total | $ | (374,056 | ) | $ | – | $ | 374,056 | $ | – | |||||||||
| GraniteShares Autocallable COIN ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (137,891 | ) | – | 137,891 | – | ||||||||||||
| Total | $ | (137,891 | ) | $ | – | $ | 137,891 | $ | – | |||||||||
| GraniteShares Autocallable PLTR ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (125,260 | ) | – | 125,260 | – | ||||||||||||
| Total | $ | (125,260 | ) | $ | – | $ | 125,260 | $ | – | |||||||||
GraniteShares Autocallable HOOD ETF Unrealized appreciation on open swap contracts | Nomura Holdings, Inc. | 31,979 | – | – | 31,979 | |||||||||||||
| Total | $ | 31,979 | $ | – | $ | – | $ | 31,979 | ||||||||||
| GraniteShares Autocallable SMCI ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (158,872 | ) | – | 158,872 | – | ||||||||||||
| Total | $ | (158,872 | ) | $ | – | $ | 158,872 | $ | – | |||||||||
| GraniteShares Autocallable MARA ETF | ||||||||||||||||||
| Unrealized depreciation on open swap contracts | Nomura Holdings, Inc. | (13,722 | ) | – | 13,722 | – | ||||||||||||
| Total | $ | (13,722 | ) | $ | – | $ | 13,722 | $ | – | |||||||||
(a) These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.
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.
| Annual Report | June 30, 2026 | 37 |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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 June 30, 2026, 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.
At June 30, 2026, 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 Appreciation/ (Depreciation) | Cost of Investments for Income Tax Purposes | ||||||||||||
| GraniteShares Autocallable TSLA ETF | $ | - | $ | - | $ | - | $ | - | ||||||||
| GraniteShares Autocallable NVDA ETF | - | - | - | - | ||||||||||||
| GraniteShares Autocallable MSTR ETF | - | (262 | ) | (262 | ) | 1,995,858 | ||||||||||
| GraniteShares Autocallable COIN ETF | - | (131 | ) | (131 | ) | 997,929 | ||||||||||
| GraniteShares Autocallable PLTR ETF | - | - | - | - | ||||||||||||
| GraniteShares Autocallable HOOD ETF | - | - | - | - | ||||||||||||
| GraniteShares Autocallable SMCI ETF | - | - | - | - | ||||||||||||
| GraniteShares Autocallable MARA ETF | - | - | - | - | ||||||||||||
At June 30, 2026, the components of undistributed or accumulated earnings/loss on a tax-basis were as follows:
| Fund | Undistributed net investment income | Accumulated net realized gain/(loss) on investments | Other accumulated gains/(losses) | Net unrealized appreciation/ (depreciation) on investments and derivatives | Total | |||||||||||||||
| GraniteShares Autocallable TSLA ETF | 17,066 | $ | (8 | ) | $ | - | $ | - | $ | 17,058 | ||||||||||
| GraniteShares Autocallable NVDA ETF | 9,013 | (4,246 | ) | - | - | 4,767 | ||||||||||||||
| GraniteShares Autocallable MSTR ETF | - | - | - | (262 | ) | (262 | ) | |||||||||||||
| GraniteShares Autocallable COIN ETF | - | - | (1 | ) | (131 | ) | (132 | ) | ||||||||||||
| GraniteShares Autocallable PLTR ETF | - | - | - | - | - | |||||||||||||||
| GraniteShares Autocallable HOOD ETF | 30,934 | - | - | - | 30,934 | |||||||||||||||
| GraniteShares Autocallable SMCI ETF | - | (30,644 | ) | - | - | (30,644 | ) | |||||||||||||
| GraniteShares Autocallable MARA ETF | - | (11,213 | ) | - | - | (11,213 | ) | |||||||||||||
Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next year without expiration. As of June 30, 2026, the following amounts are available as carry forwards to the next year:
| Fund | Short-Term | Long-Term | ||||||
| GraniteShares Autocallable TSLA ETF | $ | 8 | $ | - | ||||
| GraniteShares Autocallable NVDA ETF | 4,246 | - | ||||||
| GraniteShares Autocallable MSTR ETF | - | - | ||||||
| GraniteShares Autocallable COIN ETF | - | - | ||||||
| GraniteShares Autocallable PLTR ETF | - | - | ||||||
| GraniteShares Autocallable HOOD ETF | - | - | ||||||
| GraniteShares Autocallable SMCI ETF | 30,644 | - | ||||||
| GraniteShares Autocallable MARA ETF | 11,213 | - | ||||||
| 38 | www.graniteshares.com |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
The Funds did not use capital loss carryovers during the period ended June 30, 2026.
Late Year Ordinary Losses and Capital Losses arising in the post-October period of the current fiscal year may be deferred to the next fiscal year if the fund elects to defer the recognition of these losses. When this election is made, any losses recognized during the period are treated as having occurred on the first day of the next fiscal year separate from and in addition to the application of normal late year ordinary and capital loss carry forwards as described above.
The Funds elect to defer to the year ending June 30, 2027 late year ordinary losses recognized during the period in the amounts of:
| Fund | Late Year Ordinary Losses Deferred | |||
| GraniteShares Autocallable TSLA ETF | $ | – | ||
| GraniteShares Autocallable NVDA ETF | – | |||
| GraniteShares Autocallable MSTR ETF | – | |||
| GraniteShares Autocallable COIN ETF | – | |||
| GraniteShares Autocallable PLTR ETF | – | |||
| GraniteShares Autocallable HOOD ETF | – | |||
| GraniteShares Autocallable SMCI ETF | – | |||
| GraniteShares Autocallable MARA ETF | – | |||
The Funds elect to defer to the year ending June 30, 2027 capital losses recognized during the period November 1, 2025 - June 30, 2026 in the amounts of:
| Fund | Capital Losses Deferred | |||
| GraniteShares Autocallable TSLA ETF | $ | – | ||
| GraniteShares Autocallable NVDA ETF | – | |||
| GraniteShares Autocallable MSTR ETF | – | |||
| GraniteShares Autocallable COIN ETF | – | |||
| GraniteShares Autocallable PLTR ETF | – | |||
| GraniteShares Autocallable HOOD ETF | – | |||
| GraniteShares Autocallable SMCI ETF | – | |||
| GraniteShares Autocallable MARA ETF | – | |||
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
For the period ended June 30, 2026, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from equalization and net operating losses:
| Fund | Paid-in Capital | Total Distributable Earnings | ||||||
| GraniteShares Autocallable TSLA ETF | $ | - | $ | - | ||||
| GraniteShares Autocallable NVDA ETF | - | - | ||||||
| GraniteShares Autocallable MSTR ETF | (353,282 | ) | 353,282 | |||||
| GraniteShares Autocallable COIN ETF | (117,057 | ) | 117,057 | |||||
| GraniteShares Autocallable PLTR ETF | (89,411 | ) | 89,411 | |||||
| GraniteShares Autocallable HOOD ETF | - | - | ||||||
| GraniteShares Autocallable SMCI ETF | (119,555 | ) | 119,555 | |||||
| GraniteShares Autocallable MARA ETF | - | - | ||||||
| Annual Report | June 30, 2026 | 39 |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
The tax character of distributions paid by the Funds during the period ended June 30, 2026 were as follows:
| Fund | Ordinary Income | Long-Term
Capital Gain | Return of Capital | |||||||||
| June 30, 2026 | ||||||||||||
| GraniteShares Autocallable TSLA ETF | $ | 91,517 | $ | - | $ | - | ||||||
| GraniteShares Autocallable NVDA ETF | 79,649 | - | - | |||||||||
| GraniteShares Autocallable MSTR ETF | - | - | 21,526 | |||||||||
| GraniteShares Autocallable COIN ETF | - | - | 21,978 | |||||||||
| GraniteShares Autocallable PLTR ETF | - | - | 37,878 | |||||||||
| GraniteShares Autocallable HOOD ETF | 23,154 | - | - | |||||||||
| GraniteShares Autocallable SMCI ETF | - | - | 40,185 | |||||||||
| GraniteShares Autocallable MARA ETF | 11,073 | - | 14,563 | |||||||||
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.
| 40 | www.graniteshares.com |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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.
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.
| Annual Report | June 30, 2026 | 41 |
| GraniteShares ETFs | Notes to Financial Statements |
| June 30, 2026 |
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.
12. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENT
The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.
13. REGULATORY UPDATES
In September 2023, the SEC adopted a final rule relating to “Names Rule” under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets’ treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective in December 2023. Following a recent extension by the SEC, fund groups with net assets of $1 billion or more must comply by June 11, 2026, while smaller fund groups (less than $1 billion in net assets) have until December 11, 2026. Management has determined that adoption of this rule will not have a material impact on the Funds’ financial statements.
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.
| 42 | www.graniteshares.com |
| Report of Independent | |
| GraniteShares Autocallable ETFs |
Registered Public Accounting Firm |
To the Shareholders and
The Board of Directors of GraniteShares ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of GraniteShares Autocallable TSLA ETF, GraniteShares Autocallable NVDA ETF, GraniteShares Autocallable MSTR ETF, GraniteShares Autocallable COIN ETF, GraniteShares Autocallable PLTR ETF, GraniteShares Autocallable HOOD ETF, GraniteShares Autocallable SMCI ETF, GraniteShares Autocallable MARA (the “Funds”), each a series of GraniteShares ETF Trust (the “Trust”), including the schedules of investments, as of June 30, 2026, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of June 30, 2026, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Individual
Funds Constituting the GraniteShares ETF Trust |
Statements Of Operations |
Statements Of Changes In Net Assets |
Financial Highlights | |||
Graniteshares Autocallable TSLA ETF, Graniteshares Autocallable NVDA ETF |
For the period February 2, 2026 (commencement of operations) through June 30, 2026 | For the period February 2, 2026 (commencement of operations) through June 30, 2026 | For the period February 2, 2026 (commencement of operations) through June 30, 2026 | |||
Graniteshares Autocallable MSTR ETF, Graniteshares Autocallable COIN ETF |
For the period May 11, 2026 (commencement of operations) through June 30, 2026 | For the period May 11, 2026 (commencement of operations) through June 30, 2026 | For the period May 11, 2026 (commencement of operations) through June 30, 2026 | |||
Graniteshares Autocallable PLTR ETF, Graniteshares Autocallable HOOD ETF |
For the period May 18, 2026 (commencement of operations) through June 30, 2026 | For the period May 18, 2026 (commencement of operations) through June 30, 2026 | For the period May 18, 2026 (commencement of operations) through June 30, 2026 | |||
Graniteshares Autocallable SMCI ETF, Graniteshares Autocallable MARA ETF |
For the period May 26, 2026 (commencement of operations) through June 30, 2026 | For the period May 26, 2026 (commencement of operations) through June 30, 2026 | For the period May 26, 2026 (commencement of operations) through June 30, 2026 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more GraniteShares LLC investment companies since 2019.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 28, 2026
| Annual Report | June 30, 2026 | 43 |
| GraniteShares Autocallable ETFs | Additional Information |
| June 30, 2026 (Unaudited) |
Federal Tax Information
The Funds launched after December 31, 2025; therefore, no distributions were paid during 2025 and no disclosures were made to sharehholders via form 1099 in early 2026. 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.
| 44 | www.graniteshares.com |
Changes in and Disagreements with Accountants
GraniteShares Autocallable ETFs for Open-End Management Investment Companies
June 30, 2026 (Unaudited)
Not applicable for this reporting period.
| Annual Report | June 30, 2026 | 45 |
| Proxy Disclosures for Open-End | |
| GraniteShares Autocallable ETFs | Management Investment Companies |
| June 30, 2026 (Unaudited) |
Not applicable for this reporting period.
| See Notes to Financial Statements. | |
| 46 | www.graniteshares.com |
Remuneration Paid to Directors, Officers, and Others
GraniteShares Autocallable ETFs of Open-End Management Investment Companies
June 30, 2026 (Unaudited)
The following chart provides certain information about the Trustee fees paid by the Trust for the period ended June 30, 2026:
| Aggregate Regular | Aggregate Special | Total | ||||||||||
Compensation From the Trust | Compensation From the Trust | Compensation From the Trust | ||||||||||
| Steven James Smyser, Trustee | $ | 35,000 | $ | - | $ | 35,000 | ||||||
| Seddik Meziani, Trustee | $ | 35,000 | $ | - | $ | 35,000 | ||||||
| Total | $ | 70,000 | $ | - | $ | 70,000 | ||||||
Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.
| Annual Report | June 30, 2026 | 47 |
| Statement Regarding Basis for Approval | |
| GraniteShares Autocallable ETFs | of Investment Advisory Contract |
June 30, 2026 (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 a meeting held on May 8, 2026 (the “Meeting”), 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 in each relevant Agreement, with respect to each of the Delta 1 Funds (the “D1 Funds”), each of the Short and Leveraged Funds (the “S&L Funds”), each of the YieldBOOST Funds (the “YB Funds”), each of the Autocallable Funds (the “AC Funds”), and each of the Prediction Market Funds (the “PM Funds”). The 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.1
In advance of the 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 independent legal 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 the Meeting, the Board evaluated the information prepared for the 15(c) review process. The 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 the 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.
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.
| 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. |
| 48 | www.graniteshares.com |
| Statement Regarding Basis for Approval | |
| GraniteShares Autocallable ETFs | of Investment Advisory Contract |
June 30, 2026 (Unaudited)
The D1 Funds
With respect to each of the D1 Funds, the Board assessed the Adviser’s management capabilities as demonstrated by each Fund’s performance and ability to meet its investment objective.
The Board noted that COMB is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. The Fund’s investment strategy is based in part on the Bloomberg Commodity Index (the “COMB Benchmark”), which is designed to be a highly liquid and broad benchmark for commodities futures investments. The Board considered the information it received, including at each regularly scheduled Board meeting, regarding the Fund’s returns on a market price basis and on a net asset value (“NAV”) basis, as well as the returns of the COMB Benchmark, and the related performance attribution commentary provided by the Adviser.
As to HIPS, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the EQM High Income Pass-Through Securities Index (the “HIPS Index”). HIPS is a rules-based index that measures the performance of up to 40 high income U.S.-listed securities that typically have “pass-through” structures that require them to distribute substantially all of their earnings to shareholders as cash distributions. As with COMB, the Board took into account the information it received regarding HIPS’s returns on a market price basis and on a NAV basis, and the returns of the HIPS Index over the same periods, as well as the Adviser’s performance attribution analysis.
With respect to DRUP, the Board noted that the Fund seeks to track the performance, before fees and expenses, of the Nasdaq US Large Cap Select Disruptors Index (the “DRUP Index”), which tracks the performance of large-cap, U.S.-listed companies with high disruption scores. Companies are assigned a disruption score using a multifactor scoring model, which is based on multiple fundamental metrics such as patent value, revenue growth, research and development expenses, and gross margins. The index universe consists of all issuers from the Nasdaq US 500 Large Cap Index, and the top 50 securities are selected for inclusion in the DRUP Index. The DRUP Index is a modified free-float market capitalization-weighted index to reduce excessive concentration. The Index is reconstituted semi-annually and rebalanced quarterly. As with COMB and HIPS, the Board considered the information it received regarding DRUP’s returns on a market price basis and on a NAV basis, and the returns of the DRUP Index over the same periods, as well as the Adviser’s performance attribution analysis.
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.
The YB Funds
With respect to each of the single stock 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. With respect to each of the fund- of-funds YB Funds, the Board considered that the Funds will be actively managed, similar to the single stock YB funds, and their investment strategies will generate yield by investing in single stock YB Funds. The Board considered that the Adviser has managed the YB 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 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 was 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 the Adviser has refined its operational capabilities to manage the AC Funds. 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 PM Funds
With respect to each of the PM Funds, the Board considered that each Fund will be actively managed and will seek to gain exposure to certain events by gaining exposure to a prediction contract and roll forward to a new prediction contract prior to expiration of the prior contract to ensure that the ETF will maintain value after the prior event has taken place. The Board considered that the Adviser was the first issuer to bring prediction contracts under an ETF wrapper, and the Adviser’s history of launching new innovative products, managing those products within tight performance metrics, and refining their operational processes. 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.
| Annual Report | June 30, 2026 | 49 |
| Statement Regarding Basis for Approval | |
| GraniteShares Autocallable ETFs | of Investment Advisory Contract |
June 30, 2026 (Unaudited)
All Funds
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.
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. The Board also considered that the Adviser will have an expense limitation agreement in place for each S&L Fund, YB Fund, AC Fund, and PM Fund until December 31, 2027.
The D1 Funds
With respect to each of the D1 Funds, the Board noted that the Adviser recommended maintaining the current advisory fee for each of COMB, HIPS and DRUP at 0.25%, 0.70% and 0.60% per annum, respectively. The Board considered that the advisory fee for each Fund is a unitary fee pursuant to which the Adviser assumes substantially all expenses of the Fund (excluding interest, Acquired Fund Fees and Expenses, 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 the Fund’s business and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act). Thus, the Board reviewed information provided in the Meeting materials comparing each Fund’s proposed unitary fee to certain other funds identified by the Adviser. The Board also took into account the information provided regarding the Adviser’s process for identifying such other funds.
With respect to COMB, the Adviser identified certain ETFs and mutual funds providing broad commodity exposures (with particular focus on the least expensive mutual fund share class) using third-party data sources. The Board observed that the Fund’s proposed unitary fee was significantly lower than the average total expense ratio of the commodity funds deemed relevant for comparative analysis.
With respect to HIPS and DRUP, the Adviser identified certain ETFs and mutual funds providing similar exposures using third-party data sources. The Board noted that each Fund’s fee was higher than the respective average peer fee, but lower than the maximum observed fee, and the strategy for each Fund was unique in the marketplace.
In assessing the proposed unitary fee for each Fund, the Board also considered the Adviser’s description of the resources involved in managing each Fund. In addition, the Board considered each Fund’s size and the likelihood that the Adviser would continue to absorb certain operational expenses incurred by each Fund through the renewal term of the Agreement.
The S&L Funds
With respect to the existing S&L Funds, the Board considered the proposed annual advisory fees at their current level. With respect to each of the New S&L Funds, the Board considered the proposed varied fee levels based on whether each fund had long or short exposure and the amount of leverage applied to each fund. The Board noted as assets held for short periods, investors focus on the tradability and investment objective of the fund, and that management fees and expense ratios have little impact over the short duration that each fund was expected to be held. The Board also considered that the Adviser had worked with its swap counterparties on strategies that would enable a fund to have long and short leverage factors greater than 2x while still complying with the derivative risk limits imposed by the SEC. The Board considered that the Adviser recommended for each of the S&L Funds a non-unitary fee structure and a total expense ratio capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the Adviser did not recommend lowering the Adviser’s fees for the S&L Funds because the daily tracking performance of the existing S&L Funds was small and stable, the Adviser expected commercial uncertainties with respect to the S&L Funds, the Funds were unique and operationally intensive to manage, and the costs of launching and managing the S&L Funds benefit from the advisory fee levels. After further consideration, the Board determined that the advisory fees and expected profitability for each S&L Fund were not unreasonable.
The YB Funds
With respect to each of the single stock YB Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and total expense ratio of 1.15%, and for the fund-of-funds YB Funds, the Board considered that the Adviser recommended a management fee of 0.29% with a non-unitary fee structure and a total expense ratio of 0.50%, all of which would be capped by a fee waiver in effect until at least December 31, 2027. The Board considered that with the YB Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching and managing funds with unique strategies in order to build a market for those funds. The Board also noted that the fund- of-funds YB Funds invest in the YieldBOOST series of the Trust, and the management fee and fee waiver did not include the fees and expenses of the underlying funds that each of the fund-of-fund YB Funds will invest in. The Board considered that the management fees for each of the single stock YB funds was greater than the average management fees for peer ETFs and mutual funds with option-based income strategies. After further consideration, the Board determined that the advisory fees for each YB Fund was not unreasonable.
| 50 | www.graniteshares.com |
| Statement Regarding Basis for Approval | |
| GraniteShares Autocallable ETFs | of Investment Advisory Contract |
June 30, 2026 (Unaudited)
The AC Funds
With respect to each of the AC Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board noted that the AC Funds consisted of autocallable instruments on single names under an ETF wrapper, which was an asset type that was typically accessed via a bank or broker through significant investment, relatively high fees, and limited diversification. The Board also observed that investors could access the autocallable asset class via limited ETFs of broad indices, and that the advisers to the peer funds had lower management fees than the Adviser’s recommended management fees for each of AC Funds. The Board observed that the AC Funds benefit from the Adviser’s operational capabilities and experience gained managing the S&L Funds and YB Funds of the Trust. The Board considered that with the AC Funds, the Adviser was not seeking to replicate the strategy of other funds that exist but rather take entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. In addition, the Board considered the size of peer funds and the likelihood that the Adviser would absorb certain operational expenses incurred by each AC Fund through the end of December 31, 2027. After further consideration, the Board determined that the Adviser’s proposed advisory fees for each of the AC Funds was not unreasonable.
The PM Funds
With respect to each of the PM Funds, the Board considered that the Adviser recommended a management fee of 0.99% with a non-unitary fee structure and a total expense ratio of 1.15% capped by a fee waiver in effect until at least December 31, 2027. The Board observed that prediction markets are a recent innovation and there are no instances where prediction contracts have been wrapped in an ETF. The Board considered that structuring the PM Funds was highly complex, there were few brokers that would provide institutional access to relevant derivative contracts, and the Adviser was taking entrepreneurial risk in launching new funds with unique strategies in order to build a market for those funds. After consideration, the Board determined that the Adviser’s proposed advisory fees for each of the PM Funds was not unreasonable.
Based on the information presented and the discussions at the 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 agreements were 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 was in the best interest of the Trust. At the Meeting, the Board, including the Independent Trustees, unanimously approved the Agreements as to each of the Funds.
| Annual Report | June 30, 2026 | 51 |
GraniteShares
Autocallable ETF
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 Autocallable ETF.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Changes in and Disagreements with Accountants is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Proxy Disclosures is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement Regarding Basis for approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). | |
| (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.
| (a) | Not applicable. | |
| (b) | Not applicable. |
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | GraniteShares ETF Trust |
| By (Signature and Title)* | /s/ William Rhind |
| William Rhind, Trustee, President and Chief Financial Officer | |
| (principal executive officer and principal financial officer) | |
| Date | September 4, 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 | September 4, 2026 |
* Print the name and title of each signing officer under his or her signature.